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 ■t 'rf '=>r -^ -"■d->:^\£'-='hh?»i-^iJLL'=^ 
 
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A 
 
 3 30. 
 
 THE BANK ACT 
 
 AND 
 
 AMENDMENTS 
 
 CHAPTER 31 OF 1890, CHAPTER 14 of 1899, 
 AND CHAPTERS 26 AND 27 OF 1900 
 
 TO WHICH IS Appended 
 An Act to Incorpokate the Canadian Hankers' Association 
 
 JOU 
 
 RNAL OK THE CANADIAN HANKEK^ ASSOCIATION. 
 
 tokonto 
 1900 
 
'>< 
 
 
 :p:'-K'^ ^d iA-;-v,::I 
 
 
THE BANK ACT 
 
 AND 
 
 AMENDMENTS 
 
 
 A consoluhaum of chapter 31 "f the Statutt.s of .Kjo, intitule.! 
 • An \ct respecting P.anks and Hanking," and the amending 
 Acts, chapter 14 of the Statutes of iS.jg, and chapters 2b and 
 27 of the Statutes of 1900. 
 
 FK MAll'STY, by and with the advice and consent of the 
 ^ Senate and House of Comninns of Canada, enacts as follows : 
 
 H 
 
 SHORT TITLb; 
 
 1. This Act may be cited as The Bank /J.7.— iSyo, c. 31, s. t. shuri tui>-. 
 
 INTKKI'KKTATlON 
 
 2. In this Art, unless the context otherwise reiiuires,— 
 
 („) The expression " the bank " means any bank to which this 
 
 Act applies ; , , 1 
 
 ib) The expression " Treasury Hoard" means the board pro- 
 vided tor by section nine of chapter twenty-ei^ht of the Revised 
 Statutes of Canada, or any Act in amendment thereof or substi- 
 tution therefor ; ,■ .. ■ 1 1 
 
 ic) The expression " goods, wares and merchandise inc udes 
 in addition to the things usually understood thereby timber, deals, 
 boards staves, saw logs and other lumber, petroleum, crude oil, 
 and all' agricultural produce and other articles ot commerce ; 
 
 id) The expression "warehouse receipt" means any receipt 
 eiven by any person for any goods, wares, or merchandise, in his 
 actual visible and continued possession, as bailee thereof, in good 
 faith and not as of his own property, and includes receipts given 
 bv any person who is the owner or keeper ot a harbor, cove pond, 
 wharf, yard, warehouse, shed, storehouse or other place for the 
 storage of goods, wares or merchandise, for goods, wares and mer 
 chandise deUvered to him as bailee and actually in the place or in 
 one or more of the places owned or kept by him, whether such 
 nerson is engaged in other business or not, (and also uuiudes 
 receipts given by any person in charge of logs or timber in transit 
 from timber limits, or other lands, to their place of destination— 
 c. 26, lyoo, sec. 31 : ,, ■ r 
 
 (e) The expression "bill of lading" includes all receipts tor 
 troods wares or merchandise, accompanied by an undertaking to 
 transport the same from the place where they were received to 
 some other place, whether by land or water, or partly by land and 
 partly by water, and by any mode of carriage whatever : 
 
 (// The word "manufacturer" includes maltsteis, distille' s, 
 brewers, refiners and producers of petroleum, taniiers, curers, 
 packers, ranners of meat, pork, hsh, fruit or vegetables and ai y 
 person who produces by hand, art, process or mechanual means 
 any goods, wares or merchandise, (and also includes a manutaclurtr 
 of Iocs, timber or lumber -c. 2(1, 1900, s. 3. [1] )■ 
 
 Irlteri ii'l.l- 
 ■■ I'hc- Hiiik. 
 
 Ttr.i^iirv 
 
 lio.iril. 
 
 u.irrs.iiul 
 incrch.iiiiiM.-.' 
 
 rcci-ipt." 
 
 ■ HA\ of lai'.- 
 
 ihl;. 
 
 MniniCi 
 
 / / 6 / ^ 
 
To wlial 
 applifi. 
 
 Xl'I'I U'AI ION CI- ACT 
 hereinafter specially provided.— ibyo, c. 31, b. 3. 
 
 Act to 
 applv t 
 ci-rlaiii 1), 
 
 nut in 
 sclirdul 
 
 A. 
 
 26 1900 IS). The proviMons of this Act and of any a-,..end- 
 
 th,s\ct but such provisions shall continue to apply to any such 
 this Act, out i.in.i y> necessary to wind up the Inisiness 
 
 '-"^' rl'nd^he ch rte'r or Ac to incorpJnU.on of such bank, and 
 
 for such purp'. se only. 
 
 Bank ihartri 
 cominui-'l to 
 ist lulv. iwll 
 in Lorlaiii 
 particular^. 
 
 As to othri 
 particulars 
 
 Proviso. 
 
 What provi- 
 sion- -liall 
 applv to l,a 
 Hani|ue du 
 I'euplc. 
 
 Proviso : as 
 directors. 
 
 Incon-istiMU 
 cnactTiiinUs 
 repiMlrd. 
 
 C 26 1900 (6). The charters or Acts of incorporation, and any 
 
 Ac's In rendment thereof, of the several banks enunierated -n 
 
 14 \ tr. thx. \rt are continued in force, so far as regards the 
 
 1 / .nd L^ to all other particulars the provisions of all such 
 ch rters Vc s'°of ncorporanon.and Acts in amendment therc^ 
 
 ™l^;;;a;!d^::^i:ec.:^^;e- 
 
 ^^xs ri an^^^tii^ r p^^^a t to t ;:sSt.^f ^ ; 
 
 he non perforinai'ice of the condmons thereof, or by insolvency. 
 or otherwise. (SubsUtuUd for c. 31, I^90, sec. 4). 
 
 5 \11 the provisions of this Act, except those contained in 
 
 xvhich '"'*;^; , > ^ u ^^ IS hereby made, is hereby repealed ; 
 ^•rf "°"^ ° " . ;^'a,. a^ continued in force, subject to the proviso 
 
 otherwise 
 
 the said Acts are cont 
 
 contained in section 4 o 
 
 i a 
 
 lib .v'-l.. 
 
.- to 8l^ Wli'ii pr"^i- 
 fi The provisions contained in sections 2, ,, 3/, 4/ '" ao ^„,„^^||,,| 
 (both inclusive), apply.o the l^ank of Bntish North Aiiier.^^ .,,,,,.,.. 
 
 il)oth inc us ve), apuiy lu mc i>aiin wi •^.' --- . ,. V f 
 
 he I'.ank of Hrit.s'i Columbia respectively anci the provisions jun.. ... _ 
 contained in the other sections of this Act do not ^PP'yJ" ^^^ An.-rK,,..,, 
 
 said banks.-iScjo, c. 3., s. *.. \-fhe'travisio,,s of c 26. i.joo v.nth 
 the crcepuon uf sees. 4. 5, '', « n,ni y, «.^5.. .<rtly to these banks,. 
 
 7 For the purposes of the several sections of this Act made 
 applicable to the Bank of British North America and the Bank of 
 Bmish Cdumbia, the chief office of the Bank of British North 
 Ar^eica shall be the office of the bank at Montreal, m the Province 
 of ( )uel,ec, and the chief office of the Bank of ^^nt-l^ ^olun^a 
 shall be the office of the bank at \ictcna, in the Province of British 
 Columbia. — 1890, c. 31, s. 7, 
 
 irtli 
 I 
 
 ( lu.'f scat of 
 liiiMness of ihf 
 s.iul lianks. 
 
 8. 
 
 1S90, c. 31, s. 8. No longer in force. 
 
 OF liANKS 
 
 l.iltpr^ to be 
 in>uili-d fur in 
 IiftMl Act, 
 
 iirni i)f Act 
 I ii'curpor.i- 
 
 INCOKl'OKATION AND OR(". ANI/ATION 
 
 9 The capital stock of every bank hereafter incorporated, the 
 nanie of the bank, the place where its chief ojt.c.. ,s to be ^;;;'-«- 
 and the name of the provisional directors shall be declared in the 
 Act of incorporation of every such bank. 
 
 o \n Act of incorporation of a bank in the form set forth in 
 
 Schedule B to this Act shall be construed to confer upon the bank 
 
 'thereby incorporated all the powers, privileges and '"'"H.mties, and 
 to subject it to all the liabilities and provisions set forth in this 
 Act.— 1^90. c. 31, s. 9. 
 
 10. The capital stock of any bank hereafter incorporated shall ;,;;P'-|^;;.-'^ 
 be not less than five hundred thousand dollars, and shall be dn.ded 
 into shares uf one hundred dollars each.— iSyo, c. 31, s. 10. 
 
 1 1 The number of provisional directors shall be not less than J,';™;' 
 f^ve nor more than ten, and they shall hold office until directors are 
 elected by the subscribers to the stock, as hereinafter provided.— 
 1890, c. 31, S. II. 
 
 12. For the purpose of organizing the bank, the provisional Opening of^ 
 directors may cause stock books to be opened, after giving pubic 
 
 notice thereof,-upon which stock books shall be recorded the 
 subscriptions of such persons as desire to become shareholders in 
 the bank ; and such books shall be opened at the p ace where he 
 chief office of the bank is to be situate, and elsewhere, in the dis- 
 cretion of the provisional directors, and may be kept open tor such 
 time as they deem necessary.— 1890. c. 31, ^. 12. 
 
 13. So soon as a sum not less than five hundred thousand dcj- Vn^.^^^^ 
 lars of the capital stock of the bank has been bon.i fide subscribed, 
 
 and a sum not less than two hundred and fifty thousand dollars 
 thereof has been paid to the Minister of Finance and Receiver 
 General, the provisional directors may, by public notice published Nouc.. 
 for at least four weeks, call a meeting of the subscribers to the said 
 stock to be held in the place named in the Act of incorporation as 
 the riuef place of business of the bank, at such time and at such 
 place therein as se. forth in the said notice; at which meeting the 
 subscribers shall determine the day upon which the annual general 
 me-tin.' of the bank is to be held, and shall elect such number of 
 
 l-.i.' 
 
 (lir. 
 
 ■\]0\\ III 
 
' '■ ,» ' 
 
 l^-~, ';-^k~.,'^^ 
 
 i-u^Wt'"f.^mf^ 
 
 
 Wlun tf 
 cat'' iii.u 
 ^jr.uil.il. 
 
 be 
 
 If certificate 
 IS not granted. 
 
 Disposal of 
 aim'iint ile- 
 posited \viU> 
 Minister uf 
 Finance. 
 
 directors th.lv .uKil.tica tnuler this Act, not less than live nor more 
 than ten, as thty thtnk necessary, who shall hold othce t.nt.l the 
 annual «em-r.l meeting -n the year next succeeding their elert.-m : 
 and ur"'> tl>e election uf directois as aforesaid the functions of the 
 provisional directois sliall cease. -iSyo, c. 31, s. 13. 
 
 14 riu- bank shall not issue notes nor commence the business 
 ot iMnknij: until it has obtained from the Treasury Hoard a cert.h- 
 cate nt^.niitling it to do so, and no application for such certihcate 
 shall be n,atle until directors have been elected by the subscribers 
 to the stock in the manner hereinbefore provided; and every 
 director, provisional direct-.r or other person, issuing or authorizing 
 the issue of the notes of su h bank or transactmt,' or atithon/in(,' 
 the iransaction of any business m connection with such bank, 
 except such as is hereinbefore provided, before the obt.umn^' of the 
 cert>hc:ite frcm the Treasury Board, shall be Rmlty of an ottence 
 af,'ainst this .\ct— i."<yo, c. 31, s. 14. 
 
 15 \o certiticate shall be Riven by the Treasury Hoard until it 
 has betn shown to the satisfaction of the Board by athdavit or 
 otherwise. that all the tequiremer.ts of this Act and of the special 
 \ct „f incorporation of the bank, as to tiie payment required to be 
 made to the Minister of Finance and Receiver General, the election 
 of directors, deposit for security for note isstie, or otherwise have 
 been compli. d with, and that the sum so paid was then held by the 
 Minister of Finance and Receiver General ; and no cenihcate as 
 aforesaid shall be Riven except within one year from the passing ot 
 the Act of incorporation of the bank applying for the said certih- 
 cate.— 1^90, c. 31, s. 15. 
 
 16 In the event of the Iwnk not obtaining a certificate from 
 the Treasurv Board within one year from the time of the passing 
 of its Act of incorporation, all the rights, powers and privileges 
 conferr-d on such bank by its Act of incorporation, shall thereupon 
 cease and determine and be of no force and effect whatever.— 
 1890, c. 31, s. 16. 
 
 17 Upon the issue of the certificate in manner liereinliefore 
 provided,' the Minister of Finance and Receiver General shall tortli- 
 with nay to the bank the amount of money so deposited with 
 him as aforesaid, without interest, after deducting therefrom the 
 amount renmred to be deposited under section 54 of this Act ; 
 and in case no certificate is issued by the Treasury Board withm 
 the time limited for the issue thereof, the amount so deposited 
 shall be returned to the person depositing the same ; but in no 
 case shall the Minister of Finance and Receiver General tie under 
 any obligation to see to the proper application of the same in 
 any way.— 1890, c. 31, s. 17. 
 
 Hy-la\\> niav 
 lie made. 
 
 INTERNAL REGL-I-ATIONS. 
 
 18 The shareholders of the bank (or, in the case of La Ban.que 
 du I'euple, the principal partners or members of the corpora- 
 tion thereof), may regulate by by-law, the following matters 
 incident to the management and administration ot the atlairs ot 
 the bank, that IS to say: The day upon which the annual gene- 
 
 '. <« ^ j^l 1 .,•.;„_ ^ * rA , r- ,t r^ t- f~, f l^ I'll 'I 11 
 
 rai meeting oi liie biidiciiuiucrs lor iiic etc-.,: :■-■:: •-•: --i;:---'.-" - 
 
-"■^^^MF 
 
 be held; the record to be kept of proxies, and the time no 
 exceeding thirty days, with.n which proxies mast he produced 
 and recorded prior to a meeting u, order to e"'';l'=,^^'« j "'^^ fZ 
 vote thereon; the number of the directors, which ^hall no be 
 less than hve and not more than ten, and the quorum thereof 
 which shall not be less than three; their qualification, subject to 
 The provisions hereinafter made; the method of hllmg vacancies 
 in the board of directors whenever the same occur dur n« each 
 year, and the time and proceedings for the election of ^'^e^^'^^^; 
 in case of a failure of any election on the day ^PPO'^'^^^ f^-^^ '^^; 
 the remuneration of the president, vice-president, and other 
 directors- and the amount of discounts or loans which may be 
 made to directors, either jointly or severally, or to any one hrm 
 or person, or to any shareholder, or to corporations. 
 
 2. The shareholders may authorize the directors to establish ^---'-^ 
 guarantee and pension funds for the officers and employees of he f„ ,,. 
 bank and their families, and to contribute thereto out of the 
 funds of the bank. 
 
 . Until It is otherwise prescribed by by-law under this sec f -f-,,'!"" 
 tion the by-laws of the bank on any matter which may be regu- „,„,,d. 
 a°ed by by-law under this section shall remain in force, except 
 as to a^ny^,rovislon fixing the qualification of directors at an 
 amount less than that prescribed by this Act ; -^ "O Pe ^«J 
 shall be elected or continue to be a director unless he holds stock 
 paid up to the amount required by this Act or such greater 
 amount as is required by any by-law in that behalf. ^ ^ ^^ 
 
 4. The foregoing provisions of this section, touching directors pj^^t-'ex" 
 shall not apply to La Banque du Feuple which shall m these ,„„...,.. 
 matters be governed by the provisions of .ts charter.-iSgo, c. 
 31, s. i«. 
 
 19. The stock, property, affairs and concerns cf the bank 
 shall be managed by a board of directors, who sha be e ected 
 annually in nfanner^ hereinafter provided, and shall be eligible 
 for re-election. 
 
 2. Each director shall hold capital stock of the bank as 
 follows -.-When the paid up capital stock is one mil ion dollars 
 or less, each director shall hold stock on which not less than 
 °hree thousand dollars has been paid up ; and when the paid-i^ 
 capital stock is over one million dollars and does "^^ exceed three 
 million dollars, each director shall hold stock on which not less 
 than four thousand dollars has been paid up ; and when the paid- 
 up capital stock exceeds three million dollars, each director hall 
 hold stock on which not less than hve thousand dollars has been 
 paid up. 
 
 3. A majority of the directors shall be natural born or natural- 
 ized subjects of Her Majesty. 
 
 4 The directors shall be elected by the shareholders on such 
 dav in each year as is appointed by the charter or by any by-law 
 of the bank, and such election shall take place at the head oltice 
 of the bank at such time of the day as the directors appoint ; and 
 public notice thereof shall be given by the directors, by P^l^hsh- 
 ing the same for at least four weeks previous to the lime of hold- 
 ing such election, in a newspaper published at the place where 
 tiie buid iicad Ouicc ij bitu^t-. 
 
 Bci.ird of 
 directors. 
 
 t 
 
 i 
 
 m 
 
 Qualification. 
 
 Majority to be 
 Hritish sul)- 
 jccts. 
 UlfcDon. 
 
 Notice. 
 
■,--^T— . 
 
 
 Who shall l)o 
 directors. 
 
 Pr^)\iMon in 
 caM' of riju.il- 
 
 Itv ot MllV. 
 
 Election of 
 president. \c. 
 
 \'ac.Tncip5. 
 how tilled. 
 
 Provision in 
 c.isi* of failure 
 of election. 
 
 M.-.-tm«s(.f 
 litrfctor^. 
 
 ( 'astinR vole 
 ol jirebidini; 
 diret'.or. 
 
 ( iener.il 
 power-^ of 
 ilirector*. 
 
 Proviso: as 
 bv-l.nvs in 
 force. 
 
 Appointment 
 of olticer-, cVc 
 
 Security to be 
 gi\en. 
 
 5. The persons, to the niimher aiithori/eJ to l)e electeii, who 
 have the (,'reatest nuinher of votes at any election, shall be direc- 
 tors. 
 
 ft. If It happens at any election that two or more persons have 
 an equal nunilier of votes and the election or non-election of one 
 or more of surli persons as a director or directors depends on such 
 e(iiiality, then the tlirectors who have a E;reater number, or the 
 majority of tht tii, shall determine which of the said persons so 
 having an e(iiial number of votes shall be the director or direc- 
 tors, so as to complete the full number ; and the said dirertois, as 
 soon as may be, after the said election, shall proceed to elect, by 
 ballot, two of their number to be president and vice-president, 
 respectively. 
 
 7. If a vacancy occurs in the board of directors, such vacancy 
 shall be filled in' the manner provided by the by-laws ; but the 
 non-fiUinK of the vacancy shall not vitiate the acts of a quorum 
 of the remaining directors, and if the vacancy so created is in 
 the office of the president or vice-president, the directors shall, 
 from among themselves, elect a president or vice-president, who 
 shall continue in oltice for the remainder of the year.— 1S90, c. 
 31, s. 19. 
 
 20. If an election of directors is not made on the day ap- 
 pointed for that purpose such election of directors may take 
 place on any other day according to the by-laws made by the 
 shareholders in that behalf; and the directors then in oBice shall 
 remain in office until a new election is made.— 1890, c. 31, s. 20. 
 
 2t. At all meetings of the directors, the president or in his 
 absence the vice-president, or in the absence of both of them, 
 one of the directors present, chosen to act pro tempore, shall 
 preside, and the president, vice-president or president pro 
 tempore so presiding shall vote as a director, and if there is an 
 equal division en any question shall also have a casting vote. 
 — 1890, c. 31, s. 21. 
 
 22. The directors may make by-laws and regulations (not 
 repugnant to the provisions of this Act or the laws of Canada) 
 touching the management and disposition of the stock, property, 
 affairs and concerns of the bank, and touching the duties and 
 conduct of the officers, clerks and servants employed therein, 
 and all such other matters as appertain to the business of a 
 
 to bank: Provided always, that all by-laws of the bank hereto- 
 fore lawfully made and now in force, in regard to any matter 
 respecting which the directors may make by-laws under this 
 section (including any by-la vs for establishing guarantee and 
 pension funds for the employees of the bank), shall remain in 
 force until they are repealed or altered by others made under this 
 Act. — i^go, c. 31, s. 22. 
 
 23. The directors may appoint as many officers, clerks and 
 servants for carrying on the business of the bank, and with 
 such salaries and allowances as they consider necessary, and 
 they may also appoint a director or directors for any branch of 
 the bank. 
 
 2. Before permitting any cashier, officer, clerk or servant of 
 
the h.iiik to enter upon the duties of his ottire. the directors 
 shall re(iuire him to ^'ive bond, ^'ii.uantee, or other serurity to 
 the s.itisf.iction of the directors, for the due and faithlul per- 
 formance of his duties. — iXi)o, e. ji, s. 23. 
 
 24. The directors of th.; bank or any four of them, -or any 
 number not less than twenty-tive of the shareholders of the 
 bank, who are totfelher proprietors of at least one-tenth ot the 
 paid up capital stock of the bank, by themselves or by their 
 proxies,^may at anv time call a special general meeting ot the 
 shareholders, to be lield at their usual place of meetint;, upon 
 f,'ivinK s. ; weeks' previous public notice, specifying' m such notice 
 the objei t of sui h meetirifj. 
 
 2. If the object of any su-h special general meetinR is to 
 consider the ,,roposed removal of the president or vice-president, 
 or of a director of the bank, for maladministration or other 
 specihed and apparently lUst cause, and if a majority of the 
 votes of the shaieholders at such meeting is given for sucti 
 removal, a director to replace him shall be elected or appointed 
 in the manner provided by the by-laws of the bank, or if there 
 are no by-laws nroviding therefor, then by the shareholders at 
 such meeting; and if it is the president or vice-president who is 
 removed, his office shall be filled by the directors in the manner 
 provided in case of a vacancy occurring in the office of president 
 or vice-president.— i8go, c. 31, s. 24. 
 
 25. livery shareholder shaU, on all occasions on which the 
 votesof the shareholders are taken, nave one vote for each share 
 held by him for at least thirty days before the time of meeting ; 
 and in all cases where the votes of the shareholders are taken, 
 the voting shall be by ballot. 
 
 2. -Ml questions proposed for the consideration of the share- 
 holders shall be determined by the majority of the votes of the 
 shareholders present in person or represented by proxy ; and the 
 chairman elected to preside at any such meeting of the share- 
 holders shall vote as a shareholder only, unless there is a tie,— 
 in which case, e.xcept as to the election of a director, he shall 
 have a casting vote. 
 
 3 If two or more persons are joint holders of shares, any 
 one of such joint holders maybe empowered, by letter of attor- 
 ney from the other joint holder or holders, or a majority of them, 
 to represent the same shares, and vote accordingly 
 
 ll MIf 
 
 il k;t net - 
 rtmi;s. 
 
 Kem'ivnl of 
 pri'Mili'iit. 
 iliri'ctor, AC. 
 
 New flmtii)n. 
 
 Vol.-, on 
 liallol. 
 
 \I,\jority to 
 ck'tfrminr. 
 
 ( '.litinK vjtt' 
 
 As to joint 
 hoUi.TS of 
 slLires. 
 
 Proxies. 
 
 4 Shareholders mav vote by proxy, but no person other 
 than a shareholder eligible to vote shall be permitted to vote or 
 act as such pro-v, and no manaRcr, cashier, clerk or othet subor- 
 dinate officer of the bank shall vote either in person or by proxy, 
 or hold a proxy for that purpose. 
 
 S No appointment of a proxy to vote at any meeting of the Ronew.-il of 
 shareholders of the bank shall be valid for that purpose unless -— 
 it has been made or renewed in writing withm the two years 
 next preceding the time of such meeting. 
 
 6. No shareholder shall vote, either in person or by proxy, on 
 
 proxies. 
 
 In (-iTtain 
 
 an"ynuesti'onproirored''forthe 'consideration of the shareholders ;;;■;::? ^;'|t„, 
 of the bank at any meeting of such shareholders, or in any case before voting. 
 
 ill vV Pi i 1- Pi W 
 
 
'..ii -.. ;r; :^•^"J 
 
 
 
 
 1^-; 
 
 unless he has paid all calls niaJe by the directors which 
 due and payable. — 1890,0. 31, s. 25. 
 
 are 
 
 then 
 
 IncrtMSf of 
 ca )ital. 
 
