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CIHM/ICMH

Microfiche

Series.

CIHM/ICMH
Collection de
microfiches.

Canadian Institute for Historical Microreproductions Institut canadien de microreproductions historiques

1980

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n
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■^1 RULES 1^

OF iHi;

f^anaba permanent

?• L- O M N •?

ANi)

SAVINGS COMPANY

ALSO

The C(;MPANy's Act of 1886.

of:fige
COWPANYS* 3UILDINGS, TORONTO STREET, TORONTO.

^'^ • .yi- 1887.

wmm

CANADA PERMANENT

liQari and Savings GernpanY-

— <<»»

Scrtb^ (Office :

Campany's Buildings, Tarantn StrsBt,

TORONTO.

Subscribed Capital $3,500,000

Paid-up Capital 2,300,000

Reserve P'und 1,180,000

Total Assets $9,301,615

'• Liabilities 5,589,224

Surplus Assets .... |3,712,391

— ♦

EDWARD HOOPER, President.

S. NORDHEIMER, Vice-President.

JOSEPH ROBINSON, WM. GOODERHAM,

A. M. SMITH, HENRY CAWTHRA, JUDGE BOYD.

J. HERBERT MASON.

o i—

Solicitor* :

JONES BROS. & MACKENZIE.

^anhera in (fLanat>at

BANK OF TORONTO. j BANK OF COMMERCE.

MERCHANTS BANK. I FEDERAL BANK.

STANDARD BANK.

^tmiievft in (f3veai ^viiaint

THE CITY BANK, LIMITED, London.
THE BRITISH LINEN COMPANY BANK, Edinburgh.

CONTENTS.

Pagk.

Kame ami Objects of the Institution. . .

<Japital Stock

Transfer of Shares

Borrowed Capital

Application of Funds

Prolits and Dividends ,

Reserve Fund

Banking Arrangements

Mode of obtaining Loans

Loans and Securities

Insurance of Mortgaged Property

Taxes, Ground Rent and other Claims .

Redemption of Securities

Fines

General Meetings ... .

Voting

Board of Directors

President

Manager

Solicitors

Appraisers

Agents

Inspection of Accounts and Securities.
Seal

Construction of Rules

Special Act of Parliament ,

o
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8

8
II
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18
13
U
14
15
1.-)
17
17
18
18
VJ
20
20
20
21

RULES-

NAME AND OBJECTS OF THE INSTITUTION.

I. — This Company is a body corporate, pursuant to
the provisions of the Statute of the Province of
Canada, ninth of Victoria, Chapter 90, and of Acts
passed in amendment thereof, and shall be called the
*' Canada Permanent Loan and Savings Company."
The objects for which it is established are, to encourage
the accumulation of Capital, by furnishing a safe and
remunerative investment to its Shareholders, Deposi-
tors and Debenture-holders ; to assist in the acquisi-
tion and improvement of Real Estate, by supply-
ing Capital, on easy terms of repayment, upon the
security thereof ; to make advances upon, and to
purchase Dominion, Provincial and Municipal Securi-
ties and Debentures ; and generally to carry out the
purposes of the said Acts.

' CAPITAL STOCK.

II. — The Capital Stock of the Company shall consist
of shares of FiFTV Dollars each, and until other-
Avise ordered by the Shareholders, the Directors shall
have power from time to time to create new Stock
and to determine the conditions and terms upon which
the same shall be issued and payable, and the premium
which shall be paid thereon ; provided that all new
Stock shall be first offered to existing Shareholders
pro rata^ according to statute, and that all premiums
received shall be added to and form part of the
Reserve Fund of the Company.

Ill — All persons upon taking new shares in the
Company shall sign an agreement to observe the
rules, and to pay their shares as called by the
Directors ; and all persons accepting transfers of Stock
shall thereby become subject to the rules of the
Company, and to the conditions upon which such
shares were issued.

CANADA PERMANENT

TRANSFER OF SHARES.

IV. — Any Shareholder may transfer his share or
shares, subject to the rule^, by causing an entry of
such transfer to be made in the books of the Company,
in such manner as the Directors may appoint, and
upon acceptance by the transferee, he shall be entitled
to all the privileges of the original Shareholder ; pro-
vided always that any shares given in security to the
Company for an advance shall only be transferable
with the consent of the Directors. No transfer shall
be valid unless made in the books of the Company.

