First general meeting and election of Directors Proviso. Proviso for notice of meeting. powers, rights, privileges and indemnities, and they shall be and they are hereby made subject unto the like restrictions, as the elected Directors of the said Company upon their being elected by the Stockholders of the said Company, as hereinafter provided, would, under the provisions of the Railway Clauses Consolidation Act and of this Act, become invested with or subject unto respectively. VII. When and so soon as Shares to an amount equivalent to one hundred thousand pounds Provincial currency, in the Capital Stock of the said Company be taken, and ten pounds per centum thereon shall shall have been paid in to some one of the Chartered Banks of this Province, it shall and may be lawful for the Provisional Directors of the said Company, for the time being, to call a meeting at the City of London, of the subscribers for Stock in the said Company, and who have paid ten per centum thereon as aforesaid, for the purpose of electing Directors of the said Company; Provided always, that if the said Provisional Directors shall neglect or omit to call such meeting, then the same may be called by any ten of the holders of Shares in the said Company holding among them not less than an amount equivalent to five thousand pounds Provincial currency; And provided always, that in either case public notice of the time and place of holding such meeting shall be given during one month in some one newspaper published in the City of London, and also in some one newspaper published in each of the Counties through which the said Railway shall pass or be intended to pass, or in such of the said Counties as shall have a newspaper published therein respectively; and at such general Meeting the Shareho ders assembled, with such proxies as shall be present, shall choose eleven persons to be Directors of the said Company, being each a proprietor of shares in the said Company to an amount of not less than two hundred and fifty pounds Provincial currency, and shall also proceed to pass such Rules, Regulations and Bylaws as shall seem to them fit, provided they be not inconsistent with this Act; Provided also, that such ten per centum shall per cent. to be not be withdrawn from such Bank or otherwise applied except paid on subscribing. for the purposes of such Railway, or upon the dissolution of the Company from any cause whatever. Election of 11 Directors. Proviso ten Term of office of first Directors. VIII. The Directors so elected or those appointed in their stead in case of vacancy, shall remain in office until the first Wednesday in June, one thousand eight hundred and fifty-eight, and on the said first Wednesday in June and on the first Wednesday in June in each year thereafter, or such other day Annual gene- as shall be appointed by any By-law, an Annual General Meetral meeting. ing of the Shareholders shall be held at the office of the Company for the time being, to choose eleven Directors in the room of those whose period of office shall have expired, and generally Specialgeneral to transact the business of the Company; but if at any time it should appear to any ten or inore of such Shareholders holding meetings. together together two hundred shares at least, that a Special General and powers Meeting of the Shareholders is necessary to be held, it shall be thereof. lawful for such ten or more of them to cause fifteen days' notice at least to be given thereof in such newspapers as are hereinbefore provided, or in such manner as the Company shall by any By-law direct or appoint, specifying in such notice the time and place and the reason and intention of such Special Meeting, respectively, and the Shareholders are hereby authorized to meet pursuant to such notice and proceed to the execution of the powers by this Act given to them, with respect to the matter so specified only; and all such acts of the Shareholders Majority must or the majority of them at such Special Meeting assembled, hold at least (such majority not having either as principals or proxies less 1,000 shares, than two hundred shares,) shall be as valid to all intents and bind the Compurposes as if the same were done at Annual Meetings. in order to pany. raised. IX. For the purpose of making, constructing and maintaining Capital the Railway and other works necessary for the proper use and £500,000, and enjoyment of the Railway by this Act authorized to be con- how to be structed, it shall and may be lawful for the Directors of the said Company for the time being, to raise in such manner by Shares £26 loan, subscription of stock, issuing of shares or otherwise as to the Directors of the said Company for the time being shall from time to time seem fit, the sum of Five Hundred Thousand Pounds Provincial Currency, such shares to be issued for sums each. of twenty-five pounds Provincial currency each; Provided al- Proviso for inways, that the said capital sum may from time to time, if crease of capí necessary, be increased in the manner provided for by those tal under 14 & clauses of the Railway Clauses Consolidation Act, which in and by the second section of this Act are incorporated with this Act. 15 V. c. 51. X. It shall and may be lawful for the Directors of the said Directors to Company for the time being, to make, execute and deliver all issue shares, such scrip and share certificates, and all such bonds, debentures, scrip, &c. mortgages or other securities, as to the said Directors for the time being shall from time to time seem most expedient for raising the necessary capital for the time being authorized to be raised by the said Company, or for raising any part thereof. XI. Every proprietor of shares in the said Company shall be Proportion of entitled on every occasion when the votes of the members of votes to the London and Grand Trunk Junction Railway Company are shares. to be given, to one vote for every share of twenty-five pounds currency held by him. to bearer. XII. All bonds, debentures and other securities to be ex- Debentures, ecuted by the London and Grand Trunk Junction Railway &c., may be Company may be made payable to bearer; and all such bonds, made payable debentures or other securities of the said Company, and all dividends and interest warrants thereon respectively, which shall purport to be payable to bearer, shall be assignable at 18 * law Quorum of Galle; Amount of, limited. Proviso: ten per cent. and calls then made to be paid on subscribing. Recital. law by delivery, and may be sued on and enforced by the res pective bearers and owners thereof for the time being, in their own names. XIII. Any meeting of the Directors of the said Company, regularly summoned, at which not less than five of anch Directors shall be present, shall be competent to exercise and use all and every of the powers hereby vested in the said Directors, XIV. Calls may be made by the Directors of the said Company for the time being; Provided that no call to be made upon the subscribers for stock in