 Approval of 
 
 Treasurv 
 
 Hoard. 
 
 (.'ondilinns ( 
 apiilicatiDM 
 for approval. 
 
 How ^tock 
 shall bf 
 .lUotiL-il. 
 
 Capilal Stt.ik 
 iiiav l>i' 
 rciUKr.l, 
 
 < ortificatu of 
 'rreasiir\ 
 
 IVurd 
 
 CAl'ir.M. STOCK. 
 
 26- The capital stock of the bank may je increa.-d from time 
 to time, by such percentage or by such amount as is determined 
 upon by by-law passed by the shareholders, at the annual general 
 meeting, or at any special general meeting callei] for the purpose : 
 Provided always, that no such by-law shall come into operation 
 or be of any force or effect, unless and until a certificate approv- 
 ing thereof has bee-i issued by the Treasury Hoard. 
 
 2. No such certihcate shall be issued by the Treasury Board 
 unless application therefor is made within three months from 
 the time ot the passing of such by-law, nor unless it appears to 
 the satisfaction of the Treasury Hoard that a copy of such 
 by-law, together with the notice of intention to apply for such 
 c-rtihrate, has been published for at least four weeks in the 
 Cannda Gazette, and m one or more newspapers published in the 
 place where the chief office or place of business of the bank is 
 situai ■ : nothing herein contained, however, shall be construed to 
 prevent the Treasury Board from refusing to issue such certifi- 
 cate if it thinks best so to do.— iSyo, c. 31. s. 26. 
 
 27. Any of the original unsubscribed capital stock, or of the 
 increased stock of the bank, shall, when the directors so determine, 
 be allotted to the then shareholders of the bank pro ratu, and at 
 such rate as is fixed by the directors, but no fraction of a share 
 shall be so allotted ; provided that in no case shall a rate be hxed 
 by the directors, which will make the premium (if any) paid or 
 payable on such stock si allotted exceed the percentage which the 
 reserve hind of the bank then bears to the paid up capital stock 
 thereof: and any of such allotted stock which is not taken up by 
 the shareholder to whom such allotment has been made, within 
 six months from the time when notice of the allottment was mailed 
 to his address, or which he declines to accept, may be offered for 
 subscription t(j the publii-. in such manner and on such terms as 
 the d'rectors prescribe — i."^tjo, c. 31 , s. 27. 
 
 28. The capital stock of the bank may be reduced by by-law 
 passed by the shareholders at the rmmial general meeimg, or at a 
 special general meeting called for the purpose; but no such by-law 
 shall come into operation or be of force or effect until a certificate 
 approving thereof has been issued by the Treasury Pjoaril. 
 
 2. No such certihcate shall be issued by the Treasury Pxjard 
 unless application therefor is made within tfin e nionihs from the 
 time of the passing of the by-law, nor unless it appears to the satis- 
 faction of the lioard that the shareholders voting for Mich by-law 
 represent a majority in value of all the shares then issued by the 
 bank, and that a copv <jf the by-law, together with noiice of inten- 
 tion to apply to the Treasury I'.oard for thi issue of a certihcate 
 approving thereof, has been published fur at least four weeks in the 
 Cmniild Gazette, and in one or more newspapers published 111 the 
 place where the chief otlice or place tjf business of tlie bank is 
 situate; nothing herein contained, however, shall be construed to 
 prevent ti)e i'leasuiy iJu.uu iium iciiiSiilg ;v> :s = liC ;iuc;i r;;ii:::L"aiL: 
 if It thinks best so to do. 
 

 ■i'V- 
 
 3. In addition to evidence of the passing of the by-law and the j^|:'';;"';;";\;.|,'' 
 publication thereof in the manner above provided, statements 
 showinp; the amount of stock issued and the number ot shareholders, 
 
 with the amount of stock held by each, represented at such meeting, 
 and the number of shareholders, with the amount of stock held by 
 each, who voted for such bylaw, and also full statements of the 
 assets and liabilities of the bank, together with a statement of the 
 reasons and causes why such reduction is sought, shall be laid 
 before the Treasury Board at the time of the application for the 
 issue of a certificate approving such by-law. 
 
 4. The passing of such by-law, and any reduction of the capital l^,*'',',!^^','"" ,''"' 
 stock of the bank thereunder, shall not, in any way, diminish or i,"i|'i/of 
 interfere with the liability of the shareholders of the bank to the shareholders. 
 creditors thereof at the time of the issue of the certificate approving 
 
 such by-law. 
 
 5. If, in any case, legislation is sought to sanction any reduction If legislation 
 of the capital stock of any bank, a copy of the by-law or resolution " •'"''*''' '° 
 passed by the shareholders in regard thereto, together with state- 
 ments similar to those above provided to be laid before the Treasury 
 Board, shall be filed with the Minister of Finance and Receiver 
 General at least one month prior to the introduction into Parlia- 
 ment of the Bill relating to such reduction. 
 
 f). The capital shall not be reduced below the amount of two hun- i,,,,,,! t,, 
 dred and fifty thousand dollars of paid-up stock. — 1S90, c. 3i,s.2S. reduction. 
 
 sanction 
 reduction. 
 
 SHARES AND CALLS 
 
 IVloks of 
 
 subscription. 
 
 29. The shares of the capital stock of the bank shall be personal shares^md 
 estate, and shall be assignable and transferable at the chief place Jf,^.","J,'^ 
 of business of the bank, or at such of its branches, nr at such place 
 or places in the United Kingdom, or in any of the British colonies 
 or possessions, and according to such form, and subject to such 
 rules and regulations, as the directors prescribe ; and books of sub- 
 scription may be opened, and the dividends accruing on any shares 
 of such stock may be made payable at any of the places aforesaid; 
 and the directors may appoint such agents in the United Kingdom, 
 or in any of the British colonies or possessions, for the purposes of 
 this section as thiy deem necessary. -1S90, c. ji, s. 29. 
 
 30 The shares of the capital stock shall be paid in by such 
 inst.ilments and at such times and places as the directors appoiiit : 
 Provided always, that the liirectors may cancel any subscription 
 lor any share unless a sum e(Hial to ten per cent, at least on the 
 amount subscribed for is actually paid at the time of, or within 
 thirty days after the time of subscribing; but such cancellatiim subscninion 
 shall not relieve the subscriber from his liability to creditors in the 
 event of insolvency as hereinafter provided. — i>'9i), c. 31, s. 30. 
 
 31. The directors may make such calls of money from the Ciilson 
 several sharehoKlers for the time being, upon the shares subscribed ^'"'^'*- 
 for by them respectively, as ihey lintl necessary. 
 
 2. Such calls shall be made at intervals of not less than thirty lune of ealK 
 days, and upon notice to be gi\en at least thirty liays prior to the ""' ""''"' 
 
 )_,. „ i.;.i, 1 11 „u.,;l 1 l.l„ . ^„.\ .,., ^, 1, .,.,11 ..K.ll 1 !ni't.il:on, 
 
 exceed ten per cent, of each share subscribed.— 1^90, c. 31, s. 31. 
 
 P.ninent ot 
 
 ^h,llev 
 
 Pr.)M 
 
 !'■ 
 
10 
 
 Kceovery of 32. The directors may, in case of the non-payment of any call, 
 
 calls. jn ti,e corporate name of the bank, sue for, recover, collect and get 
 
 in all such calls, or may cause and declare such shares to be for- 
 feited to the bank.— icSgo, c. 31, s. 32. 
 
 I'orfi'iuire of 
 sh.irrs for 
 non-pavnieiU 
 of calN. 
 
 Sail- in such 
 case. 
 
 And transfer. 
 
 I'rovL>-o. 
 
 Recovery 
 suit. 
 
 What onl 
 need be 
 proved. 
 
 bv 
 
 ('onditions of 
 transfer of 
 share;. 
 
 Fraction of 
 share not 
 ll,^n^^fl'l ib'c. 
 
 List of trans- 
 fers 'o be kept. 
 
 33. If anv shareholder refuses or neglects to pay any mstalment 
 upon his shares of the capital stock at the time appointed therefor, 
 such shareholder shall mcur a penalty to the use of the bank of 
 a sum of money equal to ten per cent, on the amount of such 
 shares; and if the directors declare any shares to be forfeited 
 to the bank, thev shall, within six months thereafter, without 
 any previous formality other than thirty days' public notice of 
 their intention so to do, sell at public auction the said shares, or 
 so many of the said shares as shall, after deducting the reason- 
 able expenses of the sale, yield a sum of money sufficient to pay 
 the unpaid instalments due on the remainder of the said shares 
 and the amount of penalties incurred upon the whole ; and the 
 president or vice-president, manager or cashier of the bank shall 
 execute the transfer to the purchaser of the shares so sold ; and 
 such transfer shall be as valid and effectual in law as if it had 
 been executed by the original holder of the shares thereby trans- 
 ferred : but the directors, or the shareholders at a general meet- 
 ing may, notwithstanding anything in this section contained, 
 remit either in whole or in part, and conditi nally or un condition- 
 ally, any forfeiture or penalty incurred by the non-payment of 
 instalments as aforesaid, or the bank may enforce the payment of 
 any call or calls by suit, instead of declaring the shares forfeited. 
 1890, c. 31, s. 33. 
 
 34. In any action brought to recover any money due on any 
 such call it shall not be necessary to set forth the special matter 
 in the declaration or statement of claim, but it shall be sutftcient 
 to allege that the defendant is holder of one share or more, as the 
 case may be, in the capital stock of the hank, and is indebted to 
 the bank for a call or calls upon such share or shares, in the sum 
 to which the call or calls amount, as the case may be, stating the 
 amount and number of such calls, whereby an action has accrued 
 to the bank to recover the same from such defendant by virtue 
 of this .\ct ; and it shall not be neces-^ary to prove the appoint- 
 ment of the directors.— 1M90, c. 31, s. 34. 
 
 TR.\NSl'tK .\Nn TRANSMISSION OI- SH.\RKS 
 
 3^ No assignment or transfer of the shares of the capital 
 Stock of the bank shall be valid unless it is made and registered 
 and accepted by the person to whom the transfer is made, in a 
 book or books kept for that purpose, nor unless the person making 
 the same has, if required by the bank, previously discharged all 
 his debts or liabilities to the bank which exceed :n amount the 
 remaining stock, if any, belonging to such person, valued at the 
 then current rate ; and no fractional part of a share, or less than a 
 whole share, shall be assignable or transferable.— iSgo, c. 31, s. 35. 
 
 36. A list of all transfers of shares registered each day in the 
 books of the bank, showing the parties to such transfers and 
 
 tnc 
 
 :.;;are5 
 
 
 shall be made up 
 
 at"^he"end of each day and kept at the chief place of business of 
 the bank foi the inspection of its shareholders. — iSgo, c. 31, s. 3'). 
 

 11 
 
 37. All sales or transfers of shares, and all contracts and 
 agreements in respect thereof, hereafter made ur purporting to 
 be m.ide, shall be null and void (saving however, as to a pur- 
 chaser not having knowledge of the defect, his rights and 
 remedies under the contract of sale), unless the person making 
 such sale or transfer, or in whose name or on whose behalf the 
 same is made, is at the time thereof the registered owner in the 
 books of the bank of the share or shares so sold or transferred, 
 or intended or purported so to be, or has the registered owner's 
 assent to the sale: and the distmguishing number or numbers of 
 such share or shares, it any, shall be designated in the contract 
 or agreement of sale or transfer; and any person, whether pnn- 
 cipal, broker or agent, who violates the provisions of this section 
 by wilfully selling or transferring, or attempting to sell or trans- 
 fer, any share or shares by a false number, or of which the 
 principal is not, at the time of such sale or attempted sale, the 
 registered owner, or acting with the registered owner's assent to the 
 sale, shall be guilty of an offence against this Act.— i8go, c. 31, s. 37. 
 
 Trnnsfi'rrer of 
 ■ihnres niubl tie 
 registered 
 owner. 
 
 38. When any share of the capital stock has been sold under Saje^of shares 
 a writ of execution, the officer by whom the writ was executed ..^ecution. 
 shall, within thirty days after the sale, leave with the bank an 
 attested copy of the writ, with the certificate of such officer 
 endorsed thereon, certifying to whom the sale has been made; 
 and thereupon (but not until after all debts and liabilities of the 
 holder of the share to the bank, and ail liens existing in favour of 
 the bank thereon, have been discharged, as herein provided), the 
 president, vice-president, manager or cashier of the bank, shall 
 execute the transfer of the share so sold to the purchaser ; and such 
 transfer shall be, to all intents and purposes, as valid and effectual 
 in law as if it had been executed by the holder of the said share.— 
 1890, c. 31, s. 38. 
 
 39. If the interest in any share in the capital stock becomes ]j''^'^;^;'"°" 
 transmitted in consequence of the death, bankruptcy, or insol- otherwise 
 vency of any shareholder, or in consequence of the marriage of a 
 female shareholder, or by any other lawful means than by a 
 transfer according to the provisions of this Act, such transmission 
 shall be authenticat< 1 by a declaration in writing, as hereinafter 
 mentioned, or in su^h other manner as the directors of the 
 bank require: and every such declaration shall distinctly state the 
 manner in which and the person to whom such shares have been 
 transmitted, and shall be made and signed by such person: and 
 the person making and signing such declaration shall acknowledge 
 the same before a judge of a court of record, or before the mayor, 
 provost or chief magistrate of a -'tv, town, borough or other place, 
 or before a notary public, where the same is made and signed ; 
 and every declaration so signed and acknowledged shall be left 
 with the cashier, manager or other officer or agent of the bank, 
 who shall thereupon enter the name of the person entitled under 
 such transmission in the register of shareholders ; and until such 
 transmission has been so authenticated, no person claiming by virtue 
 of any such transmission shall be entitled to participate in the 
 nrofits of the bank, or to vote in respect of any such share of the 
 capital s i : Provided always, that every such declaration and 
 instrumt.u as, by this and the next following section of this Act, 
 
 than by trans- 
 fer, how au- 
 thenticated. 
 
18 
 
 i'roviso . A^ lo 
 declaration 
 made out of 
 ( anada, \c. 
 
 I'roviso : fur- 
 ther evidence 
 niav be re- 
 tiuired. 
 
 Transnii'^sion 
 by niairiafje 
 of female 
 sli.ireholder. 
 
 Tiansmission 
 hv decease. 
 
 Further pro- 
 vision in such 
 case. 
 
 are icijuired to perfect the transmission of a share in the bank 
 which is made in any country other than Canada, or any other 
 British colony, or the United Kingdom, shall be further authenti- 
 cated by tlie clerk of a court of record and under the seal of such 
 court, or by the British consul or vice-consul, or other accredited 
 representative of the British Government in the country where the 
 declaration is made, or shall be made directly before such British 
 consul or vice-consul, or other accredited representative ; and 
 provided also, that the directors, cashier or other officer or agent 
 of the bank may require corroborative evidence of any fact alleged 
 in any such declaration. — iSqo, c. 31, s. 39. 
 
 40. If the transmission of any share of the capital stock has 
 taken place by virtue of the marriage of a female shareholder, the 
 declaration shall be accompanied by a copy of the register of such 
 marriage, or other particulars of the celebration thereof, and shall 
 declare the identity of the wife with the holder of such share, and 
 shall be made and signed by such female shareholder and her 
 husband; and they may include therein a declaration to the effect 
 that the share transmitted is the separate property and under the 
 sole control of the wife, and that she may receive and grant re- 
 ceipts for the dividends and profits accruing in respect thereof, and 
 dispose of and transfer the share itself, without requiring the con- 
 sent or authority of her husband ; and such declaration shall be 
 binding upon the bank and persons making the same, until the 
 said persons see fit to revoke it by a written notice to that effect to 
 the bank ; but the omission of a statement in any such declaration 
 that the wife mal .g the same is duly authorized by her husband 
 to make the same shall not invalidate the declaration.— 1890, c. 
 31, s. 40. 
 
 41. If the transmission has taken place by virtue of any tes- 
 tamentary instrument, or by intestacy, the probate of the will, or 
 the letters of administration, or act of curatorship or tutorship, or 
 an official extract therefrom, shall, together with such declaration, 
 be produced and left with the cashier or other officer or agent of the 
 bank, who shall, thereupon, enter in the register of shareholders 
 the name of the person entitled under such transmission.— 1890, 
 c. 31, s. 41. 
 
 42. If the transmission of any share of the capital stock has 
 taken place by virtue of the decease of any shareholder, the pro- 
 duction to the directors and the deposit with them of an authentic 
 notarial copy of the will of the deceased shareholder, if such will 
 is in notarial fori.i according to the law of the Province of Quebec, 
 or of any authenticated copy of the probate of the will of the de 
 deceased shareholder, or of letters of administration of his estate, 
 or of letters of verification of heirship, or of the act of curatorship 
 or tutorship, granted by any court in Canada having power to 
 grant the same, or by any court or authority in England, Wales, 
 Ireland, or any British colony, or of any testament testamentary 
 or testament dative expede in Scotlanii, or, if the deceased share- 
 holder died out of Her Majestv's dominions, the production to and 
 deposit with the directors of any authenticated copy of the probate 
 of his will or letters of administration ot his property, or other 
 document of like import, granted by any court or authority having 
 the requisite power in such matters, shall be sutticient jiistini ation 
 and authority to the directors for paying any dividend, or for 
 
18 
 
 transferring or authorizing the transfer of any share in pursuance 
 of and in confornuty to such predate, letters of administration, or 
 other such document as aforesaid. — 1890, c. 31, s. 42. 
 
 43. The bank shall not be bound to see to the execution of any "ank mu 
 trust, whether express, implied or constructive, to wiiich any share to tnists/"^ 
 of its stock is subject ; and the receipt of the person in whose name 
 any such share stands in the books of the bank, or, if it stands in 
 the name ot more persons than one, the receipt of one ot such 
 persons shall be a sufficient discharge to the bank for any dividend 
 or any other sum of money payable in respect of such share, unless 
 express notice to the contrary has been given to the bank ; and the 
 bank shall not be bound to see to the application of the money 
 paid upon such receipt, whether given by one of such persons or 
 all of them. — 1890, c. 31, s. 43. 
 
 44. No person holding stock in the bank as executor, admin- Kvecuiors, 
 istrator, guardian, trustee, tutor or curator of or for any estate, p^^^'^o^'^'iy 
 trust or person named in the books of the bank as being so repre- ii,,bie. 
 sented by him, shall be personally subject to any liability as a 
 shareholder, but the estate and funds in his hands shall be liable 
 in like manner and to the same extent as the testator, intestate, 
 ward or person interested in such estate and funds would be, if 
 living and competent to hold the stock in his own name ; and if the 
 trust is for a living person, such person shall also himself be liable 
 as a shareholder : but if such estate, trust or person so represented i.xc.puon. 
 is not so named in the books of the bank, the executor, adminis- 
 trator, guardian, trustee, tutor or curator shall be personally liable 
 in respect of such stock as if he held it in his own name as owner 
 thereof. — 1900, c. 26, s. 8. (Substituted for 1890, c. 31, s. 44). 
 
 ANNUAL STATEMENT ANU INSPECTION. 
 
 ing. 
 
 Liabilities. 
 
 Assets 
 
 45. At every annual meeting of the shareholders for the elec- statomem to 
 tion of directors, the out-going directors shall submit a clear and ,,'n„uai nreeT*^ 
 full statement of the affairs of the bank, containing on the one 
 part,— 
 
 The amount of the capital stock paid in, the amount of note^ of 
 the bank in ciiculation, the net prohts made, the balances due to 
 other banks, and the cash deposited in the bank, distinguishing 
 deposits bearing interest from those not bearing interest : and on 
 the other part, — 
 
 The amount of the current coin, the gold and silver bullion, 
 and the Dominior notes held by the bank, the balances due to 
 the bank from other banks, the value of the real and other property 
 of the bank, and the amount of debts owing to the bank, including 
 and particularizing the amounts so owing upon bills of exchange, 
 discounteil notes, mortgages and other securities, — 
 
 Exhibiting, on the one hand, the liabilities of, or the debts due what state 
 by the bank, and on the other hand the assets and resources there- 
 of ; and the said statement shall also exhibit the rate and amount 
 of the last dividend ^leclared by the directors, the amount of re- 
 served profits at the date of such statement, and the amount of 
 debts due to the bank, over due and not paid, w;lh an estimate of 
 the loss which will probably accrue tiiereon. 
 
 niftn ^hall 
 
I'urlher 
 statfiiit-nts '.'J 
 sliari-liukliT5, 
 
 14 
 
 2. The directors shall also submit to the shareholders such 
 further statements of the attairs of the bank, other than statements 
 with reference to the account of any person dealing with the bank, 
 as the shareholders require by by-law passed at the annual general 
 meeting, or at any special general meeting of the shareholders 
 called for the purpose, and the statements so required shall be 
 submitted at the annual general meeting, or at any special general 
 n)eeting called for the purpose, or at such time and in such manner 
 as is set forth in the by-law of the shareholders re(]uiring such 
 statements. — iSyo, c. 31, s. 45, as muended by lyoo, c. 2(1, s. ij. 
 
 Inspection of 4g. Tlie books, Correspondence and funds of the bank shall, 
 
 bouki, \c. ^^ ^11 tj,,,gs^ j)g subject to the inspection of the directors ; but no 
 
 person, who is not a director, shall be allowed to inspect the 
 account of any person dealing with the bank — 1S90, c. 31, s. 46. 
 
 DIVIDENDS 
 
 DivHi.nds. 47. The directors of the bank shall, subject to the provisions 
 
 of this Act, declare ijuarterly or half yearly dividends of so much 
 of the profits of the bank as to the majority of them seems advis- 
 able : and they shall give at least thirty days' public notice of the 
 payment of such dividends previously to the date fixed for such 
 payment; and l':jy may close the transfer books during a certain 
 time, not exceeding fifteen days, before the payment of each divid- 
 end. — iSyo, c. 31, s. 47. 
 
 Dividenii not 
 to iitipair 
 capit.il. 
 
 Cipital lost tc 
 be iiiailr up. 
 
 I'roviso, 
 
 Dividend 
 Inniled unlc•^- 
 there is a cer- 
 tain reserve. 
 
 48- No dividend or bonus shall ever be declared so as to im- 
 pair the paid-up capital; and if any dividend or bonus is so 
 declared or made payable, the directors who knowingly and 
 wilfully concur therein shall be jointly and severally liable for the 
 amount thereof as a debt due by them to the bank ; and if any 
 part of the paid-up capital is lost, the directors shall, if all the 
 subscribed stock is not paid up, forthwith make calls upon the 
 shareholders to an amount equivp'snt to such loss ; and such loss 
 and the calls shall be mentioned in ■ /;e next return made by the 
 bank to the Minister of Finance and Receiver Cieneral : Pro- 
 vided that, in any case in which the capital has been impaired as 
 aforesaid, all net profits shall be applied to make good such loss. — 
 iJigo, c. 31, s. 4s. 
 
 49. No division of profits, either by way of dividends or bonus, 
 or both combined, or in any other way, exceeding the rate of eight 
 per cent, per annum, shall be made by the bank, unless after 
 making the same, it has a rest or reserve fund e(iual to at least 
 thirty per cent, of its paid-up capital; and all bad and doubtful 
 debts sliall be deducted before the amount of such rest is calculated. 
 
 — iSyo, C. 31, S. 49. 
 
 RESI.RVKS. 
 
 I'.irt nl ri'-'TM 
 
 to !«• in Uo- 
 iiiihion not<.>. 
 
 PenaU> for 
 non-eoinpli- 
 ance. 
 
 50. The bank shall hold not less than forty per cent, of its 
 cash reserves in Dominion notes ; and every bank holding at any 
 time a less amount of its cash reserves in Duiiiininn nutes than is 
 prescribed by this section shall incur a penalty of five hundred 
 dollars for each and e\ery violation of the provisions of this sec- 
 tion. 
 
2. The Minister of Finance and Keceiver General shall make >^ii|'ply of 
 such arrangements as are necessary for iiisiirmg the deHvery of 1,!",',"'"'°" 
 Dominion ncjtes to anj- bank, i.i exchange for an e(|uivalent amount 
 of specie, at the several oHi'-es at which D miinion notes are re- 
 deemable, in the cities of Toronto, Montreal, Halifax, St. John, 
 N.I!., Winnipeg;, Charlotletowii and \'ictoria, respectively; and 
 such notes shall be redeemable at the otflce for redemption of 
 Dominion notes in the place where such specie is given in exchange. 
 — I.Syo, c. jl, s. 50. 
 
