1915 CHAPTER 51 An Act to validate and confirm Bylaw No. 603 of the City of Saskatoon. [Assented to June 24, 1915.] W HEREAS a petition has been presented by the city of Saskatoon praying that bylaw No. 603 of the said city be validated and confirmed; and Whereas the said bylaw No. 603 was duly passed by the council of the said city on the fourteenth day of January, 1913, to provide for the issuing of registered stock in the place and stead of debentures to the amount of five hundred thousand dollars authorised by bylaw No. 501 of the city of Saskatoon which was duly passed by the said council on the twenty-fourth day of June, 1912, to provide for the construction and equipment of the Saskatoon Municipal Street Railway; and Whereas registered stock to the amount of one hundred and two thousand seven hundred and thirty-nine pounds sterling has been issued and sold pursuant to the said bylaw No. 603; and Whereas the annual levies for interest and sinking fund provided for by the said bylaw No. 603 are inconsistent with the annual levies for interest and sinking fund provided for by the said bylaw No. 501; and Whereas it is expedient to remove any doubts which may arise as to the validity of the said bylaw No. 603 by reason of the said inconsistency; and Whereas 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 Saskatchewan enacts as follows: 1. Bylaw No. 603 of the city of Saskatoon entitled “A Bylaw of the City of Saskatoon to create a debt of one hundred and two thousand seven hundred and thirty-nine pounds (£102,739.) sterling by the issue of registered stock to be called City of Saskatoon Consolidated Stock'" is hereby validated and confirmed, and all registered stock issued pursuant to the said bylaw No. 603 is hereby declared to have been validly issued. 2. Notwithstanding the levying clauses contained in the said bylaw No. 603 and notwithstanding any inconsistency between the annual levies for interest and sinking fund provided for by the said bylaw No. 603 and the annual levies for interest and sinking fund provided for by the said bylaw No. 501, the said city shall annually, during the period of thirty years mentioned in the said bylaw No. 501, levy by a special general rate upon all the rateable property in the city the respective sums for interest and sinking fund provided for by the said bylaw No. 501. 3. When the said sums levied for interest and sinking fund under the said bylaw No. 501 shall have reached the amount sufficient to discharge the debt created by the said bylaw No. 603 the amount may pending the maturity of the consolidated stock, be invested in any of the securities authorised for the investment of the sinking fund or may be applied directly to the extinguishing of a corresponding amount of the outstanding debt of the said city by the purchase and cancellation of stock. Preamble Incorporation 1915 CHAPTER 52 An Act to incorporate London Saskatchewan [Assented to June 24, 1915.] WHEREAS London & Saskatchewan Investment Com pany, Limited, was duly incorporated under The Companies Act of the Province of Saskatchewan on the thirteenth day of July, A.D. 1912, and has since the said date existed and continually done business with its head office at the city of Saskatoon in the Province of Saskatchewan having for its cbjects those set forth in its memorandum of association and hereinafter in part more particularly set out; And whereas the said London & Saskatchewan Investment Company, Limited, has by petition prayed that the said incorporation be confirmed as hereinafter provided and that the powers of the said corporation may be defined and enlarged in the manner hereinafter set forth; And whereas 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 Saskatchewan enacts follows: as 1. Incorporation of the said corporation is confirmed save only that the name of the said corporation shall hereafter be London Saskatchewan Investment Company, and Stanley Ashley Bathurst, John Hamilton Clarke and James Meiklem Stevenson, all of the city of Saskatoon in the Province of Saskatchewan, together with such other persons as are and may become shareholders in the company hereby created are hereby constituted a body corporate under the name of "London Saskatchewan Investment Company" and are declared to have been duly incorporated under the provisions of The Companies Act, with all the rights, powers and privileges in the said Act, and in the memorandum and articles of association mentioned and possessed of the real and personal estate, property, assets and effects and all present and future rights, claims and interests in favour of London & Saskatchewan Investment Company, Limited, and liable for all the debts, liabilities and obligations against the said London & Saskatchewan Investment Company, Limited, and the real and personal estate, property, assets and effects and all present and future rights, claims and interests of London & Saskatchewan Investment Company, Limited, are declared to be vested in London Saskatchewan Investment Company, and all contracts entered into by said London & Saskatchewan Investment Company, Limited, are hereby declared to be of the same force and effect as if same had been entered into with London Saskatchewan Investment Company and may be enforced by or against London Saskatchewan Investment Company as if same had been entered into with London Saskatchewan Investment Company, and London Saskatchewan Investment Company is hereby declared liable for all the debts, liabilities and obligations of and claims against London & Saskatchewan Investment Company, Limited. 2. The capital stock of the company shall be $500,000 Capital divided into shares of $100 each, but the company shall not be entitled to commence business until at least fifty per cent. of its authorised capital stock has been subscribed, and the subscribed capital fully paid up. 3. The head office of the company shall be at the city of Head office Saskatoon in the Province of Saskatchewan, or at such other place in Saskatchewan as the directors may determine. boards (2) The directory may establish branch offices and local Advisory advisory boards at such other places as they determine. 4. The objects of the company shall be and the company objects is hereby authorised: property (a) To buy, take on lease or in exchange or otherwise Buy and sell stocks (b) To purchase, subscribe for absolutely or condition- Deal in Pay for acquired property To obtain concessions Enter into partnership Deal generally with company's property Invest company's money Pay expenses Distribute assets Acquire property Borrow money (c) To pay for any property acquired by the company wholly or partially in shares, debentures or other securities or obligations of the company or belonging to the company and whether fully paid or partially paid and as part of the terms of any such purchase or otherwise to grant options upon any unissued shares of the company; (d) To enter into any arrangement with any government or authority, supreme, municipal, local or otherwise and to obtain from any such government or authority all subventions, rights, concessions, charters, franchises and privileges which may seem conducive to the company's objects or any of them; (e) To enter into partnership or into any arrangement for sharing profits, union of interests, reciprocal concession or co-operation with any person or company; (f) To sell, lease or otherwise dispose of the undertaking of the company or any part thereof or all or any part of the property of the company for such consideration as the company may think fit with power to accept in payment or part payment for the same any shares (fully or partly paid), stock, debentures or other securities or obligations; (g) To invest and deal with the moneys of the company not immediately required upon such securities and in such manner as may from time to time be determined; (h) To pay all expenses of and incidental to the formation and establishment of the company and to remunerate any parties for services rendered or to be rendered in placing or assisting to place any shares in the company's capital or in debentures, debenture stock or other securities of the company or in or about the conduct of the company's business; (i) To distribute any of the assets of the company among the members in specie; (j) Generally to purchase or take on lease, or exchange, hire or otherwise acquire any real or personal property and any rights or privileges which the company may think necessary or convenient for the purpose of its business; (k) To borrow, raise or secure the payment of money in such manner as the company shall think fit and in part by the issue of debentures or debenture stock perpetually or otherwise charged upon all or |