nalties.

pany of such claim, by serving the same upon the secretary of the company, at its chief office in the city of Montreal, with a detailed statement of such costs or damages.

8. Any prosecution for the recovery of any penalty impos- Recovery of ed by this act (except the forfeiture imposed by the fifth P section, for which no prosecution shall be required,) may be commenced by summons, or by warrant, and recovered in a summary manner, before a justice of the peace, as provided by law; and the justice by whom the said prosecution is heard and determined may award costs to either party.

CAP. XL.

An act to incorporate “The Canadian Building Society

of Montreal" (La Société de Construction Canadienne de Montreal) a Permanent Building Society.

[Assented to, 24th February, 1868.7

W HEREAS, in the year one thousand eight hundred and preamble.

V fifty seven, a certain building society was made a body corporate, under the name of “ The Canadian Building Society of Montreal,” by virtue of the provincial statute twelfth 12 V. c. 57. Victoria, chapter fifty seven, and its amendments; and whereas the said society has been in existence ever since; and whereas, by their petition, the president and the directors of this society have stated and represented that at the time of the forming of the said society, the law authorizing the formation of permanent building societies was not yet in existence, as it has since been allowed by the provincial statute twenty- 99 v second Victoria, chapter fifty-eight, and by chapter sixty-nine“ of the consolidated statutes for Lower Canada; and that, in c, s. L, C, c. 69. consequence of the great number of shareholders of the said society, the importance of its subscribed capital and the amount paid thereon, and the rapid and constant increase of the business and transactions of the said society, it would be expedient, in view of enabling the shareholders of the society to make a permanent investinent in a consolidated capital stock, and of giving greater development to the said society, to create it iminediately a permanent building society, with a special and public charter; and whereas it is expedient to accede to the said petition and grant the same;- Therefore, Her Majesty, by and with the advice and cousent of the Legislature of Quebec, enacts as follows:

1. The said Canadian Building Society of Montreal, and all Incorporation of its present members, their successors and assigns, for ever, are the society as a

peripanent by this act constituted a corporation and permanent building society. society, under the name of " Canadian Building Society of Montreal,” having its chief office, or place of business, in the

tinue vest

to continue in

city of Montreal; and under the said name it shall be capable Its powers and of sueing and being sued, and shall enjoy and possess all the obligations,

rights, powers and privileges, granted by the sixty-ninth chapter of the consolidated statutes for Lower Canada, to permanent building societies; and shall be subject to all the duties and obligations imposed by that statute upon said so

cieties. Property, &c., 2. All the movables and immovables, stock or shares, obed as before.

oste ligations, active and passive debts, and active and passive

rights generally whatsoever, of the said Canadian Building Society of Montreal, shall remain invested in the said society hereby constituted a permanent building society as aforesaid, under the same name, and shall continue to be possessed by or held against the said society, and to belong to it for all lawful purposes, as if the present act had not been passed ; and all proceedings begun by the said society may be continued by it

without any change whatsoever. Present officers 3. 1st. The president and directors and present officers of

the said Canadian Building Society of Montreal, shall remain office.

in office, in and for the said society, until they shall be re

placed according to the regulations of the said society. Present regula- 2nd. The present rules and regulations of the said society tions to continue shall likewise continue to be in force until modified, altered provisionally.

y or abrogated by the said society. Shares may be- 3rd. Any present or future member of the said society may, come perma- at his option, at any time, and in the manner to be regulated

by the directors, convert his stock into fixed and permanent

shares, either before or after they are paid up in full.

also 4. The said society may also continue to open, as often as continue to be it may be thought fit, classes of temporary shares, as temporary:

heretofore ; and nothing in this act contained shall have the effect of depriving it of any rights and privileges derived from

the law concerning building societies in general. Privilege of the 5. All the stock or shares of the said society, whether percompany on the manent or temporary, as well as all profits on the same, shall sharos.

specially and by privilege over all other demands, be subject to the claims that the society may have against all owners of said stock or shares, and may be retained and confiscated to the extent of the amount due, in default of the said shareholder indebted to the said society paying his debt or obliga

tion previons to the expiration of twelve months following its Sharos liable to date of maturity. All shares in the said society, shall also be

liable to be seized and sold in the same manner as any bank stock, and with the same forms employed in such cases.

6. At any time when the said society shall have funds in surplus funds. hand more than sufficient to meet the demands of its share

holders, it shall be lawful for it to invest the same either in

the public funds, or in bank stock or by loans to any persons weiter whether they be shareholders of the said society or not, SO securities. long as such persons shall offer and give such hypothecary

nent.

Shares may also

seizure.

Investment of

securities as may be deemed sufficient by the directors of the said society.

The said society may also accept besides such hypothecary securities, any personal or other security which shall be offered to it as a collateral security for the loans made by the said society.

7. The said society shall have the right of making, altering, Two-thirds maand abrogating from time to time any regulations for its gov- jority may alter

the regulations after ernment, and by a majority of two-thirds of the votes of the ne members present, or duly represented by a power of attorney, at any general meeting of its members held for that purpose, duly called by the president, or by three directors, by public notice inserted in two public newspapers published in the city of Montreal, one of which shall be in the French and the other in the English language, three times a week during two consecutive weeks before the day of said ineeting; and at such meeting, as at all other meetings of the members of the Mode of voting. said society, the members shall vote according to and in the manner fixed by the regulations of the said society.

notice, &c.

CAP. XLI.

An act to incorporate the Building Association of Mon

treal.

[Assented to, 24th February, 1868.]

TTHEREAS the persons hereinafter named, by petition, Preamble,

y have represented that, mainly with the view of meet. ing wants long and widely feltof providing increased and improved accommodation for those large and eminently u:eful classes of the community who, unaided, must remain unable generally, to acquire it, and also of inducing and enabling them, gradually to become owners absolute of houses or dwellings, such as comfort, health and decency require, the petitioners desire to engage in the business of acquiring all such lands or lots, and erecting, temporarily holding and afterwards transferring or otherwise disposing of all such buildings, houses, or other premises as are or may be necessary to meet the wants or supply the requirements above mentioned, and fulfil the conditions here referred to, anywhere within the province of Quebec ; and whereas, they desire to make such transfers and sales, without payment in cash down, and to enable them to do so, to have certain facilities for recovering back property agreed to be sold, when the conditions of sale are not performed by the intending purchaser of such property; and that they can do so to better advantage by association and the aid of a charter of incorporation ; and lave prayed for an act to that end ; and, whereas, it is expedient that such prayer be granted ; Therefore, Her Majesty, by and

with the advice and consent of the Legislature of Quebec,

enacts as follows: Persons incor 1. William Workman, Thomas Ferguson Miller, William porated.

A. Merry, Horatio A. Nelson, Duncan McDonald, Alexander McGibbon, and William Clendinning, together with all such other persons as shall become shareholders in the association

hereby constituted, shall be, and they are hereby made a body Corporate name, corporate and politic, by the name of the “Montreal Building

Association.” Powers.

2. The association shall have power to acquire aud hold by lease, purchase, or other legal title, lands, houses, buildings, or premises, to construct, erect, build and maintain houses or other buildings, and to lease, sell, convey, and dispose of the same, as the association may deem for its advantage, and also shall have power to lend its money on security by mortgage of real estate, or provincial government bonds or other securities, or on the stock of chartered banks within the pro

vince. Capital stock. 3. The capital stock of the association shall be the sum of

two hundred thousand dollars, divided into four thousand

shares of fifty doHars each, and which said capital stock may Increase.

be from time to time increased as the wants of the association require, by vote of the stockholders at a meeting of the association called for the purpose, to an amount not exceeding

one million of dollars in the whole. Payment of 4. The capital stock shall be paid by the subscribers thereshares and for- for, as the directors of the association shall require, or as the feiture for nonpayment.

by-laws may provide, and if not paid at the day required, interest at the rate of seven per centum per annum shall be payable after the said day upon the amount due and unpaid, and in case any instalment or instalments shall not be paid as required by the directors, with the interest thereon, after such demand or notice as the by-laws prescribe, and within the time limited by such notice, the directors may by vote, reciting the fact duly recorded in the records, summarily forfeit any shares whereon such payment is not made, and the same

shall thereafter become the property of the association. Shares transfer- 5. The stock of the association shall be deemed personal able.

estate, and be assignable in such manner only, and subject to

such conditions and restrictions as the by-laws prescribe. Voting.

6. At all meetings of the association, every shareholder not being in arrears in respect of any instalment, shall be entitled to votes upon the following scale :-For one share, one vote, two or three shares, two votes, four or five shares, three votes,--six or seven shares, four votes, -eight or nine shares, five votes,-ten or eleven shares, six votes,—twelve or thirteen shares, seven votes,-fourteen, fifteen or sixteen shares, eight votes, --seventeen, eighteen or nineteen shares, nine votes, twenty shares, ten votes, and one vote additional for every five shares over twenty shares. No member shall act as proxy for more than one hundred shares and all votes may be given in person or by proxy; provided always the proxy is held by a shareholder, and is in conformity with the by-laws.

7. The affairs of the association shall be administered by a Qualification, board of seven directors, being severally holders of at least election, quo

rum, &o , of twenty shares of stock, who shall be elected at the first general directors: meeting of the association, and thereafter at each annual meeting of the association, to hold office until their successors are elected, and who (if otherwise qualified) may always be re-elected : and three of such board present in person, shall be a quorum thereof: and in case of the death, resignation, removal or disqualification of any director, such board shall at its first meeting thereafter, fill the vacancy until the next annual meeting of the association, by appointing any qualified shareholder thereto; but a failure to elect directors or any failure of directors, shall not dissolve the corporation, and an election may be had at any general meeting of the association called for the purpose ; provided that voting by proxy shall not be allowed at any meeting of directors.

8. The board of directors shall have full power in all things Powers of board to administer the affairs of the association, and to make or of directors. cause to be made any purchase, and every description of contract which the association may by law make, to adopt a common seal, to make from time to time, any, and all by-laws, (not contrary to law), regulating the calling in of instalments of stock, and payment thereof, the registration of certificates of stock, the forfeiture of stock for non-payment, the disposal of forfeited stock and the proceeds thereof, the transfer of stock, the declaration and payment of dividends, the appointment, functions, duties, and removal of all agents, officers, and servants of the association, the security to be given by them, their remuneration, the time and place for holding meetings, the calling of meetings, the requirements as to proxies, the proceedings in all things at such meetings, the imposition and recovery of all penalties and forfeitures admitting of regulation by by-law, and the conduct in all other particulars of the affairs of the association : but every Proviso ; by such by-law, and every repeal, amendment, and re-enactment proved at

laws to be apthereof, shall have force only when sanctioned by a general eral meeting. meeting of the association, and every copy of any by-law, under the seal of the association and purporting to be signed by any officer of the association, shall be received in all courts of law as primâ facie evidence of such law.

9. Until the first election of such board, the said William Provisional Workman, Thomas Ferguson Miller, William A. Merry, board of direcHoratio A. Nelson, Duncan McDonald, Alexander McGibbon and William Clendinning, shall be a provisional board of directors, with full power to fill vacancies, to open stock books, Powers thereof. assign stock, make calls for and collect instalments, issue certificates and receipts, convene the first general meeting of the association, which first general meeting shall be called