' BORROWED CAPITAL.

V. — The Directors are authorized from time to time
to borrow money for the use of and on the assets
of the Company, to receive money on deposit, and to
prescribe the rates of interest to be paid therefor, and
the regulations to which the same shall be subject ;
and the Directors are also authorized, from time to-
time, to issue and dispose of the; Debentures of the
Company as provided by Statute.

All such Debentures shall have the seal of the Com-
pany attached thereto, and shall be signed by the
President or Vice-President, and by the Manager, or
Assistant Manager, and all interest coupons shall be
signed by the Manager, or Assistant Manager. One
or more books, to be called the " Debentures Book,"
shall be kept, which shall contain the blank forms of
such Debentures, numbered consecutively, with cor-
responding margin, which shall be filled up JDefore such
Debentures are issued.

VI. — The Directors are authorized to exercise the
powers conferred on the Company by Statute for the
issue of Debenture Stock, which Stock may be issued
from time to time, and shall bear such rate or rates of
interest, and be subject to such conditions, as the
Directors shall determine.

APPLICATION OF FUNDS.

VII. — All' money which shall from time to time be
paid or given to, or be borrowed by or deposited

LOAN AND SAVINGS COMPANY.

with, or for the use or benefit of the Company, or
which shall in anywise belong to the Company shall,
after providing for expenses and accruing liabilities,
be appropriated by the Directors in loans or advances,
Upon Mortgages on Real Estate and other securities,
as provided by Statute and by the rules, and in the pur-
chase of any such securities ; and the Directors shall
have full power to buy and sell, and convey all such
property and securities as the Company may hold,
and the conveyances shall be executed by the President
and the Manager. The securities of the Company
shall be kept as the Directors may from time to time
direct.

VIII. — The Directors are authorized to carry on the
business of the Company in any part of the Dominion
of Canada, subject to the laws in force in the respective
Provinces and Territories thereof; and also to buy
and lease property and to erect buildings for the pur-
poses of the Company's business as by Law provided.

PROFITS AND DIVIDENDS.

IX. — The financial position and profits and losses
of the Company shall be ascertained as on the 31st
December in each year. Shareholders shall be entitled
to receive periodical dividends upon the amount paid
on their stock, payable half-yearly or quarterly, at the
discretion of the Directors. Before appropriating any
portion of the profits to the purpose of a dividend and
before making any addition to the Reserve Fund, the
Directors shall provide for the payment of accrued
interest and all other liabilities ; and shall also make
such provision in the Contingent Fund for unascer-
tained losses and other contingencies as they shall
think reasonable.

RESERVE FUND.
X. — A Reserve Fund shall be maintained, con
sisting of the sums already set apart and forming
such fund, together with such sums as may be con-
tributed and added thereto, or as the Directors shall,
from time to time, deduct or retain from the undivided
profits, and together with the profits and increase of

CANADA PERMANENT

such sums. The said Reserve Fund shall be invested
and reinvested in hke manner as the other funds of
the Company ; and the same, and the profits or in-
crease thereof, or any part or parts thereof may, ac-
cording to the judgment of the Directors, from time
to time, or at any time, be cither retained as such Re-
serve Fund, or be divided among the Shareholders for
the time being, in proportion to the number of their
shares and the an.ount paid thereon respectively.

BANKING ARRANGEMENTS.

XI. — The Directors may make such arrangements
with any of the Charte-ed Banks doing business in
Canada, or any Bankers doing business in Great
Britain or Ireland or elsewhere, for the deposit of
moneys and securities, and for conducting other finan-
cial natters, as they shall, from time to time, deem
necessary. The Directors shall, by resolution, author-
ize such person or persons as they may appoint to draw
moneys.

MODE OF OBTAINING LOANS.

XII. — Any person applying for a loan or advance
from the funds of the Company, shall furnish in writing,
such information as to the property proposed to be
mortgaged to the Company as may be required, in
such form as the Directors shall prescribe ; and shall
furnish all deeds ^nd documents necessary to show
his title thereto, and also such sum as may be con-
sidered requisite to meet probable expenses. Should
such person decline to take up the amount allotted to
him or fail to complete the necessary securities to the
satisfaction of the Directors within one month after
such allotment, he shall, if required by the Directors,
pay a fine of one-half of one per cent per month upon
the sum allotted, and the Company may otherwise
dispose of the funds so granted to him..

