IMAGE EVALUATION TEST TARGET (MT-3) A {./ ^ , (moaning "CON> TINUED"), or tha symbol y (moaning "END"), whichavar appliaa. Maps, platas, charts, ate, may ba filmad at diffarant raduction ratios. Thosa too larga to ba antiraly included in ona axposura ara filmad baginning in tha uppar laft hand cornar, laft to right and top to bottom, as many framas as raquirad. Tha following diagrama illuatrata tha mathod: t 2 3 L'axamplaira fHni4 fut raproduit grica A la g4n4roait* da: Douglaa Library Quaan's Univaraity Laa imagaa suivantaa ont 4tA raproduitaa avac la plua grand aoin. compta tanu da la condition at da la nattat* da I'axampiaira film*, at an conformftA avac laa condMona du contrat da filmaga. Laa axamplairaa originaux dont la couvartura an paplar aat ImprimAa aont filmAa an commandant par la pramiar plat at an tarmlnant soit par la darniira paga qui comporta una amprainta d'Impraaaion ou d'iliuatration, aolt par la sacond plat, aalon la caa. Toua laa autraa axamplairaa originaux aont filmia an commanpant par la pramlAra paga qui comporta una amprainta d'Impraaaion ou d'iliuatration at an tarminant par la darnlira paga qui comporta una talla amprainta. Un daa symbolaa suivants apparaTtra sur la darnlira imaga da chaqua microficha, salon la cas: la symbola -^ signifia "A SUIVRE". la symbola Y signifia "FIN". Las cartas, planchas, tablaaux, ate, pauvant Atra filn)&& A das taux da reduction diffirants. Lorsqua la document aat trop grand pour Atra raproduit an un aaul clichA, II ast film* A partir da I'angia supAriaur gaucha, da gaucha A droita, at da haut an bas, an pranant la nombra d'imagas nAcaaaaira. Laa diagrammas suivants lllustrant la mithoda. 32X 1 2 3 4 5 6 ICtbrani KINGSTON. ONTARIO The Act thirty-! Banks and incorporate ,11 , ' ( 1 111! • I I • I AIS' A.CT BSLATINf) TO Banks and BANKiNG • . ■ • I The Act thirty-fourth Victoria, chapter five, intituled : " A.iVAct relating to Banks and Banking," with the amendmcMits made by subsequent Acts incorporated with it so as to form one Act. COMPILKD IIV WILLIAM WILSON, Barrister and Advocate, Assista7it Law Clerk, House of Commons. ■ '.r' BANKS AND BANKING. 'P The Act thirty-Courth Victoria, chapter five, intituled :' " An Act relating to Banks and Banking," with the amendments made by subHequcnt Acts* incorporated with it so arf to form one Act. WHEREAvS, it is desirable that the provisions relatin;^ to Preamble, the Incorporation of Banks, and the laws relating to Banking, should be embraced, as far as practicable, in one general Act ; Therefore Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows : — • -jr . 5 , , i I , \. , 4; 1. .•;, 1. The Charters or Acts of Incorporation of the several Oh»riers con- Banks enumerated in the Schedule B to this Act (including jui'j." igsi!** any amendments thereof now in force) are continued as to their Incorporation, the amount of Capital Stock, the amount of each share of such stock, and the chief place of business of each respectively, until the first day of July in the year of our Lord one thousand eight hundred and eighty-one, subject to the right of any such Bank to increase its Capital Stock in the manner hereinafter provided ; and as to other particulars this Act shall form and be the. Charters of the said Banks respectively, until the first day of July, 1881, and the provisions thereof shall apply to each of them respec- tively, and their present Charters shall be repealed, except only as to the matters for which the said Charters are above continued until the day last aforesaid ; and , . 2. The said Charters or Acts of Incorporation of the several And to ist Banks mentioned in the Schedule B to this Act, to all ^"'y' ^®*^* which this Act applies, are hereby continued and shall re- main in force, subject to the provisions of this Act, until the first day of July, in the year of our Lord one thousand eight hundred and ninety-one, excei)t in so far as they or any of them may be or become forfeited or void under the terms /"^:;; thereof or of this Act or any other Act passed or to be :t' passed in that behalf, by non-performance of the conditions " of such Charters respectively, insolvency or otherwise. 34 v., c. 6, s. 1, and 43 V., c 22, s. 11. 2. The prov isions of this Act shall apply to any Bank to To w.^t be hereafter incorporated (which expression in this Act in- acUppUm. • 36 v., c. 8 i 3<3 v., c. 43; 38 V., c. 17 ; 40 V., c 44 ; 42 V., c. 45, and 43 V., 1 77911 Matters to be proTided for in ipeciftl Aet. eludes any Bank incorporated by any Act passed in the 8re8«3nt Session or in any future Session of the Parliament of ianada), whether this Act is specially mentioned in its Act of Incorporation or not, as well as to all Banks and their branches in any part of Canada (except where otherwise expressly mentioned) whose Charters are hereby continued, but not to any other, unless extended to it under the special pro\ision8 hereinafter made. 84 V., c. 5, s. 2. 8. The capital stock of any new Bank, the amount of each share, the name of the Bank, and the place where its chief office shall be situate, shall be declared in the Act of Incorpora- tion of any Bank to be hereafter incorporated. 84 V., c. 5, s. 3. OtNERAL REGULATIONS. Branches and 4. The Baiik may open branches or agencies and offices of agencies. discount and deposit and transact business at any place or places in the Dominion. 34 V., c. 5, s. 4. Increase of capital. How to be allotted. Conditions prerious to commencing business by aew banks. fi. The capital stock of the Bank may be increased, from time to time, by the shareholders at any annual general meeting, or any general meeting specially called for that purpose ; and such increase may be agreed on by such pro- portions at a time as the shareholders shall determine, and shall be decided by the majority of the votes of the share- holders present at such meeting in person or represented by proxy. 84 V., c. 6, s. 5. O. Any of the- original unsubscribed capital stock, or the increased stock of a Bank, shall, when the Directors so de- termine, be allotted to the then shareholders of the Bank pro rata, and at such rate as shall be fixed by the Directors, pro- vided always that no fraction of a share shall be so allotted ; and any of such allotted stock as shall not be taken up by the shareholder to whom such allotment has been made, within three months from the time when notice of the al- lotment has been mailed to his address, may be opened for subscription to the public, in such manner and on such terms as the Directors shall prescribe. 84 V., c. 5, s. 6. T. No Bank to be hereafter incorporated, unless it be otherwise provided by its Charter, shall issue notes or com- mence the business of Banking until five hundred thousand dollars of Capital have been bond fide subscribed and one hundred thousand dollars have been bond fide paid up, nor until it shall have obtained from the Treasury Boa d a cer- tificate to that effect, which certificate shall be granted by the Treasury Board when it is proved to their satisfaction that such amounts of capital have been bond fide subscribed and paid respectively ; and if at least two hundred thousand dollars of the subscribed Capital of such Bank has not been paid up before it shall have commenced busiuess, such fur- ther amount as shall be required to C3mplete the said sum Hhall be called in and paid np within ivio years thereafter, and it shall not be necessary that more than two hundred thousand dollars of the stock of any Bank, whether incorpo- rated before or after the passing of this Act, be paid up within any limited period from the date of its incorporation. 84 v., c. 6, 8. 7. S. Tho amount of notes intended for circulation, issued by Amount kad the Uank and outstanding at any time, shall never exceed the ^?K°?il"*lf" amount of its unimpaired paid up Capital : No such note for a less sum than four dollars shall bo issued or re-issued by the Bank, and all notes for a less sura heretofore issued shall be called in and cancelled as soon as may be practicable. 34 v., c. 5, s. 8 ; l^ut see s. 78 as to notes issued after \stJuly, 1881. 9 The Bank shall always receive in payment its own Redemption notes at par at any of its offices and whether they be made °^ "•**"'• payable there or not ; but shall not be bound to redeem them ill specie or Dominion notes at any place other than where they are made payable: the place or one of the places at which the notes of the Bank shall be made payable shall always be its chief seat of business. 34 V., c. 5, s. 9 ; and see s. 78 ajter 1st July, 1881, as to proportion of payment in Dominion Notes. 10. No dividend or bonus shall ever be made so as to im- Dividend not l^air the paid up Capital, and if any dividend or bonus be so capi^^"' made, the Directors knowingly and wilfully concurring therein, shall be jointly and severally liable for the amount thereol, as a debt due by them to the Bank ; and if any part Capital loat of the paid up Capital be lost, the Directors shall, if all the tobemadenp. subscribed stock be not paid up, forthwith make calls ujk)!! the Shareholders to an amount equivalent to such loss ; and such loss (and the calls, if any) shall be mentioned in the Return then next made by the Bank to the Government ; provided that in any case where the Capital has been im- paired as aforesaid, all net profits shall be applied to make J good such loss. 34 v., c. 5, s. 10. 11. No division of profits, either by way of dividends or Dividend )onus, or both combined, or in any other way, exceeding the there*?* "Mr- rate of eight per cent, per annum, shall be paid by the Bank, tain reserve, iiiless, after paying the same, it shall have a rest or reserved [und equal to at least twenty per cent, of its paid up Capital, leducting all bad and doubtful debts before calculating tho uiiount of such rest. 34 V., c. 5, s. 11. 12. Certified lists of the Shareholders, (or of the principal Li»ta of )artner8, if the Bank be en commandite,) with their additions Jo'be uid'" nd residences, and the number of shares they respectively betore Parli*-. ]i ment. hold, ehall be laid before Farliamenc every year, within fifteen days ai'tcr the opening of the Session. 84 V., c. 6^ 1. 12. Mtaraf'to **• Monthly returns Hhall be made by the Bank to the aoTarnnant. Government in the following form, * and shall be made up -within the first ten days of each month, and shall exhibit the condition of the Bank on the last juridical day of the month preceding ; and such monthly returns shall Designed by the Chief Accountant, and by the President, or Vice- President, or the Director (or, if the Bank be en commandite, the principal partner) then acting as President, and by the Manager, Cashier, or other principal officer of the Bank at its chief seat of business : — Betum of the Liabilities and Ansets of the on the day of Capital authorized $ Capital subscribed $ Capital paid up $ LIABILITIES. 1. Notes in circulation $ 2. Dominion Government deposits payable on demand 3. Dominion Government deposits payable after notice or on a fixed day 4. Deposits held as security for the execution of Dominion Gov- ernment contracts and for In- surance Companies 5. Provincial Government deposits payable on demand 6. Provincial Government deposits payable after notice or on a fixed day 7. Other deposits payable on de- mand 8. Other deposits payable after no- tice or on a fixed day 9. Loans from or deposits made by other Banks in Canada se- cured 10. Loans from or deposits made by other Banks in Canada un- secured 11. Due to other Banks in Canada... A.D. 18 * This form applies to rptiirnR made on or after the 1st Julj, 1880. date the form bhuerto used is iu force. Until that 8 12. Due to AgeiK'ios of the Rank o' to other Banks or Agencies in foreign conntriefl. 