all moneys secured thereby, subject only to the special provisions in such mortgage or securities for the release of the property or any portion of the property so mortgaged from said debt or any portion thereof.

powers of the under former agreements retained

3. The said agreement of August 26, 1911, and all the Rights and rights, powers and remedies, duties, obligations and liabilities Government of the government and the company thereunder are so far as the same are not inconsistent with or may be applied to the agreement ratified by this Act and to the terms and provisions thereof hereby confirmed and continued.

Lieutenant

Council as to

vances

4. The Lieutenant Governor in Council is authorised Authority of from time to time and pursuant to the terms and conditions Governor in contained in the said agreement hereby firstly ratified and con- making adfirmed to advance to the company for the purposes mentioned in the said agreement of 26th August, 1911, the moneys from time to time required by the company therefor according to the terms of the said agreements.

SCHEDULE A

Memorandum of Agreement made this sixth day of December, 1912.

Whereas by agreement between the parties hereto bearing date the twenty-sixth day of August, 1911, and ratified by an Act of the Legislature of Saskatchewan, being chapter 41 of the Statutes of 1912, it was agreed that the government would advance to the company moneys for the purchase or construction of elevators as therein mentioned and that the company would secure the government for the repayment of such loans as also therein set forth;

And whereas it is deemed expedient that such advances should be made and securities therefor be given in the manner hereinafter mentioned;

Now therefore this agreement witnesseth:

That in consideration of the premises and for the better carrying out of the purposes for which the company was incorporated it is hereby mutually agreed by and between the parties hereto as follows:

The company may in lieu of the securities for each loan to be given by it from time to time under said recited agreement and provided it is not then in default under the said agreement or this agreement or under any mortgage given by it thereunder execute and give to the government on the thirty-first day of December in each year, commencing on the thirty-first day of December, 1912, and the government will accept a single instrument by way of collective mortgage or security whereby the company shall charge all its elevators not previously mortgaged to the government upon which advances have been made and all its real and personal property held or used by it in connection with such elevators or any of them and the freehold or leasehold property upon which such elevators or any of them are situate and the uncalled capital stock of the company (subject to charges thereon made by the company with the consent of the government) subscribed for by members of all locals for whose benefit or on whose behalf such elevators or any of them have been or are being purchased or constructed and all the rights and remedies of the company in respect of the same with the payment of all moneys so advanced and agreed to be advanced by the government for the purchase or construction of any and all of such elevators; and upon the execution of any such single instrument by way of collective mortgage all the real and personal property described therein. shall be and shall be deemed to be mortgaged to the government as security for the moneys therein set out as fully and as effectually as if a separate mortgage had been executed in each case of an advance as security therefor but without impairing the effect of such single mortgage as a security upon the whole of the property covered thereby for the aggregate indebtedness thereby secured:

Provided that the company shall be entitled at any time during the currency of such mortgage to release any one or more elevators from the same upon payment to the government of the full amount advanced to the company in respect of such elevator then remaining unpaid together with interest to the date of such payment;

Provided also that in the event of the destruction by fire, tempest or other act of providence of any one or more elevators covered by any such mortgage the full amount of the insurance moneys thereon or such portion thereof as may be necessary therefor together with such further sum, if any, as would be sufficient to entitle the company to a release of such elevator property so destroyed under the proviso last hereinbefore contained and the interest thereon to date shall be forthwith paid by the company to the government, and the government

will thereupon release the remaining property covered by said mortgage or securities from the amount so paid and any property pertaining to the said elevator not destroyed from any liability under said mortgage;

Provided further that the thirty-first day of August in the second year next after the date upon which any such mortgage should be given as herein provided shall be the date upon which the first annual instalment of the moneys secured under such mortgage shall be payable and that upon the said date shall be also paid the accrued interest upon all the principal moneys so secured computed to the thirty-first day of August next previous thereto; provided, however, that the mortgage given to secure advances made during the year 1911 shall provide that the first annual instalment of principal and interest as well as such accrued interest thereon to the thirty-first of August, 1912, shall become due and payable on the thirty-first of August, 1913.

