and purposes as if done by such directors themselves; anything in this Act to the contrary notwithstanding. 15. The directors aforesaid shall have the power, if they Steamers may think fit, to receive and take into the stock of the said Company be taken as such barges, tug and freight steamers, sailing vessels and stock. elevators as may have already been built or acquired by individual shareholders for the purpose of this company; Provided always, that nothing in this Act contained shall in Proviso. any way affect or impair the rights and claims of third parties. in or to the said barges, tug-steamers or sailing vessels, or other property. be valued. 16. The directors of the company shall take the said barges, How such tug and freight steamers, sailing-vessels and elevators at their steamers shall cost, or at such valuation as shall be put upon them by persons mutually chosen to decide the same, and such valuation shall be credited to the shareholders as payment made on account of their stock, but no shareholder shall be entitled to claim, from the directors, any money payment for such barges, tug and freight steamers, sailing vessels or elevators so taken into the stock of the company, unless by special agreement to that effect. validly ex 17. Every contract, agreement or bargain by the company, Contracts, or by any one or more of the directors on behalf of the company, &c., may be or by any agent or agents of the company, and every promissory ecuted withnote made or endorsed, and every bill of exchange drawn, out the corpoaccepted, or endorsed, by such director or directors on behalf rate seal of Company. of the company, or by any such agent or agents, in general accordance with the powers to be devolved to and conferred on them respectively under the said by-laws, shall be binding upon the said company; and in no case shall it be necessary to have the seal of said company affixed to any such contract, agreement, engagement, bargain, promissory note, or bill of exchange, or to prove that the same was entered into, made or done in strict pursuance of the by-laws; Provided always, that Proviso: Comnothing in this section shall be construed to authorize the said pany not to company to issue any note payable to the bearer thereof, or any notes. promissory note intended to be circulated as money or as notes of a bank. issue bank 18. Any service of process made at the office of the com- Service of pany in the City of Montreal, only, and in case the company process. should have no such office, then upon the president of the said company, shall be held and deemed to be good and sufficient service by all Courts of Justice in this Province. 19. This Act shall be deemed a Public Act. Public Act. SCHEDULE . SCHEDULE A (Referred to in the foregoing Act.) of of I (or we) do shares (on For value received from hereby assign and transfer to each of which has been paid dollars) in capital Stock of the Provincial Forwarding Company," the office of which is at Montreal, subject to the rules and regulations of the said company, hereby obliging myself (or ourselves,) to fulfil the conditions imposed by the proviso contained in the thirteenth section of the Act of incorporation of the said company. In testimony whereof, 1 (or we) have signed these presents at the office of the said company, this one thousand eight hundred and day of (Signature of the transferor, or of his attorney.) Witness: I (or we) do hereby accept the foregoing assignment of shares in the capital stock of the "Provincial Forwarding Company," assigned to me (or us) as above mentioned, this one thousand eight hundred and day of (Signature of the transferee, or of his attorney.) Witness: Preamble. Additional CAP. XCVIII. An Act to amend the Act intituled: An Act to incorporate the Canada Marine Insurance Company. [Assented to 30th June, 1864.] HEREAS the promoters of the Canada Marine Insurance Company have petitioned for certain amendments to the Act of incorporation of the said company, and it is expedient that the prayer of their petition be granted: Therefore, Her Majesty, by and with the advice and consent of the Legislative Council and Assembly of Canada, enacts as follows: 1. In addition to the powers by the said Act conferred upon powers, as to the said company, they are hereby authorized and empowered insurance to make and effect contracts of assurance with any person or against fire, on lives, against persons, body politic or corporate, against loss or damage by fire to any property or effects, real or personal, movable, or accidents, immovable, immovable, whether on shore or afloat, and on any life or lives, misconduct of and on or against any event, loss or risk, in any manner dependent employees, &c on any life or lives, and also against all accidents whatever, either by land or sea, and against sickness, and also against all error, default, irregularity, misconduct, dishonesty or malversation of clerks and employés of every description, depositaries, warehousemen, and all persons employed about the management of the affairs of others, in whole or in part, or entrusted with their property, moneys or effects, and to grant annuities, the whole Granting anfor such time or times, and for such premises or considerations, nuities. upon such conditions and under such modifications and restrictions as may be bargained or agreed upon by and between the company and the person or persons agreeing with them for such insurance, or set forth in the policy or other writing issued as evidencing the contract of assurance, and to cause themselves Re-insurance. to be reinsured against any loss or risk they may have incurred in the course of their business, and generally to do and perform all other necessary matters and things connected therewith, and proper to promote the objects thereof. 2. Hugh Allan, John Redpath, Robert Anderson, Edward Provisional: M. Hopkins, the Honorable Louis Renaud, the Honorable Directors. John J. C. Abbott, John Ogilvy, H. H. Whitney, Andrew Allan and Gordon Gates Mackenzie, shall be provisional directors of the said company, and they and a majority of them are hereby invested with all the powers and authority by the said Act conferred upon the parties named therein, or the majority of them. Directors. 