 Aiiujunt and 
 ilenuniMiiition 
 of bank notes. 
 
 Note issue of 
 Itnu-nif du 
 I'euple and 
 
 North 
 .America. 
 
 NOTK ISSfK. 
 
 51. The bank may issue and reissue notes payable U> bearer 
 on demand and intended for circulation ; but no such note shall 
 be for a sum less than live dollars, or for any sum which is not a 
 multiple of hve dollars, and the total amoimt of such notes, in cir- 
 culation at any time, shall not exceed the amount of the unim- 
 paired paid-up capital of the bank. 
 
 2. Notwithstanding anything contained in the next preceding 
 sub-section, the total amount of such notes in circulation at any 
 time of La Banrjue du Peuple and the Hank of British North li'lnkofTimish 
 America respectively siiall not exceed seventy hve per cent, of the 
 unimpaired [laid-up capital of such banks respectively, but each 
 of such banks may issue such notes in excess ot the said seventy- 
 five per cent, upon depositing, with respect to such excess, with 
 the Minister of Finance and Receiver Cieneral, in cash or bonds 
 of the Dominion of Canada, an amount equal to the excess ; pro- 
 vided always that in no case shall the total amount of the notes 
 of either of the said banks in circulation at any time exceed the 
 utiimpaired paid-up capital of such bank ; and tiie cash or bonds 
 so deposited shall be available by the Minister of Finance and 
 Receiver (ieneral for the redemption of notes issued in excess as 
 aforesaid, in the event of the suspension of the said banks respec- 
 tively. 
 
 3. If the total amount of the notes of the bank in circulation at 
 any time exceeds the amount authorized by this section, the bank 
 shall incur penalties as follows; If the amount of such excess is not 
 over one thousand dollars, a penalty equal to the amount of such 
 excess; if the amount of such excess is over one thousand dollars 
 and is not over twen'y thousand dollars, a penalty of one thousand 
 dollars ; if the amount of such excess is over twenty thousand 
 dollars and is not over one hundred thousand dollars, a penalty of 
 ten thousand dollars; if the amount of such excess is over one 
 hundretl thousand dollars and is not over two hundred thousand 
 dollars, a penalty of fifty thousand dollars; and if the amount of 
 such excess is over two hundred thousand tloilars, a penalty of one 
 hundred thousand dollars. 
 
 4 .Ml notes heretofore issued or reissued by the bank, and now Nni,> 
 
 in circiilati"!!, which are for a sum less than five dollors, or for a S^tobecailed 
 
 sum which is not a multiple of hve dollars, shall be called in and '"' 
 canct^lleil as soon as practicable. — iSyo, c. 31, s. 51. 
 
 Penalties for 
 excess of cir- 
 culation. 
 
 under 
 
 C. H. 1899 Notwithstandnig tl j provisions of section 31 of N..t.'i"ueat 
 
 tins .\ct, .my bank to which this .\ct applies may issue and i«<'i>t'y i" 
 
 reissue, at an)' oilue or ageiu \ of the bank in any British colony !!on'!ji|e°'""" 
 
 or i)o'~se^sion other than Canada, iioto ot the bank pavable than ( .mada. 
 
10 
 
 Rrdelliption. 
 
 RtMl(Mlipti( 
 
 if agriiLV 
 abohslifd. 
 
 Proviso : 
 as to issue 
 in ( iinailn. 
 
 'I'olal .iMinimt 
 of circul.uion. 
 
 to bearer on demand and intended for circulation in such colony or 
 possession, for the sum of one pound sterhnf,' each, or for any 
 multiple of such sum, provided the issue or reissue of such notes is 
 not forbidden by the laws of such colony or possession. 
 
 The notes so issued shall be redeemable at |)ar at any office 
 or af,'ency of the bank in the colony or possession in which they are 
 issued for circulation, and not elsewhere, except as in this section 
 specially provided ; and the place of redemption of such notes shall 
 be legibly printed or stamped across the face of each note so issued. 
 
 3. In the event of the bank ceasing to have an office or agency 
 in any such British colony or possession, all notes issued in sucli 
 colony or possession under the provisions of this section shall 
 become payable and redeemable at the par value thereof (that is to 
 say, at four dollars and eighty-six and two-third cents per pound 
 sterling) in the same manner as noies of the bank issued in Canada 
 are payable and redeemable: provided always that no notes issued 
 for circulation in a British colony or possession other than Canada 
 shall be reissued in Canada, and that nothing herein shall be con- 
 strued as authorizing (lie issue or reissue by the bank in Canada of 
 notes payable to bearer on demand and intended for circulation for 
 a sum less than five dollars or lor a sum which is not a multiple of 
 five dollars. 
 
 4. The amount of the notes at any time in circulation in any 
 colony or possession, issued under the provisions 01 this section, 
 shall at the rate of four dollars and eighty-six and two-third cents 
 per pound sterling, form part of the total amount of the notes in 
 circulation within the meaning of section 31 of this Act, and, except 
 as in this section otherwise specially provided, shall be sui)ject to 
 all the provisions of this Act ; but nothing herein contained shall 
 enable the bank to increase the total amount of its notes in circu- 
 lation in Canada and elsewhere beyond the limit fixed by the said 
 section 51. 
 
 I'lcdging of 
 notes |)r(j- 
 liiljited. 
 
 IVn.ilty for 
 pledging. 
 
 Penalty for 
 improper i>^ 
 or taking of 
 
 52. The bank shall not pledge, assign or hypothecate its 
 notes ; and no advance or loan made on the security of the notes 
 of a bank shall be recoverable from the bank or its assets. 
 
 2. Every person who, being the president, vice-president, director, 
 principal partner tit cuiiimdndtte, general manager, manager, 
 cashier or other ofticer of the bank, pledges, assigns, or 
 hypothecates, or authorizes, or is concerned in the pledge, assign- 
 ment or hypothecation of the notes of the bank,— and every 
 person who accepts, receives or takes, or authorizes or is concerned 
 in the acceptance or receipt or taking of such notes as a pledge, 
 assignment or hypothecation, shall he liable to a fine of not less 
 than four hundred dollars and not more than two thousand 
 dollars, or to imprisonment for not more than two years or to both. 
 
 3. 1-2 very person who, being the president, vice-president, director, 
 principal partner en coininandite, general manager, manager, 
 cashier or other officer of a bank, with intent to defraud, issues 
 or deli\ers, or authorizes or is concerned in the issue or delivery of 
 notes of the bank intended for circulation and not then in circu- 
 lation, — and every person who, with knowledge of such intent, 
 accepts, receives or takes, or authorizes or is concerned in the 
 acceptance, receipt 01 lakintr of such notes.— shall be Laiiltv of a 
 
first cliarijeon 
 assets. 
 
 17 
 
 misdetiieanoiir, ;iik1 liable to imprisonment for a term not exceeding 
 seven years, or to a tine not exccfdint,' tw,, tliMiisaiid dollars, or to 
 hotl). — iSijo, r 31, s. 52. 
 
 53. Th-_' p.iyinent of the notes issued or rr- issued by the bank 
 and intended for c-ir(iiI-itio;i, and then in lircnlation, to),'ctiier with 
 any interest paid-.r payable therton as lierein,.fier i:rovided, shall lu; 
 the first charge upon the assets of the bank in case of its insolvency : 
 and the payment of any amount due to the Ciovernment of 
 Canada, in trust or otherwise, shall be tlio second charf^e upon 
 such assets ; and the payment ( f any aiiKjunt due to the (,'overn- 
 ment. of any of tlie Provinces, in trust or otherwise, shall be the 
 third charge upon sucli assets. 
 
 2. The amount of any penalties for which the bank is liable l.iit.iht) for 
 shall not form a charf,'e upon the assets of such bank, in case of 
 insolvency, until all other liabilities are paid.- 1S90, c. ji, s. 53. 
 
 c.Tse of iii- 
 solveiKv. 
 
 C. 26. woo do). The bank shall not, diirinj,' any period of 
 suspension of payment of its liabilities, issue or reissue its notes 
 payable to bearer on demand and intended for circulation, and if, 
 after any such suspension, the bank resumes business without the 
 consent in writin),' of the curator hereinafter provided for, it shall 
 not issue or reissue any of such notes until authorized by the 
 Treasury Board so to do, and every person who, beinf,' president, 
 vi.-e-president, director, f,'eneral nianat,'t r, manatjer, clerk or other 
 officer of the bank, issues or leissues, or authoiizes or is con- 
 cerned in the issue or reissue of such notes, ami every person who 
 accepts, receives cr takes, or authorizes or is concerned in the 
 acceptance, receipt or takinfj of such notes from the bank, or from 
 such president, vice-president, director, fi;eneral manaf,'er, mana),'er, 
 clerk or other officer of the bank, in payment or part payment, or 
 as security for the payment of any amount due or owinf; to such 
 person by the bank, is KUilty of an indictable offence and liable to 
 imprisonment for a term not exceedinj,' seven years, or a fine 
 not exceeding two thousand dollars, or to both. 
 
 tlink lK)t t ) 
 :^^Ut.' nirte^ 
 ilurini; ptTioii 
 of susj)ension. 
 
 I'enaltv. 
 
 54. Every bank to which this .Act applies and which is carry- 
 ing on its business at the time when this act comes into force, 
 ijuly I, i8yi1 shall, within fifteen days thereafter, pay to the Min- 
 ister of Finance and Receiver C.eneral, a sum of money equal to 
 two and one-haif per cent of the average amount of its notes in 
 circulation during the twelve months next preceding the date of 
 the coming into force of this Act, or if such bank has not been in 
 operation for twelve months, a sum of money equal to two and 
 one half per cent of the average amount of its notes in circulation 
 during the time it has been in operation; and each bank shall, 
 within fifteen days from and after the first day of Julv, in the year 
 one thousand eight hundred and ninety-two, pay to the Minister of 
 Finance and Receiver General such further sum of money as is 
 necessary to make the total amount so paid by each bank to be"a sum 
 equal to five per cent of the average amount of its notes in circula- 
 tion during the twelve months next preceding the date last 
 mentioned -which sum shall be adjusted annually as hereinafter 
 provided. 
 
 I-^xistnig 
 binks to make 
 dop'isit with 
 Mmistrr of 
 Finance cfjiMl 
 to tivf per ct'nl. 
 of note cirer.- 
 lation. ♦ 
 
 A^/l Irtitr 
 
As lo llf\S 
 
 banks 
 
 Kurmatii'n of 
 circuUlum 
 rf<l"in|itiori 
 funil. 
 
 l-unil XV Ik'.u 
 inlerot. 
 
 Note circula- 
 tion, hoi^ 
 deteriiiined. 
 
 NolPS of bank 
 suspending 
 paynvnt to 
 bear mten-st 
 until rc- 
 ileL-mcd. 
 
 If II. .1 rc.!i--Mn 
 fd to I"' paul 
 out of fund 
 
 1^ 
 
 I,. I'll-- Miuisicr m| I'm Hire and Receiver Gt;neral sIkiII, upon 
 il.e i>Mie(it a (f mill ale uii(icr tins Act authorizinn a hank to isb.iie 
 notes anJ cuninifnce the liusiness of bankuit,', retain out of any 
 nioiicys (if sii'-h bank then in his possession the sum of tive thous- 
 anil dollars, -whuh sum shall he luld for the purposes of this 
 set tion until tlie annual adjustment h' reuiuier takes plate in lli'- 
 year then ne\t following,', at which time the amount at the creilit of 
 the liank shall he adjusted hy payment to or l)y the hank of such 
 sum as is necessary to make tlie amount at the credit of the hank 
 to he a sum of money equal to tive per cent of the averaf,'e amount 
 of its notes in circulation from the time it commenced husiness to 
 the time of such adjustment, — which sum shall he adjusted an- 
 nually as hereinafter provided. 
 
 4. The amounts so paid, retained and kept on deposit as afore- 
 said shall form a fund to he known as " The Hank Circulation 
 Redemption Fund,"— which fund shall he held tor the following 
 purpose, and for no other, namely : In the event of the suspen- 
 sion hy the hank of payment in specie or Dominion notes of any 
 of Its liahilities as they accrue, for the payment of the notes then 
 issued or reissued hy such hank, and intended for circulation, and 
 then in circulation, and interest thereon ; and the Minister of 
 Finance and Receiver General shall, with respect to all notes paid 
 out of the said fund, have the same rights as any other holder of 
 the notes of the hank. 
 
 5. The fund shall hear interest at the rate of three per cent per 
 annum, and it shall he adjusted as soon as possible after the 
 thirtieth day of June in each year in such a way as to make the 
 amount at the cret'.ii of each hank contributing thereto, unless 
 herein otherwise specially provided, equal to five per cent of the 
 average note circulation of such bank during the then next preced- 
 ing twelve months. 
 
 6. The average note circulation of a bank during any period 
 shall be determined from the average of the amount of its notes in 
 circulation, as shown by the monthly returns for such period made 
 by the bank to the Minister of Finance and Receiver General ; and 
 where, in any return, the greatest amount of notes in circulation 
 at any time during the month is given, such amount shall, for the 
 purposes of this section, be taken to be the amount of the notes of 
 the hank in circulation during the month to which such return 
 relates. 
 
 7. In the event of the suspension by the bank of payment in specie 
 or Dominion notes of any of its liabilities as they accrue, the notes of 
 such bank, issued or reissued and intended for circulation, and then 
 in circulation, shall bear interest at tlie rate of five per cent perannum, 
 from the day of such suspension to such day as is named hy the direc- 
 tiirs, or hy the liquidator, receiver, assignee or other proper official, 
 for the payment thereof— of which day notice shall he given by 
 advertisement for at least three days in a newspaper published in 
 the place in which the head ottice of the hank is situate : but in 
 case any notes presented for payment on or after any day named 
 for payment thereof are not paid, all notes then unpaiti and in 
 circulation shall continue to bear interest to such further day as is 
 named for payment thereof,— of which day notice shall be given in 
 manner ah'n-e provided : Provided always, that in case of failure 
 nil tlie n.irt of the directors of the bank, or of the li(iuiuator, re- 
 
19 
 
 Cfiver, assignee or otlier proper otlicial, to make arrangements 
 witlun two months from the d.iy of suspension of pajimnt by the 
 l).ink as afores.iul for the p.i\inent of all of its notes ami mterest 
 thereon, the Mmister of I'm.ince and Receiver (ieneral may there- 
 upon make arraiifjements for tlie payment of the notes remaining 
 uiipaKl, and ail intertst theieon, out of llie ^.lnl fund, and shall 
 f,'ive such notice of such paymeni as he thinks expedient, and on 
 the day named by him fur siicii payment all interest on such notes 
 shall cease, anything herein contained to the contrary notwith- I'roviso. 
 standing ; but nothing herein contained shall be construed to 
 impose any liability on the Ciovernment of Canada or on the Min- 
 ister of I'itiance and Receiver General beyond the amount 
 available from time to time out of the said fund. 
 
 S. All payments made from the said fund shall be without I'.ivmcnt-, 
 regard to the amount contributed thereto by the bank in respect [|^,'."", [,"",,,'" 
 of whose notes the payments are made; and in case the pay- t.gini to 
 mciits from the fund exceed the amount contributed by such atiw.unt 
 bank to the fund, and all interest due or accruing due to such 
 bank thereon, the other banks shall, on demand, make good to 
 the fund the amount of surd excess, pro i-iita to the amount 
 which each bank had or should have contributed to the fund at 
 the time of the suspension of the bank in respect of whose notes 
 the payments are made ; and all amounts recovered and received 
 by theMinister of Finance and Receiver deneral from the bank 
 on whose account such payments were made shall, after the 
 amount of such excess has been made good as aforesaid, be dis- 
 tributed among the batiks contributing to make good such excess 
 pro rata to the amount contributed by each : Provided always, [,^,,^1. 
 that each of such other banks shall only be called upon to make 
 good to the said fund its share of such excess, in payments not 
 exceeding in any one year one per cent, of the average amount of 
 its notes in circulation, — such circulation to be ascertained in such 
 manner as the Minister of Finance and Receiver General decides; 
 and his decision shall be final. 
 
 inlriljutfil. 
 
 g. In the event of the winding up of the business of a bank 
 by reason of insolvency or otherwise, the Treasury Board may, 
 on the application of the directors, or of the liquidator, receiver, up, 
 assignee or other proper official, and on being satisfied that proper 
 arrangements have been made for the payment of the notes of 
 the bank and any interest thereon, pay over to such directors, 
 litjuidator, receiver, assignee, or other proper official the amount 
 at the credit of the bank, or such portion thereof as it thinks 
 expedient. 
 
 lo. The Treasury Board may make all such rules and regula- 
 tions as it thinks expedient with reference to the payment of any 
 moneys out of the said fund, and the manner, place and time 
 of such payments, the collection of all amounts due to the said "' f"'"' 
 fund, all accounts to be kept in connection therewith, and 
 generally the management of the said fund and all matters relating 
 thereto. 
 
 Kepaynient of 
 Mmijunt if 
 t;.ink IS wound 
 
 1 IIM^UI V 
 
 H",inl iiuiv 
 rt-i^uLue 
 
 II. The Minister of Finance and Receiver General may, in his in 
 
 official name, by action ia the Excheijuer Court of Canada, enforce 
 payment (with costs of action) of any sum due and payable by any 
 bank under the provisions of this section. — iSyo, c. ji, s. 54. as 
 nmeuded by 1900, c. 26, ss. 11 and 12. 
 
 lorcfincnl 
 
 it [i.i\ni"'nt. 
 
;^&^1 
 
 to 
 
 Nntr, ,,f 
 
 Uit)k ti) lir.ir 
 iritrr<-^t at ; 
 [MM ifpl in 
 
 C 26 ;900 I I U- NotwitlistaiiiliiiK .(iiytliihK to (lie ojiur.ir> < 1)11- 
 t.iitircl III SI I [lull •,\ (y| llir said Act, all iintcs ot a liink whii li has 
 siispt'iulfij pa\iiu'iU, ami .ill iiittiest on such iiutes. which arc p.iid 
 li\ the Minister of I'maricc aiiil I'lcctivtr (iciu'iai out »t " I he 
 haiik < ircilatinii Kfilcinptii ii; I'liiid " alUT the aiii(;UlU at the 
 credit of such hank in the fund, adding tli'Tcto all interest due or 
 accruin).; due on such amount, li.ts lieen exhaustiil, sjull luar 
 interes! ,it the r.ite nt three per cent pi r annniii hoin tlu' lime such 
 notes ind interest are p.iid until such notes and interest are repaid 
 to the Minister of I in, mi e and K'cceivi r (lentral by or out of the 
 assets of such liaiik. 
 
 NiM.-s of (.ink 
 to !-.■ p.iv.il.li' 
 
 ,11 I'M 
 
 tliroiighnul 
 Cin.iil.i 
 
 55. I he bank shall ni.ike sm h ;irrant;ements ;is are necessary 
 to ensure the ( irc iiiatum at par in any and e\ery pait of Canada 
 of all notes issued or reissued by it and intended for circulation ; 
 and towards this purpose the bank shall establish, agencies tor the 
 re lemplion and p,i\ iiient of its notes at the cities of H.ilifax, St. 
 John, Chailottetown, Montreal, TortJiito, Winnipeg,' aiui X'lcioria, 
 and at such other places as are, from time to time, desion.iled by 
 the Treasury Board. — i>^i^o, c, ji, s, 55. 
 
 ReiIi'm|itioii 
 
 of llol'"-. 
 
 Payable 
 chief place of 
 bu^in<'^<s. 
 
 56. I he bank shall always receue in payment its own notes 
 at par at any of its oltices, ar.d whetlier they are made payalile 
 
 there (jr not. 
 
 2. The chief place of business of the bank shall always be one 
 of the places at winch its notes are made payable. — i.'^'jo, c, 31, s. 56. 
 
 Payirfnts in 
 
 Doiinnioii 
 
 notes. 
 
 Torn or de- 
 faced Motes. 
 
 57. 1 he bank, when inakinp any payment, shall, on the re- 
 (jiiest of the person to whom the payment is to be made, pay the 
 same, or such part thereof, not e.xceediiif,' one hundred dollars as 
 such person requests, in Dominion notes for one two or four 
 dollars each, at the option of such person : Provided always that 
 no payment, whether in Dominion notes or bank notes, shall be 
 made in bills that are torn or partially defaced by e.xcessive 
 handlinf^. — iSgo, c. 31, s. 57. 
 
 Bonds, n 
 &c.. how 
 by whom 
 be signei 
 
 ami 
 to 
 
 Proviso : 
 pow IT m 
 dc|niteil 
 f^thcer. 
 
 ay be 
 to 
 
 58- The bonds, oblif^ations and bills, oliij^atory or of credit, of 
 the bank under its corporate seal, and signed by the president, 
 or vice-president antl countersigned by a cashier, or assistant 
 cashier, which are made payable to any person, ^hall be assignable 
 by endorsement thereon ; and bills or notes of the bank signed by 
 the president, vice-president, cashii i or other officer appointed by 
 the directors of the bank to sign the same, promising the pay- 
 ment of money to any persor or to his order, or to the bearer, 
 though not under the corporate seal of the bank, shall lie binding 
 and obligatory on it in like manner and with the like force and 
 effect as they would be upon any private person, if issued by him 
 in his private or natural capacitj', and shall be assignable in like 
 manner as if they were so issued by a private person in his natural 
 capacit} : Provided always, that the directors of the bank may, 
 from time to time, authorize or depute any cashier, assistant c hier 
 or officer of the bank, or any director other than the president or 
 vice-president, or any cashier, manager or local director of any 
 branch or office of discount and deposit of the bank, to sign the 
 
 not-?? o 
 
 -•ank 
 
fl 
 
 \mI.- 
 
 59. All l);ink notes and lulls <<{ the h.ink whiri'oii the name 
 of any person entrusted or aiithon/t-d to siyn siuh note;, or lulls on 
 he-half ol the hank is impressed by machinery provided for that 
 purpi-.sc, by or with the authority of the hank, shall be »,'ood and 
 valid to all intents and purposes as it such notes and bills had 
 been >ub<tcribed in the proper handwriting of the person intrusted 
 or authorized by the bank to si>;n the same respectively, and shall 
 be bank notes and bills within tlie meaning' of all laws and statutes 
 whatever, and may be described as bank ivites or bills in all indict- 
 ments and civil or rriminal proi eedini,'s whatsoever : Provided 
 aKva\s, that at least one signature to ea< h note or bill must l)e in 
 the actual handwriting of a person authorized to sign such note or wnticn 
 bill. — i«()i), c. 31, s. 5y. 
 
 ni i\ lie 
 Mt'ri' '1 l.v 
 rii.u h'ru-ty. 
 
 Oin" >ii;ii.i!iire 
 
 60. fCvery person, except a bank to which this Act applies. P.n.iiu for 
 who issues or reissues, makes, draws, or endorses any bill, bond, "" ""'"'■""l 
 note, checpie or other instrument, intended to circulate as money, lu^rcircul.'iiion, 
 or to be Used as a substitute f(jr monev. for any amount whatso- 
 ever, shall incur a p'Ualty of four hundred doilars, which shall be 
 recoverable, with costs, in any court of competent jurisdiction, by 
 any person who sues for the same ; and a moietv of such penalty 
 shall belont; to the person suini; fur the same, and the other 
 moiety to Her Majesty for the [iiiblic uses of Canada. 
 
 J. The intention to pass any such instrument as money shall ^i 
 he [iresumed, if it is made tor the pa\iiHnt of a less sum than 
 twenty d)llars, and is payable either in foriii or in fact to the 
 bearer thereof, or at si^'ht or on demand, or at less than thirty 
 days thereafter, or is overdue, or is in any way calculated or 
 designed for circulation, or as a substitute for money ; unless such 
 instrument is a cheijue on some chartered bank paid by the maker 
 directly to his immediate crt-ditor, or a jiromissory note, hill of 
 excliant,'e, bond or (>ther undertakini^ for the jiaynunt of money, 
 paid or delivered by the maker thercot. to his immediate creditor, 
 and is not dfsi(,'ne 1 to circulate as money or as a substitute for 
 money, — iSyo, c. ji,s. f)o. 
 
 li.ii sh.ill 
 li ll'ites. 
 
