Election of directors Calls on stock Business of company Trust money Trustee upon which all calls made and due have been paid; and if any director makes an assignment for the benefit of creditors or comes within the operation of any insolvency law then in force or ceases to hold fifty shares in his own right he shall ipso facto cease to be a director and his place may be filled for the remainder of the term by the directors from among the qualified shareholders of the company. 8. The directors shall be elected at the first general meeting and thereafter at each annual meeting of the corporation to hold office until their successors are elected and if otherwise qualified may always be re-elected and the majority of the members of such board shall be a quorum thereof and in case of the death, resignation or removal or disqualification of any director such board if they see fit may fill the vacancy until the next annual meeting of the company by appointing a qualified shareholder thereto but a failure to elect directors or any failure of directors shall not dissolve the corporation and an election may be held at any general meeting of the corporation called for the purpose. 9. Calls on stock may be made by the directors at such times and in such proportions as they deem proper but no call except the first shall exceed ten per cent. and no call shall be made at a less interval than one month from the last preceding call. 10. The company may: (a) Receive and hold moneys in trust for the purposes herein specified and invest and accumulate the same at such rates of interest as may be obtained therefor; (b) Accept and execute all such trusts of every nature and description as are entrusted to it by any person or government or as are committed or transferred to the company by any order, judgment or decree of any court in Saskatchewan; accept and execute the office of executor, administrator, trustee, accountant, arbitrator, adjustor, auditor, receiver, assignee, liquidator, sequestrator and perform the duties of such offices and trusts as fully and completely as any person so appointed could do; and in all cases where application is made to any court, judge, officer or person having authority to make an appointment to any such office or trust such court, judge, officer or person may appoint the company with its consent to hold such office or trust and may substitute if necessary for any obligation required from a private person appointed to such offices such usual obligations as are applicable to corporations and may fix the remuneration of the company; (c) Take, hold and accept by grant, assignment, transfer, Holding of property deed, will, devise, bequest or otherwise any real or personal estate upon any lawful trusts and perform and execute such trusts according to the terms and for the purposes declared, established or agreed upon; married (d) Accept from and execute trusts for married women Trusts for in respect of their separate property, real or personal, women and act as agents for them in the management of such separate property; investments (e) On such terms and conditions as are agreed upon, Guarantee guarantee repayment of the principal or payment of the interest or both of any money intrusted to the company for investment; (f) Act as agents for the purposes of issuing, counter- Agent for signing, registering or otherwise ascertaining and issuing stock certifying to the genuineness of any issue of stock, bonds, debentures or other obligations or securities for money of any government, municipal or corporate body or society duly authorised to make and issue the same; and receive and manage any sinking fund therefor and hold the said securities as agent or trustee and act generally as fiscal or other agent for any such government or corporate body or society; of estate (g) Act as agent or attorney for managing estates, wind- Management ing up estates, receiving or collecting rents or any principal, interest or other moneys secured by mortgages, debentures, coupons or other securities or any principal or interest or any debt evidenced by any bills or notes or otherwise or any other debt or demand of any nature or kind whatsoever and in the sale or purchase of any real or personal property; and generally act in all matters in the nature of a trust or general agency; executors (h) Act as investing or managing agents of estates and Agent of properties for and on behalf of executors, administrators and trustees or other persons; (i) Be the custodian on such terms as are agreed upon Custodian of any jewellery, plate or other valuable property and of wills, deeds, mortgages, debentures and other evidences of title or indebtedness; (j) Receive and collect such remuneration for services Remuneration of the company as is agreed upon or as is previously fixed from time to time by its bylaws and all usual and customary charges, costs and expenses; (k) The company may borrow money, receive moneys for Investment investment and receive money on deposit upon such Securities for debts Rights, privileges and concessions from government Investment of trust money On mortgages On stock and securities On securities Existing securities Trust money to be kept separate terms as to interest, security, time of payment or otherwise as may be agreed on; (1) Take securities of such nature as are deemed expedient for any moneys owing to the company; (m) Obtain from any government any rights, privileges and concessions which the company thinks it desirable to obtain and carry out, exercise and comply with any such rights, privileges and concessions not inconsistent with the provisions of this Act or of any Act of the Parliament of Canada. 