LOANS AND SECURITIES.

XIII. — Loans may be made by the Company to any
person or persons or body corporate. No loan or
advance shall be liable to the contingency of losses or

LOAN AND SAVINGS COMPANY.

9<^

profits in the ])iisiness of the Company, and no bor-
rower shall take part in the mana^'^enicnt of the affairs
of the Company, in respect of any shares subscribed
for by him for the purpose of obtaining the advance
thereof from the funds of the Company. All borrowers
shall observe the Rules, and all loans or advances
made shall be subject thereto, whether the borrower
be a member of the Company or not.

XIV. — The Directors may accept as security for
loans, real property situate in any part of Canada where
the Company is authorized to do business, and may
pIso accept as security, and buy and sell such other real
and personal property as the Company is by statute
empowered to hold. Provided always that at least
four-fifths of the invested funds and assets of the Com-
pany shall be secured upon Real Estate, and that the
agg^rcgate amount advanced to shareholders upon the
security of their stock shall not, at any time exceed a
sum equal to one-half of the amount of the Reserve
Fund, at such time maintained.

XV. — Ten days after default in the repayment
when due, of any loan or advance made by the Com-
pany upon the security of the stock of any share-
holder, or of any part thereof, or in the payment of any
interest thereon, the Company shall have full power to
sell the shares of such stockholder or any part
thereof, and to make the necessary transfers, and the
amount realized by the Company upon any such sale
shall be applied in payment of the debt and of all fines,
costs and charges incurred in connection therewith ;
and the balance, if any, shall be paid to such stock-
holder or to his representative. And no notice of any
such sale by the Company shall in any case be neces-
sary. The Company shall have a first lien on all
shares held by any person indebted or liable to the
Company for the amount of such debt or liability ;
and all moneys paid by any such person, or which
may be in the possession of the Comi)any, belonging
to any such person, shall be applied to his account as
the Directors may appoint.

C*ANAl)A PKUMAllENT

i'l !

XVI. — All mortji^age deeds ,'ind sc urities upon
Real Estate to the Company, shall be prepared in such
form, and contain such clauses, provisoes and agree-
ments as the Solicitors for the Company shall respec-
tively think fit, with the approval of the Directors ;
and in case the mortgagor shall, at any time or times,
neglect or refuse to make his repayments or to pay any
interest or other sums due to the Company, the Di.ec-
tors may, eit er with or without the concurrence of the
mortgagor appoint a person, or persons, with such
salary or commission as they may think proj)er, to
collect the rents and profits of the mortgaged premises ;
and the Company shall have the same power of enforc-
ing payment as the mortgagor himself may possess ;
and also, shall have power to sell and dispose of such
premises, by public auction, or private sale, when the
Directors shall think proper. And in case the mort-
gagor shall be himself the actual occupier of such
mortgaged premises, then in case of default he shall
become tenant to the Company, at a fair rent ; and
the Directors shall have power to distrain as between
landlord and tenant. And the D'rectors shall have
power to make such arrangements for the
repairing or keeping in repair, or for finishing or
putting in order, any buildings or other improvements,
or from timie to time, inspecting and for taking care of,
and managing generally, the mortgaged property, as
they shall deem expedient ; and in case of default in
the payment of any moneys due on a mortgage to the
Company, the Directors may, if they see fit, appoint
an officer of the Company, or other person, from time
to time, to examine the mortgaged property and report
thereon to the Board ; and all reasonable costs,
charges and expenses incurred under the rules, or
which the Company may be put to in connection with
the mortgage debt, or property, including the time and
services of such officer or other person, shall be immedi-
ately payable by the mortgagor, and shall be a charge
upon the mortgaged property. And when any sale shall
take place of any ))ropcrty mortgaged to the Company,
the Directors shall have power to retain and apply so
much of the purchase money as will be necessary to

LOAN AND SAVINUS COMPANY.

pay the same sum as would be required to redeem the
property, j)ursuant to the provisions contained in these
rules, together with all other payments, moneys and
expenses due to the Company, and to pay the surplus
thereof to the mortgagor, or whoever shall appear to
be entitled to receive the same.

INSURANCE OF MORTGAGED PROPERTY.