 61 ICvery person who in anv way defaces any Dominion 
 Provincial note, or hank note, whether by writintj, priniin;,', 
 drawmtj or stampinu thereon, or by attachini; or atiiximj; thereto, 
 anythiii},' in the n.iture or form of ,in advertisement, '-hall be liable 
 t'l a penalts' not eX':eedinj,' twenty liollars. — i><9o, c. 31, s. 6i. 
 
 or I 1,-furliiL'nt 
 
 IVn.lltv, 
 
 section 442 (/ til, it Code. 
 
22 
 
 Branches and 
 agencies. 
 
 ( icnei-.il [><>' 
 of bank. 
 
 64 
 
 may 
 
 t'eil.un Iju-.!- 
 nfss iiiiiy not 
 be tr.m^actffi 
 bv the b;inl-. 
 
 Bank to have 
 lien on debtor 
 shares. 
 
 Sale of sulIi 
 shares. 
 
 Notice. 
 
 '1 ran^fer in 
 caM- ot s,^]•■■ 
 
 hills of Lxchange, 
 securities, or tlie stock, 
 ami I'tlier 
 otherwise, or 
 
 ("ollateral 
 securities nia\ 
 be similar!) 
 dealt \Mtli. 
 
 Rn;h' toiio ■ 
 ni.u l)e \\.ll\' 
 
 UUSINIISS AND roWKRS OF THr. D.\NK. 
 
 The bank may open branches, agencies and offices, and 
 en^'age in and carry on business as a dealer in gold and 
 silver com and bullion, and it may deal in, disc.jinit and lend 
 money and make a^lvances upon the security of, and may take as 
 collateral security for any loan made by it, 
 promissory notes and other negotiable 
 
 bonds, debentures and obligaticjns of municipal and ntlier 
 coriiorations, whether secured by mortgage or 
 Dominion, Provincial, British, foreign and other public securities, 
 and it mav engage in and carry on such business generally as 
 api^ertdins to the business of banking ; but. except as authonzed 
 by this .\ct, it shall not, either directly or indirectly, deal in the 
 buyinf,', or selling, or bartering; of goods, wares and meichandise, 
 or engage or be engaged in any trade or business whatsoever : and 
 it shall not, either directly or indirectly, purchase or deal in, or 
 lend money, or make advances upon the security or pledge of any 
 share of its own capital stock or of the capital stock of any bank ; 
 and It shall not, either directly or indirectly, lend money ^r make 
 advances upon the security, mnrtgage or hypothecation of any 
 land, tenements or immovable pioperty, or of an\ ships or other 
 vessels, or upon tlie security of any goods, wares and merchandise. 
 — iStjo, c. 31 , s. 04. 
 
 66. The bank shall have a privileged lien, for any debt or 
 lia' ility for any debt to the bank, on the shares of its own capital 
 stock and on any unpaid dividends of the debtor or person liable, 
 and may decline' to allow any transfer of the shares of such 
 debtor or person until such debt is paid: and the bank shall, 
 within twelve months after such debt has accrued and btroiiie 
 payable, sell such shares, .md notice siiall be given to the holder 
 thereof of the intention of the bank to sell the same, by mailing 
 such notice m the post ot'tice to the last knuwn address of such 
 holder, at least thirty days prior to such sale : and upon such sale 
 being made the president, vice-president, manager or cashier shall 
 execute a transfer of such shares to the purchaser thereof in the 
 usual transfer book of the bank,— which transfer shall vest in sii. h 
 pill chaser all the rights in or to such shares which were possessed 
 by the holder thereof, with the same obligation of warranty on Ins 
 part as if he were the vendor thereof, but without any warranty 
 from the bank or by the ofticer ot the bank exnulmg such transfer. 
 — 181JO, c. ji , s. 0-. 
 
 66- 'I'he stuck, bonds, debentures or securities, acrpiired and 
 held by the bank as collateral security, may, in case of default to 
 pay the .lebt, for securing which they were so acquired and heUl, 
 be'dealt with, sold and conveyed 'either in like mannei and 
 subject to the same restrictions as are herein provided in le.^pcct 
 of stock of the bank on which it has acquired a lien under this 
 Act, or in like iiK\uner as and subject to the restrictions uivler 
 which a private individual might m like r.ircnmstances deal with, 
 sell and convey the same, but without obligation to sell the same 
 within twelvemonths. 
 
 2. The right so to deal with ami dispose ot sucli slock, Jiouds, 
 
 ■ debentures or securities in manner aforesaid may be wai\ed or 
 
 varied by any agreement between the bank and the owner of such 
 
28 
 
 stock, bonds, debentures or securities, made at the time at which 
 such debt was incurred, or if the time of payment of such debt has 
 been extended, then by an a[,'reeintjnt made at the time of such 
 extension. — iiSijo, c. 31, s. 60. 
 
 67. The bank may acquire and h(,ld real and immovable pro- ,';';;^'^]j;j";'/"'' 
 party for its actual use and occupation and tlu; inanai,'emei)t ot its 
 business, and may sell or disiiose of the same, and acquire other 
 property in its stead for the same purpose. --I>^yo, c. 31, s. Oj. 
 
 68 The i)ank may take, hold and dispose of mortRaf^es and Mortgafji 
 livpntheqiwi iip(jii real or personal, immovable or UDvahle property, 
 by way of additional security for debts contracted to the bank in 
 the course ot us i)iisiness ; and the rit;hts, powers and privileges 
 which the bank is by this Act declared to have or to have had in 
 respect of real or immovable property mort^'a^'ed to it, shall be 
 held and possessed by it in respect of any personal or movable 
 pr<jpeity winch IS mortf<af;ed or hypothecated to it.— 1.^90, c. 31, 
 s. fis: 
 
 ;is additional 
 'iMiritv. 
 
 69. Th-- bank mav purchase any lands or real or immovable 
 property oltered for sale under execution, or m insolvency, or 
 under l[ie order or decree of a court, as beloiiKi"^' to any debtor to 
 the bank, (jr otfered ior sale by a mortf,'af,'ee or otiier em umbrancer 
 havuiL; priority over a mort,<af:e or other encumbrance held by the 
 bank (jr ottered for sale by the bank under a power (jf sale given to 
 it for that purpose, in cises in whirh. under similar circumstances, 
 an individual could so purchasr, witli-ut any restriction as to the 
 value of the property which it may si. purchase, and may acquire 
 a title thereto as any individual purchasing at sheritf's sale, or 
 under a power o( safe, m like < ircuinstances, could do, and may 
 take, h.ive, hold and dispose of the same at pleasure.— iSi^o, c. 
 
 31, S. (HJ. 
 
 I'urchaso 
 
 III land under 
 
 f.xecution. &c. 
 
 Uank may 
 acquiri' 
 al>si>lutf mil- 
 in vk'a] 
 proprriy. 
 
 70. The bank may acquire and hold , in absolute title iu or to 
 real or immovable property in .itua-eii to it as security for a debt 
 due or owing to it. either by obtaining a lele.ise of the equity 
 of redemption in the mortgaged property, or by procuring a t(jre- 
 closure. or by other means whereby, .IS between individuals, an 
 equity of rtaiemption can, by l.iw, \v barred, ,ind may purchase 
 and acquire anv piior mortgage or charge on --ueh property. 
 
 2. \o bank shall hold any real or immovable pre lertv, how- Property 10 be 
 soever acquired, except such as is required for its own use for any 
 period exceeding seven yeais from the date of the acquisition 
 thereof, or any exten-ion ot such peiunl as hereinatter provuied, 
 but such propertv shall be alisolutely sold or disposed of so that 
 tlie bank shall no longer retain any interest therein unless by way 
 of security ; I'rovideii that the Treasury Board tiuu' ihre. t that the 
 time' tor the sale or disposal thereot be extended tor ,1 further 
 pieriod or perioils. not to exceed five years, the whole p.Miod dur- 
 ing which the bank m,iy so hold Mich property under thr provi- 
 sions of tlii^ siib'-'ection not to exi ettd twelve years. 
 
 .cild witliit\ 
 ci'itain tune. 
 
 I'loviso ; 
 fMeii.-...m of 
 tune. 
 
 i 'tMp,'! ty 
 
 nnt sold' to be 
 
 ii:,hli. 10 
 
 3. .Xny real or immovable property, not within the ex'eption 
 aforesaid, held by the b. ink for a longer period than authorized by 
 the preceding sub-sretion, shall be li.ible to I'e torteited t(j Her i,,rfeiturc. 
 Majesty for the use of the Pominion of Cmada, but no siu h 
 
24 
 
 Provisions 
 apply to real 
 properlv nciu 
 held. 
 
 Title to laml^ 
 so acqaiioJ . 
 power of salt', 
 
 forfeiture shall take clfect until the expiration of at least six 
 calendar months after notice in writing; to the bank by the Minister 
 of Finance and Receiver (iemral of the intention of Her Majesty 
 to ciaiin such forfeiture, and the bank maw notwithsiandinf; such 
 notice, before the forfeiture is effected, sell or dispose of such pro- 
 perty, free from liability to forfeiture. 
 
 4. The provisions of this section shall apply to any real or 
 immovable property heretofore acquired by the bank and held by 
 it at the time of the cominf,' into force of this Act. — 1900, c. 29, s. 14. 
 {Sitb.'itituteil for 1890, c. 31, s. 70). 
 
 71- Nothint,' in any charter, Act or law shall be construed as 
 ever having,' prevented or as preventin;^ the bank t'rom ac(]uiring 
 and holdinj,' an absolti e title to and in any £..cu mortgaged real 
 or immovable property, whatever the value thereof is, or from 
 exercisui),' or actin}^ upon any power of sale contained in any 
 mortgage given to it or held by it, authorizing or enal)liug it to 
 sell or convey away any property so mortgaged. — 1IS90, r. 
 31, s. 71. 
 
 As to advanf 
 for buiMing 
 ships. 
 
 72. Mvery bank advancing monev in aid of the building of any 
 ship or vessel shall have the same right of ac(iiiiring and holding 
 security upon such ship or vessel, while biiiltiing and when 
 completed, either by way of morttiage, hypothcqiie, hypothecation, 
 privilege or lien thereon, or purchase or transfer thereof, as 
 individuals have in the I'rovince wherein such shi]) or vessel is 
 beinf,' builr. .ind for that piirposif ma\' avail itself of all such rights 
 and means of obt, lining and entorcing such securitw and shall be 
 subject to all such obligations, limitations and conditions as are, 
 by the law of sticii I'rovince, conferred or imposed upcjn individuals 
 making such ail\-ances. — i8go, c. 31,8. ■ji. 
 
 W.iri-housi; 
 receipts in i\ 
 be takfr. .is 
 collaf'i.il 
 securit\. 
 
 When piovioui 
 holder is an 
 agent. 
 
 InterpretatK 
 ■f •■ .\gi--nt. 
 
 73. The 
 
 bill of l.'idin.ij 
 
 in Its f,i\our or 
 
 haiik m,iy ar(|ii;re and hold any warehouse reci'ipt or 
 as eollater.il seciirety for the ()ayme'nt of anv debt 
 mcurrel in its f,i\our or .is ^'^i iiiit\- for an\- liability incurred bv it 
 for any person in th" 1 luise o" its banking business: and the 
 warehouse receipt or bill of lading so aciiuired shall vest in tlie 
 bank, from tlie date of the ac'|uisition thereof, all the rif,du .mil 
 title ot the pievioiis h ilder or owner thi.Tof, or of the piixm fro:u 
 whom su h t,'nods, wires ,ind mi.'rrh.uulise were received or 
 acquired by the bank, if the w.irehouse receipt or bill o( lading is 
 made diteilly in f.ivour of the Innk, instea 1 of 10 the previous 
 holder or owner of su'-ji j^ood-., w.ires ;md luenliandise. 
 
 2. 1 1 the previous holder of siiidi w.irelinise receipt or bill of 
 ladino l-> the agent ot the owner ot ihe lTchiiIs, w.ires ,\\\ \ 
 merchandise mentioned therein, the b.mk sli.ill be vested with ,ill 
 the right and title of the owner thereof, sub|e( i to his ri^'iit to 
 have the same re-transferred to him. il the debt 01 liability as 
 sec'irity for which tiiey are IilIiI b\' the bank, is paid. 
 
 3. 1 n this section the expression "agent" me.ins .inv person 
 inirii-te 1 with the possession of eooils. wares ,in 1 mei. hindi^e or 
 to wh. Mil the same ariM-onsigned, or who is possessed of .in\- bill 
 of lailing, receipt, ordei or other document used in the course of 
 business as proof of the possession 01 control of uroods. w.ues and 
 merchandise, or authori/imc or piir(iortiiig to ,uithoii/e, eithei by 
 endorsement or by ilelueiy, the possessor of suedi do'.:ument to 
 
'25 
 
 transfer or receive the ^oods, wares and merchandise thereby repre- 
 sented ; and such person shall be deemed the possessor of such 
 p;oods, wares and merchandise, bill of lading, receipt, order or other 
 document as aforesai(l, as well if the same are held \i\ any person 
 for him or subject to his control as if he is in actual possession 
 thereof. — i^go, c. 31, s. 73, us (unendcd by kjou, c. 26, s. 15. 
 
 74. The bank may lend money to any person engaged in busi- l.nansto 
 ness as a wholesale manufacturer of any goods, wares and merchan- """""••'•'•^ 
 dise, upon the security 01 the goods, wares and merchandise manu- 
 factur'd by him or procured for such manufacture. 
 
 : ''he bank may also lend money to any wholesale purchaser Loans to cer- 
 tr - ,■ )er of or dealer in products of agriculture, the forest, quarry JjI.'jierl^^'.'J*'^'" 
 anil ,,.. le, or the sea, lakes and rivers, or to any wholesale purchaser 
 or shi[iper oi nr dtahr in live stock or dead stock and the proihicts 
 thereof, upon the security of such products, or of such live stock 
 or dead stock and the products thereof. The bank may allow the 
 goods, wares and merchandise covered by such security to be 
 removed and other goods, wares and merchandise mentioned in this 
 sub-section to l^e substituted therefor, and those so substituted shall 
 be covered by such security as if originall\- covered thereby : Pro- 
 vided always, that such goods, wares and merchandise so substi- 
 tnteii are of substantially the same character and of substantially 
 the same value as. or of less vahie than, those for which they have 
 been so substituted. 
 
 3. Such security ni.iv be given bv the owner and may be taken 
 in the form set forth in Schedule C to this .Act, or to the like elTect : 
 and bv viitue of such serurity, the bank shall acquire the same 
 rights anil powers in lespect to the goods, wares and merchandise, 
 slock or products ccjven d tliereby, as il it had acquired the same 
 by \ irlue of a warehouse receipt. — I'^'jo, v. 31, s. 74, as aineiuieti In 
 i(|i)o, c. j'l, s. I 7. 
 
 111! Ill of 
 -'■cuntv. 
 
 C. 26. WOO ii''^. The bank may lend money upon the security i.o.mson 
 (if st.'inding ti]iilnr and the rights or licenses held by persons to cut ■■tamiinR 
 or reiiuue such timber. 
 
 tiiiibfi . I'tc. 
 
 75. Ihe bank shall not acquire or huld an\' warehmise receipt 
 or bill of la lint; or S'Curity under section 71 of this .\ct to secure 
 the payuunl <it any bill, note, debt or liability, unless such bill, note, 
 debt or li.ibiiity is mgotiated or conti.icted at the time of the 
 acijiiisition iherenf. by the bank, nr upon the written promise or 
 agreenuMU that sm h \\ arelions" receipt nf bill cit lading or securitv 
 wuuld be L;uen in the IihiiIn : hut such bill, note, debt or liability 
 nia\- be reneut d. ni the time tm the p.-iynunt tiiereot extended, 
 without allecting aii\ such secuiily. 
 
 Ilii li.mk ui.iy. (Ill sliiiiiiieiit of an\ good--, wares and iiier- 
 ( h.indise Im which it hulls ,1 w an.-hotisc recei|it, or sccuiitN as 
 aforesriid, suireiuUr siu ii receipt ct siciiMl\ aiul n (■cue a bill nl 
 lading m ( \( ban;;'' t!u'r( lor, or, on the receipt of .uiv j^oods, w.ires 
 and merchandise tor whu li it holds a bill oi lading or security, as 
 aforesaid, it m.iy snncnder such bill of l.uling or secu'ity. store 
 such l;oo is, wares and nicichandise. .ind take a warehousi; reci ipt 
 thereloi. 01 m IV ship them, or p.u t ot th'.;m, .iiid take another bill 
 of lading th'-refor. 
 
 Wh-n Miih 
 Miiiriiy iii.iy 
 he aciiuircil. 
 
 l-Ach.iiiyc ul 
 wiirciioiisc 
 ii-cci|it lor bill 
 nf tailing anil 
 iiiY lefsu. 
 
26 
 
 l'«-?l;til\' for 
 rnakiNL; t.ihe 
 .statc-mriit. 
 
 renaity for 
 alii'iMting 
 Kotxis so 
 scturccl. 
 
 A'' to goods 
 ni.inntactuic( 
 from .\rlicl>'> 
 pU'dKcd. 
 
 I'riur cl.ii 
 the liant 
 unn;t:i ! v< 
 
 ni of 
 
 rr 
 l.ir. 
 
 S.tlf of gooiK 
 on non-pay- 
 ment of ileljt. 
 
 Notice to be 
 given l)efore 
 sale of gootis 
 pledgei!. 
 
 3. ICvery one ib guilty of a misdemeanor and liable to imprison- 
 ment for a term not exceeding two years who wilfully makes any 
 false statement in any warehouse receipt, bill of ladinj; or security, 
 as aforesaid. 
 
 4. I'2very one is f,Miilty of a misdemeaiior atid liable to imprison- 
 ment for a term not exceeding two years; who, h.ivmg possession 
 or control of any goods, wares and merchandise covered by any 
 warehouse receipt, bill u{ lading or security as aforesaid, and ha\mg 
 knowledge of such rectipt, bill of latling or security, and without 
 consent of the bank, in writing and before the advance, bill, note, 
 debt or liability thereby securetl has been fully paid, wilfull)' alien- 
 ates or parts with anv such gootls, wares <jr merchandise, or wil- 
 fully withholds from the bank possession thereof upon demantl after 
 default 111 payment of such advance, bill, note, debt or liability- — 
 iSyo, r. 31, s. 73, (IS iiiiiendcd l>y icjoo, c. 2(1, s. i^. 
 
 76. If goods, wares and merchandise are manufactured or pro- 
 (iuced from the gooil:;, wares and merchandise, or any of them, 
 included in or covered by any warehouse receipt, or security given 
 under section 74 of this Act, while so co\ered. the bank holding 
 such warehouse receipt or security shall hold or continue to hold 
 such goods, wares and merchandise, during the process and after 
 the completion of such manufacture or [irodiittion, with th-.' same 
 right and title and for the same purposes anil upon the same con- 
 ditions as it held or could have held the original goods, wares and 
 merchandise. — I "^ijo, c. 31, s. 7(1. 
 
 77. -Ml advances made on the security of any bill of lading or 
 warehouse receipt, or securitv given uniK-r section 74 of this Act, 
 shall give to the bank making such advances a claim tor the re[iay- 
 rnent of such advances on the goods, wares and merchandise therein 
 mentioned, or into whuh tluy have been converted, prior to .and by 
 preference over the claim oi any unp.aid \endir ; but such preference 
 shall not be given over the claim ot .^ny unpaid vendor who had a 
 lien upon such ^oods, wares and inerch.andist,' at the time of the 
 acqui-.ition by the hank ot such warehouse receipt, bill of Lading, 
 or si;( urity, unless the s.aiiie w.is aciiiiued without knowledge on 
 the pait ot the bank ot such hen — i>i)o, c. 31, s. 77. 
 
 78- In the event of the non-pa\ lueiit at maturity of any debt 
 or liability secured by .a warehouse receipt <.ir bill of lading, 
 or security given under section 74 ot this Act, the bank may 
 sell the goods, wares and inerchandise ment.oned tin rem, or so 
 much thereof as will siillice to p.ty sm h debt with interest 
 and expenses, returning; the overplus, if .tiiv, to the person from 
 whom such warehouse receipt, or bill ot huiing, or secuiity, or the 
 goods, wares and merchandise mentioned therein, as the case may 
 be, were acquired ; but such power of sale shall be subject to the 
 folKnving prcnisioiis, namely ; 
 
 2. No sale without the consent in writing of the owner of any 
 timber, boards, deals, staves, saw logs or other lumber, shall be 
 made uiidt'r this Act until notice of the timi' .md place of such sale 
 h.as been given bv a registered letter, mailed in the post ottice to 
 the last known addre'^s of tl.. pledger thereof, .it least thirty days 
 jirior to the sale ther, f; and no gooils, wares and merchandise, 
 other than timlier, boards, deals, st.aves, sawl>gs or other lumber, 
 
Salt-' liy .luctioii 
 afiei ncjtico. 
 
 shall lie sold by the bank under this Act without the consent of the 
 owner, untd notice of the tune and place of sale has been j;iven by 
 a registered letter, mailed iii the post office to the last known adtiress 
 ol the pledger thereof, at least ten days prujr to the sale iheieof. 
 
 3. Every such sale of any article mentioned in this section, 
 without the consent of the owner, shall be made by public auction, 
 after a notice thereof by advertisement, stating the time and place 
 thereof, in at least two newspapers published in or nearest to tiie 
 place whe ' " sale is to be made : and if such sale is in the Pro- 
 vince of ( -. then at least one of sucli newspapers shall be a 
 newspaper ,ja'.> ished in the ICnglish language-, and one other such 
 newspaper shail be a new>p;iper published in the iMenrli language. 
 i8(jo, c. 31, s. 78, (IS (iiiiendiil by kjoo, c. 2(k s. ii> 
 
 79. I'Lvery bank which violates any provision containetl in any 
 of the sections numbered 64 to ys (both inclusive) shall incur for 
 each violation thereof a penalty not exceeding live hundred dollars. 
 — i.'^yo, c. 31. s. 71.1. 
 
 80- 'bhe bank shall not be liable to incur any penall) or for- 
 feiture for usury, and may stipulate for, take reserve or exact any 
 rate of interest or discount not exceeding seven per cent, per annum, 
 and may receive and take in advance any such rate, but no higher 
 rate ni interest shall be recoverable by the liank ; and the bank 
 may allow any rate of interest whatever upon money deposited 
 with It. — i>s9o, c. 31, s. >so. 
 
 81. No promissory note, bill of exchange or other negotiable 
 security, discounted by or endorsed or otherwise assigned to the 
 bank, shall be held to be void, usaiious or tainted by usury, as 
 regards such bank, or any maker, dr.iwer, cceptor, endorser, or 
 emlorsee thereof, or other party thereto, or hoKd pit^' holder thereof, 
 nor shall any party thereto be subject to any penally or forfeiture 
 by reason of any rate of interest taken, stipulated or received by 
 such bank, on or with respect to such promissory note, bill of 
 exchange, or other negotiable security, or paid or allowed by any 
 party thereto, to another in compensation for, or in consideration 
 of the rate of interest takt-n or to be taken thereon by such bank ; 
 Init no party thereto, other than the bank, shall be entitled to 
 recover or liable to pay more than the lawful rate of interest in the 
 Province where the suit is brought, nor shall the bank be entitled 
 to recover a higher rate than seven per cent, per annum ; and no 
 innocent holder of or party to any pr^ ■missorv note, bill of exchange 
 or other negotiable security, shall, in any case be deprived of any 
 remedy against any partv thereto, or liable to any penaltv or for- 
 feiture^ by reason ot iiiy iisuiy or olfence against the laws ot any 
 s ch Province, respecting interest, committed in respect ot such 
 note, bill or negotiable security, without the compb ity or consent 
 of such innocent holder or partv . -i^^cjo, c 31, s. M . 
 
 82. 'l"he bank mav. in iliscounting at any of itr places of busi- < ..Uecu^ 
 ness, branches, agencies or offices of discount and deposit, any note, ''''"■ 
 bill or othi r negotiable security or paper payable at any other ot 
 its own places or seats of business, branches, agencies or otfici s of 
 d.\Kc;i!!-t and deposit in ("anaiia. receive or retain, in addition to 
 the discount, aiiv amount not exceeding the following rates per 
 cent, according to the time it has to run, on the amount ot such 
 
 I'cii.iUv fiir 
 conD.ivriitioii. 
 
 No ivn:ilty 
 lof u.-.iirv. 
 
 iii.tv bf all<jw- 
 
 No in^irunieiit 
 
 to hi- voi.l oil 
 •;riiunil iif 
 u-Lirv. 
 
 As to innocoiU 
 liclders. 
 
2ft 
 
 At,'fnry fet's 
 
 Deposits may 
 be received 
 tV'iin persons 
 liu.iblo to 
 contract. 
 
 Proviso ; 
 
 amount 
 
 limited. 
 
 liaiiit not 
 ijounii tn see 
 to trusts in te 
 lation to such 
 deposits. 
 
 What sufficient 
 authoritv for 
 payment of a- 
 niount(to$5ofn 
 due deceased 
 deiiositor. 
 
 n )te, bill or other nepotiahle security or paper, to dtfray the 
 expenses attendinf,' the collection thereof, thai is tu say: under 
 thirty days, one-eighth of one per cent.; thirty days or over, hut 
 under sixty days, one-fourth of one per cent. ; sixty'days and over, 
 hut under ninety days, three eif.;hths of one per cent.; ninetv days 
 and over, one-half of one per cent. — i8(^o, c. 31, s. «2. 
 
 83. The bank may, in '' scoiiiiting any note, bill or other nei,'oti 
 able security or paper, bcuia fiiif payable at any place in Canada 
 dirterent from that at which it is discounted, and other than one of 
 its own phices or seats of business, branches, agencies or offices of 
 discount and deposit in Canada, receive and retain, in addition to 
 the discount thereon, a sum not exceeding one-half of one per 
 cent on the amount thereof, to defray the expenses of agency and 
 charges in collecting the same. — iSyo, c. 31, s. M3. 
 
 84. The bank may receive deposits from anv person whom- 
 soever, wh itever his age, status or condition in life, and whether 
 such person is qualihed by law to enter into ordinary contracts or 
 n(it ; and from time t(j time may repay any or all of the principal 
 thereof, and may pay the whole or any part of the interest thereon 
 to such person without the authority, aid, assistance or inter- 
 vention of any person or official being rcjuired, unless before such 
 repayment the money so deposited in and repaid by the bink is 
 lawfully claimed as tiie property of some otiu-r person, in which 
 case it may be paid to the depositor with the consent of the 
 claimant, or to the chiiinaiit with the consent of the depositor : 
 I'rovided always, that if the person making any such deposit 
 could not, under the law of the' Province where the deposit is 
 made, deposit and withdraw money in and from a bank without 
 this section, the total amount to be re(-eivid from such person on 
 deposit sliall not. at any time, exceed the sum of live hiuulred 
 dollars. 
 
 2. Th- bank shall not be bound to see to the execution of any 
 trust, whether exi I essed, implied or con'-tructive, to which .any 
 deposit made under the authority of this sci li^ 'ii is subjt ct ; and 
 except only in the case of a lawful claim, bv some other person 
 before repavnient, the receipt of the person in whuse name anv 
 such deposit stands, or it it stands in the name of two persons the 
 receipt <.)f one, or if in the names of more than two persons the 
 receipt (jf a m.ijorit\ of siu h persons, shall be a suflicient dis- 
 charge to all concerned for the payment of any moiie\ jiayable in 
 respect of such deposit, iintwithstaniiing an\' trust to which such 
 deposit is then subje't, .and whether or n(,; the bank sought to be 
 charge<l with such trust laiui with whom the deposit has been 
 made) h,id notice theieol ; and the bank shall not be beund to 
 see to the applic.ition of the money paul upon such receipt. 
 
 3. It a person liies, having a lieposit with a bank not exceeii- 
 iiiu the sum ol live luimired dollars, the production tn the baidv 
 ami the deposit with it of an authentic notarial cop\ of the will 
 of the deceased tleposilor, if such will is in notarial form accord- 
 ing to the Law of the Province of Oiiebec, or of .iny a itlientic ated 
 copy of the jirobate ofihewiU of the dece.ised depositor, or of 
 letters ot administration ot his est.ite. or of letters ot \erdication 
 of lieiiship, or of the act ot ciiratorsliip or tutorship oi-.mted 
 
 anv court or autliorit\' in ICngland, Wales, Ireland, or any llritish 
 colony, or of any testament testamentary or testament dative 
 
X9 
 
 expede in Scotland, 01, if the deceased depo.sitor died out of Her 
 Majesty's doinmioiis, the prodiutioii to and deposit with the 
 bank of any autheriticated copy of the prohate of his will or letters 
 of adniiiiistiation of his property, or other dociinicnt of like 
 import, granted by any court or authority haying; the requisite 
 power in such matters, shall be sufficienl justification and authority 
 to the directors for paying such deposit, in pursuance of and in 
 conformity to such probate, letters of administration, or other such 
 document as aforesaid.— i8yo, c. ji, s. 84, (.'5 uiiieiuied by lyoo, c. 
 26, s. 20. 
 
 I'lKCHASK OF ASSKTS OK A HANK 
 
 C 26. 1900 (33). Any bank may sell the whole or any portion amk m.u ..-ii 
 of its assets to any other lank which may purchase such assets, ,isMt-.t.. 
 and the selling; and (lurchasin^; banks may, for such purposes enter 'in'tli''! t'<"k. 
 into an agreement of sale and purchase, which agreement shall 
 contain all the terms and conditions connected with the sale and 
 purchase of such assets. 
 
 C. 26. WOO (34). The consideration for any such sale antl ( onsidiratiun. 
 purchase may be as agreed upon between the selling and the pur- 
 chasing banks, and if such consideration, or any portion therof, is 
 shares of tlie capital stock of the purchasing bank, then and in 
 such case the agreement shall provide for the amount of the shares 
 of such purchasing bank to be paid to the selling bank: Provided 
 that until such shares so paid to the selling bank have been sold fiy 
 such bank or have been distributed among and accepted by the 
 shareholders of such bank, tliey shall n(jt be considered issued 
 shares of the purchasing bank for the purposes of its note 
 circulation. 
 
 If shnrt-s 
 
 of piirclmsing 
 
 luiik. 
 
 C. 26. 1900 (35 >. The agreement of sale and purchase shall AKroement 
 be submitted to the sharetiolders of the selling bank, either at the of *■'■'' '"'"" 
 
 1 1 .■ ruii ..-1 1 Mibiimteil to 
 
 annual general meetmg ot such liank or at a special general meet- siuueiinidiT^ of 
 ing thereof called lor the purpose, and a copy of the agreement ■'fling bank. 
 shall be mailed to each shareholder of such bank to his last known 
 address at least four weeks previous to the date of the meeting 
 at which such agreement is to 1 e submitteti, together with a 
 notice of the time and place of holding such meeting. 
 
 0.26. 1900 (},hi. If at such meeting the agreement is approved then 
 by rescjlution carried by the votes of shareholders (present in person •'l'l"''>'''>'- 
 or represented tiy proxy) representing not less than two-thirds 
 of the amount of the subscribed cajntal stock of the bank, then 
 and in such case the agreement may be executed under the seals 
 of the banks entering thereinto, and application may be made to 
 the (iovernor in Council through the Minister of I'inance and , , , 
 
 Receiver deneral, tor approval thereof, but until it is approved by (iovernor m 
 the Ciovernor in Council the agreement shall not be of any force or Council. 
 elVect. 
 
 C 26 WOO (37). it the agreement provides for tiie payment Appiov,,! bv 
 of tile considei .(tion for such sale and purchase, in whole or in sh.u.lioidcrs 
 part, in shares of the capital stock of the (uirchasing bank, and for 
 such purpose it is necessary to inc rease the cajiital stock of such 
 bank, ttien and in such case the agreement shaii not be executed 
 on behalf of the purchasing bank, unless anti until it is approved 
 
 of purchasing 
 bank. 
 
so 
 
 Necessary 
 increase (it 
 slDCk in.u lie 
 appro\'-iI ni 
 
 by the shareholders thereof at the annual general inteting or at a 
 special general meeting of such shareholders. 
 
 C. 26. WOO (jS). The (iovernor in ("ouncil may. on the appli- 
 cation for his approval of the agreement, approve of the increase 
 of the capital stock of the purchasing hank which is necessary to 
 provide for the payment of the shares of such bank to the selling 
 bank as pr ivided in the said agrefinent, and the provisions of sec- 
 tions 2h and 27 of Till Bank Act shall not apply to such increase of 
 stock. 
 
 ('oiiiiiuons 
 of appro^.il 
 bv (iovernor 
 in C'uuncil. 
 
 Proviso. 
 
 I-'urther con- 
 dittons. 
 
 I'ayment of 
 
 liabilities. 
 
 ( lutstandmg 
 notes of sell.ng 
 bank. 
 
 iJepo^it, if 
 circul.ilHin of 
 both ba.iks 
 excceiU paui- 
 up capital of 
 purchasing 
 l>ank. 
 
 l<e[i,uinent of 
 deposit upon 
 redemption of 
 excess. 
 
 C. 26. 1900 (y)). The approval of the Governor in Council 
 shall not be given to the agrtement, unless the approval thereof is 
 recommendeti by the Treasury Board, nor unless the application 
 for apjiroval thereof is made by or on behalf of the banks e.xecut- 
 ing it within three months from the date of the execution of such 
 agreement, nor unless it appears to the satisfaction of the Gover- 
 nor in Council that all the requirements of this Act in connection 
 with the approval of such agreement by the shareholders of such 
 banks have been complied with, and that notice of the intention of 
 the banks to apply to the Governor in Council for the approval of 
 the agreement had been published for at least four weeks in the 
 Cdiiiida Gazette and in one or more newspapers published in the 
 places where the chief offices or places of business of the banks are 
 situate ; Provided always that such banks shall afford all inform- 
 ation that the Minister of Finance and Receiver General recpiires, 
 and that nothing herein contained shall be construed to prevent 
 the Governor in Council or the Treasury Board from refusing to 
 approve of the agreement or to recommend its approval. 
 
 C. 27, 1900 (i), substituted for igc ., c. 26, s. 40. The agree- 
 ment shall not be approved of unless it appears — 
 
 ((j) That proper provisions have been made for the payment 
 of the liabilities of the selling bank ; 
 
 [b] that the agreement provides for the assumption and 
 payment by the purchasing bank of the notes of the selling bank 
 issued and intended for circulation, outstanding and in circulation ; 
 and 
 
 (c) that the amount of the notes of both the purchasing and 
 selling banks, issued for circulation, outstanding and in circulation, 
 as shown by the then last monthly returns of the banks, do not 
 together exceed the then paid-up capital of the purchasing bank, 
 or, if the amount of such notes does exceed such paid-up capital, 
 that an amount in cash, equal to the excess of such notes over 
 such paid-up capital has been deposited by the purchasing bank 
 with the Minister of I-'inanceand K(;ceiver General. 
 
 2. The amount so deposited as aforesaid shall he held by the 
 Minister of l-'inance and iieceiver General as security for the 
 redemption of said excess of notes, and when such excess, or any 
 portion thereof, has been rcdeemetl and cancelled, the amount so 
 deposited, or an amount equal to the amount of excess so redeemed 
 and cancelled, shall froi 1 time to time be repaid by the Minister of 
 Finance and Receiver General to the purchasing bank, but 
 ,_i-i t iw-^.i t iMtfirfict^ r\p t;^e? ;i!>nl icHt ion of sucb- b^o.ik. and. on the 
 production of such evidence as the Minister of I'lnauce and 
 
81 
 
 Receiver (ieni;i:il requires to show tliat tlie n )tes in ref^'ard to 
 whicli such rep.iyintiiit is ask'id li,i\e been redeemed and cancelled. 
 
 (1 2R. 1900 (\\). The notes of th<i sellini,' hink so assumed 
 and to lie paid l)v the piirchasinf,' bank shall, on the a|)pruval of ^^o"- 
 the agreement, be deemed to lu tor all intents and purposes notes 
 of the piir( ha^-in^,' bank issutnl for circulation, and the purchasing' 
 bank sl'-.'.l be liable in the same manner and to the same extent as 
 if it had issued them for circulation, and the amount at the credit 
 of the selling' bank in " The Bank Circulation Redemption l"uiid " 
 shall, on ttie approval ot the at,'reement, f)e transferred lo the 
 cretlit ot the purchasing,' bank ; Provided that such notes of the 
 selling bank shall not berei-^sued, but shall be called in, redeemed ''roviso. 
 and cancelled as ([uickly as possible. 
 
 fv.-llin!. 
 
 iMIlk <-•! 
 
 liecomt* note., 
 of purchaMng 
 Lank. 
 
 I'.vidpnce of 
 approval by 
 (jovernur in 
 
 I uiini-il. 
 
 C. 28. 1900 (42). The approval by the (iovernor in Council of 
 the ap;reeinent shall be evidenced by a certified copy of the Order 
 in Council ap()rovin(.' thereof, and such certified copy shall be 
 conclusive evidence in all courts and proceedings of the approval 
 of the agreement therein referred to and of the regular'ty of all 
 proceedings in connection therewith. 
 
 C 26. 1900 (43I. On the agreement being approved of by the y^ ..pprovai 
 Governor in Council, the assets therein referred to as sold and i,y Governor 
 purchased shall, in accordance with and subject to the terms ^ Council 
 
 . i-f-, ft L ..J assets to vest 
 
 thereof, and Without any further conveyance, become vested in ,„ purch.ismg 
 the purchasing bank, but the selling bank shall from time to tune, i.ank 
 subject to the terms of the agreement, execute such formal and 
 separate conveyances, assignments and assurances, for registration 
 purposes or otherwise, as are reasonably required to conftrm or 
 evidence the vesting in the purchasing bank of the full title or 
 ownership of the assets referred to in the agreement. 
 
 C. 28. 1900 1441. As soon as the agreement is approved of Husme.s to be 
 bv the Governor in Cv)uncil, the selling bank shall cease to issue trrinsacted by 
 
 •'. r-i- jLit i. .. selling: bank. 
 
 or reissue notes for circulation, and shall cease to transact any 
 business, except such as is necessary to enable it to carry out the 
 agreement, and to realize upon any assets nc' included in the 
 agreement, and to pay and discharge its liabilities, and generally 
 to wind up its business, and its charter or -\ct of incorporation and 
 any Acts in amendment thereof then in force shall continue in 
 force only for the purposes in this section specihed. 
 
 KETTHNS HY THK HANK. 
 
 85. Monthly returns shall be made by the bank to the Minister 
 of Finance ami Receiver General in the form set forth in Schedule 
 ]) to this Act, and shall be made up and sent in within the first 
 fifteen days of each month, and shall exhibit the condition of the 
 bank on the last juridical day of the month next preceding; and 
 such monthly returns shall be signed by the chief accountant and 
 bv the president, or vice-president, or the director or principal 
 partner then acting as presid'-nt, and by the manager, cashier or 
 other principal olticer of the bank at its chief place of business. 
 
 2. Ii\-erv bank winch ntL^ects to make up and send in, as 
 afores-iid, any 111 jiithlv return required by this section within the 
 
 Mo! 
 
 turn 
 ernii 
 
 tlily re- 
 
 > to ( iov- 
 
 a-nt. 
 
 i.iln f'.r iMt 
 „,!.- up 
 mhlv 
 
returnb in ihir 
 tiini'. 
 
 Special returnn 
 
 mnv lit- cal'.il 
 f(,r.' 
 
 Penalty for not 
 making such 
 rrtuiii in du.' 
 time. 
 
 Transmission 
 of ciTtiticil lists 
 of .shareholclers 
 to Minister of 
 Finance. 
 
 Penalty for 
 neglect to 
 transmit such 
 lists. 
 
 Annual 
 statement ul 
 divideniis 
 remainini; 
 unpaid, ^:c. 
 
 Proviso. 
 
 Details of 
 return. 
 
 time hereliy limited, shall incur a penalty of fifty .ioll.irs for eacli 
 and eveiy day atti r the txpiration ot such time during,' uhii h tli<! 
 jiank neglects sii to niiii\e lip and send in siu 1; return ; nnd the 
 d.ite upon wliK h it appears \>y the post otlue st.imp or matk upon 
 the envelope or wrapper enclosinf,' siicii rctiiin for transmission to 
 the Minister I'f I'lnance and Receiver (iencral that the same was 
 deposite<i in the post oHire, shall he taken f^iii'ni A;- /, , for the 
 purposes of this section, to he the date upon wlm h such return 
 was made up and sent in.— i.Soii, c. ]i, s. 85. 
 
 86- I he Minister of I'"inance and Kec eiver (ieneral may also 
 call for special teturns from any hank, whenever, in his judgment, 
 they are necessary to aftord a full and complete knowledge of its 
 ccjndition. 
 
 2. Such special returns shall he made and si^,'ned in the manner 
 and by the persons specified in the ne.xt preceding section ; and 
 e\ery hank which neglects to make and send in any such special 
 return within thirty days from the date of the demand therefor be 
 the Minister of Finance and Receiver tieneral shall incur a penalty 
 of rive hundred dollars for each and every day such neglect 
 continues : and the provisions contained in the last preceding 
 section as to the priDin /,uie evidence of the datt' upon which 
 returns are made up and sent in thereunder, sh.ill apply to returns 
 made under this sei tion : I'rovided always, tiiat the Minister of 
 Finance and i\eceiver (ieneral may extend the time for sending 
 in such special returns for such' further period, not exceeding 
 thirty days, as he thinks expedient. — i.^yo, c. ji, s. KG. 
 
 87. The bank shall within twenty days after the close of 
 each calendar year, transmit or deliver to the Minister of Finance 
 and Receiver General, to be by him laid before Parliament, 
 a certified list showing the names of the shareholders of the bank 
 on the last day of such calendar year, with their additions and resi- 
 dences, the number of shares then held by them respectively, and 
 the value at par of such shares. 
 
 2. KepeuUd by njoo, c. 26, s. 2j. 
 
 3. h^very bank which neglects to transmit such list in manner 
 aforesaid within the time aforesaid shall incur a penalty of rifty 
 dollars for each and every day during which such neglect con- 
 tinues— 1890, c. 31, s. S7, ((.V (imended by kjoo, c. 2fi, 3. 23. 
 
 88- The bank shall, within twenty days after the close of each 
 calendar year, transmit or deliver to the Minister of I'inance and 
 Receiver General, to be by him laid before Parliament, a return of 
 all dividends which have remained unpaid for more than five years, 
 and also of all amounts or balances in respect to which no trans- 
 actions liave taken place or upon which no interest has been paid 
 during the five years prior to the date of such return : Provided 
 always, that in case of moneys deposited for a fixed period, the 
 period of five years above referred to shall be reckoned from the 
 date of the termination of such fixed period. 
 
 2. Such return shall be signed in the manner required for the 
 monthly returns under section 85 of this Act, and shall set forth 
 the name of each shareholder or creditor, his last known address. 
 the amount due, ttie agency ot the bank at which the last trans- 
 
88 
 
 ac'tKin took place, imd the il.ilt- llnredf; arni if su' li sliareholder 
 or ere (iitur is knowi) lo the h.iiik to 1) • dead, sm h rftiiiii shall show 
 tile names and addresses of his le^,'al rt()resentatives, so far as 
 know II lo the iiank. 
 
 3. I'-very liiiik whirh iiej^'lccis to transmit or (leh\er to the 
 Minister ot I'mance and Ktc t-ivt-r ( 'leiirral the return alune re- 
 ferred III, within the time hereinhelore limited, shall incur a [lenalty 
 of tiliy dollars for each and every day during; which siu h iiei,dect 
 continues. 
 
 If, in the event oi the winding,' up of the hiisiness of the 
 
 in insolvency, <jr under .any ;,'etieral \viiuhnf,'-up Act, or 
 
 , any inone\'s pavahle by the lii|uidator, i :lier to sli.ire- 
 
 r depositors, remain unclaimed tor the [ nod of thre-e 
 
 4- 
 bank 
 
 otherwisi 
 holders ' 
 
 years from the d.ite of suspension of payment by the bank, ur trom 
 the commencement of the windiiif,' up ot siicli luisiness, or until 
 tile tinal windiiif,' up ot su' h business if such takes place befoie 
 the expiration of the saiil three,' years, such moneys and ,ill int' rest 
 tlier(-on shall, not wii hstandinj,' any statiit-' of limitations or other 
 .Act relatini,' to prescription, be paid to the Minister of b'inance and 
 Receiver deneral, to be held b\ him subject to all rif,ditfnl claims 
 on behall ol any person other ih.in the bank ; and in case a claim 
 to any moneys so paid as aforesaid is thereafter established to the 
 satisfaction of the Treasury Hoard, the (iovernor in ("oiincil shall, 
 on the report of ihe Treasury lio.ird, direct payment thereof to be 
 made to the- person 1 ntitled thereto. tof,'ether with interest on tlie 
 principal sum tlureof at the rate of three per cent, per annum for 
 a period not exceediiif^ six years from tin; date of payiiK.-nt thereof 
 to the said Minister of I'inance and Receiver Citneral as aforesaid : 
 I'rovided hcnvever, that no such interest shall be paid or payal)le 
 on sucii principal sum, unless interest thereon was payabK by the 
 bank paying the same to the said Minister of I'inance and Receiver 
 (ieneral: I'rovuli'd also, that on payment to the Minister of 
 I'"inance and Receiver (ieneral as herein pro\iued, the bank and its 
 assets sha'l be held to be discharf,'ed from further liability for the 
 amounts so paid. 
 
 j. I'pon the windint,' up of a bank in inso]\ency or under any 
 f^eneral wiiidint;-up .\cl, or otherwise, the assitjnees, liquidators, 
 directors or other otlicials in cliar^je of such winehni^-up shall, before 
 the final distributi(jn i;f the assets, or within three years fiom the 
 commencement of the suspension of payment by tlieliank, whi(di- 
 ever shall hrst happen, pay o\er to the Minister of l-'inance and 
 Receiver Cieneral a sum out of tlie assets of the bank e(]ual to the 
 amount then outstanding,' ot the notes mtt nded for circul.ition 
 issued by the bank; and, upon such payment \n\r^ made, the 
 bank and its assets shall be relieved from all further liability in 
 respect of such outstanding,' notes Tlie sum so paid shall be held 
 liy the Minister of l'"mance and l\rcei\er (ieneral and .applied for 
 the purpose of ledeemint,', whenever presented, such outstanding 
 notes, without interest. i>")0, c. ji, s. «J<. 
 
 I urlher 
 il.t.iil-, 
 
 i'rn.ilty for not 
 ni.ikiiii,' .innual 
 r'liirii. 
 
 1 ii^povi! of 
 
 unclaiint.-d 
 
 iiioneva. 
 
 Proviso. 
 
 I'rovUo. 
 
 ki'f|uirfment> 
 i-T to outstand- 
 inij nctf. 111 
 f,l>«' of iti->ol- 
 
 C. 26. 1900 \ 2[ . ihe b.ink shall, within twentv days after 
 the close ot each calendar \ear, transmit or deliver to the Minister 
 of I'-inance and Receiver (ieneral, to lie' by him laid before I'.irlia- 
 ment,a return ot all di.ifts or bills of e\chans,'e issue<i by the bank 
 to any person .and remaining,' unpaul tor more tlian five years ptior 
 to the (late of such leturn. 
 
 .\;i:ui.il return 
 
 t unfi.iid 
 'ir.ift> ill 
 1 r-riaiii casi'b. 
 
a4 
 
 rvtaiNof 2 Smli return sliall l)e Mt^iifd in tin ni, inner n^iini-ii for 
 
 rriurn. monthly Fit iims uiulcr section ^V"' ^''' /''•'"''•.!' '.nul sh, ill set (■ 
 
 sn f.ir as known, the name ot the person to whom, or at wl 
 request, siK h ciralt or lull ot excliant;e w.is i-^stieil. and Ills amir 
 tile payee thereof, the amount an 1 daf thir.ol. ami wh.n 
 same was payalile, aiul the a^jeiu y of the l)ank f'lom whuh 
 same was issued. 
 
