any of the company's property both present and future, including its uncalled capital and to purchase, redeem or pay for any such securities; (1) To draw, make or exchange, indorse, execute and Make issue promissory notes, bills of exchange, bills of instruments lading, warrants, debentures and other negotiable or transferable instruments; negotiable (m) To sell, improve, manage, develop, exchange, lease, Deal with mortgage, dispose of, turn to account or otherwise proppany's deal with all or any part of the property and rights of the company. 5. The company is further authorised: Further objects business (a) To carry on the business of mercantile, financial, Carry on investment, mortgage, real estate, insurance and and agency general agents and commission brokers in real estate and other properties real and personal; (b) To act generally as agents or attorneys for the transaction of business, the management, amalgamation and winding up of estates, partnerships, companies, accounts, loans, rents, dividends, interest, debts, mortgages, debentures, bonds, bills, notes, coupons and other securities for money; to act as agents for the purpose of issuing or countersigning the certificates of stocks, bonds or other obligations, of any corporation, company, association, city, town, village, rural municipality, rural school district, public school board or municipality, or any public institution and generally of any association or corporation, municipal or other; to act as agent on behalf of others, to lend money on any security, real or personal or both, and to purchase mortgages, bonds and debentures, of municipal or other corporations, stock of incorporated banks and other securities or evidences of debt and the same to resell as may seem advisable and for these purposes to execute such assignments or other instruments as may be necessary for carrying same into effect: (c) For and in respect of all or any of the services or duties herein before mentioned, to charge and be allowed and to collect and receive all proper remuneration and legal and usual and customary charges, costs and disbursements with power to advance moneys to protect any investment made by the company as agents and to charge lawful interest upon any such advances: Remuneration Security for debt May borrow and loan Pledge security Making necessary documents for purposes of company Agency property not liable for company indebtedness Interest on loans May borrow money Defect in appointment not to invalidate Provided that nothing herein contained shall be (d) To take securities of such nature as are deemed (f) To sell, pledge and mortgage any mortgage or other (g) To make, enter into, deliver, accept and receive all deeds, conveyances, assurances, transfers, assignments, grants and contracts necessary to carry out the purpose of the said company and to promote the objects and business of the said company. 6. Moneys, properties and securities received or held by the company as agents shall not be liable for the debts or obligations of the company. 7. The company may stipulate for, demand and receive in advance half yearly or otherwise the interest from time to time accruing on any loans granted by the company and may also receive an annual payment on any loan by way of a sinking fund for the gradual extinction of such loan upon such terms and in such manner as may be regulated by the bylaws of the company. 8. The directors may from time to time with the consent of the company in general meeting borrow money on behalf of the company at such rates of interest and upon such terms as they may from time to time think proper; and the directors may for that purpose make and execute mortgages or other securities under the common seal of the company or assign, transfer or deposit by way of equitable mortgage or otherwise any of the documents of title not held by it in trust, deeds, muniments, securities or property of the company and either with or without powers of sale or other special provisions as the directors shall deem expedient. 9. The acts of the directors or of any committee appointed by the directors shall notwithstanding that it may afterwards be discovered that there was some defect in the appointment of any such director or member of any such committee or that they or any of them were or was disqualified be as valid as if such person had been duly appointed and was qualified to be a director. shareholders 10. Each shareholder until the whole amount of his stock Liability of has been paid up shall be individually liable to the creditors of the company to an amount equal to that not paid thereon; but shall not be liable in an action therein by any creditors before an execution against the company has been returned unsatisfied in whole or in part; and the amount due on such execution shall, subject to the provisions of the next succeeding section, be the amount recoverable with costs. against such shareholders: Provided that any shareholder may plead by way of defence in whole or in part any set off which he could set up against the company except a claim for unpaid dividends or a salary or allowance as a president or director. of shareholders 11. The shareholders of the company shall not as such be Responsibility held responsible for any act, default or liability whatsoever of the company or for any engagement, claim, payment, loss, injury, transaction, matter or thing whatsoever relating to or connected with the company beyond the unpaid amount of their respective shares in the capital stock thereof. one vote 12. At all meetings of the company every shareholder One share shall be entitled to one vote for each share possessed by him; but no shareholder shall be entitled to vote either in person or by proxy at any meeting unless he shall have paid all the calls due upon the shares then held by him. 13. The company may by special resolution so far modify the provisions of this Act as to reduce its capital but no such resolution for reducing the capital of the company shall come into operation until an order of the court (as defined in The Companies Act) is registered by the registrar of joint stock companies as provided for in said The Companies Act; and the power to reduce capital conferred by this section shall include all the powers to the same end conferred by said The Companies Act on companies incorporated thereunder and shall be exercised only in the same manner and subject to the same restrictions and regulations as provided for in said The Companies Act. 14. Subject to the provisions of this Act the provisions Companies Act of The Companies Act shall apply to this company in so far to apply as the same may be applicable. W 1915 CHAPTER 53 An Act amending the Act to incorporate The [Assented to June 24, 1915.] HEREAS The Saskatchewan Mortgage Corporation has by its petition prayed 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 Saskatchewan enacts as follows: 1. Sections 11, 15, 16, 17, 18, 23 and 29 of An Act to incorporate The Saskatchewan Mortgage Corporation, being chapter 22 of the statutes of Saskatchewan 1908-09 are hereby repealed. (2) Subsection (3) of section 6 of the said Act as enacted by chapter 48 of the statutes of Saskatchewan 1910-11 is hereby repealed. 2. The name of The Saskatchewan Mortgage Corporation is changed to The Saskatchewan Mortgage and Trust Corporation, but such change of name shall not in any way impair, alter or affect the rights or liabilities of the said Corporation, nor in any way affect any suit or proceeding now pending or judgment existing either by or in favour of, or against, the said corporation which, notwithstanding such change in the name of the said corporation, may be prosecuted, continued, completed and enforced as if this Act had not been passed. 3. Subsection (a) of section 24 of the said Act is hereby amended by striking therefrom the following words: "issue debentures, bonds, deposit receipts and stocks and.” 4. Section 25 of the said Act is hereby amended by striking therefrom the following words in the third and fourth lines of the said section, "or debentures or debenture stock or any deposit," and the following words in the sixth and seventh and in the tenth lines of the said section, "debentures, debenture stock, deposit." 5. Section 26 of the said Act is hereby amended by striking therefrom the following words in the second line of the said section, "or debenture stock"; "bond, debenture or," and the following words in the third and fourth lines of the said section, "such bond, debenture or obligation not being payable to bearer.” 6. Section 28 of the said Act is hereby amended by striking therefrom the following words in the third line of the said section, "bonds, debentures"; and the following words in the eighth and ninth lines of the said section, "bonds, debentures"; and the following words in the fourth line of the proviso to the said section, "bonds, debentures." 7. All the powers which may be given to trust companies, as set out in the schedule to The Trust Companies Act, shall be, and the same are hereby given to The Saskatchewan Mortgage and Trust Corporation which is hereby declared to be subject to the provisions of the said Act or of any Act respecting trust companies which may at any time hereafter be in force in the province. |