18. Due to Agencies of the Bank, or to other Bankn or Agenries in the United Kingdom 11. Liabilities not included under foregoing heads ASSETS. , 1880. Uatil th«t| 1. Specie f 2. Dominion Notes 3. Notes of and ('hocks on other Banks 4. Balunces duo from other Banks ill Canada 5. Balances due from Agencies of the Bank or from other Banks or Agencies in foreign countries. C. Balances due from Agencies of the Bank or from other Banks or Agencies in the United Kingdom 7. Dominion Government deben- tures or stock 8. Provincial, British or Foreign or Colonial public securities other than Canadian 0. Loans to the Government of the Dominion 10. Loans to Provincial Governments 11. Loans, discounts or advances lor which stock, bonds or de- bentures of municipal or other Corporations, or Dominion, Provincial, British or Foreign or Colonial public securities other than Canadian, are held as collateral securities 12. Loans, discounts or advances on current account to Municipal Corporations 18. Loans, discounts or advances on current account, to other Cor- jpOrclllOXlS ••«•••••• ••••••••• ••■••••• 14. Loans to or deposits made in other Banks secured 15. Loans to or deposits made in other Banks unsecured 6 Uow attested. l(i. Other curr«^nt loans, discounts and advances to the pnblic ... 17. Notes and bills discounted over* due and not specially ct'cured. 1 8. Other overdue deots not specially secured 19. Notes and bills discounted over- due and other overdue debts secured by mortgage or other deed on real estate, or by de- posit of or lien on stock, or by other securities 20. Real estate, the property of the Bank (other than the Bank premises) 21. Mortgages on real estate sold by the Bank 22. Bank premises 28. Other assets not included under the foregoing heads • Aggregate amount of loans to and liabilities, direct or indirect, of Directors, and firms or partnerships in which they or any of them have any interest, $ Average amount of specie held during the month, $ Average amount of Dominion Notes held during the month, $ I declare that the above Return has been prepared under my directions and is correct according to the books of the Bank. 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 shews truly and clearly the financial position of the Bank ; and we further declare that the Bank has never at any time during the period to which the said Return relates, held less than forty per cent, of its cash reserves in Dominion Notes. {Place) this day of A. B., President. C. D., General Manager. tammay be ^^ addition to the Returns specified in this section, the called for, Minister of Finance shall also have power to call for special Returns from any particular Bank, whenever, in his judg- ment, the itanif are necreMwry in order to u full aiid complete knowledgi* uf it* condition. S' ~ r. 6, ■. 18, anamendta bjf 48 V , c. 22, ». I. 14. The Bank mHuII alwayii hold, as nearly an may be Part or practicable, one-half or its ca«h renerven in Dominion Notes, [^*d'JI2iSo, and the proportion of siu-h reservcH held in Dominion Notes loui. Hhall never d« Ipks than forty per cent, thereof. 34 *V., c. 5, 8 14, as amended hi/ A'i V., c. 22, n. 8. 19. Every Bunk to which this Act applies shall bo ex- Eifmptioa empt from the tax now imposed on the average amount of '""" ^^^^ its notes in circulation, to which other Banks will continue liable, and from the obligation to hold any portion of its capital in Government Debentures or Debentures of any kind. 84 V., o. 5, «. 15. 16. The Receiver General shall make arrangements as Suppiyof may be necessary for ensuring the delivery of Dominion no"!"**" Notes to any Bank, in exchange for an equivalent amount of specie, at the several offices at which Dominion Motes will be redeemable, in the cities of Toronto, Montreal, Ha- lifax, and St. John (N.B), respectively. 84 v., c. 5, s. 16 ; diu/ aee as to other cities 43 K., r. 18, «. 4 on paiie 89. uz. INTERNAL REOULATION.S. ' , ' ■I; . v'/ /t'l „ Shares and Shareholders. f ' 17. Books of subscription may be opened, and shares of Su!»«cription [the capital stock of the Bank may be made transferable, and '" gtockln' [the dividends accruing thereon may be made payable, in the United King- jnited Kingdom of Great Britain and Ireland, in like '^*^™' [manner as such shares and dividends are respectivelv made [transferable and payable at the head office of the Bank ; and ' to that end the Directors may from time to time determine the proportion of the shares which shall be so transferable in the United Kingdom, and make such rules and regula- |tions, and prescribe such forms, and appoint such afr^nt or [agents, as they may deem necessaiy. 84 V , c. 5, s. 17. 18. The shares of the capital stock shall bo paid in by PHymentof [such instalments, and at such times and places as the Di- " "'*'■ rectors shall appoint, and executors, auininistrators and purators paying the instalments upon the shares of deceased shareholders shall be and are respectively indemnified for )aying the same : Provided always, that no share or shares Provigo. ihall be held to be lawfully subscribed for, unless a sum iqual to at least ten per centum on the amount subscribed for be actually paid at the time or within thirty days af er [the time of subscribing. 34 V., c. 6, s. 18. 8 tSale of shares under execu- tion. Sin'sfe*"' '*• "^^^ shares of the capital stock of the Bank shall be thereolr. held and adjadged to be personal estate, and shall bo assign- able and transferable at the chief place of business of thn Bank or at any of its branches which the Directors shall appoint for that purpose, and according to such form as the Dirertors shall prescribe ; but no assignment or transfer shah be valid unless it be made and registered and accepted by the party to whom the transter is made, in a book or books to be kept by the Directors for that purpose, nor until the person or persons making the same shall, if required by the Bank, previously discharge all his, hor or their debts or liabilities to the Bank, which may exceed in amount the reinaining stock, if any, belonging to such person or per- sons valued at the then current rate ; and no fractional part or parts of a share, or less than a whole share, shall be as- signable or transferable. When any share of the said capital stock shall have been sold under a writ of execution, the officer by whom the writ shall have been executed shall, within thirty days after the sale, leave with the cashier, manager, or other officer of the Bank, an attested copy of the writ, with the certificate of such officer endorsed thereon, certifying to whom the sale his been made, and thereupon (but not until after all debts and liabilities of the holder or holders of the share to the Bank, and all liens existing in favor of the Bank thereon, shall have been di-scharged as hereinafter provided), the President, Vice-PresidciU, Manager or Cashier of the Bank shall execute the transfer of the share so sold to the pur- «*haser ; and such transfer being duly accepted, shall be, to all intents and purposes, as valid and effectual in law as if it had been executed by the holder or holders of the said share, — any law or usage to the contrary notwithstanding. 42 v., c. 4i, s. 1. {Subsiiluledfor 34 V., c. o, s. 19.) 20. A list of all transfers of shares registered each day in the books of the Baiik, showing the parties to such transfers and the number of shares transferred in each case, shall be made up at the end of each day and kept at the cuief ofiice of the bank for the inspection of its shareholders. 34 V., c. 5, s. 20. 21. If the interest in any share or shares in the capital stock becomes transmitted in consequence of the death or bankruptcy or insolvency of any shareholder, or in conse- quence of the marriage of a female shareholder, or by any other lawful means than by a transfer according to the pro- visions of this Act, such transmission shall be authenticated by a declaration in writing, as hereinafter mentioned, or in such other manner as the Directors of the Bank shall require, and every such declaration shall distinctly state the manner in which, and the party to whom, such shares shall have List of 'transfers to 'le kept. Tranamissiuii of shares otherwise tbaa bj transfer, hew Authenti* cated. Bank shall be ihall bo assijjrQ. business of the Directors shall ich Ibrm as the nt or transfer d and accepted in a book or •pose, nor until if required by ' their debts or in amount the person or per- fractional part ire, shall be as- hall have been by whom the lirty days after other orticer of le certificate of whom the sale after all debts J share to the Bank thereon, provided), the 'V of the Bank i to the pur- jd, shall be, to al in law as if srs of the said withstanding^. 19.) d each day in such transfers case, shall be lie caief office ers. 34 V., c. in the capital ■ the death or or in conse- ler, or by any ng to the pro- authenticated itioned, or in shall require, te the manner es shall have ;i been transmitted, and shall be by such party made and signed ; and every such declaration shall be oy the party making and signing the same acknowledged before a Judge of a Court of Record, or before the Mayor, Provost or Chief .Magistrate of a city, town, borough, or other place, or before a Public Notary, where the same shall be made and signed ; and every declaration so signed and acknowledged shall be }ei't with the Cashier, Manager or other officer or agent of ihn l^ank. who shall thereupon enter the name of the party <'ntitled under such transmission in the Registry of share- holders ; and until such transmission shall have been so authenticated no party or person claiming by virtue of any su>hare or shares : Provided always, that every such declara- Pforifo. lion and instrument as l)y this and the following section of this Act is required to perfect the transmission of a share or shares in the Bank which shall be made in any other country than Canada, or some other of the British colonies in North America, or in the United Kingdom of Great Britain and Ireland, shall be further authenticated by the British Consul or Vice-Consul, or other the accredited representative of the British Government in the country where the declaration •shall be made, or shall be made directly before such British Consul or Vice-Consul or other accredited representative : and provided also that nothing in this Act contained shall Proviso. be held to debar the Directors, Cashier or other officer or air.'iitof the I'aiik from requiring corroborative evidence of any fact or facts alleged in any such declaration. 34 V., c. .>. s. 21. 22. If the transmission of any share of the capital stock TraoBmiuion be by virtue of the marriage of a female shareholder, the ^y?"'