in, and which shall be unpaid at the time or times when the same shall be due or payable, which said instalments shall be sued for and recovered with interest thereon, in any action or actions of debt in any Court having jurisdiction in civil cases to the amount; and in any such action, it shall not be neces- What only sary to set forth the special matter in the declaration, but it need be alleg ed and proved shall be sufficient to allege that the defendant is the holder of in action for one or more shares (stating the number) in the stock, and is calls. indebted to the Company in the sum to which the calls in arrears may amount; and in any such action, it shall be sufficient to maintain the saine, that the signature of the defendant to some book or paper by which it shall appear that such defendant subscribed for a share or any certain number of shares of the stock of the said Company, be proved by one witness, whether in the employment of or interested in the Company or not, and that the number of calls in arrear have been made.

transferable.

XVIII. The Proprietary Stock of the said Company shall be Proprietary assignable and transferable, according to such rules as the Stock to be Board of Directors shall make and establish; and no Stock holder indebted to the Company shall be permitted to make or transfer, or receive a dividend, until such debt be paid or security for its being paid be given to the satisfaction of the Directors.

XXIX. No transferred share or stock shall enable the trans- Votes on ferree to vote until the expiration of thirty days from such shares trans

transfer.

ferred.

consent of

XXX. If any insurance on any house or building shall be Double insurand subsist in the said Company, and in any other office, or ance void unfrom and by any other person or persons at the same time, the less made by insurance made in and by this Company shall be deemed and Directors. become void, unless such double insurance subsist with the consent of the Directors signified by endorsement on the policy signed by the President and countersigned by the Secretary, or otherwise, as directed by the By-laws and regulations of the Company.

XXXI. In all actions, suits and prosecutions in which the officers of said Company may be engaged at any time, the Secretary or Company to other officer of the said Company shall be a competent witness, witnesses. notwithstanding any interest be may have therein.

be competent

XXXII. The said Company, shall on the first day of January in Statement of each and every year, make to the Governor a full and unreserved affairs to be statement of the aflairs of the Company, of their funds, property made to Legislature. and securities, shewing the amount in real estate, in bonds and mortgages, in notes and the securities thereof, in public debt or other stock, and the amount due to and from the said Company, and also a list of the Stockholders and of the Directors, and such statement shall be laid before the Legislature within the first fifteen days of each session.

34

INLAND

Inland Navi

gation Insur

ance in cer

tain places only.

Public Act.

Preamble.

Certain per

associates in

corporated.

INLAND NAVIGATION.

XXXIII. The Company may insure inland navigation risks on the Grand River or any of its tributaries, on boats, vessels, grain, produce, lumber, and any description of goods, to their destination in any part of the Province, if in the same bottom.

XXXIV. This Act shall be deemed a Public Act.

CAP. CXXVI.

An Act for incorporating and granting certain powers to the Canadian Loan and Investment Company.

W

[Assented to 1st July, 1856.]

WHEREAS the improvement and advancement of this Province are greaily retarded by reason of the deficiency of capital which prevails therein; And whereas such difficulty would to a great extent be overcome by the establishment of an Incorporated Joint Stock Company, possessing power to borrow money on the security of their subscribed Capital, and to advance and lend the same together with such portions of their subscribed Capital as may be paid up, on securities real or personal, in this Province, and the several persons hereinafter named are consequently desirous of forming such a Joint Stock Company, and it is expedient to unite the said persons into a Joint Stock Company and to invest them with the powers, privileges, authorities and immunities necessary for the accomplishment of their undertaking: Therefore, Her Majesty, by and with the advice and consent of the Legislative Council and Assembly of Canada, enacts as follows:

I. The Honorable Philip M. Vankoughnet, the Honorable sons and their Benjamin Seymour, the Honorable Sir Allan Napier MacNab, Knight, M. P. P., the Honorable John Sandfield MacDonald, M. P. P., Antoine Polette, M. P. P., Henry Smith, junior. Solicitor General, M. P. P, Luther H. Holton, M. P. P., George Crawford, Esquire, M. P. P., Samuel Zimmerman, Roland MacDonald, John Cameron, John A. Donaldson, Hector Camerot. Frederick William Jarvis, Allan Neil McLean, John Stoughtor Pennis, Archibald G. McLean, and all and every such other perso and persons, body and bodies politic, corporate and collegiate, ar their respective executors, administrators, assigns and successors, or such of them as shall from time to time be possessed any share or shares in the undertaking hereby authorized to be carried on, shall be united into a Company according to the powers and authorities, rules, orders and regulations hereina set forth or referred to, and shall be one body politic and cor porate by the name of the Canadian Loan and Investmen name and gen- Company, and by that name shall have perpetual succession an a common seal, with power to break and alter such seal, and by

Corporate

eral powers.

that

that name may sue and be sued, plead and be impleaded in all Courts whether of Law or Equity whatsoever.

num;

II. The said Company shall be and they are hereby autho- Powers of the rized and empowered to lay out and invest their Capital, in the Company. first place, in paying and discharging all costs, charges and expenses incurred in applying for and obtaining this Act, and all otherexpenses preparatory or relating thereto, and the remainder of such Capital, or so much thereof, as may, from time to time, be deemed necessary, in the mauner and for the purposes hereinafter mentioned, that is to say: it shall be lawful for the said Power to lend Company, from time to time, and at any time or times, to lend money on real and advance money by way of loan or otherwise, on such or personal sesecurity, real or personal, or both real and personal, and upon at interest not curity, or both, such terms and conditions, and at such rate of interest not exceed- over 8 per ing eight per centum per annum, as to the said Company shall cent. per anseem satisfactory or expedient, and to do all acts that may be necessary for the advancing such sums of money, and for recover- And to recover ing and obtaining repayment thereof, and for compelling the pay- the same. ment of all interest (if any) accruing from such sums so advanced, or the observance and fulfilment of any conditions annexed to such advances, or any forfeitures consequent on the non-payment thereof, and to give receipts and acquittances and discharges for the same, either absolutely and wholly or partially; and for all and every and any of the foregoing purposes, to lay out and apply the Capital and property, for the time being, of the Com pany, or any part thereof, or any of the moneys authorized to be hereafter raised by the Company, in addition to their Capital for the time being, and to do, authorize and exercise all acts and powers whatsoever, in the opinion of the Directors of the said Company for the time being, requisite or expedient to be done or exercised in relation thereto.

lend money to

lic Trust;

III. It shall be lawful for the said Company, and the said Power to the Company are hereby empowered to lend and advance money Company to to the Government of this Province for any purpose whatsoever, the Govern or to any Municipal Council in this Province, or to any Board, ment of the Trustees, Commissioners or other persons or person, having the Province, or to any Municipal care of, or making or executing any public works in this Pro- Council, or vince, and at such rate of interest not exceeding eight per Board or Pubcentum per annum, as may be agreed upon in any such case, and to take and accept from such Government, Municipal Council or any such Board, Trustees, Cornmissioners or other persons o: person, such assignment, grant, demise or security of or upon any public revenues or property of this Province, or upon any rates, tolls, charges or assessments within this Province, or such other security for the repayment of the money so to be advanced, and also for the interest thereof, as to the said Company shall appear satisfactory, and which shall be good, valid and effectual for the purposes expressed therein, and shall and may be enforced for the benefit of the said Company, And torecover and to do all acts that may be necessary for the advancing such the same.

34*

sums

Power to hold

gage for the transaction of their business:

sums of money and recovering and obtaining repayment thereof and for enforcing the payment of all interest (if any) accruing therefrom, or any conditions annexed to such advances, or any forfeitures consequent on the non-payment thereof, or any parts thereof, respectively, and to give receipts, acquittances and discharges for the same, either absolutely, wholly or partially; and for all and every or any of the foregoing purposes, to lay out and employ the Capital and property for the time being, of the said Company, or any part of the moneys authorized to be hereafter raised by the Company in addition to their Capital for the time being; and to do, assent to and exercise all acts whatso ever in the opinion of the Directors of the said Company, for the time being, requisite or expedient to be done in regard thereto.

