Page images
PDF
EPUB

Amalgamation of rail

way and harbour on con. firmation of such agreement.

6. Upon such agreement being ratified and confirmed as aforesaid, it shall and may be lawful for the commissioners of the Port Hope Harbour, and they are hereby authorized and directed to make sale of the said harbour, and of all property vested in and held by them as such commissioners, and to transfer and convey the same to the said the Port Hope, Lindsay and Beaverton Railway Company, and upon such sale and transfer being made, the said the Port Hope Harbour shall be amalgamated with, and form part of the property of the said the Port Hope, Lindsay and Beaverton Railway Company; Corporation of and thereupon the Corporation known as "The Commissioners Harbour Com- of the Port Hope Harbour," shall be dissolved and all the powers now or heretofore vested in such Corporation relating to the constructing, repairing, maintaining and managing the said Harbour, and levying and collecting tolls thereat shall be and are hereby declared to be transferred to and vested in and may be exercised and enjoyed by and in the name and for the benefit of the said Railway Company.

missioners

dissolved.

Old bonds

in and new issued.

Proviso.

7. Upon such amalgamation taking place, the said the Port may be called Hope, Lindsay and Beaverton Railway Company may call in the bonds at present issued by the company and the debentures issued by the said commissioners of the Port Hope Harbour, and may issue new bonds to the holders thereof, secured on the whole amalgamated property of the company; Provided always, that a portion of the bonds so to be issued shall be exchanged for the bonds of the company already issued and for the said harbour debentures, and the surplus shall be applied by the company, in completing and repairing the line of railway and works of the company, and for the purposes of this Act, which surplus shall not exceed in amount the sum of fifty thousand pounds sterling.

Amount limit ed; applica tion of money

raised.

Rates of in

terest hereafold bonds of the Railway

ter on new or

or Harbour Commission

-ers.

8. The rate of interest upon the said bonds so to be issued as aforesaid, for the period of five years next after the first of July, one thousand eight and sixty-four, shall be four per cent. per annum, and no more; and for the period of five years from and after the first day of July, one thousand eight hundred and sixty-nine, shall be five per cent. per annum, and no more; and from and after the first day of July, one thousand eight hundred and seventy-four, shall be at the rate of six per cent. per annum; and the interest for those respective periods shall be payable on presentation and delivery of the coupons attached to such bonds respectively, or to the bonds already issued by the company, and shall be accepted in satisfaction of the amount purporting to be payable on such coupons respectively, and no action shall be maintainable to recover upon or in respect of any such coupons or upon any judgment founded thereon, any greater amount than the interest at the rates aforesaid; Such rates to and the holders of debentures issued by the said commisbe in full sa- sioners of the Port Hope Harbour shall also, upon such amalgamation being completed, accept and be entitled to and shall

tisfaction of interest.

receive

[ocr errors]

receive interest at the rates aforesaid, and no more, in full sa-
tisfaction of the interest on the said debentures, and no action
shall be maintainable to recover upon or in respect
of
any such
debentures any greater amount than the interest at the rates
aforesaid.

9. The earnings of the company, after deduction of working Application of expenses as hereinafter defined, and of the expense of main- earnings of taining and repairing the said harbour, shall in each half-year the Company. ending the thirtieth day of June, and thirty-first day of De cember, commencing with the half year ending the thirty-first day of December, one thousand eight hundred and sixty-four, be appropriated and applied in the order and manner following:

1. In payment rateably and pari passu of the interest for the time being on the said bonds;

2. In payment of a dividend on the stock of the company.

sion "work

10 The expression "working expenses" when used in this What shall be Act, shall mean and include all expenses of maintenance and intended by renewal of the railway and harbour, and of the stations, build- the expres ings, works, and conveniences belonging thereto, and of the ing expenses." rolling and other stock and movable plant used in the working thereof, and also all such rents or annual sums as may be paid in respect of any railways or warehouses, wharves, or other property, leased to or held by the company, or in respect of the hire of engines, carriages, or waggons let to the company, rent, charges, or principal and interest on lands belonging to the company, purchased but not paid for, or not fully paid for, and also all expenses of and incident to working the railway and the traffic thereon, stores and consumable articles; also rates, taxes, insurance and compensation for accidents or losses; also all salaries and wages of persons employed in and about the working of the railway and traffic thereof, including wages and salaries now in arrear, and in the management of the said harbour, and all secretarial and establishment expenses including agency, legal and other like expenses.

mortgagees.

11. And whereas the present bondholders, through their Recital: postrustees named in a certain indenture of mortgage bearing date session of the twenty-ninth day of December, one thousand eight hundred trustees of and fifty-five, executed by the said company for securing payment of the interest on the bonds issued by the said company, which said mortgage is made between the said company of the first part and Joseph A. Woodruff and Gilbert McMicken, as such trustees, of the second part, have been in possession of the line of railway from Port Hope to Lindsay under the terms of the same, and now are in possession thereof, and are in receipt of the earnings of the said line under the terms of a certain resolution of the directors of the said company, there- Railway to be fore, the said Joseph A. Woodruff and the said Gilbert delivered up

26

McMiken

to the Com

counts to be

taken.

pany and ac- Mc Miken shall, as soon as an election of directors shall have taken place under the provisions of this Act, deliver up possession of the railway and property of the company now in their possession, by themselves or their agents, to the company, and an account shall be taken of all interest due on the bonds of the company to secure payment of which the said mortgage was granted, up to the first day of July, one thousand eight hundred and sixty-four, and of all moneys received by the said trustees or their agents, and of all moneys expended by them in the management and maintenance of the said railway and works, and of all debts due by the company and paid out of moneys received by the trustees or their agents; and the balance of interest remaining unpaid shall be paid out of the bonds hereinbefore authorized to be issued as hereinafter mentioned; and if any dispute shall arise between the said company and the said trustees touching or concerning the said accounts, receipts, and disbursements, the same shall be referred to the award and arbitrament of arbitrators to be appointed Appointment as follows: One of the said arbitrators to be named by the company, another thereof by the said trustees, and the third to be chosen by the two arbitrators so nominated before proceeding with the reference; in case the two arbitrators so nominated cannot agree on the name of the third arbitrator, it shall and may be lawful for any judge of either of the Superior Courts of Common Law of Upper Canada, on application of either party, to nominate the third arbitrator, and the decision of any two of the arbitrators shall be final.

Arbitration

in case of difference.

of Arbitra

tors. Award.

As to interest on harbour bonds.

Bonds to be issued and accepterl for the debts of the Company

or Commis

sioners of the

Harbour.

Proviso as to

claim of George Weir.

12. All interest due on the debentures of the commissioners of the Port Hope Harbour, as hereinbefore mentioned, shall upon a sale as aforesaid being made, also be calculated up to the first day of July, one thousand eight hundred and sixty-four, and shall in like manner be discharged by delivering bonds of the Company, as hereinafter mentioned.

13. In order to facilitate the liquidation of the company's liabilities and of the liabilities of the commissioners, the company may upon such amalgamation taking place, issue to all creditors holding bona fide claims against the said company, excepting those provided for in the tenth section, or against the said commissioners including all coupons in arrear on the said first day of July, one thousand eight hundred and sixty-four, and all arrears of interest on the said debentures calculated to the said first day of July, and in discharge thereof, bonds of the said company to be issued under the provisions of this Act as herein before mentioned, and no judgment or other creditor of the company or of the said commissioners for a claim now existing against the company or the said commissioners, shall have any recourse against the company or its assets or revenue except for such bonds; Provided always, that the claim of George Weir, a contractor for the construction of the said harbour, and for which the said George Weir has obtained a judgment against the said commissioners, shall be paid and satisfied

by

by the said company, either by the said bonds of the said company, to be issued to the said George Weir at such rate as may be agreed upon, or in money at the option of the said George Weir, but in the event of the said George Weir electing to be paid in money, the said company shall pay and discharge the principal of the same at the expiration of five years from the first of July, one thousand eight hundred and sixty-four, and shall pay interest thereon half yearly, at the rate of six per cent. which interest shall be a charge under the provisions of the tenth section of this Act, and the principal shall be a first charge upon the said harbour until paid; Provided also that all creditors of the said Railway Proviso: as to Company holding Harbour debentures as collateral security Creditors for their respective claims shall be paid in cash upon the said holding collaamalgamation taking place, and upon the transfer and surrender by such last mentioned creditors respectively of such Harbor Debentures to the said Railway Company.