|*«* declaration shall be accompanied by a copy of the register shareholder, 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 it shall b(? com- petent to them to include therein a declaration to the effect that the share transmitted is the sole property, and under the sole control of the wife, that she may receive and grant receipts for the dividends and profits accruing in respect thereof, and dispose of and transfer the share itself, without requiring the consent or authority of her husband ; and such declaration shall be binding upon the Bank and the parties making the same, until the said parties shall see fit to revoke it by a writtr n notice to that etfect to the Bank ; and further, the omission of a statement in any such declaration, that the wife making the same is duly authorized by her husband to make the same, shall not cause the declaration to be deemed either illegal or informal ; any law or usage to the contrary notwithstanding. 34 V., c. 5, s. 22. 10 Ti aiRmiiiion bj deoeue. Further pro- Tiflon in ■QOh case. 98. If the IransmiHsion have taken place by virtue of any testamentary instrument, or by intestacy, the probate of the will, or any letters of administration, or act of caratorship, 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 the name of the party entitled under such transmission, in the rt^gister of shareholders. 34 V., c. 5, s. 23. 24. If the transmission of any share or shares ot tho capital stock of the Bank be by the decease of any share- holder, the production to the Directors and the deposit with them of any authenticated copy of the probate of the will of the deceased shareholder, or of letters of administration of his estate granted by any Court in the Dominion having power to grant such probate or letters of administration, &r by any prerogative, diocesan or peculiar Court or authority in England, Wales, Ireland, or any British Colony, or of any testament testamentary or testament dative, expede in Scot- land, or, if the deceased shareholder shall have died out of Her Majesty's dominions, the production to and deposit with the Directors of any authenticated copy of the probate of his or her will or letters of administration of his or her property, or other documents of like import granted by any Court or authority having the requisite power in such matters, shall be sufficient justification and authority to the Directors for paying any dividend, or transferring, or authorising the transfer of any share or shares, in pur%iuance of and in con- formity to such probate, letters of administration, or other such document as aforesaid. 34 V., c. 5, s. 24. ProTision in 25. Whenever the interest in any share or shares of the STtVpwBon" ^'apital stock of the Bank shall be transmitted by the death entitled. of anv shareholder or otherwise, or whenever the ownership of or legal right of possession in any such share or shares shall change by any lawful means other than by transfer, according to the provisions of this Act, and the Directors of the Bank shall entertain reasonable doubts as to the legality of any claim to and upon such share or shares of stock, then, and in such case, it shall be lawful for the Bank to make iind file in one of the Superior Courts of Law or Kquity in the Province in which the Head Office of the Bank is situat- <'d, a declaration and petition in writing, addressed to the Justices of the Court, setting forth the facts and the number of shares previously belonging to the party in whose name such shares stand in the books of the Bank, and praying for an order or judgment adjudicating and awarding the said shares to the party or parties Icgaily entitled to the same, and by which order or judgment the Bank shall be guided and held fully harmless and indemnified and released from all and every othe claim for the said shares or arising there* ProTlso. from : ProA^ided always, th." notice of such petition shall he the who] righ^ the shall the expel paid] decls tran^ recoi 34 M .1^ 11 given to the party claiming such share or shares, or to the Attorney of such party duly authorized for the purpose, who shall, upon the filin^f of such petition, establish his right to the several shares referred Jto in such petition ; and the delays to plead and all other proceedings in such cases shall be the same as those observed in analogous cases before the said Superior, Courts : Provided also, that the costs and Prons^, expenses of procuring such order and adjudication shall be paid by the party or parties to whom the said shares shall be declared lawfully to belong, and such shares shall not be transferred until such costs and expenses be paid, saving the n^course of such party against any party contesting his right. 34 v., c. 5, s. 25. Bank not bound to ie» to trusts. 26. The Bank shall not be bound to see to the execution of any trust, whether expressed, implied, or constructive, to which any of the shares of its stock shall be subject, and the receipt of the party in whose name any such share shall stand in the books of the Bank, or, if it stands in the name of more parties than one, the receipt of one of the parties shall be a sufficient discharge to the Bank for any dividend or any other sum of money payable in respect of such share, unless ex- press notice to the contrary has been given lo 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 parties or all of them. 31 V., c. 5, s. 20. 2. No person holding stock in any Bank as executor, ad- Executors ininistrator, guardian or trustee, of or for any person named *"»^ trustees in the books of the Bank as being so represented by him or ally liable, her, shall be personally subject to any liabilities as a stock- holder, but the estate and funds in his or her hands shall be liable in like manner and to the same extent as the testator, intestate, ward or person interested in such trust-funds would be, if living and competent to hold the stock in his or her own name ; and if the trust be for a living person, such person shall also himself or herself be liable ae a shareholder ; but if such testator, intestate, ward or person so represented Exception, is not so named in the books of the Bank, the executor, ad- ministrator, guardian or trustee shall be personally liable in respect of such stock, as if he or she held it in his or her own name as o.wner thereof. 43 v., c. 22, H. S. **7. Each shareholder in the Bank shall, on all occasions on .oea oa which the votes of the shareholders are to betaken, have one shares. vote for each share held by him for at least thirty days bi-fore the time of meeting. Shareholders may vote by proxy, but no person but a shareholder shall be permitted to vote or act as such proxy ; and no Manager, Cashier, Bank Clerk, or other subordinate officer of the Bank shall vote either in person or by proxy, or hold a proxy for that purpose. All question!< proposed for the consideration of the said share- If By-la w J ma V ■be made. 'Qualification of director. Election. Discounts to directors. 'Certain by- laws COMo' •tinued. :,! I holders shall be determined by the majority of their votes ; the Chairman elected to preside at any such meeting of the said shareholders shall vote as a shareholder only, unless there be a tie, in which case (except as to the election of a Director) he shall have a casting vote ; and where two or more persons are joint holders of shares, it shall be lawful that one only of such joint holders be empowered by letter of attorney from the other joint holder or holders, or a ma- jority of them, to represent the said shares, and vote accord- ingly ; and in all cases when the votes of the shareholders are taken the voting shall be by ballot. 34 V , c. 5, s 27 ; and see s. 30a m to payment (\f calls ; and a< to proxies, s. 78, ajter 1st July, 1881. 28. The shareholders in the Bank shall have power to regulate by by-law the following matters incident to the management and administration of the affairs of the Bank, vi/ : the qualification and number of the directors, which shall not be less than five nor more than ten, and the quorum thereof ; the method of filling up vacancies in the Board of Directors whenever the same may occur during each year ; and the time and proceedings '"or the election of directors, in case of a failure of any election on the day appointed for it : — the remuneration of the President, Vice-President and other directors ; and the closing of the transfer book during a certain time not exceeding fifteen days, before the pay- ment of each semi-annual dividend : — Provided that no director shall hold le^s than three thousand dollars of the stock of the Bank, when the paid up Capital thereof is one million dollars or less, nor less than four thousand dollars of stock when the paid up Capital thereof is over one million and does not exceed three millions, nor less than five thou- sand dollars of stock when the paid up Capital thereof ex- ceeds three millions ; the Directors shall be elected annually by the shareholders and shall be eligible for re-election ; Provided that the foregoing provisions, touching Directors, shall not apply to a Bank en commandite, which shall in these matters be governed by the provisions of its Charter. The shareholders (or if the Bank be en commandite, the prin- cipal partners), may also regulate by by-law the amount of discounts or loans which may be made to Directors (or if the Bank be en commandite to the principal partners), either jointly or severally, or to any one firm or person, or to any shareholder or to corporations ; Provided that until it is other- wise ordered by by-law under this section, the by-laws of the Bank on any matter which can be regulated by by-law under this section, shall remain in force, except as to any provision fixing the qualification of Directors at an amount less than that hereby prescribed ; and no person shall be a Director unless he possesses the number of shares hereby required or such ern^ater number as may be required by any by-law in that belialf. 34 V , c. 5, s. 28. 2 ers ( one- selv any spec be wee obj« sue rem<| )f their votes ; tteeting of the r only, unless B election of a where two or hall be lawful '^ered by letter ders, or a ma- d vote accord- shareholders V,c. 5, 8 27 ; proxies, s. 78, ave power to cident to the of the Bank, ectors, which i the quorum the Board of ig each year ; of directors, ippointed for resident and book during ore the pay- ied that no lollars of the lereof is one isand dollars r one million iu five thou- 1 thereof ex- ed annually re-election ; »g Directors, lich shall in its Charter. 'te, the prin- e amount of )rs (or if the lers), either or to any il it is other- by-laws of I by by-law as to any an amount >rson shall ares hereby ired by any .'t i 13 5111, Any number not It^ss than twenty-five of the sharehold- Hp«'ctni ers of the Bank who together may be proprietors of at least *^p°*[*' one-tenth of the paid-up capital stock of the Bank, by them- selves or by their proxies, or the Directors of the luuik, or any four of them, shall have i)0\ver at any time to cull a special general meeting of the shareholders of the L'ank, to be held at their usual place of meeting upon giving six weeks' previous public notice, specifying in such notice the • object or objects of such meeting ; and if the ol>jeet of any sueh special general meeting be to consider of the proposed removal of the President, or Vice-President, or of a Director or Directors of the said Bank for maladministration or other specified and apparently just cause, then if a majority oi the votes of the shareholders of such meeting be given for such removal, a Director or Directors to replace him or them shall be elected or appointed in the manner provided in the by- laws of the Bank, or if there be no by-laws providing there- for, then by the shareholders at such meeting ; and if it be the President or Vice-President who shall be removed, his office shall be filled up by the Directors (in the manner pro- vided in case of a vacancy occurring in the office of President or Vice-President) who shall choose or elect a Director to serve as such President. 