11. The company shall invest trust moneys as follows and may manage, sell or dispose of such investments as the terms of the trust require: (a) Upon first mortgages of improved freehold property (2) Nothing in this section shall prevent the company from holding securities of any other kind which form or are part of any trust estate which comes into its hands and it may hold such securities subject to the trusts and legal obligations attached thereto but in the case of the realisation of any portion thereof the proceeds shall be invested as herein directed unless the will, deed, order or instrument creating the trust has provided otherwise. 12. The moneys and securities of all such trusts shall always be kept distinct from those of the company and in separate accounts and so marked for each particular trust as always to be distinguished from any other in the registers and other books of account kept by the company so that at no time shall trust moneys form part of or be mixed with the general assets of the company and the company shall in the receipt of rents and in the overseeing and management of trusts and other property keep distinct records and accounts of all operations connected therewith: fund Provided that in the management of the moneys and proper- Proviso as to ties held by the company as trustee or in any other official a general trust capacity under the powers conferred by this Act the company may unless the authority making the appointment otherwise directs invest trust money in the manner provided by section 10 of this Act in a general trust fund of the company; Provided always that the total amount of money of any one trust invested in the said general trust fund shall not at any time exceed three thousand dollars. 13. Moneys, properties and securities received or held by Trust property the company upon trust or as agent shall not be liable for the debts or obligations of the company. not liable for debts of company which may be 14. The company may hold such real estate as is nesessary Real estate for the transaction of its business not exceeding the net yearly held value of twenty thousand dollars and may hold any further real estate of whatever value which, being mortgaged or hypothecated to it is acquired by it for the protection of its investments and may from time to time sell, mortgage, lease or otherwise dispose thereof but the company shall sell any real estate acquired in satisfaction of any debt due to itself other than as trustee or in an official capacity within seven years after such acquisition unless such time is extended by order of the Lieutenant Governor in Council otherwise such real estate shall revert to his Majesty for the use of Saskatchewan. of moneys 15. The company may invest any moneys forming part of Investment its own capital or reserve or accumulated profit thereon in of company any of the securities mentioned in section 10 of this Act or on the security of real estate in Saskatchewan or of any interest in such real estate or on the security of the debentures, bonds, stock and other securities of any chartered bank or company incorporated by or under the authority of the Parliament of Canada or of the Legislature of any province of Canada as the directors deem expedient. notes 16. Nothing in this Act shall be construed to authorise the Issue of company to issue any note payable to bearer or any promissory prohibited note intended to be circulated as money or as the note of a bank or to engage in the business of banking or of insurance. of R.S.S., c. 79 (2) Subject to the provisions of this Act the provisions of Application The Companies Act shall apply to this company in so far as the same may be applicable. 17. The powers hereby conferred upon the company shall be exercised subject to the provisions of The Trust Companies Act and of any Act respecting Loan Companies which may at any time be in force in Saskatchewan. 1912-13 CHAPTER 65 An Act to confirm a Certain Bylaw of the City of Regina and Certain Agreements and a Lease entered into between the Grand Trunk Pacific Branch Lines Company and the City of Regina. W [Assented to January 3, 1913.] HEREAS by resolution of the council of the city of Regina dated the twenty-third day of November, 1910, it was deemed expedient that the city of Regina enter into an agreement with the Grand Trunk Pacific Branch Lines Company as set forth in schedule A hereto; And whereas on the thirtieth day of November, 1910, the city of Regina and the Grand Trunk Pacific Branch Lines Company pursuant to the said resolution of council of the twenty-third day of November, 1910, did enter into an agreement a copy of which agreement forms schedule A to this Act; And whereas on the eighteenth day of October, 1912, a bylaw number 675 was finally passed by the city council of the city of Regina a copy of which bylaw and the schedules A and B thereto form schedule B to this Act; And whereas pursuant to the said bylaw number 675 the Grand Trunk Pacific Branch Lines Company and the corporation of the city of Regina have entered into the agreement and lease referred to as schedules A and B to the said bylaw and copies of which bylaw and agreement and lease form parts of schedule B to this Act; And whereas the Grand Trunk Pacific Branch Lines Company has presented a petition to the Legislature of the Province of Saskatchewan praying for the ratification and confirmation of the said agreement of the thirtieth day of November, 1910, and the said bylaw number 675 and the said agreement and lease referred to therein; And whereas it is expedient to grant the prayer of the said petition; Now therefore his Majesty by and with the advice and consent of the Legislative Assembly of Saskatchewan enacts as follows: 1. The said agreement entered into on the thirtieth day of November, 1910, a copy of which forms schedule A to this Act and the said bylaw number 675 which was finally passed |