3. The number of directors of the said company, fixed by Reduction of the said Act, as forming the board of directors, is reduced to number of seven, of whom four shall be a quorum for the transaction of business; and such reduced number of directors and such Quorum. reduced quorum thereof, respectively, shall have all the powers and privileges by the said Act conferred upon the number of directors therein named, and the quorum thereby fixed. each year: 4. Instead of seven directors being elected at every annual Three Dire meeting, four of the directors then holding office shall remain, tors only to and hold office as such during the ensuing year; the remaining be elected three directors only shall retire but shall be eligible for re- the other four election, and three new directors only shall be elected at such to remain. annual meeting; and it shall be the duty of the directors, previous to such annual meeting, to decide by ballot or otherwise, upon the directors who shall retire, and to cause the names of such retiring directors to be communicated to the stockholders at such meeting before the election of their successors. 5. The words, " and the notes, bills and securities of special Section 5 anc partners hereinafter described," to be found in the fifth section 19 amended of the said Act; and the words, "including the amount of notes notes or securities contributed by special partners for the time being," to be found in the nineteenth section of the said Act, Section 23 re- are hereby repealed; the twenty-third section of the said Act pealed and is also hereby repealed, and in lieu thereof it is hereby proprovision subvided-that " at each annual general meeting, after the allowstituted. ance of such interest to shareholders, and of such reduction Dividends. to insurers as aforesaid, and after the submission of the said statement and approval thereof by the shareholders, the Board of Directors shall declare such dividend in favor of stockholders, out of the net profits of the preceding period, as they shall think fit, and which dividend shall be paid in cash." When only the Company shall be organized. Proviso as to calls. Change of name. Public Act. Preamble. 6. The organization of the company shall not take place until four hundred thousand dollars of the stock thereof shall have been subscribed, and the business of the company shall not be proceeded with until one hundred thousand dollars thereof shall have been paid in; provided always, that it shall be competent for the Board of Directors of the said company to make the calls for any portion of the amounts required to be paid in hereinbefore, and by the fifteenth and sixteenth sections of the said Act, but which shall not be required for the purposes of the business of the said company, payable in approved endorsed promissory notes, payable on demand to the said Company in whole or in part, at the discretion and upon the call of the Board of Directors, and to make such regulations with regard to calls upon such promis sory notes, and with regard to the interest thereon, as they may deem fit. 7 The name of the said company is hereby changed to "The Citizens' Insurance and Investment Company," by which name it shall hereafter be called, known and distinguished, and under which it shall possess and enjoy all the corporate and other rights, powers and privileges, and be subject to all the obligations hereinbefore and in and by the said Act conferred and imposed upon the said company under the name and description of "The Canada Marine Insurance Company." 8. This Act shall be deemed a Public Act. CAP. XCIX. An Act to grant certain powers to the Beaver Mutual W [Assented to 30th June, 1864.] HEREAS the Beaver Mutual Fire Insurance Association have, by their petition, set forth that they have been organized and have carried on business in the City of Toronto, since the month of December, one thousand eight hundred and sixty, as a Mutual Fire Insurance Association, under the provisions provisions of the Act respecting Mutual Insurance Companies, and have prayed that, for the better management of the affairs of the Association, additional powers be conferred upon them, and it is expedient that the prayer of the said petition be granted: Therefore, Her Majesty, by and with the advice and consent of the Legislative Council and Assembly of Canada, enacts as follows: 1. The said Association may hold their annual meeting for Time for anthe election of Directors at such time in each year as may to be settled nual meeting appear most expedient to the Board of Directors. by Directors 2. The said Association may issue Policies and collect Premiums on Premiums thereon in cash for insurance for terms of two or certain Policies may be more years; and parties so paying in cash shall not be liable taken in cash; to any further charge or assessment whatsoever; nor shall Insured not they be held to be members of the said Association in any to be memrespect. bers. 3. The Association may form a reserve fund to consist of Reserve Fund all moneys which shall remain on hand in each or any year, ed, its compo may be form. after payment of the ordinary expenses and losses of the said sition and apAssociation; and for that and other purposes of the Associa- plication. tion, the Directors may levy an annual assessment on the premium notes held by the said Association; and such reserve fund may be applied either to pay off the guarantee stock of the said Association, if the Directors shall so determine, or to pay such other liabilities of the Association as cannot be provided for out of the ordinary receipts for the same or any succeeding year; Provided that no assessment for any amount Proviso: asover and above one-third of a dollar on each hundred dollars of mited. insured property shall be levied in any one year, unless and until the whole of such reserve fund shall have become exhausted; Provided also that such reserve fund shall be invested Proviso: inin Provincial Debentures or other securities of the Provincial testment. Government. sessments li 4. Whenever any assessment is made on any premium note Certificate of given to the Association, for any risk taken by the Association, Secretary to be primâ facie or as a consideration for any Policy of Insurance issued or to evidence in be issued by the Association, and an action is brought to re- action for agcover such assessment, the certificate of the Secretary of the sessment. Association, specifying such assessment and the amount due to the Association on such note by means thereof, shall be taken and received as prima facie evidence thereof in all Courts and places whatsoever. 5. In case of the failure or neglect on the part of any policy Failure to pay holder to pay the amount of any premium note given for insu- premium note within thirty rance, or any assessment thereon, on the day when the same days after shall be due, or within thirty days thereafter, the policy on due to vitiate account of which such note was given, or assessment made, Policy. |