34 V., c. 5, s 29. And see s. 30/f as to jiaymenl. of calls. President and Direclors SO. The stock, property, affairs and concerns of the Bank Board of shall be managed by a Board of Directors, the number to be directors. fixed as herein provided, who shall choose from among them- selves a President and Vice-President ; the Directors shall be natural born or naturalized subjects of Her Majesty, and shall be elected on such day in each year as may be or may have been appointed by the Charter or by any by-law of the Bank, and at such time of the day and at such place where the head office of the Bank is situate, as a majority of Direc- tors for the time being shall appoint ; and public notice shall Notice. be given by the Directors, by publishing the same at least four weeks in a newspaper of the place where the said head office is situate, previous to the time of holding such elec- tion ; and the election shall be held and made by such of the shareholders of the Bank as have paid all calls made by the Directors and as shall attend for the purpose in their own proper persons or by proxy, and all elections for Direc- tors shall be by ]>allot, and the said proxies shall only be Proxies, capable of being held and voted upon by shareholders then present, and the persons, to the number fixed by by-law, as hereinbefore provided, who have the greatest number of votes at any election, shall bo Directors ; provided that if it should happen at any election that two or more persons have an equal number of votes, and the election or non-election of one or more of such persons as a Direc- tor or Directors depends on such equality, then the Direc- 1^ tors who ishall have had a greater number, or the majority of them, shall determine which of the said persons so having an equal number of votes shall be the Director or Directors, so as to complete the full number ; and in case of a Vacanti«-g. vacancy occurring in the number of Directors, such vacancy shall be filled in the manner provided by the by-laws, but the non-filling of the vacancy shall not vitiate the acts of a quorum of the remaining Directors ; and if the vacancy so created shall be that of a i'residcnt or Vice-President, the Directors at the first meeting, after completion of their num- ber, shall, from among themselves, elect a President or Vice- President, who shall continue in otfice for the remainder of Election of the year. And the said Directors, as soon as may be after president, &c. the Said election, shall proceed in like manner to elect by ballot two of their number to be President and Vice- President ; Provided always, that no person shall be eligible to be or continue a Director, unless he shall hold, in his name and for his own use, stock in the said Bank to the amount hereinbefore provided. 34 V., c. 5, s, 30. And see s. 30« as to payment of calls. Ss. 27, 29 fttid 30a. It is the true intent and meaning of sections twenty- 30 explained, seven, twenty-nine and thirty of this Act that no shareholder in any Bank to which those sections apply has any right to vote, either in person or by proxy, on any question proposed for the consideration of the shareholders of such Bank at any meeting of such shareholders, or in any case where the votes of the shareholders of such Bank are taken, without having paid all calls made by the Directors which have then become due and payable. 40 V 44. Provision in 31. In case it should happen tnat an election of Directors case of failure ghould not be made on any day when it ought to have been made, the Corporation shall not for that cause be deemed to be dissolved, but it shall be lawful on any other day to hold and make an election " Directors in such manner as shall have been provided by the by-laws made by the shareholders in that behalf ; and the Directors then in office shall remain so until a new election shall be made. 34 V., c. 5, s. 31. Quonim, Ac Bank not less quorum for Oeneiul |>owt!r8 t'f directors. 32. At all meetings of the Directors of the than three of them shall constitute a board or the transaction of business ; and at the said meetings the President, or in his absence, the Vice-President, or in their absence, one of the Directors present to be chosen pro tempore, shall preside ; and the President, Vice-President, or Presi- dent pro tempore so presiding, shall vote as a Director, and if there be an equal division on any question shall have a casting vote. 34 V., c. 5, s. 32. JJ3. The Directors for the time being, or a majority of them, shall have power to make such by-laws and regulations (not repugnant to the provisions of this Act or the laws of theDo- c. ing • -"^^'"— ' 15 r the majority rsons 80 haring ►r or Directors, in case of a I, such vacancy r the by-laws, itiato the acts the vacancy so s-President, the 11 of their num- sident or Vice- e remainder of s may be after er to elect by nt and Vice- hall be eligible I hold, in his L Bank to the . 30. And see 3tions twenty- 10 shareholder IS any right to ition proposed such Bank at ise whore the aken, without ich have then II of Directors to have been be deemed to r day to hold nner as shall shareholders shall remain !. 5, s. 31. 3ank not less quorum for meetings the or in their L pro tempore, lit, or I'resi- -ector, and if ihall have a rity ofthem, ilations (not rs of the Do- Pr )viao. >vii)o. linion of Canada) as to them shall api)ear needful and proper touching the management and disposition of the stock, pro- perty, estate and effects of the Bank, and touching the duties >nd conduct of the officers, clerks and servants employed ^herein, and all such other matters as appertain to the busi- less of a Bank, and shall also have power to appoint as many [fficers, clerks and servants for carrying on the said business, id with such salaries and allowances as to them may seem leet ; and they may also appoint a Director or Directors for ly branch of the Bank : Provided always, that before per- lilting any Cashier, officer, clerk or servant of the Bank to liter upon the dutiesof his office, the Directors shall require iim to give bond or other security to the satisfaction of the )irector.s, for the due and faithful performance of his duties ; provided also, that all by-laws of the Bank lawfully made Pr ieforo the passing of this Act, as to any maUer respecting rhich the Directors can make by-laws under this section including any by-laws for establishing a guarantee fund for [he employees of the Bank) shall remain in force until they ^re repealed or altered by others made under this Act. 34 '., c. 5, s. .33. J* J. The Directors shall have power to make such calls of caiia, and ^aoney from the several shareholders for the time being upon jj®^ pntoratd ^ho shares subscribed for in the Bank by them respectively, ^ *° they may find necessary, and in the corporate name of the Jaiik to sue for, recover and get in all such calls, or to cause ^nd declare such shares to be forfeited to the Bank in case of lon-payraentof any such call ; and an action may be brought recover any money due on any such call, and it shall not i>e necessary to set forth the special matter in the declaration, >ut it shall be sufficient to allege that the defendant is holder )){ one share or more, as the case may be, in the capital stock tf the Bank, and is indebted to the Bank for a call or calls pon such share or shares, in the sum to which the call or trails amount, as the case may be, stating the amount and llhumber of such calls, whereby an action hath accrued to the ^Dank to recover the same from such defendant by virtue of mhis Act ; And it shall be sufficient to maintain such action, Mo prove by anyone witness, (a shareholder being competent) «that the defendant, at the time of makhigany such call, was ^1 shareholder in the number of shares alleged, and to prodace Ifthe ])y-law or resolution of the Directors making and prescrib- ^^*ing such call, and to prove notice thereof, given in con- ilbrmity with such by-law or resolution ; and it shall not be Proviso. |necessary to prove the appointment of the Directors or any )ther matter whatsoever ; provided that such calls shall be nade at intervals of not less than thirty days, and upon lotice to be given at least thirty days prior to the day on Iwhich such call shall be payable ; and no .^uch call shall ex- rce«^d ten per cent, ol' each share subscribed. 3 1 V.. c. 5, s. 84. - » Oklii, and 3i5. Provided albo, that if any shareholder or shareholdors howenfoned refuse or neglect to pay any or either oi'the instalments upon o e ur . j^,^^ ^^^^ ^^ their shares of the said capital stock at the time or tinu's appointed by such call, as aforesaid, such share- hold<»r or shareholders shall incur a forfeiture to the use of the Bank of a sum of money equal to ten per centum on the amount of such shares ; and, moreover, it shall be lawful for the Directors of the Hank (without any previous formality other than thirty days' public notice of their intention), to sell at public auction the said shares, or so many of the said shares as shall, after deducting tlie reasonable expenses of the sale, yield a sum of money suHicient to pay the unpaid in- stalments due on the remainder of the said shares and the amount of forfeitures incurred upon the whole ; and the President or Vice-President, Manager or Cashier, of the Pank shall execute the transfer to the purchaser of the shares of stock so sold ; and such transfer being accepted, shall be as valid and effectual in law as if the same had been executed by the original holder or holders of the shares of stock there- Proviso, by transferred ; Provided always, that nothing in this section contained shall be held to debar the Directors, or the share- holders at a general meeting, from remitting either in whole or in part, and conditionally or unconditionally, any forfei- ture incurred by the non-payment of instalments as afore- said, or to prevent the Bank from enforcing the payment of any call or calls by suit in lieu of declaring the same forfeited. 34 v., c. 5, s. 35. " . statement to 36. At every annual meeting of the shareholders for the annual '**'^°™ election of Directors, the out-going Directors shall submit a meeting. clear and full statement of the affiairs of the Bank, contain- ing on the one part the amount of the capital stock paid in, the amount of notes of the Bank in circulation and net profits made, the balances due to other Banks and institu- tions, 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 amount of Dominion Notes in the vaults of the Bank, the balances due to the Bank from other Banks and institutions, 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, discounted notes, mortgages, and other securities, — thus exhibiting on the one hand the liabilities of, or the debts due by the Bank, and on the other hand the assets and resources thereof; and the said state- ment shall also exhibit the rate and amount of the last divi- dend declared by the Directors, the amount of reserved pro- fits at the time of declaring the said dividend, and the amount of debts due to the Bank, overdue and not paid, with an estimate of the loss which will probably accrue thereon. 34 V., c, 5, s, 36. I security , IS. 40, as 'i 41. T and hy] ^;Way of J -Mn the cj )rivileg lave ha leld an( rhich n 41. , 42. T offered f M 17 areholdorH u'nts upon the time flch share- the iiso of lira on the lawful for , formality ention), to of the said insesofthe unpaid in- es aud the ! ; and the if the r*ank ! shares of shall be as n executed stock there- this section • the share- er in whole any forfei- ts as afore- jayment of le forfeited. eis for the 1 submit a ik, contain- )ck paid in, n and net nd institu- ;inguishinf^ interest — lit coin, the nion Notes Bank from and other s owing to amounts so mortgages, le hand the n the other said state- ne last divi- served pro- d, and the not paid, bly accrue 87. The hooks, eorrespondente and luuds of the IJank ia.« paction c/ hhall at all times l)e subject to the inspection of the *'**•'''•• *°- Directors ; but no shareholder not beinsx iv Director shall be allowed to inspect the account oi any person dealing with the Bank. 84 V., c. 6, 8. 87. 88. It shall be the duty of the Directors of the Bank to oiTidendi. make half-yearly dividends of so much of the profits of the Bank as to the majority of them may seem advisable, and [not inconsistent with the provisions of sections ten and 'eleven of this Act ; and to give public notice of the pay- 'ment of such dividends at least thirty days previously. 84 ■ v., c. .■), s. 38 . .^ POWERS AND OHI.IUATIOXS OF THE HANK. Loa/ift, Interest., AUvancea on Warehume Receipts, t^c. l\U. The Bank shall have the power to acquire and hold Real estate 1 If a! aud immovable estate for its actual use and occupation, for^occupa- laud the management ol its Inisiness, and to sell or dispose [of the same, and other property to acquire in its steadijfov the same purposes. 34 V , c. 5, s. JJ9. 40. The Bank shall not, either directly or indirectly, BusineBs of B lend money or make advances upon the security, mortgage ^^^ ''*?'' or hypothecation of any lands or tenements, or of any ships or other vessels, nor upon the security or pledge .of any share or shares of the capital stock of the Bank, or of "any goods, wares or merchandize, except as authorized in this Act ; nor shall the Bank, either directly or indirectly, leal in the buying and selling or bartering of goods, wares )r merchandize, or engage or be engaged in any trade what- ever, except as a dealer in gold and silver bullion, bills of exchange, discounting of promissory notes and negotiable securities, and in such trade generally as appertains to the business of Banking ; nor shall the Bank, either directly or indirectly purchase or deal in any share or shares of the capital stock of the Bank, except where it is necessary to realize upon any such share or shares held by the Bank as Isecurity for any pre-existing and matured debt. 34 V., c. 6. 40. as amended by 38 F., c. 17, s. 1. 41. The Bank may take, hold and dispose of mortgages Mortgages a» Stud hypotheques upon personal as well as n?al property, by s^curil'v.'^^ :ay of additional security for debts contracted to the Bank In the course of its business ; and the rights, powers and )rivileges which the Bank is hereby declared to have or to lave had in respect oi real "state mortgaged to it, shall be leld and possessed by it, in respect ot any personal estate rhich may be mortgaged or hypothecated to it. 34 V., c. h, 41. 42. The Bank may purchase any lands or real estate Porctase of Offered for sale under execution or in insolvency or under '"•* under ^ •' executiou,«r» Absolute tltlr maT ha •oquired. Proriso. Power of •ale, *e. As to ad ran c« for boilding ships. Interpreta- tion of vari- ous, terms. 18 the order or decree of a Court of Equitv as belonging to any', debtor to the Dank, or exposed to sale by the Bank under tj power of sale given to it for that purpose, in cases where under similar circumstances, an individual could so pur chase, without any restriction as to the value of the land^ which it may so purchase, and may acquire a title thereto at any individual purchasing at sherifi 's sale or under a power of sale, in like circumstances, could do, and may take, have hold and dispose of the same at pleasure. 84 v., c. 6, s. 42 as amendtd bf/ 43 V., c. 22, ». 5. 43 The Bank may acquire und hold an absolute title in or to land mortgaged to it as security 'ibr a debt dueor owim to it, either by obtaining a release oi the equity of redemp tion in the mortgaged property, or by procuring a foreclosur* in any Court of Chancery or of Equity, or by other mean; whereby, as betwei-n individuals, an equity of redemptioi can by law be barred, and may purchase and acquire any prior mortgage or charge on such land : Provided always that no Bank shall hold any real or immovable propert;^ howsoever acquired, except such as shall be required ior it| own use, for any period exceeding seven years from the dat. of the acquisition thereof. 34 V., c. 6, s. 43, as amended h 43 v., c. 22, ». G. 44. Nothing in any Charter, Act or law shall ba construec | as ever having prevented or as preventing the Bank fron acquiring and holding an absolute title to and in any sucl mortgaged lands, whatever the value thereof may be, or fron exercising or acting upon any power of sale contained in an\ mortgage given to it or held by it, authorizing or enabliui it to sell or convey away any lands so mortgaged. 84 V., c 5, 8. 44. ^^•^a. Any Bank advancing money in aid of the building o any ship or vessel, shall have the same right of acquiring an( holding security upon such ship or vessel while building an( when completed, either by way of mortgage, hypothec hypothecation, privilege or lion thereon, or purchase, o transfer thereof, as individuals have in the province whereii such ship or vessel is being built, and for that purpose shal ; be authorized to avail itself of all such rights and means n obtaining and enforcing such security, and shall be subjed to all such obligations, limitations and conditions, as are bj the law of such province conferred or imposed upon indivi duals making such advances. 35 V., c. 8, s. 7. 45. Yor the purposes of this Act, the words " goods, ware'| and merchandize," when used herein, shall be held to com prise, in addition to the things usually understood thereby • This section applies only to llic Prorinces of Ontario, Quebec, Nova Scou and New Brunewick. 1» mgiug to anji Bank under ij cases where could so pur I of the landr title thereto at under a powei ay take, have v., c. 6, 8. 42 solute title ill )t due or owiiu ty of redemp iga foreclosurt ^ other means of redemptioi d acquire anj >vided always k^able propert;^ equired ior it- s from the dati IS amended hi 11 ba construec be Bank fron i in any sucl nay be, or fron I ntained in an) ig or enabliui i iged. 84 v., c I the building f acquiring am le building an( age, hypothe( | ir purchase, o ' ovince whereii t purpose shal; J and means o lall be subjec ions, as are b) d upon indivi 7. Jucbec, Nova Scoti:J timber, deulH, hoards, staves, naw-logs, and other lumber, l>etroleum, crude oil, and all agricultural produce and other articles of commerce ; and the words "warehouse receipt" wh(ui used herein shall be held to mean any receipt given by any person, firm or company for any goods, wares or merchandi'/e in his or their actual, visible and continued possession, as bailee or baikM>8, in good faith, and not as of ^"Z^'^^'*' his or their own property, and shall comprise receipts from v/mrith* any ix-rsoii who is the keeper of any harbour, cove, pond, "JJ/TiwrJ^ wnarl", yard, warehouse, shed, storehouse, tannery, mill or houuman, 4e. other place in Canada, for goods, wares or merchandize b«'ing in the place or in one or more of the places so kept by him, wliether such person is engaged in o'her business or not, and shall also comprisr speciiications of timb.'r. The ' '' words " bill ol lading," when used herein, shall comprise all receipts lor goods, wares or merchandize, accompanied by an obligation to transport the same Irom 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 carriugo whatever ; and the words " ship " or " shipment " shall Ix' held to mean the delivery of any arti- cle for transport as aforcBaid. 43 V., c. 22, s 7. {Si('hsti(v tt'l lor U v., e, 5, s. 45.) flO. The IJank may acquire and hold any warehouse re- warthome ii^oipt or bill of lading as collateral security lor the payment receipts mar 'of any debt incurred in its favor in the course of its banking coUatewi" business ; and the warehouse receipt or bill of lading so security, acquired shall vest in the Bank, from the date of the acqui- sition thereof, all the right and title of the previous holder [or owner thereof, or of the person from whom such goods, 'wares and merchandize were received or acquired by the {Bank if the warehouse receipt or bill of lading is made di- frectly in favor of the Bank instead of to the previous holder or owner of such goods, wares and merchandize. And if the previous holder of such warehouse receipt or bill of Jading be the agent of the owner of the goods, wares and merchandize mentioned therein, within the meaning of the lilty-ninth chapter of the Consolidated Statutes of the late Province of Canada (which is contained in Schedule "A," appended to this Act, and which, as respects such meaning, shall apply to all the Provinces of Canada), then the Bank shall be vested with all the right and title of the owner thereof, subject to his right to have the same re-transterred to him, if the debt as security for which they are held by the I'ank, be paid: Provided always, that the Bank shall not Proviso, acquire or hold any warehouse receipt or bill of lading to secure the payment of any bill, note or debt, unless such bill, note or dobt be negotiated or contracted at the time of the acquisition thereof by the Bank, or upon the under- j standing that such warehouse receipt or bill of lading would be transferrrd to tln' Bank, but such bill, note or debt may 20 >»e rf such I 'tn«'ntion< ind by ] iw, usai c. 22, no N any ti laU'be |me aui Jgisterei Idress c le sale 1 tan tint lall be : the o\ sal(^ hi Jost ofHc (t least t hie of ai; msent c notice t lereof, i the pill the Pr ipers sh laj^e, ai ibTishe( UlideU /i 'isi. Til lesecur len for a le share liable, an tich debl ebt is m fter noti bntion of the poi least tl jing m shier s aser th( nsfer s ch shai ththe ere the nk or Y •-M of oxt 'uded, n»»nt of any iiik holds 11- t and 7«»ceiv«' rec«'ptioii ol hoUlH u bill 5, store such louHO receipt » another bill led furSW., fipt or bill oi l)le business, f warehouse- ?r of timber, by land or by ler, dealer in and is at the merchandize f lading, any le right and •es and mer and eliectual 1 warehouse urity of any f lading, the ze mentioned y such debt if any, to the ill of lading, therein, as ower of sale lade. 43 V , urer of pork r hogs which icon or hams, louse receipt e the lawful lanufactured warehouse ibed in such to hold the purposes and it previously ituled for 34 49. All advanceN made on the Ne< urity of anv bill of Prior eUia lading or war«>hou.He receipt, ahull giv« and b«» held to give "'//""^JJiJi \q the Hank making Muoh udvunreN u claim for the repayment ▼•ndor. d'auch Rdvimcen on the g(NMlM, wiireM or merchandize therein U'ntioned, or into which they have been converted, prior to knd by pn-ferenceover the claim of any unpaid vendor, uny LW, UMaire or custom to the contrarv notwithstundinur. 4:) c. 2-2,'n. 7 {SubstifuUd for '.H\'.,c. :),H. 49.) \0. No sale without the (consent in writing of the owner, Notio to ht any timber, boards, deals, staves, saw-logs or other lumber, 2[["of*f^, lull be made under this Act until, nor unless, notice of the (iieciKed m ^me and place of such sale shall have been given by a '^'*"'•'•^• Sffistered lettt'r, mailed in the post ollice to the last known idress of the pledger thereof, at least thirty days prior to le sale thereof; and no goods, wares or merchandize, other kan tiniber,l)oards, deals, staves, saw-logs or other lumber, lall be sold by th(i Bank under this Act without the consent the owner, until, or unless, notice of the time and place ff sale has been given by a registered letter, mailed in the lost olHco to the last known address of the pledijer thereof, It least ten days prior to the sale thereof , and every such lie of any article mentioned in this section, without the msent of the own«'r, shall b(» made by public auction after notic«i thereof by advertisement, stating the time and place lereof, in ut least two newspapers published in or nearest the place where the sale is to be made ; and if such sale be the Province of Quebec, then at least one of such news- papers shall be a newspaper published in the English lan- laj^e, and one other such newspaper shall be a newspaper iblished in the French language. *43 V., c. 22, s. 7. (S?//>- ^lufed for :U V.. c. 5, s. '>(>.) 51. The Bank shall not make loans or grant discounts on Lienof iwnk kesecurity of its own stock, but shall have a privileged o" "°<='' '*' [en for any debt or liability for any debt to the Bank, on debu. le shares and unpaid diviuends of the debtor or party so [able, and may decline to allow any transfer of the shares of ich debtor or party until such debt is paid, and if such jbt is not paid when due the Bank may sell such shares, fter notice has been given to the holder thereof, of the in- ption of the Bank to sell the same, by mailing such notice the post office to the last known address of such holder, least thirty days prior to such sale ; and upon such sale iing made, the President, Vice-President, Manager or ishier shall execute a transfer of such shares to the pur- iaser thereof in the usual transfer book of the Bank, which insfer shall vest in such purchaser all the rights in or to ^ch shares which were possessed by the holder thereof, ith the same obligation of warranty on his part as if he [ere the vendor thereof, but without any warranty from the ink or by the officer of the Bank executing such iransttr : Proviiioa m to eoIUtenil Monritj. ProTiiion n»j be Taried. No penalty f«r oiurj. Recital. No iBStru- meo* to be Toid on gronod of naary* | 22 And nothing in this Act contained shall prevent the Bank from acquiring and holding as collateral security for any advance by or debt to the Bank, or for any credit or lia- bility incurred by the Bank to or on behalf of any person (and either at the time of such advance by, or the contract-, ing of such debt to the Bank, or the opening ol such credit, or the incurring of such liability, by the Bank), Dominion, Provincial, Brititih, or P'oreign public securities, or the stock, bonds, or debentures of Municipal or other Corporations except Banks ; and such stock, bonds, debentures, or secu- rities, may, iu case of default to pay the debt for securing which they were so acquired and held, be dealt with, sold and conveyed, in like manner and subject to the same re- strictions as are herein provided in respect of stock of the Bank on which it has acquired a lien under this Act ; this l)rovision may, however, be departed from or varied by an' agreement between the Bank and the owner of such stock, bonds, debentures or securities, made at the time at which such debt was incurred, or if the time of payment ot such debt has been extended, then by an agreement made at the time of such extension. 43 V., c. 22, s. 8. {Substituted for 31 V, c. 5, s. 51.) 52. The Bank shall not be liable to incur any penalty or forfeiture for usury ; and may stipulate for, take, reserve or exact any rate of interest or discount not exceeding seven per centum per annum, and may receive and take in advance any such rate, but no higher rate of interest shall be recov- erable by the Bank ; any rate of interest whatever may be allowed by the Bank upon money deposited with it. 84V., c. 5, s. 62. • *2. And whereas in some of the Provinces of Canada, laws may be in force imposing penalties on parties other than Banks, for taking, or stipulating, or paying more than a cer- tain rate of interest, and doubts may arise as to the effect of such laws in certain cases, as to parties other than the Bank, to negotiable securities discounted, or otherwise acquired and held by any Bank, — therefore it is declared and enacted, that no promissory note, bill of exchange or other negotiable security discounted /, or indorsed or otherwise assigned to any Bank to which this section applies, shall be held to be void, usurious, or tainted by usury, as regards such Bank or any maker, drawer, acceptor, indorser, or indorsee tliereof, or other party thereto, or bond fide, holder thereof, nor shall any party thereto be subject to any penalty or forfeiture, by reason of any rate of interest taken, stipu- lated or received by such liank, on or with respect to such promissory note, bill of exchange, or other negotiable secu- rity, or paid or allowed by any party thereto to another in • This applies ouly to the Provinces of Ontuiio, Quebec, Nova Scotia and New liraniwick, 51. T HBgotial in Cana( other tl branche/ Oanada, ^, a sui junouiit j|a col lee : *34r gpplies, l^d La ii^rson y'<'•'• se be deprived of any remedy against any party thereto, liable to any penalty or forfeiture, bv reason of any usury •offence against the laws of any such Province respecting terest, committed in respect of such note, bill or nego- ible security, without the complicity or consent of siich jinocent holder or party. 35 V"., c. «, s 2. f 53. The Bank may, in discounting at any of its places of Ooiieetioa isiness, branches, agencies or offices of discount and deposit, ly note, bill, or other negotiable security or paper payable any other of its own places or seats of business, branches, jencies or offices of discount and deposit in Canada, receive retain in addition to the discount, any amount not exceed- ig the following rates per centum, according to the time it las to run, on the amount of such note, bill or other negotia- l&le security or paper, to defray the expenses attending the collection thereof; that is to say: under thirty days, one- ^hth of one per cent. — thirty days or over, but under sixty )ys, one-fourth of one per cent, —sixty days and over, but bder ninety days, three-eighths of one per cent. — ninety lys and over, one-half of one per cent. 84 V , c. 5, s. 53. 54. The Bank may, in discounting any note, bill or other Agency f«ef. llBgotiable security or paper, bond fide payable at any place ill Canad^ different from that at which it is discounted, and i|fcher than one of its own places or seats of business, Bjranches, agencies or offices of discount and deposit in Cfeinada, receive and retain in addition to the discount there- (Sm, a sum not exceeding one-half of one per centum on the amount thereof, to defray the expenses of agency and charges In collecting the same. 3-1 V., c. 5, s. 54. =*'54 a. It shall be lawful for any Bank to which this Act Deposits maj •pplies, (including the Bunk of British North America, fro""',^*^, Ittid La Banque du reui)le) to receive deposits from any unable to iierson or persons, whomsoever, whatever be his, her, or comraci. wi(!ir age, status or condition in life, and whether such person #r persons be qualified by law to enter into ordinary con- tacts or not; and from time to time to repay any or all of le principal thereof, and to pay the whole or any part of the terest thereon, to such person or persons respectively, with- it the authority, aid, assistance, or intervention of any per- * Thia tpclicn lip;. lira only to the Provinr"3 nt Ontario, Quebec, Nova Scotia 4|i«i NfW BiutiiWicli m Prorieo ommint liaited. Bank not bouud tu >ee to trnsta ia relfltion to son or persons, othcial or ofiicials, beiiifj^ required, uule88 before such repayment the money so deposited in and repaid by the IJank, be lawlully claimed as the property of some other party, in which case it may be paid to the depositor with the consent of the claimant, or to the claimant with the consent of the depositor, any law, usage, or custom to the contrary notwithstanding: — Provided always, that if the person making any deposit, as aforesaid, could not, under the law ot the J^rovincc where the deposit is made, deposit and withdraw money in and from a Bank without this section, then and in that case the total amount of deposits to be receiv- ed from such person on deposit shall not at any time exceed the sum of live hundred dollars. 2. No such Bank shall be bound to see to the execution of any trust whetlier expressed, implied, or constrvictive, to which any deposit made under the authority of this section •uch deposit?, jji^y b^, subject ; and. except only in the case of lawful claim by some other party before repayment, thtr receipt of the per- son in whose name any such deposit stands, or, if it stand in the name of tvso persons the receipt of on(», and if in the names of more than two persons the receipt of a majority of such persons, shall be a suiiicient discharge to all concerned for the payment of any money payable in respect of such de- posit, notwithstanding any trust to which such deposit may then be subject, and whether or not the Bank sought to be charged with siu'h trust (and with whom the deposit may have been made), had iiulice th(>reof ; and no such Bank shall be bound to see to the npplication of the money paid upon such recei|)t, any law or usage to the contrary notwithstaml- ing. 3.') v., c. 8, ss. 'S and i. NoD-juridicai ♦14 /;. In all matters relating to l)ills of exchange and pro- dttj^- missory notes, the following and no other shall be observed as legal holidays, or n()n-juridi<'al days, that is to say : — 1. In the Provinces of Ontario, New Brunswick and Nova 8cotia, — Sundays. New Year's Day. Clood 1^'riday. Christmas Day. The birthday (or the day (ixed by Proclamation lor the celebration of the Birthday) of the reigning Sovereign. *The first day of July, Dominion Day, and if that day is a Sunday, then the second day of July, under the same name. Any day appointed by Proclamation for a public holiday or lor a general fast, or a general thanksgiving throughout the Dominion ; and the day next following New Year's Day and Christmas Day, when these days respectively fall on Sunday. And in the Provnice of Quebec the same days shall l)e observed as legal holidays,* with the addition of, — * Uoniitiioii Duv is n Moii-jindiciil diiv tlirou^li'Uit tiie Daminion, uader 42 V., C. 47. q SI ^Mt^ itioii lor tilt} on, under 42 V., Thf Epiphany ♦ Thf Annunciation. ' The Ascension. ^ • ; -' Corpus Christi. '' St. Peter and St. rani's Day. All Saint's Day, Conception Day. 2. And in any one of the said Provinces of the Dominion any -f and pnnnissory notes, whenever the last day of g-race falls on a legal holiday or non-juridical day in the Province whore any such bill or note is payable, then the day next following not being a legal holiday or non-juridical day in such Province shall be the last day of uTact^ as to such bill or note. •]■") V., c. 8, s. 8, (iNfl 42 V. c. 4V. Bank Notes, Hands, i^/'. •"i'^i. The bonds, obligations and bills obligatory or of credit BoqIs, r.otcB, of the IJank under its corporate seal and signed' by the Pre- *<^-' ^°^ I*"" sident or Vice-Presideiit and I'ountersigned by a Cashier, or be signed. Assistant Cashier, which shall bi'nuidepaya])le to any person or persons, shall be assignable by endorsement thennni ; and bills or notes (jf the l]ank signed bv the President, Vice-Pre- sident, Cashier or other officer appointed by the Directors of the Bank to sign the same, promising the payment of money to any i)ersoii or persons, his, her, or their ordi'r, or to the ])carer, thougli not under the corpoate seal of the IJank, shall be binding and obligatory on it in like manner and with the like force and effect as they would l)e upon any private per- son, if issued by him in his private or natural capacity, and .shall be a.ssignable in like manner as if they were so issued by a private person in his natural capacity ; Provided always, proviso, that nothing in this Act shall be held to debar the Directors of the Dank from authorizing or deputing from time to time any Cashier, Assistanr-Cashier or officer of the IJank, or any iJirector other than the Piesident or Vice-President, or any Cashier, Manager or Local Director of any >)ranch or oflice of discount and deposit of the 15ank, to sign the bills of the Bank intended for general circulation, and payable to order (»r to bearer on demand. 34 V., c. 5, s. .')."). *5B. All Pank notes and bills of the Bank whereon the Notes may be name or names of any person or pers(ms entrusted or au- f"^'?? ^-^ thorized to sign such notes or bills on behali or the Bank, shall or may become impressed by machinery provided for that purpose by or with the authority of the Bank, shall be and shall be taken to be good and vali ^ to all intents artd purposes, as if such notes and bills had been subscribed in the proper handwriting of the person or persons entiustedor authorized by the Bank to ^ign the same respectively, and 26 Khali be and be deemed and taken to be Bank notes and bills within the meaning of all laws and statutes whatever, and shall and may be described as Bank bills or notes in all in- dictments ana civil or criminal proceedings whatsoever, any law, statute or usage to the contrary notwithstanding. 34 v., c. 5, s. />6. And see s. 78 as to preferential payment of notes of the Bank after Isf July, 1^81, in case of insolvency. INSOLVENCY, Busrwnsion 57. Any suspension by the Bank of payment of any of its constitlrte^ '° liabilities as they accrue, in specie or Dominion notes, shall, insoiTencT. if it continues for ninety days, constitute the Bank insolveiit and operate a forfeiture of its Charter, so far as regards the issue or reissue of notes and other Banking operations : and the Charter shall remain in force only for the purpose of enabling the Directors or the assignee or assignees, or other legal authority (if any be appointed in such manner as may by law be provided) to make the calls mentioned in the next following section of ^^his Act and to wind up its business : And any such assignee or assignees or other legal authorit}'^ shall, for such purposes, have all the powers of the Directors. 34 V., c. 5, s. 67. Liability of DhareholderB in case ot inauiScienry i)f aBsets. OalU in siub case. PiotIsu : as to directors. 58. In the event of the property and assets of the Bank becoming insufficient to pay its debts and liabilities, the shareholders of the Bank shall be liable for the deficiency so far as that each shareholder shall be so liable to an amount (over and above any amount not paid up on their respective shares) equal to the amount of their shares respectively ; and if any suspension of payment in full in specie or Dominion notes, of all or any of the notes or other liabili- ties of the Bank shall continue for six months, the J-'irectors may and shall make calls on such shareholders, to the amount they may deem necessary to pay all the debts and liabilities of the Bank, without waiting for the collection of any debts due to it or the sale of any of its assets or pro- perty ; such calls shall be made at intervals of thirty days and upon notice to be given thirty days at least prior to the day on which such call shall be payable ; and any such call shall not exceed twenty per cent, on each share, and pay- ment thereof may be enforced in like manner as foi calls on unpaid stock, and the first of such calls shall be made within ten days alter the expiration of the said six months ; and any failure on the part of any shareholder liable to 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 being never- theless recoverable from him as if no such forfeiture had been incurred. Provided always, that nothing in this section contained shall be construed to alter or diminish the fadditi and dite case accri with| or zk |-what[ [to BUl 51l| have| or rej the Banl preci their and up t have I'rov thei for Bi intl i witt appll 0( seiv bon not* ent Cle otl cor the Ck in shi pe pr lef c. P tl i\ o tes and bills latever, and es in all in- tsoever, any mding. 34 27 f any of its otes, shall, insolvent Pffards the >perations ; e purpos<^ iS'nees, or -h manner titioned in nd up its ther leg-al ^'^rs of the I the Bank lities, the deficiency n amoun t espective ectively ; ipecie or r liabili- '•'i rectors , to the ebts and ection of s or pro- rty days r to the «ch call id pav- calls on within IS ; and ich call •y such i of the nover- ire had II this •sh the additional liabilities of the Directors hereinbefore mentioned and declared : Provided also, that if the Bank be en romman- Provii© : a* dite and the principal partners are personally liable, then, in c°;;,^«°^^,'* case of any such suspension, such liability shall at once accrue and may be enforced against such principal partners, without waiting for any sale or discussion of the property or assets of the Bank, or other preliminary proceedings whatever, and the provision respecting calls shall not apply to such Bank. 34 V., c. 5, s. 08. 51>. Persons, who having been shareholders in the Bank, Liabiiiiv of have only transferred their shares or any of them to others "hiirehoider^ J J Wilt) il4V6 or repistorod the transi'or thereof within one month before transterrfi the commencement of the suspension of payment by the *''''"' stoc''^ Bank, shall be liable to calls on such shares under the next preceding section, as if they had not transferred them, saving their recourse against those to whom they were transferred ; and any assignee or other officer or person appointed to wind up the affairs of the Bank, in case of its insolvency, shall have the powers of the Directors with respect to such calls. J'rovided that if the Bank be en commandite, the liability of the principal partners and of the commamlitaires shall continue for such time after their ceasing to be such as may be provided in the Charter of the Bank, and the foregoing provision.*! with respect to the transfer of shares or calls shall not apply to such Bank. 31 V., c. 5, s. 60. OFFENCES AND PENALTIES. 00. If any Cashier, Assistant Cashier, Manager, Clerk or Embez/Ae- servant of the Bank secretes, embezzles or absconds with any "(f^jg"'^^. bond, obligation, bill obligatory or of credit or other bill or felony, note, or any security for money, or any money or effects entrusted to him as such Cashier, Assistant Cashier, Manager, Clerk or Servant, whether the same belong to the said Bank ot belong to any person or persons, body or bodies, politic or corporate, or institution or institutions, and be lodged with the said Bank, the said Cashier, Assistant Cashier, Manager, Clerk or tServant, so offending and being thereof convicted in due form of law, shall be deemed guilty of felony, and shall be punished by imprisonment at hard labour in the penitentiary for any term not less than two years, or by im- prisonment in any gaol or ])lace of confinement for any term less than two years, in the discretion of the Court. 34 V., c. 5, s. 60. 61. If any President, Vice-President, Director, Principal Fraudulent VAxiwdY en commantlile, Manager, Cashier or other officer of p'''''^'"''"'^^ * ,, ,, , •,,.11 • ° . • • I-, „ misdemeanor the mnk wilfully gives or concurs in giving any creditor ot 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 howsoever, 2S :nii ■ ; M', ' ir" Makinir 'hIbc (tatetnent in returns a migjenipanor. he shall be guilty of misdemeanor, and shall further be responsible for all damages sustained by any party by such preference. 34 V., c. 6, s. 61. .^ ,.,,,>. 62. The making of any wilfully false or deceptive state- ment in any account, statement, return, report or other docu- ment respecting the aftairs of the Bank, shall, unless it amounts to a higher offence, be a misdemeanor, and any and every President, Vice-President, Director, Principal Partner en commandite, Auditor, Manager, Cashier, or other officer of the Bank preparing, signing, approving or concurring in such statement, return, report or document, or using the same with intent to deceive or mislead any party, shall be held to have wilfully made such false statement, and shall further be responsible for all damages sustaim-d by such party in consequence thereof. 34 V., c. 5, s. 62. nefiisni to C;j. Any Director refusing to make or enfon-e, or to concur iTndeVs^ss a ""^ making or enforcing any call under the lifty-eighth misdemran'or. section of this Act, shall be deemed guilty of a misdemeanor and shall be personally responsible lor any damages sullered by. such default. 34 Y., c. 5, s. 03. Giving t.ii.^e O I. If auy millor, warehouseman, master of a ves.sel, for- wareEouse- Warder, Carrier, wharfinger, keeper of a cove, \'ard, harbour or men, &c , a other place lor storing timber, deals, staves, boards or other iiiisatnieaiior. Jmnber, curer or packer of pork, or dealer in wool, factor agent or other person, or any clerk or persoji in his employ, knowingly and wilfully gives to any person any writing purporting to be a receipt for, or an acknowledgment of any cereal grain, timber, deals, staves, boards or other lumber, or other goods, wares, merchandize or property, as having been received in his warehouse, vessel, cove, wharf or other place, or in any such place about which he is employed, or as having been in any other manner received by him or the person in or about whose business he is employed, before the goods or property named in such receipt, acknowledg- ment or writing have been actually so received by or de- livered to him or his employer, with the intent to mislead, deceive, injure or defraud any person or peisons whomso- ever, although such person or persons may be then to him unknown ; or if any person knowingly and wulfully accepts or transmits or uses any such false receipt, acknowledgment or writing, the person giving and the person accepting, transmitting or using such false receipt, acknowledgment or writing, shall severally be guilty of a misdemeanor. 