XVII. — All property secured to the Company,
liable to be damaged by fire, shall be insured by the
mortgagor, if required by the Directors, in such In-
surance Company or Companies, and to such an
amount as they shall from time to time direct, and the
policy or policies shall be in the name of, or shall be
assigned, or made payable in case of loss, to the Com-
pany ; and at least three days before the expiration of
any such policy, the mortgagor shall prcjduce proof to
the Manager of the renewal ot such insurance, or rein-
surance, in a Company apj)rovcd by the liirectors,
failing which, the Directors may insure the property
for the protection of the Company, and shall charge
the expense thereof to the mortgagor, but the Com-
pany shall in no case be responsible to the mortgagor
for the insurance or non-insurance of any property.

XV.III. — Kvery person executmg a mortgage to the
Company shall, at the time of such execution, and at
any subsequent time, if rec|uired, give to the Company a
written statement of all such particulars relating to the
insurable property comprised in such mortgage as are
usually required by Insurance Companies, in default
of which the Company may obtain such statement at
the expense of such mortgagor. In the event of any
change of ownership or occupation, or if any trade
shall be commenced, or erection made, or other thing
shall take place which increases the risk from fire, or
affects the validity of the Policy of Insurance, the
mortgagor shall immediately give notice thereof to the
Insurance Company and to the Company.

XIX.— In case of damage by fire, the Directors shall
receive, from the Insurance Company, the amount pay-
able in respect of such damage, and the receipt of the

CANADA PERMANENT

Manager shall be a sufficient discharge to the Insur-
ance Company, for the money therein expressed to be
received; and the directors shall have full power to
settle and adjust with the Insurance Company any
question relating to such insurance, and to accept the
amount to be paid by the Insurance Company, in re-
spect to the damage done to the premises ; or to make
such arrangements w-ith the Insurance Company for
rebuilding or repairing the said premises, or relating
thereto, as the Directors shall think reasonable.

XX. — The Directors shall, at their discretion, either
lay out the money which shall be received from any
Insu.ance Company as aforesaid, or any part thereof,
in repairing the damage done to the j^remises ; or pay
the same to the mortgagor or his representative ; or
retain and apply the same, or such part thereof, as they
shall think fit, in or towards: payment and satisfaction
of the amount which shall be due from the mortgagor
to the Company, calculated as for redemption accord-
ing to these rules, and pay the surplus, if any, to the
mortgagor, or to such other person as he shall (by
writing) direct to receive the same.

TAXES, GROUND RENT AND OTHER CLAIMS.

XXI.- -Whenever any property mortgaged «to the
Company, or upon which the Company shall have any
claim, shall be subject to any tax, ground rent, pre-
mium of insurunce, or any other charge or claim of
any nature or kind whatsoever, the mortgagor shall
from time to time, and at least three days before the
same shall respectively become due, produce to the
Manager an acknowledgment of the payment thereof,
ffiiling which, and in default of payment by the mort-
gagor, the I'irectors may order payment and charge
the mortgagor therewith, and with all expenses attend-
ing the same. All such pa) nients by the Company
shall be a charge upon the mortgaged property, and
shall be subject to a fine in lieu of interest of three-
fourths of one cent in the dollar per month until
repaid. Provided that in mortgages to be made here-
after the mortgagor shall be subject to a fine in lieu of

LOAN AND SAVINGS COMPANY.

interest, at a rate not greater than the rate of interest
mentioned or reserved in tlie mortgage security. But
it shall not be incumbent on the Directors to make any
such payment, and the Company shall not be respon-
sible for any consequences arising from the non-i)ay-
ment of any such charge or prior claim. And every
mortgaged property shall be liable to the Company for
the costs of any renewal or additional loan applied for
by the mortgagor or owner but not completed.

REDEMPTION OF SECURITIES.

XXII. — If any mortgagor shall desire to redeem
his property before the expiration of the full term for
which the mortgage has been taken, he may be allowed
to do so on such terms as the Directors may determine.
A part or parts of any property or properties mort-
gaged, may be released by the Directors from time to
time, if they see fit.

XXIII. — On the redemption of any security, and
when all costs, outlays and other sums chargeable in
respect thereof, have been paid, pursuant to the rules,
a discharge of such security shall be executed, and
the "Same shall be delivered to the mortgagor or his
representative on being applied for, together with all
other deeds and documents deposited by him in con-
nection with such security ; and such discharge shall
be prepared, and the seal and necessary signatures
obtained, and any matters relating thereto transacted
under the direction of the Board at the expense of such
mortgagor.

FINES.

XXIV. — In case of the non-payment at the Com-
pany's Office of any subscription, repayment, interest,
fine, outlay or any other moneys whatsoever, due and
payable by any member or other person or body cor-
porate, or in respect of any loan or advance made by
the Comjjany, on the days on which the same are made
payable according to the rules, or to the terms of the
mortgage or other security given for such loan or
advance, the same shall be subject to a fine of three-
fourths of one cent in the dollar per month, upon the

CANADA PERMANENT

I ■♦

amount from time to time due and unpaid. Provided
that on loans made hereafter, the fine shall not be
greater than the rate of interest in the mortj^agc stated
or reserved. All fines shall accrue and shall be pay-
able to the C()m])any immediately upon default being
made, and shall be chargeable until all arrears are paid,
and shall be a charge upon the mortgaged property.
But the Directors shall have power from time to time,
to remit a portion of the fines and to charge instead
thereof interest upon amounts past due, at such lesser
rate as they may determine.

XXV. — The name and address of each vShareholder
and the number of shares held by him shall be entered
in a book, to be kept for the purpose and called the
Registry Book. Every Shareholder changing his resi-
dence or Post-office address, shall, within one month
thereafter, give notice in writing to the Manager of
his new place of abode or address.

XXVI. — In case ofthe death or insanity of any Share-
holder, the legal representative of such vShareholder
shall, before becoming entitled to the privileges of an
original Shareholder, procure his place of abode and
the particulars of his title to be registered in the books
of the Company, and shall at the same time exhibit
the will or probate thereof, or grant of letters of ad-
ministration or other document, as the case may be,
for the inspection and satisfaction of the Directors,
and furnish a copy of the same when required.

GENERAL MEETINGS.

XXVII. — A general annual meeting of the share-
holders shall be held at the office of the Company
of which due notice shall be given, at such place
and on such day as the Directors may appoint,
in the City of Toronto, in the month of Febru-
ary in each year, for the purpose of electing four
Directors to serve for the ensuing two years, and for
all other purposes relating to the management of the
Company, and at each of the said general annual

LOAN AXD SAVIN(}S COMPANY.

l.'ue-

any

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hint,

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for

the

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incetinj;s shall be submitted a full and clear statement
of the affairs of the Company for the year ending on
the thirty-first day of December previous.

XXVIII. — Extra general meetings of the Share-
holders of the Company may be called by the
Directors, upon the Shareholders being notified of such
meeting, through the Post-Office, or otherwise, at the
discretion of the Directors. Any meeting of the
Shareholders or Directors may be adjourned, from
time to time, and such business may be transacted at
such adjourned meeting as might have been trans-
acted at the original meeting from which the adjourn-
ment took i)lace.

XXIX. — The proceedings of all meetings of the
Shareholders or Directors shall be entered in a minute
book, in detail, in such manner as the Directors may,
from time to time, appoint ; such entries to be signed
by the President, Vice-President, or Chairman, as well
as by the Manager.

VOTING.

XXX. — All questions at the annual or other general
meetings of the Company, except as provided by
statute, shall be decided by a majority of votes of the
Shareholders, either in person, or by some other
Shareholder as his proxy, represented at the meeting ;
the Chairman of any meeting, either of the Directors
or .Shareholders, to have a casting vote in addition to
his vote as a Director or Shareholder.

The voting for the election of Directors, and if
demanded, on all other questions, shall be by ballot,
and on all questions each Shareholder shall have one
vote for each share held by him as provided by statute.

BOARD OF DIRECTORS.

XXXI. — The affairs of the Company shall be under
the control and management of a Board of eight
Directors (of whom five shall form a quorum for the
transaction of business), who shall each hold stock
upon which not less than twenty-five hundred dollars
has been paid ; ?.nd who shall choose from among
themselves a President and Vice-President. No

• CANADA PERMANENT

Director shall hold the office of Solicitor of the Com-
pany. The Manager of the Company may be a
Director, and in that case shall be styled the Manaj^ing
l^irector, and his remuneration as Manager sh.all be
fixed by the Hoard of Directors. The Directors shall
be elected for the term of two years, four to retire
annually, but shall be eligible for re-election. The
Directors elected shall continue in office till the elec-
tion of their successors, unless in case of disqualification
or resignation.

XXXII. — The Directors shall, at a special meeting
to be called for that purpose, or at any other meeting,
if all the remaining i directors be present, have power
to fill any vacancy that may arise in their own body
in the course of the term of two years, by a vote
of not less than two-thirds of the Directors present ;
and the Board shall have power to make Regulations
for the guidance and conduct of the Company, its
Officers, Solicitors and Shareholders, provided that
such regulations are not inconsistent with the rules, or
the Acts under which the Company is incorporated.

XXXIII. — If any Director shall die, or resign, or
become incapable to act as Director, or become bank-
rupt, or insolvent, or compound with his creditors, or
cease to hold the required amount of stock, or be
removed from his office by a resolution of a special
general meeting of the Shareholders, or shall for three
months successively be absent from the meetings of
the Board without the consent of the Directors, he
shall thereupon cease to be a Director of the Com-
pany ; and the Directors may appoint another Share-
holder to be a Director in his place, as hereinbefore
provided ; and no Director shall, at any meeting of
the Board, take part in any discussion, or vote on any
question in which he shall be personally interested,
otherwise than as a Shareholder.

XXXIV. — The Directors shall be paid for their
services such sums as may be voted at any general
meeting ; and such sums then voted shall thereafter
be paid from year to year, until, or unless a different
amount be voted by resolution at a^y subsequent

LOAN AND SAVINGS COMPANY.

general meeting; and the Direi tors shall be indemi-
fied out of the funds of the Company, or otherwise,
from all expenses in reference to the conduct and
management of the Company.

PRESIDENT.

XXXV. — The President shall, preside at all meet-
ings of the Shareholders or 1 directors ; and shall with
the Manager, sign the debentures of the Company,
and also all assignments or releases of securities, deeds,
and other conveyances of properties within the Pro-
vince of Ontario, and also relating to properties out-
side of said Province till otherwise provided for by the
Directors ; and shall at the request of the Board, exer-
cise a general oversight over the business of the Com-
pany. In the absence of the President, or at his
request, or at the request of the Directors, the Vice-
President shall perform any, or all of the duties of the
President : and in the absence of the President and
Vice-President, such duties shall be discharged, at the
request of the Directors, by a Chairman elected by the
Board.

MANAGER.

XXXVI, — A Manager shall be appointed who, with
such assistance as may be required, shall also perform
the duties of Secretary and Treasurer. He shall, under
the supervision of the Board, and except as otherwise
provided by Rule, have charge of the offices, books,
cash, and securities of the Company, and the imme-
diate direction and control of the Officers and Clerks,
and he shall daily deposit with one of the Company's
Bankers such money as he shall have on hand. He,
or the Assistant Manager, shall, with the President,
sign the debentures of the Company, and all assitrn-
ments or releases of securities, deeds and other convey-
ances of properties within the Province of Ontario and
also properties outside said Province till otherwise
provided by the Directors. He shall attend all meet-
ings of the Shareholders or Directors, enter minutes
of all resolutions or proceedings in the minute book,
and shall see that the accounts are properly kept, and

CANADA PERAIANENT

that the same or a balance sheet thereof, are duly pre-
pared for the inspection and signature of the Auditors.
He shall summon the Directors to all meetings, and
issue all circulars and notices which may, from time to
time, be thought necessary by the Directors ; conduct
the correspondence of the Company, and perform such
other duties as the nature of his office may demand.
The Manager shall not be removed from his office
except by the vote of a majority of the whole board of
Directors. The Directors shall also in their discre-
tion, from time to time, appoint an Assistant Manager
and other officers, with such powers as the business
of the Company may require, and generally prescribe
their respective responsibilities and duties. The
assistant Manager may, by order of the Board, have
all the powers and discharge all the duties of the
manager.

SOLICITORS.

XXXVII. — Oneormore Solicitors shall beappointedy
who shall transact such necessary business of the
Company as the Directors may require, for which he
shall receive a fair and reasonable allowance. The
Solicitor or Solicitors shall, when required by the
Board, investigate the title of property offered as
security to the Company, and shall render to the
Directors a report, in writing, as to whether such title
be deemed by him good and sufficient for the purposes
of the Company : and shall prepare and be responsible
for the due preparation of such necessary mortgage
deeds and instruments in favor of the Company, as
may be required of him by the Directors. The
Solicitors and Appraiser's fees and other charges, shall
be paid by the person on whose account they may be
incurred, unless otherwise provided by the Directors^

APPRAISERS.

XXXVIII. — Persons approved by the Directors
may, from time to time, be appointed as Appraisers^
who shall receive applications for loa;is, examine pro>
perty offisred as security to the Company, when th^
Directors consider it necessary, and shall render to the

LOAN AND SAVINGS COMPANY.

pro_
the
the

Directors a report in writing of the state and vaUie of
such property, with such further particuhirs as may be
required, in such form as the Directors shall prescribe,
and who shall be paid such fees as the Directors shall
think reasonable. It shall not be a part of the ordin-
ary duties of an Appraiser to make contracts for or to
receive subscriptions or other moneys on account of
the Company, and no payment of money to, or under-
taking by, an Appraiser or other person shall be held
to be a payment made to, 6r an undertaking by the
Company, unless such Appraiser or other person be
specially authorized in w-riting to receive such payment
or contract such undertaking. And any payment
made by the Company to a person holding the office
of Appraiser, on the order of any borrower or other
person, shall be held to be a good and sufficient pay-
ment to all intents and purposes whatsoever.

AGENTS.

XXXIX. — The Directors may appointandremove,in
any part of the Dominion in which the Company is
authorized to do business outside of the Province of
Ontario, such officers, agents or other persons, and
may make such banking arrangements, and arrange-
ments for the custody of securities, as they may consider
advisable or expedient for carrying on the business of
the Company in the most effective manner, and for
that purpose may, under such proper restrictions as
the Board may prescribe, authorize any agent or agents
or other person to make loans and accept securities.,
and to do any act which the President and Manager,
or either of them, or other officer of the Company only
could do within the Province of Ontario ; but no such
agent or agents shall be so appointed, and no such
authority shall be given, except by a resolution of
three-fourths of the whole Board of Directors, and the
powers so conferred on such agent or other person
shall be signified to him by writing under the Seal of
the Company, attested as by Rule XLI. is provided.

CANADA PERMAN'KXT

INSPECTION OF ACCOUNTS AND SECURITIES.

XL. — The Directors shall, from time to time,
inspect or cause to be inspected, the books, accounts,
properties and securities of the Company, and may
appoint one or more of their number, or other person
or persons, to transact such or any other special
business for the Company, and grant them such re-
muner^'^ion as the Board shall think reasonable.

SEAL.

XLI. — The Seal of the Company shall be under the
charge of the Manager or Assistant Manager, who
shall, in conjunction with the President, Vice-President
or Chairman, and under the direction of the Board,
affix the same to such instruments as may require the
same. A duplicate Seal may be provided for use in
each Province or Territory in which the Company
shall carry on business and shall be under the charge
of, and may be affixed by such officer or officers as
may be thereto authorized by the Directors, which
authorization must be signified under the Seal of the
Company, attested by the signature of the President or
Vice-President, and Manager or Assistant Manager.

CONSTRUCTION OF RULES.

XLI I. — In the practical application of these Rules,
or any rules hereafter to be made, the construction put
upon them by the Board of Directors shall be final
and conclusive. Every word in the singular number
shall be applicable to the plural, and every word
importing the masculine gender shall, where necessary,
be understood to mean a female as well as a male,
unless there be something in the subject-matter or
context, repugnant to such construction. The words
Share and Shareholder and Stock and Stockholder
shall, in all cases, be held to refer only to the investing
or unadvanced shares or stock of the Company and
the holders thereof; and the word Rules, shall be held
to mean the Rules and By-laws of this Company, now
passed, or hereafter to be passed.

LOAN AND SAVINGS COMPANY.

-o,

DOMINION OF CANADA.

The Canada Permanent Loan and Savings Company's
Act, i886y as Amended by an Act,
passed in iSSy.

WHEREAS the Canada Permanent Loan and vSav
ings Company have, by their petition, repre-
sented that said company are duly incorporated by
the hivvs of the Province of Ontario, and are empower-
ed by the ParHament of Canada to borrow money by
way of debentures and to receive money deposits as a
savings bank, subject to restrictions imposed, that
such debentures and money deposits shall be of certain
amounts proportionate to the subscribed, fixed and
permanent share capital of the company, and that said
company desire to have the power to create a deben-
ture stock as hereinafter mentioned, and further desire
that the extent of their powers of borrowing and re-
ceiving money deposits and creating debts of every
kind should be made to appear in one and the same
Act, and the said company have shown that the de-
claring and setting forth in one Act of the said matters
will aid and benefit their operations ; and whereas it
is expedient to grant the prayer of the said petition :
Therefore Her Majesty, by ai»d n'ith the advice and
consent of the Senate and House of Commons of
Canada, enacts as follows : —

1. This Act may be cited as " The Ca?mda Perman-
ent Loan a?id Savings Cojnpanfs Act, 1886."

2. The aggregate amount of money deposits of such
company, together with the amount of the debentures
and debenture stock issued or to be issued, as herein-
after provided, and remaining unpaid, may be equal
to, but shall not, at any time, exceed double the aggre-
gate amount of the paid up, unimpaired, fixed and
permanent capital or shares of the company not liable
to be withdrawn therefrom, together with a further
sum, which may be equal to, but shall not exceed, the
amount remainmg unpaid on the subscribed, fixed and
permanent capital or shares upon which not less than
twenty per cent, has been paid ; but in no case shall
the total liabilities of the company to the public at

CANADA PERMANENT

I '

I !

any time exceed three times the amount actually paid
up in respect of fixed and permanent capital, or shares
in such company, nor shall they at any time exceed
the amount of principal remaining unpaid on the
mortgages at such tmie held by the company : Pro-
vided, that in estimating the paid up, unimpaired, fixed
or permanent capital or shares of the said company,
the amount of all loans or ; . Jvances made by the com-
pany to their shareholders upon the security of their
stock shall be deducted therefrom ; Provided further,
that the amount held by the company on deposit shall
not at any time exceed the amount of the paid up and
unimpaired capital of the company.

3. The board of directors may issue debentures of
the company for such sums, not less than one hundred
dollars each, and in such currency as they deem advis-
able, and payable in the Dominion of Canada or else-
where, noL .ess than one year from the issue thereof,
subject to the limitation hereinbefore mentioned ; and
such debentures may be in the form of Schedule A to
this Act, or to the like effect.

4. The directors may also issue *' Debenture Stock,"
which shall be treated and considered as a part of the
regular debenture debt of the company, in such
amounts and manner, on such terms and bearing such
rate ot interest, as the directors, from time to time,
think proper, but subject to limitations hereinbefore
provided, so that the amount received as money de-
posits and borrowed on the security of debentures or
debenture stock shall not in the whole exceed the
aggregate amount fixed by this Act as the authorized
limit of the borrowing powers of the company.

5. The debenture stock aforesaid shall be entered
by the company in a register or registers to be kept
for that purpose at such place or places as the direc-
tors order, wherein they shall set forth the names and
addresses of the several persons and corporations
from time to time entitled thereto, with the respective
amounts of said stock to which they are respectively
entitled ; and such stock shall be transferable in such
amounts and in such manner and at such places as the
directors, from time to time determine.

LOAN AXD SAVINGS COMPANY.

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6. The company shall, on demand, deliver to every
holder aforesaid a certificate stating the amount of
debenture stock held by him, the rate of interest pay-
able thereon, and the conditions to which the said
stock is subject, but no other rights or privileges shall
be conferred upon holders of debenture stock in re-
spect thereof than are held or enjoyed by holders of
debentures of the company.

7. The holders of the debentures of the Company
may, with the consent of the directors, at any time, ex-
change such debentures for debenture stock.

8. The debenture stock issued or to be issued under
the authority of this Act shall rank equally with the
debentures issued or to be issued by the company.
The directors of said company may, at any time, in
the interests of said company, buy up and cancel said
debenture stock or any part thereof.

9. Nothing herein contained shall be construed as
entitling the said company to be exempt from the
effect of any amendments or alterations which it may
be deemed proper to make in the general Acts respect-
ing Building Societies carrying on business in Ontario.

SCHEDULE A.

The Canada Permanent Loan and Savings Company
Debenture No.

Transferable $

Under the authority of an Act of the Parliament of
Canada Victoria, chapter , the Canada Perman-
ent Loan and Savings Company promise to pay to

the sum of ,

on the day of , in the

year of Our Lord one thousand eight hundred and
at with interest at the rate of

per cent, per annum, to be paid half-
yearly, on presentation of the proper coupon for the
same as hereunto annexed ; say on the first day of

and the first day of
in each year.

Executed at the City of Toronto, in the Province of
Ontario, the day of 188 .

C. D.

A. B.

Presidettt,

Manager,