IV. It shall be lawful for the Company to hold any real estate lands by mort- in this Province by mortgage as security for loans, and also to acquire such real estate as may be necessary for the transaction of their business, or may fall to them in course of law in satisor in satisfac faction of any debt; Provided always, that in the last mentioned case, it shall be incumbent on them to sell the same within two years after it shall have so fallen to thein, otherwise the same shall revert to the previous owner or his heirs or assigns.

tion of debt.

Proviso.

Power to lease

acquired as

aforesaid.

V. It shall be lawful for the Company, from time to time, to and sell lands deal with and dispose of all lands acquired and possessed by or held in trust for the Company, or contracted for, or to which the said Company shall be entitled, or of any part thereof, by sale, mortgage, lease or other disposition thereof, which they may deem most conducive to the promoting of the objects and advan tages of the Company; and the Company shall be and are hereby authorized and empowered to lay out and invest their capital and property for the time being, or any moneys to be raised by them, in so dealing with and disposing of their lands.

Further pow

sistent with

Parliament.

VI. It shall be lawful for the said Company to be invested ers not incon- with and exercise any further powers not inconsistent with this this Act, may Act, which the Parliament of the United Kingdom of Great be given to the Britain and Ireland shall from time to time, by any Act or Acts Company by to be at any time passed, thereby give to the said Company, the Imperial and to do all acts necessary for the exercise of such powers, the same manner and to the same extent as if the said further powers were expressly given, and the said Acts expressly authorized by the present Act; and in such case it shall be lawful for the said Company, in furtherance and execution of the powers so given to it, and in doing the acts so authoriz ed, to apply and deal with the property and capital for the time being of the said Company, and the moneys hereafter authorized to be raised by the said Company, in the same mar ner, and to the same extent, as if such dealings with, and application of such property, capital and moneys, had bee

expressly

expressly authorized among the purposes for which the said Company was incorporated; and the said Company shall be bound and required to do all such acts, and to exercise all such further powers, as may at any time be authorized or given to it by such authority as aforesaid, in such manner and subject to all such limitations, conditions and provisions as may be prescribed and provided by any Act of the said Parliament, whereby such powers shall be given or such acts authorized; and such limitations, conditions and provisions shall have effect in the same manner and to the same extent, as if prescribed and provided by the present or any other Act of the Legislature of this Province; and in case the Imperial Parlia- Effect of rement shall at any time repeal the whole or any part of such peal of any such Imperial Act or Acts giving further powers, the said powers shall cease Act. in the same manner, and to the same extent, as if such Act or Acts had been repealed by an Act of the Legislature of this Province.

VII. All conveyances to be made by the Company, under or Form of conby virtue of, or in pursuance of the several powers and autho- veyance by the rities given to it by this Act, may be made according to the Company. form in the Schedule (A.) to this Act annexed, or as near thereto as the circumstances will admit.

in such con

veyance.

said word.

VIII. In any such conveyance of lands to be made by the Effect of the Company, the word "Grant" shall operate as express cove- word "Grant" nants by the Company for themselves and their successors, with the respective grantees therein named, and their successors, heirs, executors, administrators and assigns of such grantees, according to the quality or nature of such grants, and of the estate or interest therein expressed to be thereby conveyed, as follows, except so far as the same shall be restrained or limited by express words contained in any such conveyance; (that is to say:) A Covenant, that notwithstanding any act or default Covenants done by the Company, they were at the time of the execution carried by the of such conveyance, seized or possessed of the lands or premises thereby granted, for an indefeasible estate of inheritance, in fee simple, free from all incumbrances, done or occasioned by them, or otherwise for such estate or interest as therein expressed to be thereby granted, free from incumbrances done or occasioned by them; A Covenant, that the grantee of such lands, his heirs, successors, executors, administrators and assigns (as the case may be) shall quietly enjoy the same against the Company and their successors, and all other persons claiming under them, and be indemnified and saved harmless by the Company and their successors, from all incumbrances created by the Company; A Covenant for further assurance of such lands at the expense of such grantee, his heirs, successors, executors, administrators or assigns, (as the case may be) by the Company or their successors, and all other persons claiming under them; and all such grantees, and their several successors, heirs, executors, administrators and assigns respectively,

according