teral security

branch line.

boro' may

14. And whereas the corporation of the Town of Port Hope, Recital: adand the corporation of the Town of Peterboro', have made vances for large advances to aid in the construction of the branch line from Millbrook to the Town of Peterboro', to the lessees of the said branch line, which said advances are secured by mortgage to trustees for the said corporations respectively, therefore it Corporations shall be lawful for the said the Port Hope, Lindsay and of Port Hope Beaverton Railway Company, and the said corporations or and Petereither of them, to enter into agreements for the transfer and enter into assignment by the said corporations or either of them, and their agreements trustees respectively, of the said advances and of the said mortway Co., as to gage to the said company, and of all the rights and claims of advances the said corporations or either of them, new held by them or made by them either of them for such advances and upon such transfer and to the Comassignment being made, all the rights and powers conferred by the said mortgage on the said corporations respectively, or on the trustees of the said corporations respectively, shall vest in the said company, who may exercise and assert the same in the name of the company.

with the Rail

pany.

branch line.

15. The company shall, after an election of directors under Company may this Act, have full power and authority to treat with the lessees treat with of the branch line from Millbrook to Peterboro', for a surrender of lessees of the said lease and for a conveyance of all the lands and rolling stock and plant now held by the said lessees, and upon such surrender and conveyance being made, the said company shall hold the said branch line as part of their general undertaking, but subject nevertheless to the claims of the said corporations. under the said mortgage.

16. It shall and may be lawful for the municipalities of the Townships of Townships of Hope and Ops, and the Town of Lindsay, respec- Hope and Ops tively, shareholders in the capital stock of the said Port Hope,

26*

Lindsay

and Town of Lindsay may

enter into agreement with the Company.

Proviso.

Holders of

Lindsay and Beaverton Railway Company, to enter into agreements for the surrender and transfer to the said Railway Company of the capital stock so held by them respectively, an it shall be lawful for the said Company to purchase the said shares or capital stock and to make the consideration to be paid therefor, a charge and lien upon the whole amalgamated property of the said Railway Company, ranking with the lien in favor of the Corporation of the Town of Port Hope, provided for in the fifth section of this Act, or otherwise as may be agreed upon by the parties; Provided always, that until such sale or sales may take place, the interests of the said munici palities shall not be prejudiced by the operation of this Act.

17. Upon such amalgamation taking place the holders original stock, of stock in the said Company, subscribed under the original not paid, dis- Act of incorporation, who have not paid up the amount of charged. such stock respectively, shall be discharged from the payment of the same, and the costs incurred by judgment creditors of the said company in actions brought to enforce payment of the same, shall be added to and form part of the amount of the respective claims of such judgment creditors, and shall be liquidated in the same manner as the existing claims of such creditors, are to be liquidated under the thirteenth section of this Act, and further proceedings in all such actions shall be stayed.

Rights of the
Crown saved.

Public Act.

18. Nothing in this Act contained shall be construed in any wise to alter, vary or change any claim, right or title which the Crown may now have or hold upon or against the said corporations or any of them.

19. This Act shall be deemed a Public Act.

CAP. LXXXVII.

Preamble.

An Act respecting the Waterloo and Saugeen Railway
Company.

[Assented to 30th June, 1864.]

WHEREAS certain persons in the Counties of Wentworth

and Wellington, who are named in the Act incorporating the Waterloo and Saugeen Railway Company, hereinafter mentioned, have by their petition represented, that the Waterloo and Saugeen Railway Company was incorporated by an Act passed in the session held in the nineteenth and twentieth years of Her Majesty's reign, chapter one hundred and fifteen, and that the sixteenth section of the said Act requires that the said Railway should be commenced within three years, and completed within ten years after the passing of the Act; And that in consequence of the depressed state of the country in the three years next succeeding the passing of the said Act, it was deemed impossible to commence the undertaking

« EelmineJätka »