the said Railway Company, shall exceed the sum of ten pounds per centum upon the amount subscribed for by the respective Shareholders in the said Company, and that the amount of any such calls in any one year shall not exceed fifty pounds per centum upon the stock so subscribed; Provided also, that upon the occasion of any person or Corporation becoming a subscriber for stock in the said Company, it shall and may be lawful for the Provisional and other Directors of the said Company, for the time being, to demand and receive to and for the use of the said Company the sum of ten pounds per centum upon the amount so by such person or Corporation respectively subscribed, and the amount of such calls as shall have already been made payable in respect of the stock then already subscribed at the time of such person or Corporation respectively subscribing for stock. XV. And whereas it may be necessary for the said Company to possess gravel pits and lands containing deposits of gravel, as well as lands for stations and other purposes at convenient places along their line of Railway for constructing and keeping in repair and for carrying on the business of the said Railway; and as such gravel pits or deposits cannot at all times be procured without buying the whole lot of land whereon such deposits may be found; It is therefore enacted, that it Company may shall be lawful for the said Company, and they are hereby purchase land authorized, from time to time to purchase, have, hold, take, for gravel pits, stations, &c. receive, use and enjoy, along the line of the said Railway or separated therefrom, and if separated therefrom, then with the necessary right of way thereto, any lands, tenements and hereditaments which it shall please Her Majesty or any person or persons or bodies politic, to give, grant, sell or convey unto, and to the use of or in trust for, the said Company, their suc cessors and assigns, and it shall and may be lawful for the said Company to establish stations or workshops on any such lots or blocks of land, and from time to time, by deed of bargain and sale or otherwise, to grant, bargain, sell or convey any portions of such lands not necessary to be retained for gravel pits, sidings, branches, wood-yards, station-grounds or workshops, or for effectually repairing, maintaining and using to the greatest advantage, the said Railway and other works connected therewith. And dispose thereof when not wanted. XVI. .The said Railway shall be commenced within two Commenceyears and completed within seven years after the passing of ment, &c., of this Act. Railway. XVII. And whereas it may be the interest of the said Com- Company may pany hereafter to unite with the Grand Trunk Railway Com- unite with anpany or with some other Railway Company: Be it enacted, other Railway Company. that it shall be lawful for the said London and Grand Trunk Junction Railway Company, at any time hereafter to unite with and become merged in the Grand Trunk Railway Company, under the provisions of the several Acts of this Province relating to the said Grand Trunk Railway Company, or with any other Railway Company whose Railway intersects that of the said Company or touches any place which their Railway also touches, upon such terms and conditions as may be agreed upon between the Companies; and to any such Union and the Acts 16 V. proceedings preliminary thereto and the effects thereof, all the cc. 39 and 76, to apply to provisions of the Acts passed in the sixteenth year of Her Ma- such union. jesty's Reign, and chaptered respectively thirty-nine and seventy-six (providing for the Union of Railway Companies) shall extend and apply. XVIII. The Interpretation Act shall apply to this Act, and Public Act, this Act shall be deemed a Public Act. SCHEDULE A. Know all men by these presents, that I, (insert the name of the wife, also if she is to release her dower, or Witness my [or our] hand [or hands] and seal [or seals this and Signed, sealed and delivered in the presence of A. B. [L. S.] &c. O. K. CAP. CAP. LXXVI. Preamble. Corporation of the Bank continued. 4 & 5 V. c. 98, cited. Real estate. No new Corporation cre ated. Capital under 18 V. c. 38. An Act to amend and consolidate the several Acts incorporating and relating to the Bank of Montreal. [Assented to 19th June, 1856.] W HEREAS the Bank of Montreal have prayed that the Act by which they are incorporated, and the several Acts amending the same, may be amended and consolidated, and it is expedient to grant their prayer: Therefore, Her Majesty, by and with the advice and consent of the Legislative Council and Assembly of Canada, enacts as follows: I. The Shareholders of the Bank of Montreal, incorporated by the Act of the Provincial Parliament, passed in the Session thereof held in the fourth and fifth years of Her Majesty's Reign, and intituled, An Act to renew the Charter of the Bank of Montreal, and to increase its Capital Stock, and the respective heirs, executors and assigns of such Shareholders, shall be and continue to be, during the continuance of this Act, a body politic and corporate, by and under the name of the Bank of Montreal; and as such may acquire and hold such real estate, not exceeding the annual value of ten thousand pounds, currency, as may be necessary for the convenient management of their business; and may, from time to time, sell, alienate and convey all or any part of the same, and acquire and hold other real estate in lieu thereof, for the said purpose; but nothing herein contained shall be construed to make the said Bank a new corporation, or in any way whatever to affect any right or liability of the said Bank, or any action, suit or proceeding pending at the time of the passing of this Act. II. The capital stock of the Bank shall be the aggregate amount authorized by the Act of incorporation in the preceding section mentioned, and the several Acts authorizing an increase of the same, namely, one million five hundred thousand pounds, currency; which capital stock shall be divided into thirty thou Provision for sand shares of fifty pounds each: And with regard to so many of enforcing pay the said shares as have been subscribed for under and in virtue ment of calls of the Act passed in the eighteenth year of Her Majesty's Reign, on stock subscribed for, intituled, An Act to amend the Charter and increase the Capital Stock of the Bank of Montreal, but have not yet been wholly paid up, if any holder of such shares refuse or neglect to pay any instalment thereon at the time appointed or to be appointed by the Directors, such Shareholder shall incur a forfeiture, to the use of the Bank, of a sum of money equal to ten pounds Forfeiture for per centum on the amount of such shares; and moreover, the non-payment Directors may, without any previous formality other than thirty days' public notice of their intention, sell at public auction the said shares, or so many of them as shall, after deducting all reasonable expenses, yield a sum of money sufficient to pay the of calls. |