For the purposes of any securities given under these presents the said recited agreement shall be read and construed as if the provisions of this agreement were contained therein and all powers and obligations of either of the parties hereto in respect of any of the securities to be given under said recited agreement shall continue and be fulfilled as far as possible to the same extent and in the same manner and time in respect of any securities given hereunder as under the said recited

agreement.

In witness whereof the said Honourable Provincial Treasurer has hereunto affixed his hand and seal on behalf of the government and the company has hereto affixed its corporate seal attested by the hands of the president and secretary

thereof.

Recitals

Release of former guarantee

1912-13

CHAPTER 43

An Act to authorise the Execution of Certain Instruments by His Majesty to The Canadian Bank of Commerce as security for The Saskatchewan Co-operative Elevator Company, Limited.

W

[Assented to January 11, 1913.]

HEREAS by instrument bearing date the nineteenth December, 1911, and ratified and confirmed by chapter 41 of the Statutes of 1912 of Saskatchewan, his Majesty represented by the Honourable the Provincial Treasurer, guaranteed payment to The Canadian Bank of Commerce of the indebtedness of the said company to the extent of $100,000 for moneys advanced by the bank to the company for the then current season terminating August 31, 1912;

And whereas the company has paid off and discharged the said indebtedness and the bank has agreed to execute in favour of his Majesty an instrument of release hereinafter set forth as Release A in the schedule to this Act;

And whereas it has been proposed that a further agreement be made between the said company and The Canadian Bank of Commerce to which his Majesty is to become a party, acting and represented by the Honourable George Alexander Bell, provincial treasurer of Saskatchewan on behalf of and in right of the Province of Saskatchewan, hereinafter called "the Government" whereby the government shall agree in consideration of the said bank granting to the said company a line of credit to the extent of $1,500,000 for the carrying on of its business during the current season to guarantee the payment of the line of credit with interest to the said bank to an amount not exceeding in the whole the sum of $375,000 subject to the terms set out in the said proposed agreement and upon the undertaking of the said company to give security "Guarantee B" to the government as hereinafter mentioned the said proposed instrument being that set out as "Guarantee B" in the schedule to this Act;

'Security C"

And whereas the said company proposes by a further instrument to charge and pledge its uncalled subscribed stock in favour of the government and The Canadian Bank of Commerce by way of security for the said guarantee and the said line of credit a copy of which instrument under the designation of "Security C" is set out in the said schedule appended hereto;

And whereas it is expedient to authorise the execution of the said instruments lastly herein before recited, therefore his Majesty the King by and with the advice and consent of the Legislative Assembly of Saskatchewan enacts as follows:

and security

1. The several proposed parties to the said instruments Guarante copies of which under the respective designations of "Guarantee agreements B" and "Security C" set forth in and forming parts of the confirmed schedule to this Act are hereby empowered and authorised to execute the same and the said instruments when executed shall be valid and binding upon the said parties; and the said parties to each and every of the said instruments hereby authorised and empowered to do all things necessary to give full effect to and to carry out the agreements, provisions, terms and conditions of each and every of said instruments according as he or they shall agree or become bound to do under the said several instruments hereby authorised or either of them according to the tenor thereof.

are

Whereas by instrument in writing bearing date the 19th day of December, 1911, made between the parties hereto together with the Saskatchewan Co-operative Elevator Company and ratified and confirmed by chapter 41 of the Statutes of Saskatchewan for 1912, the government guaranteed payment by the said company to the bank of the indebtedness of the company to the bank to the extent of $100,000 as therein men

tioned;

And whereas it is proposed that the government shall by a new instrument in writing guarantee in part the indebtedness of the said company to the bank for the current season and that its liability under the said first mentioned guarantee shall be cancelled: