and restrictions and upon such conditions as are bargained and agreed upon and set forth by and between the company and insured and the company may do all things appertaining thereto or connected therewith.

(2) The company may also cause itself to be insured against any risks it may have undertaken in the course of its business.

(3) The company may also undertake the reinsurance of the risks of other companies.

(4) The company may also undertake to act as agents for or as representatives of other companies doing business of a like or similar nature.

deal in bonds,

for purposes of

20. The company shall have full power to acquire and Power to hold real estate for the purpose of its business and to sell securities, etc., and dispose of the same and acquire other property in undertaking its place as may be deemed expedient, and further to take, hold and acquire all such lands and tenements, real or personal estate, as shall have been bona fide mortgaged to it by way of security or conveyed to it in satisfaction of debts previously contracted in the course of its business or purchased for the purpose of avoiding a loss to the company in respect thereof or of the owner thereof and to retain the same for a period not exceeding fifteen years from the acquisition thereof; and the company may invest its funds or any part thereof in any of the public securities of the Dominion of Canada or any of the provinces thereof or in the stocks of any banks, or in the shares, stocks, bonds or debentures of any insurance company, or in the bonds or debentures of any corporate city, town or municipality authorized to issue bonds or debentures, or in any mortgages or loans upon real estate or in real estate, or in any of the investments provided for in subclauses (a) and (b) of subsection (1) of section 59 of chapter 32 Statutes of Canada, 1910, being an Act respecting Insur

ance.

21. The company shall have the power to amalgamate with or purchase the business of any other insurance company or insurance agency or to sell out and dispose of the business of the company to any other such company or agency upon the terms and conditions that may be agreed upon and that shall not impair the resource or remedy of any creditor or policy-holder of the company; but before the completion of any such amalgamation, purchase or sale, the same must be approved of by a vote of not less than two-thirds in value of the subscribed stock of the company at an annual general meeting or a special meeting of the shareholders called for the purpose.

Directors to submit

Auditors

Borrowing

powers

Power of directors

to pay commission on sale of stock

22. The directors shall cause to be prepared and submitted to the shareholders at each annual general meeting a full and correct statement of the accounts of the company, a general abstract of the estimated liabilities and assets of the company.

23. One or more auditors shall be appointed by the shareholders at each annual general meeting, whose report shall be embodied in the general statement of affairs of the company submitted to the shareholders, as provided in the next preceding section.

24. If authorized by a resolution sanctioned by a vote of a majority of the subscribed stock of the company present in a general meeting of the shareholders duly called, the directors may from time to time—

(a) Borrow money upon the credit of the company and give security therefor by bills of exchange or promissory notes, made, drawn, accepted or endorsed by or on behalf of the company.

(b) Hypothecate, mortgage or pledge the real and personal property of the company or both, to secure any such money borrowed for the purpose of the company.

25. Subject to the provisions of this Act and to the approval of the Board of Public Utility Commissioners the directors shall have full power and authority to pay commissions not exceeding fifteen per cent. on the sale of the company's shares.

26. This Act and the company hereby incorporated and the exercise of the powers hereby conferred shall be subject to the provisions of The Alberta Insurance Act, 1915, and to any general laws in force or that may hereafter be in force in the province respecting insurance companies.

27. Section 31 of The Companies Ordinance shall apply to the company.

1917

CHAPTER 51.

An Act to amend Chapter 31 of the Statutes of 1911-12, being An Act to incorporate the Athabasca Valley Railway Company.

(Assented to April 5, 1917.)

WHEREAS the Athabasca Valley Railway Company has presented a petition praying for the amendment of the Act incorporating the said railway company, being chapter 31 of the Statutes of Alberta, 1911-12, as hereinafter set forth, and it is expedient to grant the prayer of the said petition;

Therefore His Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows:

1. That section 13 of the said Act as enacted by section 1 of chapter 41 of the Statutes of Alberta, 1913 (Second Session), and further as re-enacted by section 1 of chapter 35 of the Statutes of Alberta, 1914, be and the same is hereby repealed and the following is substituted therefor:

"13. The construction of the railway hereby authorized shall be commenced within one year and shall be completed within three years from the coming into force of this amending Act, and section 68 of The Railway Act (Alberta) shall not apply to the said company."

1917

CHAPTER 52.

An Act to amend the Act incorporating the Brule Lake Railway Company, as amended by Chapter 35 of the Statutes of Alberta, 1915.

(Assented to April 5, 1917.)

WHEREAS the Brule Lake Railway Company has

presented a petition praying that the time for commencing and completing the construction of the Brule Lake Railway may be extended and it is expedient to grant the prayer of the said petition;

Therefore His Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows:

1. Section 13 of chapter 41 of the Statutes of Alberta, 1913 (First Session), being An Act to incorporate the Brule Lake Railway Company, as amended by chapter 35 of the Statutes of Alberta, 1915, is hereby repealed and the following section is substituted therefor:

"13. The construction of the railway hereby authorized shall be commenced within two years and shall be completed within three years from the date of the coming into force of this amending Act."

1917

CHAPTER 53.

An Act respecting the Central Canada Railway Company.

(Assented to April 5, 1917.)

WHEREAS a petition has been presented by the Central Canada Railway, Company, a company incorporated by chapter 46 of the Statutes of Alberta, 1913, praying that it be enacted as hereinafter set forth, and it is expedient to grant the prayer of the said petition;

Therefore His Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows:

1. The company may lay out, construct, and operate as lines of railway in addition to those authorized by section 6 chapter 46 of the Statutes of Alberta, 1913, the following lines of railway of the gauge of four feet eight and one-half inches:

(a) From a point in township 81 range 4 west of the sixth principal meridian in the Province of Alberta, thence in a generally westerly direction to the westerly boundary of the said province;

(b) From the terminus of the branch railway already authorized by section 6, chapter 46, Statutes of Alberta, 1913, in a generally northerly direction approximately parallel to the Hay River to the northern boundary of the said province;

(c) From a point in township 74 range 17 west of the fifth principal meridian in the Province of Alberta, at or near High Prairie on the main line of the Edmonton, Dunvegan and British Columbia Railway, thence in a generally southerly direction to a point at or near Snipe Lake, thence in generally westerly direction to the sixth principal meridian in the said province.

2. The construction of that portion of the railway and branch lines already authorized but not entirely completed as well as the lines hereby authorized shall be commenced within two years and shall be completed within five years from the coming into force of this Act, and section 10 of chapter 46 of the Statutes of Alberta, 1913, is hereby amended accordingly.