 I'.n.iltyfornot J- Hvery liank whi -h ne<,'lects to transmit or lieliver to 
 linking r.-iurn. Minister of Fin.mce ,.nd K'Ceiver (iriieral ilie return referiee 
 
 within the time above limited, shall m< in a penalty of titty do 
 
 foi each and every day durini,' which 
 
 the 
 
 nil, 
 
 lose 
 ess, 
 the 
 llie 
 
 tiie 
 to. 
 
 llais 
 
 h nes,'lect continues 
 
 What 
 
 f rtiHfi facii: 
 
 cviilfnce <»1 
 
 Ir.in-iiiissioii I 
 
 return. 
 
 C 26. WOO (22). If the certiht d list or the letuin reijuir. d by 
 sections S;, sS, ot Thf limik Ait. or by the next pteiedinK section 
 of this Act (c. 2'', lyoo. sec. 2\ i, to l>e transmitted oi delueied to 
 the Minister of I'lnam e and Receiver deneral, is transmitted by 
 mail, then and in such case the date upon whu h it appears, by the 
 post ottice stamp or mark upon the eiueiope or wrapper enclosiiiij 
 tlie list or return receivid by the Minister of I'lnance and Receiver 
 General, that it was deposited in tin- post (jitice of the plai c in 
 wliich the chief office of the bank was situated, shall bf taken 
 priinn facte for tlie purpose of the said si-ctions to be tiie day upon 
 which such list or return was traiisiimted to the Minister of 
 Finance and Receiver Cieneral. 
 
 I.i.ihility nf 
 slnrcholiliTs ir 
 else of insutti- 
 cn'ncv nf 
 •i^-ots. 
 
 INSOIAKNCV. 
 
 89. In the event of the property and assets of the bank lieinR 
 insutticient to pay its debts and lial)ilities, each sliareliolder of the 
 bank 
 par 
 
 hall lie liable for the deficiency to an .imount eipial to the 
 le of the shares held by him, in addition to any amount 
 
 not \, upon such sliares. — iNyo, c. 31. s. Sy. 
 
 Provisi..n;i>'tn qq s^^ ^ -onditioH of the rights and privileges conferred by 
 !u,TI'iu.u"of' this Act or by any Act in amendment thereof, tlie following 
 liinit.itinns provision shall have effect : The liability of the bank, under any 
 
 law, custom or agreement to repay moneys deposited with it and 
 interest (if any) and to pay dividends det lareif and pa\ able on its 
 capital stock! shall continue notwithstanding any statute of 
 limitations or any enactment or law relating to prescription. 
 
 2. This section applies to moneys heretofore July i, 1M91] or 
 hereafter deposited, and to dividends heretofore or hereafter 
 declared. — ■■'^•jo, c. 31, s. 90. 
 
 Rilroiictioii. 
 
 SuspcCSlOll 
 
 for 90 days 1 
 
 constiuite 
 
 insol\(-ncv. 
 
 (Jills in such 
 
 C.lS's, 
 
 91. .\ny suspension by the bank of payment of any of its 
 lialiilities as they accrue, in specie or Dominion notes shall, if it 
 continues for ninety days, consecutively, or at intervals within 
 twelve consecutive months, constitute the liank insolvent and 
 operate a forfeiture of its charter or Act of incorporation, so far 
 as regards all further banking operations : and the charter or Act 
 of incorporation shall remain in force only for the purpose of 
 enabling the directors or other lawful authority to make and en- 
 force the calls mentioned in the next following sections of this 
 .\ct and to wind up its business. — iSyo, c. 31, s. 91. 
 
 92. If any suspension of payment in full, in specie or Dominion 
 notes, of all or any of the notes or other li.ibilities of the bank con- 
 
u 
 
 tiniies for three months after the c piration of the time which, under 
 the prt-C'ilmn set tion, would coiisiitiitf thi: lunk iiisolven' and il 
 no procf ihnt,'s are takrn under any (general nr special Ac t for the 
 winding' up c)t the bank, tiie directors shall makr calls on the shan-- 
 hoiders thereof, to the amount the; 1 em necessary to pay a!l the 
 difht-i and halidities of tln' hank, without waiting for the collection 
 of ail) di'lits dut! to It ot the sale ot an\ of its assets or property. 
 
 J. Su( h calls shall In' made at intervals of tlurty days, and upon iIowmicIi 
 iiotuc to lie t,'Ueii thirty days at least prior ti the day on wiiich >^ 'H'* 'ii'H l>e 
 such call shall be payable, and any number of sucli calls may be 
 made by one resolution ; any such call shall not exceed twenty per 
 cent, on each share; and payment of such calls may be enf(jrced 
 in like manner as payment of calls on unpaid stock ma\' be enforced ; 
 and the tirst of such calls mav be m.ide within ten days alter the 
 expiration of the said three mouths. 
 
 ]. livery director who refuses to m.ike or enforce, or to concur 
 in makinj,' or enfoti iiij; any i.ill uiidt i this s-.-ction. is t;uilt)' of a 
 misdemeanour, and liable to imprisonment for any term not exceed- 
 ing; two years, and shall further be personally responsible for any 
 damaf.^es .-^utlered by such default. — 1^90 c. ji, s. 'j^. 
 
 Ml.l.l.' ..inl 
 rlllnf I ci] 
 
 Kefinal to 
 m,\k.- calls 
 
 UlI'llT Ihis 
 
 ^. -111. in ,1 
 inrMluMUMnuur. 
 
 93. In the event of proceeviinf^s beinp; taken under any ;,'eneral ( UN under 
 or special windin},' up .Act, in consequence of the insolvency of the ^^'mJinfi -ip 
 bank, the said calls shall be made in the manner prescribed for 
 the makins^ of such calls in such j,'eneral or special winding-up 
 
 .Act. iS( I , c. 3;, :.. i)\. 
 
 94. .Any failure on the part of any shareholder liable to any 1 - 
 such call to pay the same when due, shall operate a forfeiture by 
 such shareholder of all claim in or to any part of the assets of the 
 bank, — such call and any further call thereafter beuif^ nevertheless 
 recoverable from him as if no such forteiture had l)een incurred. — 
 iS,,o, c. ji, s. M4. 
 
 jrffiuirc for 
 non-p.i\ineiu. 
 
 95- Nothing in the six sections next preceding contained shall l.i.ibiiuy of 
 be construed to .alter or diminish the additional liabilities of the i|iri-ciors not 
 directors as hereinbefore mentioned and declared. — i8go, c. 31, 
 s. 95. 
 
 96. Persons vvho. having been shareholders of the bank, have 
 only transferred their shares, or any of them, to others, or regis- 
 tered the transfer thereof within sixty days before the commence- 
 ment of the suspension of payment by the bank, and persons 
 whose subscriptions to the stock of the bank have been cancelled 
 in manner hereinbefore provided within the said period of sixty 
 days before the conunencement of the suspension of payment by 
 the bank, shall be liable to all calls on the shares held or sub- 
 scribed for by them, as if they held such shares at the time of 
 such suspension of payment, saving their recourse against those 
 by whom such shares were then actually held. — isyo, c. 31, s. 96. 
 
 I.i.ibility of 
 sh.irehulders 
 who havf 
 transtcrrrd 
 their block. 
 
 CL'RArOR IN CASE OI- SI' Sl'K NSION OF HANK 
 
 C. 26. 1930 (21) 
 
 The Canadian Bankers' .Association.' 
 
 in- 
 
 corpor.ited by Act passed during the present session :i900; of case oi su^pen- 
 Parliament, (hereinafter referred to as " the Association,") shall, if ^'"" " '"' '• 
 
86 
 
 Maniifv I.I 
 appoiDtiiK'iu 
 
 (lulii- 
 
 an.l 
 
 Hn\v 1.) 
 charge. 
 
 IVf^i'lfiu, -to., 
 to aiil rur.ilor. 
 
 By-lii»^, ric. 
 subjoi I tci his 
 .ippn.v.,!. 
 
 Ketiirn^ by 
 cur.it<ir. 
 
 RiMiiuncralion, 
 t)f curatui . 
 
 a h.ink siispfmls payment in specie or Uominion Notes of any of 
 Us liabilities as they accrue, fi rthwith appoint s nie competent 
 person (lu reinatter referred to as the curator i to supervise the affairs 
 of -uch hank, ami the Association may at any time renmve the 
 curator, .ind may appoint another person to act in his stead. 
 
 C. 26. 1900 125). The appointment of the curator shall be made 
 
 111 the manner pVovided for in the by-law of the Association in tliat 
 
 behalf made as hereinafter provided, but in default of such by law 
 
 sui h appointment shall be made in writing' by the president of the 
 
 ••'tion or by the person actini; as president. 
 
 ;. 26. 1900 iJDi. The curator shall assume supervision of the 
 aa iirs of the bank, and all necessary arran^eraents for the paymtnt 
 ol the notes of the bank issued for circulation then outstanding and 
 in cuculatic. sla.l be made under his supervision ; and generally 
 he shall have all powers and shall take all steps and do all thin|,'s 
 necessary or expedient to protect the rif^hts and interests of the 
 creditors and shareholders of the bank, and to conserve and ensure 
 the prnper disposition according' to law of the assets of the bank ; 
 and foi the purpose aforesaid he siiall have full and tree access to 
 all bot)ks, accounts, documents and papf-is of the bank ; and the 
 curator shall continue to supervise the affairs of the bank until he 
 IS removed from oltice, or until the fiank resumes business, or 
 until a liquidator is duly appointed to wind up the business of the 
 bank. 
 
 C. 26 1900 {i-;\. The president, vice-president, directors, 
 general manager, managers, clerks and officers of the bank shall 
 give and afford to the curator all such information and assistance 
 as he reijutres in the discharge of his duties ; but no by-law, 
 regulation, resolution or act touching the affairs or management 0! 
 the bank, passed, made or done by the directors during the time 
 the curator is in charge of the liank, shall be of any force or effect 
 until approved in writing by the curator. 
 
 C. 26, 1900 (2S). The curator shall make all returns and 
 reports, and shall give all information to the Minister t>f b'lnance 
 and Receiver Cieneral, touching the affairs of the bank, that tiie 
 Minister of binanceand Receiver Cieneral requires of him. 
 
 C. 26. 1900 (2y). The remuneration of the curator for his 
 services, and his e.xpenses and disbursements in connection with 
 the discharge of his duties, shall be fixed and determined l>y the 
 .\ssociation, and shall be paid out of the assets of the bank, and in 
 case of the winding up of the bank shall rank on the estate eipially 
 with the remuneration of the liquidator. 
 
 IIV-I.AWS HV CANAPIAN HANKIOK 
 
 ASSOCIATION 
 
 Bankers' 
 As'-ocialion 
 may make 
 liv-law^. 
 
 .A:i lu ciir.ilv^i . 
 
 C 26. 1900 1301. The Ass' ciation may, at am meeting thereof, 
 with the approval of two-thirds in number of the banks represented 
 at such meeting, (the banks so approving having at least tsvo-thirds 
 in par value of the paid-up capital of the banks so represented 1, 
 make by-laws, rules and regulations respecting 
 
 ((()• .Ml matters relating to till' ap|H5intmeiit (jr removal of the 
 curator, and his powers and duties ; 
 
(6). The supervision of the makin" of the notes of the hanks Making of 
 which are intended for circulation, anci the dehvery thereot to the 
 banks ; 
 
 (c). The inspection of the disposition made by the hanks of Disposition 
 sucti notes ; 
 
 ((/). Tlie destruction of notes of the banks : and Destruction. 
 
 (f). The imposition of penahies for the breach or non-ohserv" ivmiities. 
 ance of any by-law, rule or regulation made by virtue of this 
 section. 
 
 2. No such by-law, rule or ree;ulation, and no amendment or ApprovU of 
 repeal thereof, shall he of any force or effect until approved by the i,^^,'^',"'^^ 
 Treasury btjard. 
 
 3 Before any such by-law, rule or regulation, or any amend- 
 ment or repeal thereof is so approved, the Treasury Board shall 
 submit it to every hank which is not a member of the Association, 
 and give to each such hank an opportunity of being heard before 
 the Treasury I5oard with respect thereto. 
 
 C. 26. 1900 [^i The .Xssociation shall have all powers neces- i:nforani.;nt 
 sary to carry out or to enforce the carrying out of, anv by-law, rule " '^ 
 or regulation, or any amendment thereof, so api>roved by the 
 Treasury Irioard. 
 
 C. 26, 1900 (32.) The .Association shall, on or before the first limefor 
 
 day of January, in the year one thousand nine hundred and one, ^["'""\",|;^™ '" 
 
 submit for the approval of the Treasury Board by-laws, rules and Bo:irii. 
 regulations for tlie purposes aforesaid. 
 
 OFFENCES AN!) PENALTIES 
 
 Notice to 
 other banks. 
 
 97. P>ery one is guilty of a misdemeanour and liable to im- President &c., 
 prisonment for a term not e.xceetiing two years who, being the prX^en"e\o 
 president, vice-president, tlirt ctor, pruicipal partner en coiniiiandite, .\m ereclitor, 
 manaL'er, cashier, or other officer of the hank, wilfully gives or «"'",^' "^;' „, 
 
 ... 1- rill ril. 1^ llUStltlllf allOUr, 
 
 concurs in giving any creditor of the bank any fraudulent, undue 
 or unfair preference over other creditors, by giving security to such 
 creditor or by changing the nature of his claim or otherwise liow- 
 soever, and shall further he responsible for all damages sustained 
 by any pt ison in c -nseciuenceof such preference. — iSqo, c. 31, s. 97. 
 
 98. The amount of ail penalties imposed upon a batik for any 
 violation of this Act shall be recoverable and enforceable with 
 costs, at the suit of Her Majesty, instituted by the Attorney General 
 of Canada, or the Minister of Finance and Receiver General, and 
 such penalties shall belong to the Crown for the public uses of 
 Canada ; but the Governor in Council, on the rep irt of the 
 Treasury Board, may direct that any portion of any penalty be 
 remitted or paid to any person, or applied in any manner deemed 
 best adapted to attain the obiects of tms Act and to secure the due 
 administration thereof.^iStjo, c. 31, s. cj8. 
 
 Recovery and 
 disposal of 
 penalties. 
 
 99. The making of any wilfully false or deceptive statement Making false 
 
 in any account, statement, return, report or other document re- i:!;\''™'^"V" a 
 
 specting the affairs of the hank is, unless it amounts to a higher misdenieanour, 
 
 offence, a misdemeanour punishable by imprisonment for a term not >'^';- 
 
88 
 
 exceeding five year,- ; and every president, vice-president, director, 
 principal partner en coininandite , auditor, manager, cashier or 
 other otticer of the bank, who prepares, signs, approves or concurs 
 in such statement, return, report or document, or uses the same 
 with intent to deceive or mislead any person, shall he held to have 
 wilfully made such false statement, and shall further be responsible 
 for all damages sustamed by any person in consequence thereof. — 
 iSgo, c. 31, s. 99. 
 
 100. Kvery person assuming or using the title of " bank,'' 
 " baiikin,; company," " br...v.ng house," "hanking association," 
 or " banking institution," without being authorized so to do by 
 this Act, or by some other Act in force in that behalf, is guilty of 
 an offence against this Act. — 1890, c. 31, s. 100. 
 
 101. Every person committing an offence declared to be an 
 offeiue against Qf^ence against this Act, shall be liable to a fine not exceeding one 
 
 this .Act. , , ■, ,, ... ^ r i . J ■ 1; 
 
 thousand dollars, or to imprisonment for a term not exceeding hve 
 years, or to both, in the discretion of the court before which the 
 conviction is had. — 1890, c. 31, s. loi. 
 
 L'liauthon/i'd 
 use nf title 
 •■ B.ink. ' \c. 
 
 Penaltv for 
 
 PUBLIC NOTICES. 
 
 How nuticts 102. The several public notices by this Act rccjuired to be 
 
 shall bu givxMi. given shall, unless Otherwise specified, be given y advertisement 
 
 in one or more newspapers published at the place where the 
 
 head office of the bank is situate, and in the Canada Gazette. — 
 
 1890, c. 31, s. 102. 
 
 DOMINION GOVEUNMENT CHEyUES. 
 
 Government 
 chetjiies to lie 
 paid at p.u. 
 
 103. The bank shall not charge any discount or commission 
 for cashing any official chetjue of the Government of Canada, or 
 of any department thereof, whether drawn on itself or on another 
 bank. — 1S90, c. 31, s. 103. 
 
 Comrnence- 
 nieiu ol thi> 
 Act. 
 
 Repeal of 
 R.S.I •., c. I 
 and of 51 \'. 
 c. 27 and ;o 
 V.,c. 47. ■ 
 
 Saving cl.iii: 
 
 COMMENCEMENT OE ACT AND REPEAL. 
 
 104. This Act 1S90, c. 31' shall come into force on the first 
 dav of July, in the year 1S91 : and from that day cha()ter 120 of 
 the Kevised Statutes of Canada, intituled An Act respecting:; Banks 
 and Banking, the Act passed in the fifty-first year of Her 
 
 20 Majesty's reign, chapter 27, in amendment theieof, the .\ct passed 
 in the session held ii^ the thirty-third year of Her Majesty's reign, 
 
 "' chapter 12. intituled An Act to reniore certain restrictions with 
 respect to lln issue of hank notes in Xova Scotia, the Act passed in 
 the session held in the liftieth and fifty-first years of Her Majesty's 
 reign, chapter 47, intituled .) n Ait respectini; the defacin<g of counter- 
 flit notes and the use of imitations of notes, and chapter 120 of the 
 Revised Statutes of New lininswick. Of Biinkiiif;. and the .\ct 
 passed by tlie Legislature of the f'rovince of New Brunswick in 
 the nineteenth year of Her Majesty's rei-n. chapter 47, intituied 
 /in Act to explain Chapter 120, Title XXXI, 0/ the Rer'ised Statutes, 
 " Of Bankins^'," shall be repealed, except as to rights theretofore 
 ai luired or liabilities incurred in regard to any matter or thing 
 done or contract or agreement macie or entered into or oih nres 
 committed undei Jie said chapters or .-\rts, and nothing in this Act 
 
89 
 
 shall affect any ,iction or proceuJings then pending,' under the said 
 chapters or Acts then repealed, l)ut the same shall be decided as 
 if such chapters and Acts had not been repealed.— iS.jo, c. 31 , 
 s. 104. 
 
 sciii:niiLK .\.~{Si'ctiou J). 
 
 HANKS wnosi; c 
 
 llARTERS ARE CONTINUED. 
 
 I. 
 2. 
 
 3- 
 4- 
 5- 
 6. 
 
 7- 
 
 S. 
 
 9- 
 10. 
 1 1. 
 12. 
 13- 
 Il- 
 ih. 
 
 17- 
 iS. 
 
 II)- 
 20. 
 21. 
 2 2 . 
 
 24- 
 
 -3- 
 
 28. 
 29. 
 30. 
 
 3'- 
 
 3-i- 
 ii- 
 34- 
 
 'l"he l->ank of Montreal. 
 
 The Ouehec Bank. 
 
 The Molsuns liank. 
 
 The Bank of Toronto. 
 
 The Ontario ISank. 
 
 The ICastern Townships Bank. 
 
 La Banque Nationale 
 
 La i^ancjue Jacijues Cartit r. 
 The Merchants Bank of Canada. 
 The Union Bank of Canada. 
 The Canadian Bank of Commerce. 
 The Dominion Bank. 
 
 The Merchants Bank of Halifax. 
 The Bank of Nova Scotia. 
 The Bank of Yarmouth, Nova Scotia. 
 The Standard B.ank of Canada. 
 The l:iank of H.nnilton. 
 The Halifax Banking Company. 
 
 La Banque d'Hochela^'a. 
 
 The Imperial Bank of Canada. 
 
 La Banque de St. Hyacinthe. 
 
 The Bank of Ottawa. 
 
 The Bank of New Brunswick. 
 
 The Exchange Bank of Varmoutli. 
 
 The Union Bank of Halifax. 
 
 The People's Bank of Halifax. 
 
 La Banque de St. Jean. 
 
 The Commercial Bank of Windsor. 
 
 The Western Bank of Canada. 
 
 The Traders Bank of Canada. 
 The People's Bank of New Brunswick. 
 
 The St. Stephen's Bank. 
 
 The Suinmerside P.ank. 
 
 The Merchants Bank of Prince lulward Island. 
 
 ujoo, c. 20, SiluduU- A (substituted for iSgo.c. 31, ScluduU- A). 
 
 C. 2^ 1900 14). "'When " I. a huanrpu; Jacques Cartier " chanties 
 Its name to "La ISaiKi'ie Provinciale du Canada," and " 1 he 
 Merchants Bank of 1 lalifax " chanj,'es its name to "The Roy.il 
 l-Jank of Canada," under the provisions of Acts of 1900 
 
 '......!..,- i-H-!! !■.;■ J.!':-;:'.;:! to h;' iuclud'-'d in scb'jdnlp A 
 
 t heir new names. 
 
 such 
 under 
 
40 
 
 SCHEDUL1-: li.— {Section g 
 
 l-OUM 01-- ACT OI-' INCOKHOKATIOX Ol- NiiW BANKS. 
 
 An Act to incorporate the Bank. 
 
 Whereas the persons hereinafter named have, by tlieir petition, 
 prayid that an act be passed for the purpose of establishing a 
 bank in , and it is expedient to grant 
 
 the prayer of the said petition : 
 
 Therefore Her Majesty, by and with the advice and consent of 
 the Senate and House of Commons (jf Canada, enacts as follows ; 
 
 \ 
 
 1. The persons hereinafter named, together with such others 
 as become shareholders in the corporation by this Act created, 
 are hereby constituted a corporation by the name of 
 
 hereinafter called " the Bank." 
 
 2. The capital stock of the bank shall be 
 dollars 
 
 3. The chief office of the bank shall be at 
 
 shall be tbo provisional 
 
 directors of the Bank. 
 
 5- This Act shall, subject to the provisions of section i6 of 
 The Bank Act, [1890, c. i\.\ remain in force until the first day of 
 July, in the year one thousand nine hunilred and eleven. — iSyo, 
 c. 31, Siludule li, as amemhd by kjoo, c. 26, s. 45. 
 
41 
 
 SCHEDULE C, -{Section JO). 
 
 Ff)RM OH SECURITY UNDER SECTION 74 Ol THE BANK ACT. 
 
 /. 
 
 In consideration of an advance of dollars 
 
 made by the Bank to A. B., for which the 
 
 said bank holds the following bills or notes : {describe the bills or 
 notes, if any,) [or, in consideration of the discounting of the 
 
 following bills or notes b)' the ....Bank for A. B. 
 
 (describe the bills or notes), the goods, wares and merchandise 
 mentioned below are hereby assigned to the said bank as security 
 
 for the payment on or before the day of 
 
 of tiie said advance, together with interest 
 
 thereon at the rate of per cent per annum from the 
 
 day of (or, of the said bills or notes, 
 
 or renewals thereof, or substitutions therefor, and interest thereon, 
 or as the case may be). 
 
 This security is given under the provisions of section 74 of 
 The Bank Act [i8go, c. 31] and is subject to the provisions of 
 the said Act. 
 
 The said goods, wares and merchandise are now owned by 
 
 , are now in the possession of 
 
 and are free from any mortgage, lien or charge thereon {ur as 
 the case may he), and are in {place ur places where the goods are), 
 and are the following (</escry/'//o« a/' ^oorfs assigned). 
 
 Dated, ice. 
 
 (N.B. — The bills or notes and the goods, o^c, may be set out in 
 schedules annexed.}— igoo, c. 2ft, Schedule C (Substituted for 
 iS(jo, c. }i. Schedule C). 
 
4-2 
 
 SCHEDULE D.— [Section Sj}- 
 
 Return of the liabilities and assets of the 
 the day of , A.D. 
 
 Capital authorized 
 
 Capital subscribed 
 
 Capital paid-up 
 
 Amount of rest or reserve fund 
 
 Kate per cent, of last dividend decl;irc( 
 
 
 hank on 
 
 per cent. 
 
 LlM-.II.ITIhS. 
 
 G. 
 7- 
 
 9- 
 
 ID. 
 
 II. 
 
 Notes in circulation %" 
 
 Balance due to Dominion Goveniment, after oe- 
 
 ducting advances for credits, pay lists, \(- 
 
 Balances due to Provincial (iovernments 
 
 Deposits by the public, payable on demand, in 
 
 Canada 
 
 Deposits by the public, payable after notice or on 
 
 a fixed day, in Canada 
 
 Deposits elsewhere than in Canada 
 
 Loans from other banks in Canada, secured, in- 
 cluding bills rediscounted ■•■ 
 
 Deposits made by, ai,d balances due to, other 
 
 banks in Canada 
 
 Balances due to agencies of the bank, or to other 
 
 lianks or agencies, in the I'nited Kingdom 
 
 I^alances due to agencies of the bank, or to other 
 banks or agencies, elsewhere than in Canada 
 
 and the United Kingdom • 
 
 Liabilities not included under foregoing heads... 
 
 ASSKTS. 
 
 3- 
 
 4- 
 5- 
 
 7- 
 
 Specie •'^ 
 
 Dominion notes 
 
 Deposits with Dominion Government for security 
 
 of note circulation • ■ • 
 
 Notes of and cheques on other banks..-. 
 
 Loans to other banks in Canada, secur'^d, in- 
 cluding bills redisco'inted 
 
 Deposits made with, and balances due from, other 
 bank.=, in Canada 
 
 Balances due from agencies of the bank, or from 
 other banks or pgtnnes, in the United King- 
 dom 
 
 B.alances due from agencies of the bank, or from 
 other banks or agencies, elsewhere than in 
 Canada and the United Kingdom • ••. 
 
 Dominion and Provincial (iovernment securities. 
 
1 1. 
 
 I 2. 
 
 13' 
 
 14. 
 
 1.5- 
 16. 
 
 17- 
 
 iS. 
 
 19. 
 
 20. 
 
 21. 
 
 22. 
 
 48 
 
 Canadian iminicipal securities, and British, or 
 forei<,'n, or colonial public securities other than 
 Canadian 
 
 Railway and otlier bonds, debentures and stocks. 
 
 Call and short loans on stocks and bonds, in 
 Canada ... 
 
 Call an(l short loans elsewhere than in Canada .. 
 
 Current loans in ('anada 
 
 Current loans elsewhere than in Canada 
 
 Loans to the Government uf Canada 
 
 Loans to Provincial Governments 
 
 Overdue debts 
 
 Real estate other than bank [iremises 
 
 Mortt(a^;es on real estate sold by the bank 
 
 Bank premises 
 
 Other assets not included under the foregoing 
 heads 
 
 
 .\ggregate amount of loans to directors, and tirnis of which 
 they are partners, $ 
 
 Average amount of specie held during the month, $ 
 
 Average amount of Dominion notes held d';-uig the month. 
 
 Greatest amount of notes in circulation at any time during the 
 month, § 
 
 I declare that the above return has been prepared under niy 
 directions and is correct according to the books of the bank. 
 
 K. F., 
 
 Chief Accountant. 
 
 We declare that the foregoing return is made up from the books 
 of the bank, and that to the best of our knowledge and belief it is 
 correct, and shows truly and clearly the tinaucial position of the 
 bank ; and we further declare that the bank has never, at any time 
 during the period lo whicii tlie said return relates, held less than 
 forty per cent, of its cash reserves in. Dominion notes. 
 
 (Place) this tiay of 
 
 .\. B., Pn-'idciit. 
 
 C. D.. Geiural Miiiias^cr. 
 
 IQOO, c. 26, Schedule D (siihstitnteil for iSgo, c. ji, Schedule I)) 
 
44 
 
 CHAPTKR 1900. 
 
 AN ACT TO INCOKIOKAIK THK CANADIAN HANKEKs' ASSOCIATION 
 
 Preamble. WHICRIIAS the voluntary association now existing under 
 
 the urfHif of the Canadian Hankers' Association has, by its petition, 
 prayed that it inav be enacted as hereinatter set forth, and it is 
 expedient to gr^nt ihe prayer of tiie said petition : Therefore Her 
 Majesty, by and with the advice and consent of the Senate and 
 House of Commons of Canada, enacts as follows : — 
 
 Incorporation. J. There is hereby created and constituted a corporation under 
 the name of " The Canadian Bankers' Association," hereinafter 
 called " The Association." 
 
 ,\sst>ciation, 
 liow 
 
 coiiiposi'il. 
 Member^. 
 
 AssocialL-s. 
 
 Effi-cl of bank 
 suspending. 
 
 When 
 associate 
 ceases to be 
 such. 
 
 Objecs of 
 Association. 
 
 Sub-sections of 
 Association. 
 
 2. The Association shall consist of members and associates ; 
 
 (a) The members, hereinafter referred to as members, shall be 
 the banks named in the schedule to this Act, and such new banks 
 hereafter incorporated by or under the authority of the Parliament 
 of Canada as become ntitled to carry on the business of banking 
 in Canada, and to which The Bank Act in force at the time of its 
 incorporation applies. Any bank to which The Bunk Act applies, 
 carrying on business in Canada, and not named in the schedule to 
 this Act, shall, on its own application, at any time be admitted as 
 a member of the Association by resolution of the Executive Council 
 hereinafter named ; 
 
 (b) The associates, hereinafter referred to as associates, shall be 
 the bank officers who are associates of the voluntary association 
 mentioned in the preamble at the time this Act is passed, and such 
 other officers of the banks which are members of the Association 
 as may be elected at a meeting of the Executive Council hereinafter 
 named or at an annual meeting of the Association. An associate 
 may at any time by written notice to the president of the Association 
 withdraw from the Association. 
 
 3. Upon the suspension of payment of a bank being a member 
 of the Association, sucn bank shall cease to be a member : Pro- 
 vided however, that if and when such bank resumes the carrying 
 on of its business in Canada it may again become a member of 
 the Association. 
 
 4. Upon an associate ceasing to be an officer of a bank carry- 
 ing on business in Canada, he shall, at the end of the then current 
 calendar year, cease to be an associate. 
 
 5. The objects and powers of the Association shall be, to pro- 
 mote generally the interests and efficiency of lianks and bank 
 officers and the education and training of those contemplating 
 employment in banks, and for such purposes, among other means, 
 to arrange for lectures, discussions, competitive papers and ex- 
 aminations on commercial law and banking, and to actpiire, publish 
 and carry on the " Journal of The Canadian Bankers' Association." 
 
 6. The Association may from time to time establish in any 
 r;!.of-f, ip. Canada a subsectio" of the Association under such con- 
 stitution and with such powers (not exceeding the powers of the 
 Association) as may be thought best. 
 
4fi 
 
 7. riie Association tiny from time tu tune establish in any i I. -.11,111; 
 place in Canada a clearing,' house for l>anks, and make rules atui i'-"-"^ 
 ri'^'iilations foi the operations of such clearin;,' house : Provided 
 always, that no oank shall he or become a member of such cleariiit,' 
 house except with its own consent, and a bank may after becoming 
 such iueml>er at any time withdiaw therefrom. 
 
 2. All banks, whether members of the Association or not, shall K'^'ui.itK.n^. 
 have an e(jual voice in m.ikiii^j from time to time the rules and 
 ret,'ulations for the clearing' house ; but no such rule or rej,'ulation 
 shall have any force or effect until approved of by the Treasury 
 Board. 
 
 8. Memliers of the Association shall vote and act in all matters Voiini; pmurs. 
 relating to the Assciciation through tlieir chief executive ofticers. 
 For the purposes of this Act the chief executive officer of a member 
 shall be its general manager or cashier, or in his absence the ofticer 
 designated for the purpose by him, or in default of such designation 
 the officer next in authority. Where the president or vice president 
 of a member performs the duties of a general manager or cashier 
 he shall be the chief executive officer, and in his alisence the officer 
 designated for the purpose b> him, and in default of such designation 
 the officer next in authority to him. At all meetings of the Asso- 
 ciation each member shall have one vote upon each matter sub- 
 mitted for vote. The chairman shall, in addition to any vote he 
 may have as chief executive officer or proxy, have a casting vote 
 in case of a tie. .Associates shall have only such powers of voting 
 and otherwise taking part at meetings as may be provided by bylaw. 
 
 9. Tiiere shall tie a president and one or more vice-presidents dttkcrs. 
 and an executive counc; '' the Association, of which council hve 
 shall form a quorum unle,-,b the by-laws otherwise provide. 
 
 10. The persons who are the president, vice-presidents and 
 executive council of the voluntary association mentioned in the 
 preamble at the time this Act is passed shall be the president, 
 vice-president and executive council respectively of the Association 
 until the first general meeting of the .Vssociation or until their 
 successors are appointed. 
 
 11. The first general meeting of the Association shall be held 
 during the present calendar year at such time and place and upon 
 such notice as the executive council may decide. Subsequent 
 general niei'tings shall be held as the by-laws of the Association 
 may provide at least oi.te in each calendar year. 
 
 Officers of 
 
 fNisting 
 
 associiilion 
 
 conlmut'd. 
 
 Grni'r il 
 nieeting-- 
 
 12. .\t the first gent ral meeting and at each annual meeting Kii'ctiun of 
 thereafter the members of the Association shall elect a presuient, °*"'''''- 
 one or more vice presidents and an executive council, all of whom 
 shall hold oftioe until the next annual general meeting or until 
 their successors are appointed. 
 
 13. The pre'^ident, vice presidents and executive council shall F.xecmivo 
 be chosen frcm the chief executive officers of members of the """-'^'^ 
 Association. 
 
46 
 
 I At'cutive 
 council. 
 
 Dm- 
 
 14- Unless the hy-laws otherwise provide, the executive 
 council sliall consist of the president and vice-presidents of the 
 Association and fourteen chief executive officers, and five shall 
 form a (lucrum for the transaction of l)usiness. 
 
 15. Mach member and associate shall from time to time pay to 
 the Association for the purposes thereof such dues and assessments 
 as shall from time to time be tixed in that behalf by the Associ- 
 ation at any annual meeting, or at any special meetm),' called for 
 the purpose, by a vote of not less than two-thirds of those present 
 or represented by proxy. 
 
 Hy-l,i«s 
 
 governini; 
 
 As^oci.ition. 
 
 16. The objects and powers of the Association shall be carried 
 out and exercised by the executive council, or under by-laws, 
 resolutions, rules and regulations passed by it, but every such 
 by-law, rule and regulation, unless in the meantime confirmed at 
 a general meeting of the Association called for the purpose of 
 considering the same, shall only have force until the next annual 
 meeting, and in default of confirmation thereat shall cease to have 
 force. Provided always, that any by-law, rule or regulation 
 passed by the executive council may be repealed, amended, varied 
 or otherwise dealt with by ihe Association at any annual general 
 meeting, or at a special general meeting called for the purpose. 
 
 I'ower of 
 executive to 
 [l.l^^ h\-l.uvs. 
 
 2. For greater certainty, but not so as to restrict the generality 
 of the foregoing, it is declared that the executive council shall have 
 powp*" to pass l:!y-laws, resolutions, rules and regulations, not con- 
 trary to law or to the provisions of this Act, respecting — 
 
 (d.) lectures, discussions, competitive papers, examinations ; 
 
 {b.) the journal of the Association ; 
 
 (c.) the sub-sections of the Association ; 
 
 ((/.) clearing houses for banks ; 
 
 (e.) general meetings, special and annual, of the Association and 
 of the executive council, and the procedure and quorum thereat, 
 including the part to be taken by associates and their powers of 
 voting ; 
 
 (/.) voting by proxy at meetings of the Association and of the 
 executive council ; 
 
 (n^.) the appointment, functions, duties, remuneration and re- 
 moval of officers, agents and servants of tfie Association. 
 
 Approv.ll of 
 
 TrtMMirv 
 
 Bo.ird. 
 
 3. No by-law, resolution, rule or regulation respecting clearing 
 houses, and no repeal, amendment, or variation of or other dealing 
 with any such by-law, resolution, rule or regulation, shall have any 
 force or effect until approved of by the Treasury Board. 
 
 R.C.S., , 
 
 17. The provisions of The Companies' Clauses Act, being chap- 
 ter 118 of the Revised Statutes, shall not apply to the Association. 
 
47 
 
 HANKS liKIN'C. MI-MllKKS Hi' Till: ^SSI iCI ATI' ■S. 
 
 The H„nk oi Mnntrt-al. 
 The (Juebec 1 1. ink. 
 The Molsuiis' Hatik. 
 Tho Bank of Toronto. 
 The Ontario Hank. 
 The ICastern Townsliip-^ liank. 
 La Hini|ue Nationals. 
 La Banqiie Jaccjues ("artier 
 The Merchants' IJaiik of Canada. 
 The Union Hunk of Canada, 
 ". ie Canadian Bank of Conmurce. 
 ^ ii.i Dominion Bank. 
 Tiie Merchants' Bank of Hahfa.\. 
 The Bank of Yarmouth. N'ova Scotia. 
 The Standard P>ank of Canada. 
 Tiie Bank of Hamilton. 
 The Hahfax Bankinj^ Company. 
 La Banque d'Mochelaga. 
 The Imperial Bank of Canada. 
 La Banque de St. Hyacinthe. 
 The Bank of Ottawa.' 
 The Bank of New lirunswick. 
 The Exchange Bank of Yarmouth. 
 The Union Bank of Hahfax. 
 The People's Bank of Halifax. 
 La Banque de St. Jean. 
 The Commercial Bank of Windsor. 
 The Western Bank of Canada. 
 The Traders Bank of Canada. 
 The People's Bank of New Brunswick. 
 The Saint Stephen's Bank. 
 The Summerside Bank. 
 The Bank of British North America. 
 The Bank of British Columbia. 
 
•■|%r.4-^-f^ -■■.T-»^y»P' 
 
 INDEX. 
 
 Ac<:oL'NT-- iiK Cr.sroMKRs 
 
 Inspection of ■ 
 
 Act ok i8i)')^ 
 
 Note issue in Hriti-ili possessions other than ('mada i 
 
 Act of iH.jd — 
 
 Provisions no longer in force 
 
 ( >r no longer necessary 
 
 I'nisisions repealed 
 
 Aci OK I'lOii, cap. zi> — 
 
 Amending definition of " manufacturer ' 
 
 Act to apply to certain hanks not in Schedule " A " 
 
 Continuation of bank charters 
 
 Provisions applyiiiK to Hank of Hritish North America and Hank of HriVish 
 Columbia 
 
 Provision as to executor's liability 
 
 Annual stalement and inspection 
 
 Banks not to issue notes during period of suspension 
 
 Section 54 of Act of i.~m>o amended i- jy 
 
 Notes of suspended bank to bear interest at 3 per cent 
 
 Section of, substituted fcif section 70 of Act of 1890 
 
 Section 73 of Act of i.^-qo amended 
 
 Loans to wholesale dealers 
 
 Loans on standing timber 
 
 Penalty for alienating goods secured under section 74 
 
 Sale by auction after notice 
 
 Payment over of amount due deceased 
 
 Purchase of assets of a bank 
 
 Repealed sec S7. sub-sec. 2. of Act of iSgo 
 
 Annual return of unpaid drafts , , 
 
 Curate, in case of suspension of bank at 
 
 By-laws by Canadian Hankers Association jg 
 
 Change of name of several banks, and inclusion of such banks in Schedule " A " 
 
 New Schedule " A ' substituted lor old Schedule " A " 
 
 Schedule " H " amended 
 
 New Schedule " (" substituted for old schedule ■' C " 
 
 New Schedule ■■ D " substituted tor old schedule " D" .........'. 
 
 Act ok iooo. cap 27 — 
 
 Conditions re purchase 01 assets of bank 
 
 Act of Incorporation, form of 
 
 A '.vances for building ships 
 
 At ^ncies bank may open 
 
 At,-ncy charges for collection 
 
 Ag.int, definition of in sec. 73 
 
 Aggregate issue of bank notes 
 
 Agreement to give security 
 
 .\nnual meeting 
 
 Annual statement and inspection , , 
 
 Assets, annual statement of 
 
 do charges on 
 
 .\ssignment of Shares See Transfer 
 
 'J. 
 
 ■^4. 
 
 .29, 
 
 3 
 
 '3 
 
 "4 
 
 19 
 20 
 
 ■24 
 25 
 -'5 
 25 
 
 26 
 
 27 
 
 28 
 
 30 
 32 
 34 
 36 
 37 
 39 
 39 
 40 
 
 41 
 42 
 
 30 
 40 
 21 
 22 
 28 
 -4 
 15 
 25 
 4 
 14 
 13 
 >7 
 
 Ballot, vote by 
 
 Bank, definition ol 
 
 do charters continued 
 
 do circulation redemption fund 
 
 do notes -See A'n/is. 
 
 do (if Hritish ('oliimbia. iirovisions which appiv to. . . 
 
 do linlish .North .\merica. provisions which apply to 
 Hanijue du Peuple. provisions which apply to 
 
 1 
 39 
 17 
 
50 
 
 Bnnque Jacques Cartier, name to be changed 
 
 Banque l^rovinciale ilu Canada 
 
 Hankers' As ociation. Stc Camidinn Bankers' Associatiun. 
 
 Banks to w) h Act applies 
 
 Bill of Lading defineil 
 
 Banks may ac(|uire as coIUtera! security 
 
 Agent transfer! ng 
 
 I'AGH 
 
 JO 
 
 39 
 
 ^.39 
 
 I 
 
 -4 
 
 24 
 
 In posst-Shiun of 24 
 
 When Bank may acquire 25 
 
 Written promise to give 25 
 
 Exchange for warehouse receipt 25 
 
 Preference over unpaid vendor 26 
 
 Sale of goods covered by 26 
 
 Bills to be bin 'ing on bank 20 
 
 Bills of exchange, Lank may deal in 22 
 
 Ne,i;otialion of, security taken at time 25 
 
 Bonds, guarantee to be given by officers 6 
 
 Of other corporations, bank may deal in 22 
 
 I?onus or dividend not to impair capital 14 
 
 When may exceed 8 per cent 14 
 
 Books, subscription for stock 3.9 
 
 10 
 
 14 
 22 
 
 5 
 
 22 
 
 22 
 
 4 
 
 22 
 
 4 
 
 6 
 
 Transfers ti> be registered in 
 
 Inspection of, by directors 
 
 Branches and agencies bank may open .... 
 British subjects, majority of directors to be 
 
 Bullion, bank may deal in 
 
 Business of bank 
 
 When bank may commence 
 
 Prohibited to banks 
 
 By-lav.s, shareholders may make 
 
 Directors may make 
 
 Bv Canadian Hankers' Association 3*5. 37 
 
 Calls, only those who have paid can vote. . . 
 
 Effect of non-payment of 
 
 Directors may make 
 
 Intervals between and notice of 
 
 Not to exceed 10 per cent 
 
 Remedy in case of non payment 
 
 By directors on winding up 
 
 Cancellation of subscripticms to stock 
 
 C.^.NADIAN Ba.S'KKRS' .\.S.S0C1 ATION — 
 
 Incorporation of .... 
 
 How composed 
 
 Members 
 
 Associates 
 
 Eflect of hank suspending 
 
 When associate ceases to be such .... 
 Objects and powers of the Association 
 
 How carried out and exercised 
 
 7 
 
 9 
 
 9 
 
 9 
 
 9 
 
 10 
 
 34 
 
 9 
 
 44 
 
 44 
 
 44 
 
 44 
 
 44 
 
 44 
 
 44 
 
 46 
 
 Sub-sections may be established by }4 
 
 Clearing houses mav be established by t5 
 
 Rules and regulations therefor 45 
 
 Voting powers of members of the .\ssociatirn 45 
 
 Officers of .Associaticm .... 45 
 
 General meetings of 45 
 
 Executive Council 4.5 
 
 Officers of Association, electiim of 4.5 
 
 Executive Council, quorum of . . 45 
 
 From whom chosen 45 
 
 Composition of 4'' 
 
 Dues 4'' 
 
 Bylaws governing ,\ssociation 4') 
 
 Power <>i i;xecutive Council to pass 4<' 
 
 On w hat matters 4f> 
 
 Certain of them to be approved by Treasury Board 4(1 
 
 " Companies Clauses A""*. ' not to apply 46 
 
 Banks which .ire memb. rs of Association 47 
 
Capital stock of banks 
 
 Allotment of 
 
 Amount of 
 
 Increase of 
 
 Reduction of 
 
 Hut not below $250,000 
 
 Annual statement of 
 
 Not to be impaired by dividends 
 
 Certificate to l)egin business 
 
 Of increase of stock 
 
 Of reduction of stock 
 
 Charters continued to July i, 191 1 
 
 Checjues of Dominion Government 
 
 Chief office, shares transferable at 
 
 Notes payable at 
 
 Circulation, what notes bank may issue for 
 
 Limit of notes bank may issue 
 
 Penalty for over issue 
 
 At agency in British possession other than Canada '5 
 
 Circulation redemption fund 
 
 Cities where Bank must redeem their notes 
 
 Clearing houses, establishment of 
 
 Kules and regulations for, how made 
 
 Collateral security, what bank may take as 22 
 
 Sale of stock, etc. , held as 
 
 Bank acquiring bill of lading as warehouse receipt as 
 
 Collection, charges for 
 
 Commencement of Bank Act 
 
 Counterfeit notes to be stamped 
 
 Curator to be appointed in case of suspension of bank 
 
 Manner of appointment, duties, etc., etc 
 
 H 
 8 
 
 i 
 
 S 
 8 
 9 
 
 13 
 
 14 
 4 
 8 
 S 
 2 
 
 3S 
 9 
 
 20 
 
 15 
 15 
 15 
 
 16 
 
 17 
 20 
 
 45 
 
 45 
 
 i24 
 
 22 
 24 
 
 27 
 38 
 21 
 
 35 
 36 
 
 Iiebentures, bank may deal in 
 
 Debt or liability, shares held for 
 
 Security taken at time of contracting 
 
 Debts due bank, in annual statement 
 
 Defacing note^, penalty for 
 
 r)efinitii)n of terms used in Bank Act. See Worth niui Phrases 
 1 )eposits, i lank may receive 
 
 From persons unable to contract . . 
 
 In trust, payment of 
 
 Statute of Limitations not to apply to 
 
 Directors, number of 
 
 Election of 
 
 Qualification of 
 
 yuorum of 
 
 General powers of 
 
 Majority to !« British subjects 
 
 Meetings of 
 
 Dividends, where may be made payable 
 
 Bnnus not to impair capital 
 
 Half vearh dixidends may be declared 
 
 (luarlerly dividends may be declared 
 
 \Vl;<n may exceed S per cent 
 
 Ki'turn of unpaid dividends 
 
 Dominion < iovernment cheques 
 
 Ranks second on assets 
 
 Notes 40 per cent, of reserve to lie in 
 
 Securities bank may deal in 
 
 Double liability of shareholders 
 
 Charter continues, to enforce 
 
 22 
 22 
 25 
 13 
 
 21 
 
 2S 
 
 28 
 
 28 
 
 34 
 
 3. 4 
 
 .5.6 
 
 4.5 
 
 5 
 
 
 
 5 
 t^. 7 
 
 9 
 '4 
 14 
 14 
 14 
 3- 
 3S 
 17 
 
 14 
 3" 
 
 Election of I )irectors 3. 5. 
 
 I 
 
 If not made on day appointed 
 I'resident and Vice- President 
 
 i^xecution. sale of shares under writ of 
 
 ICxecutors, when personally lialile on shares 
 1 leclaration of tr,insmissicn by will . . . 
 
 -3 
 
 12 
 
52 
 
 PACK 
 
 I'ailure to elect Directors at Annual Meeting 6 
 
 False number, selling,' shares by ii 
 
 Statement in warehouse receipt 26 
 
 Returns, etc 37 
 
 F^ine for commiting oitence— see penalty. 
 
 Foreign public securities, bank may deal in 22 
 
 Forfeiture of stock, for non-payment of cciUs 10 
 
 Directors or shareholders may remit 10 
 
 Bv shareholders on uinding up 35 
 
 Form of .\ct of incorporation of new banks 40 
 
 Security under section 74 40 
 
 Monthly returns 42 
 
 Fraudulent preference to creditors 37 
 
 Funds, inspection of by directors 14 
 
 G 
 
 General 1 ranking business, banks may do : 22 
 
 G'lld. banks may deal in 22 
 
 Goods, wares and merchandise, definition of . . . i 
 
 Hank not to lend on 22 
 
 Deal in 22 
 
 (Covered by warehouse receipt 24 
 
 Bill of ladmg 24 
 
 Title of owner vests in bank 24 
 
 1 'ossession of, by agent 24 
 
 Of wholesale manufacturer, security on 25 
 
 l-.tfect of security from owner 25 
 
 I'orm of security under section 74 40 
 
 Produced from pledged goods 26 
 
 Sale I if for non-payment of debt 26 
 
 Government, Dominion ranks second on assets ... 17 
 
 Provincial ranks third on assets .... 17 
 
 Securities, fianks may deal in 22 
 
 Cheques (Dominioni to be cashed at par 3S 
 
 Guarantee, cashiers, officers, etc. must give (1 
 
 I'und, shareholders mav authorize 5 
 
 Guardian, when personally liable on shares 13 
 
 H 
 
 Half-yearlv diviilends may be declared 14 
 
 Halifax, banks to redeem their notes at 20 
 
 Hypotheijues, bmk may take as additional security 23 
 
 Imitatin-; hank notes 21 
 
 Immovable property, bank not to lend on 22 
 
 .\cnuired for use of hank 23 
 
 Hank may purchase debtor s -3.-4 
 
 Hold for seven years 23 
 
 Proviso for a further holding of 5 years 21, 
 
 I'orfeiture of, if not sold b\ bank within the aforesaid periods 23, 24 
 
 Mortgages on, as .iddilional security 23 
 
 Impairment of capital by dividends 14 
 
 Imprisonment for fraudulent preferences 37 
 
 False statement ^7 
 
 Committmg an offence. 3S 
 
 Incorporation of new banks 3 
 
 I-orm of ,\ct for 40 
 
 Increase of capital stock H 
 
 Indorsem.ent. bonds, etc. assignable by ... . 20 
 
 InsoU ency of bank 34 
 
 Suspension for ninety clays 3.) 
 
 Calls in case 34, 3.) 
 
 Inspection "f bo"ks, by Directors i( 
 
 Instalments, stock to be paid bv 'j 
 
 Interest, bank may charge 7,, 27 
 
 May allow any rate of 27 
 
 5",, on bank notes after suspension i s 
 
 Not pat: 
 
 
58 
 
 Internal regulations of bank .... 
 
 Interpretation of terms in Hank Act 
 
 Intestate when named, administrator not 
 
 iahle 
 
 PAGE 
 
 4. 5 
 I 
 
 13 
 
 Joint holders of shares, how they vote 7 
 
 Depositor's withdrawal of money zH 
 
 Land, bank not to lend on . . . . 
 
 May acciuire for its own use 
 
 May take mortgage as additional security 
 
 May purchase debtor's 
 
 How bank may acquire 
 
 May hold for 7 or even 12 years 
 
 Legislation for reduction of capital stock 
 
 Letters of administration, on transmission 
 
 Liabilities, annual statement of 
 
 Schedule of 
 
 Lialiility of shareholder not diminished by reduction of stock . . . 
 
 When personal 
 
 i-taiik has lien on stock for anv 
 
 Double of shareholders 
 
 ( Jf directors not diminished by certain sections of .\^t of 1S90 
 
 Lien of bank on its own shares 
 
 Limitations, when statute of not to apply 
 
 Liquidation of bank by directors 
 
 Liquidators to pay in unclaimed moneys - . . . , 
 
 Money for notes not presented 
 
 Loans, what banks may make 
 
 Fur builidng vessels 
 
 To wholesale manufacturers 
 
 Lurchasers, shippers and dealers 
 
 < )n standing timljer or 
 
 Loss, estimate of, in annual statement 
 
 •23. 
 
 .34 
 
 M 
 
 Majority of votes, at meeting governs 
 
 Of joint holders of shares may name attorney. 
 
 (Jf trustees may withdraw deposits 
 
 In value of shares may vote to reduce capital 
 
 Of joint depositors may withdraw money 
 
 Manager of bank to sign, monthly returns 
 
 Making false statement . . 
 
 Manufacturer — de6ned 
 
 H.ink may lend to wholesale 
 
 Marriage, transmission of shares by , . 
 
 Meetmg for organization of bank 
 
 .\nnual general, of shareholders 
 
 Of directors 
 
 Special general , of shareholders 
 
 Who mav call, notice 
 
 Statement to be laid belore annual 
 
 Merchants Hank ut Halitax, name chang'-d 
 
 Sections of Act of iS.jo no longer in force 3 
 
 Minimum capital ol banks hereafter 
 
 Siibscribi'd capital to commence business 
 
 Payment of capital for organization 
 
 Minister of finance, *25o,ooo capital to lie paid to 
 
 Keturn of capital to l)ank by 
 
 To furnish Iiominion notes , 
 
 MonthU returns to 
 
 .\nnual returns to 
 
 To recei\e uiiclaimeil mone\s on winding up 
 
 May sue fur penalties 
 
 Monev, calls lo be paid in 
 
 ( ither bills not to circulate as 
 
 Mdiuhlv returns tiy bank 
 
 Montreal, chief office I'f Hank of H.X .K at 
 
 iTankti to redeem their notes at 
 
 22 
 ^3 
 ■^3 
 24 
 23 
 23 
 9 
 12 
 
 13 
 42 
 9 
 13 
 22 
 
 34 
 35 
 22 
 
 34 
 35 
 
 a 
 
 33 
 
 22 
 
 24 
 25 
 25 
 25 
 13 
 
 7 
 
 7 
 28 
 
 S 
 28 
 31 
 37 
 
 I 
 
 25 
 
 12 
 
 3 
 
 4 
 6 
 
 7 
 
 7 
 
 13 
 
 39 
 
 17 
 
 3 
 
 3 
 
 3 
 
 i. 4 
 
 4 
 
 15 
 
 31 
 
 32 
 
 ii 
 
 37 
 
 9 
 
 21 
 
 ,U 
 
 3 
 
 20 
 
64 
 
 Mortgage, bank may take as additional security. 
 
 On personal property as well as real 
 
 I"or aid in building a vessel 
 
 Bank may purchase lands under 
 
 Exercise power of sale in 
 
 Municipal debentures, bankmay deal in 
 
 PACK 
 
 • 23 
 23 
 
 • 24 
 •23 
 
 -3. 24 
 22 
 
 N 
 
 Negotiable securities, the bank may deal in 
 
 Negotiation of bill, security at time of 
 
 Newspaper, notice of annual meeting in 
 
 Sale of pledged goods in 
 
 Hoth English and French in (Quebec 
 
 I'ublic notices in 
 
 Non-pavment of calls, remedy for 
 
 Of debt, securities may be sold 
 
 Notarial copv of (,hiebec will 
 
 Notes issued by banks for circulation 
 
 Denominations and amounts of 
 
 Aggregate amount of allowed 
 
 Issued by La l?anque du Peuple and by Bank of B N. .\ 
 
 Penalties for over-issue 
 
 Issued at agencv in liritish possessions other than Canada 15. 
 
 Denomination of such notes 
 
 Redemption of such notes 
 
 If agency abolished 
 
 Total amount in circulation 
 
 Pledging prohibited 
 
 Penalty for pledging 
 
 Penalty for improper issue or taking of 
 
 Payment of first charge on assets 
 
 Not to be issued during period of suspension 
 
 To circulate at par throughout Canada 
 
 Where to be redeemed 
 
 Always pavable at head ottice 
 
 \Vho are to sign for the bank 
 
 Counterfeit to be stamped 
 
 Penalty for defacing 
 
 Notice of calls 
 
 ( If sale of shares under lien 
 
 Of sale of pledged goods 
 
 Public notice, how to be given. ... 
 
 Number 01 directors 
 
 Numbers, shares to have viistinguishing 
 
 22 
 
 25 
 
 5 
 
 26 
 27 
 3S 
 
 10 
 
 26 
 12 
 15 
 15 
 15 
 15 
 15 
 16 
 16 
 16 
 16 
 16 
 16 
 ;6 
 16 
 17 
 17 
 
 JO 
 
 20 
 
 .'O 
 
 20 
 21 
 
 Zi 
 
 I) 
 
 22 
 
 21'! 
 
 3« 
 
 3. 5 
 
 II 
 
 Offence. Sfe Piualties 
 
 To commenie business without certificate 4. 
 
 To use title of " Hank," etc., witliout authority 
 
 Officers of bank, by uhom appointi.d 
 
 Must give security 
 
 (iivinu fraudulent preference 
 
 Making false statement 
 
 Overdue debts in annual statement 
 
 CJwner. warehouse receipt K'ives rights of 
 
 \\ liere previous holder is agent of 
 
 I'aying debt, entitled to re-transfer 
 
 Security under. sec. 74 to be given by 
 
 Consent of, to sale of goods 
 
 Ontstandin;; notes i.n case of insolvency 
 
 3« 
 38 
 6 
 6 
 37 
 37 
 '3 
 24 
 ^4 
 24 
 
 2.T 
 
 26 
 
 a 
 
 Par. bank to take its own notes at 
 
 Iioniinion ( j.vernnient, cheques tn be rashc.l at. 
 I 'aymeni of notes, first charge on assets 
 
 At seven cities named 
 
 .\t head office 
 
 Any office to receive notes at par in 
 
 In Duiniuiun notes if r- q ;!€=•••■, 
 
 20 
 3« 
 17 
 20 
 20 
 20 
 
PAGE 
 
 Penalties, when to rank on bank assets 17 
 
 How tci be recovered 37 
 
 To belong to Crown 37 
 
 Ciovernor in Council may remit 37 
 
 Penalty lor non-pavment of calls 10 
 
 Nut holdins; Dominion notes 14 
 
 Over issue of notes 15 
 
 Issuing bills, etc , as money 21 
 
 Defacing notes 21 
 
 None for usury 27 
 
 Violation of sees. 6S-74 ... 27 
 
 Not sending monthly returns 31 
 
 List of shareholders 32 
 
 Unpaid dividends, etc 33 
 
 t'npaid drafts 34 
 
 Pension fund, shareholders may authorize 5 
 
 Personal estate, bank shares are 9 
 
 Pledgee ranking with unpaid vendor 2C 
 
 I'ledgin', ; ..tes of bank prohibited ifj 
 
 Possessoi j; goods or documents of title 24 
 
 Preference of ba.ik over unpaid vendor 26 
 
 Kniudule.it, of creditor by officer of bank 37 
 
 Prescription, 'vhen not to apply to bank 34 
 
 I'KKSIOENT a;.I> \'lCE-pRt;slDENT — 
 
 Election of, by directors 6 
 
 Has double or casting vote in cas'3 of tie 6 
 
 Removal of 7 
 
 Pledging notes of bank 16 
 
 To sign monthly returns 31 
 
 Probate of will to be left with bank 12 
 
 Profits, annual statement of 13 
 
 Must not exceed S per cent, save certain conditions have been satisfied 14 
 
 Promise written to give security 24 
 
 Promissory notes, banks may deal in 22 
 
 Provincial (;o\ ernment ranks third on assets 17 
 
 Securities, l)ank may deal in 22 
 
 Provisional directors 3 
 
 Proxies, regulations as to. made by shareholders 5 
 
 Valid for only two years 7 
 
 Proxy, shareholders may vote by 7 
 
 Who may act as 7 
 
 Public auction. Sif Auction. 
 Public notice. See Notice. 
 
 Public securities, bank may deal in 22 
 
 Purchase of lands by bank 23 
 
 tioods pledged 23 
 
 Assets of a bank bv another bank 29 
 
 Consideration therefor 29 
 
 Agreement of sale to be submitted to shareholders of selling bank for their 
 
 approval 29 
 
 When submitted for approval of shareholders of purchasing bank 29 
 
 Approval of C.overnjr in Council . 30 
 
 Conditions on which such approval shall be granted 30 
 
 Keconimended by Treasury Hoard 30 
 
 .\pproval applied for within three months of execution of agreement 30 
 
 Kiviuirenients of .\ct re approval by shareholders satisfied 30 
 
 Publication of notice of intention to apply for approval 30 
 
 Provision for payment of liabilities of selling bank 30 
 
 I'rovision for payment of outstanding notes of selling bank 30 
 
 Deposit with Minister of b'inance if circulation of both banks exceeds paid up 
 
 capital of purchasing bank 30 
 
 Deposit last mentioned to be repaid upon redemption of said excess 30 
 
 Notes of selling bank to become notes of purchasing bank 31 
 
 ■evidence of approval by Ctovernor in C'ouncil 31 
 
 Assets vest in purchasing bank on approval by (iovernor in Council 31 
 
 Business to be transacted by purchasing bank as soon as Governor in Council 
 
 has approved of agreement 31 
 
 Purchaser of products, loans to 25 
 
56 
 
 r.\r,E 
 
 yualification of directors 3 
 
 Ouarterly dividends may be declared '4 
 
 (Juorum at 'iieetini; nf directors . • • ■ 5. *' 
 
 At mee'ing of Executive Council of Canadian Bankers' Association 45. 4^ 
 
 Real estate, bank not ti lend money on 
 
 Hank may acquire for its own use 
 
 Take mortgage as additional security 
 
 I'urchase debtor's 
 
 Hold for 7 years or under certain conditions for 12 years 
 
 f<ecoverv of calls by suit 
 
 Kedemption of notes issued at Agency in British possessions outside Canada. 
 
 Of insolvent bank 
 
 By insolvent bank 
 
 Keduction of capital stock—see capital stock 
 
 Registered owner of shares alone can sell 
 
 Registration of transfers of shares 
 
 Remuneration of directors 
 
 Renewal of bill or debt not to affect security 
 
 Repeal of acts prior to Act of iMijo 
 
 Repeal of section of Act of iSoo 
 
 Reserves— 40 per cent, in I>ominion notes 
 
 Required for dividend over S per cent 
 
 Resources of bank in annual statement 
 
 Rest required for dividend over s per cent 
 
 Returns monthly by bank 
 
 I'nder Scheilule • H ' 
 
 Special may be called for 
 
 Of lists of shareholders 
 
 Of dividends unpaid for 5 years 
 
 Form for monthly 
 
 Of unpaid drafts to be made annually 
 
 Details of 
 
 I'enalty for not making return 
 
 Prima facie evidence of transmission of certain returns. 
 
 ^2 
 
 .23. 24 
 
 10 
 i(> 
 
 19 
 
 . i.^, 
 
 II 
 
 10 
 
 5 
 
 25 
 
 3^ 
 
 21 
 
 14 
 
 14 
 
 13 
 
 14 
 
 31 
 
 31 
 
 32 
 
 i^ 
 
 3- 
 
 42 
 
 33 
 
 34 
 
 34 
 
 34 
 
 Royal Bank of Canada (formerly Merchants Bank of Halifax) ■ • 93 
 
 8 
 
 Sale of forfeited shares 1° 
 
 Shares under execution " 
 
 Held under lien 22 
 
 Securities held as collateral 22 
 
 Bank premises • -^3 
 
 Mortgaged lands by bank 23, 24 
 
 Goods covered by warehouse receipt ■ ■ • ■ -'' 
 
 Must be by public auction and after notice if made without consent of 
 
 owner . 
 
 .\ssets of a bank 
 
 Consideration 
 
 Agreement of sale to be approved by shareholders of selling bank 
 
 By ( lovernor-in-Council 
 
 Ivvidence of his approval 
 
 Conditions of 
 
 By shareholders of purchasing bank 
 
 Notes of selling bank to become notes of purchasing bank 
 
 Vest in purchasing bank on approval by Governor-in-Councd 
 
 Business to be transacted by selling bank 
 
 Schedule ' A ' to Bank Act 
 
 Schedule ' B to Bank Act 
 
 Schedule ' C ' to Bank .Act . . 
 
 Schedule ' D ' to Bank .\ct 
 
 Securities bank may deal in. public 
 
 Held as collateral 
 
 Right to dispose of 
 
 Sale of, on nonpayment of debt 
 
 Security -cashier and other officers must give 
 
 I'rom wholesale manufacturer 
 
 Burcha .i;r, shipper or ilealer 
 
 27 
 29 
 29 
 29 
 29 
 31 
 .« 
 29 
 31 
 31 
 31 
 39 
 4" 
 4" 
 42 
 
 26 
 
 it 
 
 25 
 
 25 
 
57 
 
 PAGE 
 25 
 41 
 25 
 25 
 
 37 
 4 
 4 
 4 
 4 
 4 
 4 
 5 
 7 
 7 
 7 
 7 
 7 
 8 
 8 
 
 Under Section 74 
 
 Form of 
 
 Written promise to give 
 
 When bank may acquire 
 
 ['reference over unpaid vendor 
 
 Fraudulently giving to creditor 
 
 Shareholders may make bylaws 
 
 For date of annual meeting 
 
 To regulate proxies 
 
 Fix number of directors 
 
 Remuneration of directors 
 
 Maximum discounts 
 
 May authorize guarantee and pension funds 
 
 Special general meeting of 
 
 Majority of. may remove directors 
 
 Ha\e one vote for each share 
 
 May vote by proxy 
 
 Not to vote if in arrear for calls 
 
 May vote mcrease of capital stock 
 
 Allotment of unsubscribed stock to 
 
 Majority in value may vote to reduce capital 8 
 
 To approve of purchase and sale of assets of bank 29 
 
 Refusing or neglecting to pav calls 10 
 
 32 
 
 34 
 
 35 
 
 35 
 
 3.9 
 
 3 
 
 7 
 
 9 
 
 9 
 
 to 
 
 10 
 
 List of daily transfers of, to be kept 10 
 
 Must be numbered to 
 
 Sold under execution 10 
 
 Transmission of 10 
 
 Bank not to deal in its own or other bank shares 22 
 
 Lien of banks on 22 
 
 I'nder lien, when to be sold 22 
 
 Transferred within sixty days of suspension 35 
 
 Ships, Hanks not to lend on 22 
 
 May aid in building 24 
 
 Short Title of Act i 
 
 Signing of Bonds and Notes for Bank 20 
 
 Silver, Ranks mav deal in 22 
 
 Special Meeting, how called and by whom 7 
 
 To remove President or Hirectors 7 
 
 Special Returns may be called for 32 
 
 ' • 9 
 
 13 
 26 
 42 
 37 
 
 25 
 
 List of, to be laid before parliament 
 
 Double liability of 
 
 Forfeiture for non-payment of calls 
 
 Liable for sixty days after transfer 
 
 Shares, amount of 
 
 To be $i30 in new banks 
 
 Entitle holder to vote if held for thirty days. 
 
 Personal estate and assignable 
 
 Calls on 
 
 Forfeiture of 
 
 Transfer of, conditions of valid 
 
 ■31 
 
 Statement to obtain reduction of stock , 
 
 For Annual Meeting 
 
 False, in wp.rehouse receipt, etc.. 
 
 Of assets and liabilities, monthly. 
 
 False, a misdemeanor 
 
 Standing Timber, &c,, loans on 
 
 Statute of Limitations, when not to applv 34 
 
 St. John— Hanks to redeem their notes at 
 
 Stock Hooks, where may be opened 
 
 Subscribers to Stock, meeting for organization. 
 Suspension. Notes not to be issued during. 
 
 20 
 
 3 
 
 3 
 
 '7 
 
 For ninety days, insolvency 34 
 
 Terms used, interpretation of 
 
 Tie, how decided in election of directors. 
 Casting vote in meetings of directors. 
 
 Oi Shareholders 
 
 Title absolute to mortgaged property 
 
 Toronto Hanks to redeem their notes at . 
 
 I 
 6 
 6 
 7 
 23 
 20 
 
58 
 
 Trade. Rank not to engage in 
 
 Transfer of shares, where to be made 
 
 Hooks to be kept 
 
 Of forfeited shares sold at auction 
 
 Conditions of, v.iUd 
 
 List of daily to be kept 
 
 Of shares sold umler execution 
 
 Held under lien 
 
 \\ ithin sixty davs of suspension. . . . 
 Transferrer of shares to be registered owner 
 
 Not tn owe bank 
 
 Transmission of shares, how authenticated. . 
 
 By death or insolvency 
 
 Hy marriage ot female shareholder 
 
 Bv testamentary in-.irument ... 
 
 Treasury Board defined 
 
 Certificate to begin business 
 
 May approve of increase ol capital .... 
 Reduction of capital 
 
 Statements to be laid before 
 
 Trust, bank not bound to see to 
 
 When holder personally liable for shares . 
 
 I'eposjis in 
 
 Trustee cf shareholder, liability of 
 
 When personally liable on shares 
 
 Majority may withdraw deposits 
 
 PAGE 
 2i 
 
 9 
 lo 
 10 
 10 
 
 1 1 
 
 22 
 
 35 
 1 1 
 
 lO 
 
 I I. 12 
 
 1 1 
 
 12 
 
 12 
 
 I 
 
 4 
 8 
 
 9 
 13. 2S 
 
 13 
 
 2S 
 
 '3 
 13 
 
 2S 
 
 32 
 
 U 
 
 Unclaimed balances in banks 
 
 United Kingdom, at;ents may be appointed in ""g 
 
 Dividends paid anywhere in 
 
 Unpaid vendor, when ranks after bank 
 
 Dividends, list for Minister of Finance [ . , 
 
 Drafts, annual return of, to Minister of I'inance 
 
 Usury, no penalty for .'.'... 
 
 Xo bill void fc 
 
 9 
 
 26 
 
 3-! 
 ii 
 
 27 
 27 
 
 22 
 ^4 
 
 6 
 
 c 
 
 10 
 
 II 
 I 
 3 
 
 20 
 
 Vacancies in f3oard of Directors ' g 
 
 Vendor, ranking uf unpaid 26 
 
 Vessels, Banks not to lend on . . 
 
 May aid in building , 
 
 Vice-President, election of by directors 
 
 Presides in absence of president 
 
 May transfer shares sold at auction 
 
 Under execution 
 
 May sign monthly returns j 
 
 Victoria, chief office of Bank of British Columbia at .'. 
 
 Banks to redeem their notes at 
 
 Vote, one for each share held jo days ^ 
 
 No shareholder in arrear shall vote y 
 
 Voting at shareholders' meetings by ballot ' 
 
 W 
 
 Warehouse receipt, definition of j 
 
 Banks may acquire as collateral security 24 
 
 Effect of transfer to bank ' ' _ ' 24 
 
 When previous holder of, agent of owner 24 
 
 When Bank may actiuire 
 
 Written promise to give 
 
 I-^xchange for Hill of Lading 
 
 False statement in 
 
 Alienating goods so secured 
 
 Covers product of pledged goods 
 
 Preference over unpaid vendor '^f, 
 
 Sale ot goods covered by ,(-, 
 
 Whol'snle manufacturer, loans to ' _[ _ 
 
 Purchaser of products, loans to ' 
 
 Shipper of products, luans to 
 
 Dealer m products, loans to 
 
 25 
 
69 
 
 CAGE 
 2Z 
 9 
 9 
 lo 
 10 
 10 
 
 1 1 
 
 2Z 
 
 35 
 II 
 
 lO 
 I I. 12 
 I I 
 12 
 12 
 I 
 
 4 
 8 
 8 
 9 
 
 2S 
 
 13 
 
 2S 
 
 13 
 '3 
 
 28 
 
 ■13 
 
 Will, transmission of shares by 
 
 Windini; up. unclaimed moneys on 
 
 When to be done l)y directors 
 
 Calls to be made 
 
 Winnipeg, banks to redeem their notts at 
 Words and phrases defined — 
 
 AKent 
 
 Hank 
 
 Hank circulation redemption fund . . . 
 
 IJill of Lading 
 
 Debts contracted 
 
 (loods, wares and merchandise 
 
 Manufacturer 
 
 Treasury Hoard 
 
 Warehouse receipt 
 
 Written promise to give security 
 
 PACK 
 
 12 
 ii 
 
 35 
 35 
 
 20 
 
 -'4 
 I 
 
 l8 
 I 
 
 23 
 
 I 
 I 
 I 
 I 
 
 24 
 
 32 
 
 9 
 
 9 
 
 26 
 32 
 33 
 
 27 
 27 
 
 6 
 
 26 
 
 22 
 
 24 
 6 
 6 
 
 10 
 
 II 
 
 31 
 
 3 
 
 20 
 
 7 
 7 
 
 I 
 
 24 
 24 
 
 24 
 
 2.5 
 25 
 25 
 2f) 
 2f> 
 2fj 
 2 6 
 2(> 
 25 
 
 2 5 
 
 I