34 V., c. 6, s. 64. Kaise siHie- G5 The wilfuUy making any false statement in any such receipt's'undtr i^ceipt, acknowledgment or certificate as in the forty-sixth g. 46, a section of this Act mentioned, or the wilfully alienating or misdemeanor, parting with, or not delivering to the holder or indorsee any cereal receif dertal mean] «(« si'ctiti in thi sons,! any deeir v.. c dr9 cereal ^^raiii, goods, \varet* or merchaudi/e m«'ntion«'d in such receipt, acknowledgmt»nt or ci'rtiticate, contrary to the un- dertaking therein expressed or "mplied, shall b«^ a rnisde- moanor. 34 V., c. 5, s. 65 Htt. 11 any ollV'nce iu either oF the two next preceding off !nce« »..v ■ * • hurt ot sections mentioned be committed by tho doing of anything ".."^ "' "' * in the name of any firm, company or copartnership of per- sons, the person by whom such tnin«r is actually done, and any person who connives at the doing thereof, shall Ix- deem».'d guilty of the offence, and not any other person. 34 v.. c. 5, s. ♦)<). Will. After the first day of July, one Ihousand eight hun- iiaauthoriicd drcd and eighty, any person, firm or company assuming or ""a°'ij"'''ii using the title of "Bank" without being authorized so to do misdjni'eftnur. l>y this Act, or by some other Act in force in that behalf, shall be guilty of a misd(»meanor. 43 V., c. 22, s. 10. 07. Auy person convicted of a misdemeanor under this Punishment Act shall, on conviction, be liable to be imprisoned in any f^"" n>'»de- gaol or place of confinement for any term not ex(;eeding two years, in the discretion of the Court before which the con- viction shall be had. ot V . c. b, s. G7. 6S. No private person or party, except a chartered Bank, cbnrtered shall issue or re-issue, make, draw, or indorse any bill, bond, ^^"^^^ oniy^to note, check or other instrument, intended to circulate as circulation. money, or to be used as a substitute for money, for any amount whatever, under a penalty of four hundred dollars, to be recovered with costs, in any court having civil juris- diction to the amount, by any party who will sue for the same; and one-half of such sum shall belong to the party suing for the same, and the other half to Her Majesty, for the public uses of the Dominion. The intention to pass any such instrument as money, shall wiiatsbnii be 1)e presumed, if it be made for !he payment of a less sum notes.** ^' than twenty dollars, and be payable either in form or in fact to the bearer thereof, or at sight or on demand, or at less than thirty days thereafter, or be overdue, or be in any way calculated or desi.ned for circulation, or as a substitute for money; \inless such instrument be a check on some char- tered Bank, paid by the maker directly to his immediat*' creditor, or a promissory note, bill of exchange, bond or other undertaking, for the payment of money paid or delivered by the maker thereof to his immediate creditor, and be not designed to circulate as a substitute for money. 34 V., c. 5, s. 68. 80 NOTICE?. How noticci nball he 09. The several public notices by this Act required to be given, shall be given by advertisement in one or more of the newspapers i)ubli8hed at the place where the Head OflBice of the liank is situate, and in the Canada Gazette or such other Gazette as shall be generally known and described as the Official Gazette for the publication of official documents and notices emanating from the Civil Government of the Dominion. 34 V., c. 5, s. 69. Bank to be subject tuany future wind- inf up Act. FUTURE LEGISLATION. TO. The Bank shall be subject to such provisions of aiiy general or special winding up Act to be passed by Parlia- ment as may be declared to apply to ISanks ; and no special Act which Parliament may deem it right to pass for winding up the affairs of the Bank in case of its insolvency, thall be deemed an infringement of its rights or of the privileges con- ferred by its charter. 34 Y., c. 6, s. 70. And any 71. The Bauk shall always be subject to any general pro- generiii Bank yisious respecting Banks which Parliament may deem necessary for the public interest. 34 V., c. 6, s. 71. Sl'ECIAL TEOVISIONS AS TO CERTAIN BANKS. What sec- tions slmll Apply to Hank of B.V.A. 72. The Bank of British North America, which, by the terms of its present charter, is to be subject to the general laws of the Dominion, with respect to Banks and Banking, shall not issue or re-issue in Canada, any note for a less sum than four dollars, and any such note of the said Bank outstanding shall be called in and redeemed as soon as practicable :* and the provisions contained in the ninth, twelfth, thir- teenth, fourteenth, fifteenth, sixteenth, forty-fifth, forty- sixth, forty-seventh, forfy-eighth, forty-ninth, fiftieth, fifty- first, fifty-second, fifty-third, fifty-fourth, fifty-fourth (a), fifty-fourth (6), fifty-sixth, sixtieth, sixty-firsc, sixty-second, sixty-fourth, sixty-fifth, sixty-sixth, sixty-seventh, sixty- ninth, seventy-first and seventy-eighth sections of this Act, shall apply to the said Bank ; those contained in the other sections shall not apply to it. 34 V., c. .'S, s. 72, as amended bii .3.5 v., c. 8, 40 v., c. 64, dnd 4-3 Y., c. 22. i How cciinin Banks niny <'oine under this Ai't. 7{$. This Act shall not apply to any now existing Bank not mentioned in the schedule B thereunto annexed (except the Bank of British North America to the extent aforesaid and La iknque du Peuple to the extent hereinafter men- tioned) unless the Directors of such Bank shall, by special resolution, apply to the Treasury Board, that the provisions * But see s. 73 m to issue of iu.t(3a'"tcr Ist July. 1851. »1 jioiis of any d by Parlia- 1 no special for winding py, f^hall h^^ ivileges con- lich, by the general laws »king, shall 38 sum than Jutstanding acticable :* rellth, thir- ifth. forty- ftieth, fifty- ■fourth (a), xty-second, ith, sixty- >f this Act, I the other ns amended ting Bank- ed (except aforesaid liter men- >y special provisions ijSBb ' of this Act may be cxtunded to such Hank, nor unless th«' Treasury Board allows such application, and upon publica- tion in the Official Oasette of such resolution, and of the minute of the Treasury Board thereon, allowing such appli- cation, such Bank shall come under the provisions of tliif^ Act. .'U v., c. T), 8. 73. 74. In pursuance of the application made by the Bank c»piui of c-r Nova Scotia in that behalf, it shall be lawful for the J,"'' «/ ** '*• shareholders of-the said Bank, at any special general meeting reduced, called for the purpose, and by a by-law to be passed thereat, to reduce the capital and shares of the said Bank by an amount iiot exceeding thirteen per cent, thereof respectively, and the shares and capital shall thereatter be reckoned at the amount to which they shall be so reduc«>d. 34 V"., c. 5. s. 74. T*!. All the provisions of this Act except those contained what pro»i- iu sections one, two, three, live, six, seven, twenty-seven, »ppiy'to l^ twenty-nine, thirty, thirty-one, thirty-two, thirty-three, ijanque du thirty-live, tliirty-six, thirty-seven, fifty-seven, fifty-eight, '^'*"i''«'- fifty-nine, sixty-three, seventy, seventy-two, seventy-three, and seventy-four, and .so much of set tion twenty-eight, as is declared not to apply to the Banks en commandite shall apply to J^a Bancjue du Peuple : Provided that wherever the p word " Directors " is used in any of th^ sections which apply to the said Bank it shall be read and construed as meaning the principal partners or members of the corpo- ration of the said Bank ; and so much of the Act incorpo- rating the said Bank or of any Act amending or continuing it as may be inconsistent with any section of this Act applying to the said Bank or which makes any provision in any matter provided for by the said sections other than such as is hereby made is hereby repealed. 34 V 'roviio. C. 0, S. as8ing of thiw Act. 4.'{ V , c. 22, s. 9. 77 Nothiu'jr in this Act contained shall alfect any , s. 77. After iHt Jillf, IH8I, Notes to lie first charge oa assets. 7H Alter the lime when the Charters of the said iJanks n'spectively would have expired if they had not been con- tinued by the second 8u))-section of .section uaeof this Act. — (1.) The payment of the notes issued by any such Bank and intended for circulation, then outstanding, .shall be the first charge upon the assists of the Bank in case of its insolvency ; ■I i No note under $5 or other that! a multi- ple of f'j. Pa J men ts in Dominion Notes. Renewal of proxies. As to Bank of B.NA. (2.) Mo Bank note for a sum less than five dollars, or for any sum not being a multiple of five dollars, shall be issued or re-issued by any such liank, and all notes fn- a less sum than livi^ dollars, or not being such multiple as afore- said, heretofore issued shall be called in and cancelled as soon as may be practicable ; (8 ) Any such Bank when making any payment, shall, on the request of the person to whom the payment is to be made, pay the same, or such part thereof not exceeding fifty dollars as such person may request, in Dominion notes for one or for two dollars each, at the option of the receiver ; (4.) No appointment of a proxy to vote at a'ly meeting of the shareholders of the Bank shall be valid for that purpose, unless made or renewed in writing within the three years next preceding the time of such meeting ; (6 ) The provisions in this section shall, from and after the first day of July, one thousand eight hundred and eighty- one, apply to the Bank of British North America, which by the terms of its present charter is to be subject to the general laws of the Dominion with respect to Banks and Banking. 43 V , c. 22, s. 12. 2. T( agent t ad vane receivt manne 3. T of ple( agent, upon ther o 4. 1 goods stand that 1 litue," und |i' the lat»' ian/t's and h to rights K'd heibr.' SniEDULK A. CONSOUDATEO STATTJTKS OF CANADA, CHAPTER 59. any cas»» "as«> shall !4 v.. c. M llank-H Iboeii coii- Jhi.s Act.— ich IJank ill be the asc of its i'.s, or for shall be ! f'>r a less as afore- icelled as shall, on is to be ding fifty- notes for Oliver ; leeting of purpose, ree years nd ai'tor i eig-hty- , which t to the nks and eoT- An Act respecting tlie protection of PcrHoin who receive As.siirnments and enter into Contracts in relation to Goods entrusted to Agents. HER MAJESTY, by and with the advi«e and consent of the I>»gislative Council and Assembly of Canada, enacts as follows : — 1. Any person may contract for the purchase of goods wben b«i- with any agent entrusted with the possession thereof, or to *"«»• "''•h whom the same may be consigned, and may receive and pay y»ii,j. for the same to such agent, and such contract and payment shall be binding upon the owner of the goods notwithstand- ing the purchaser has notice that he is contracting only with an agent. 2. Any agent entrusted with the possession of goods or of When ajrenu the documents of title thereto shall be deemed the owner i^^'.l'*""'* thereof for the following purposes, that is to say : owaers. 1. To make a sale or contract, as in the first clause men- tic ned ; 2. To entitle the consignee of goods consigned by such agent to a lien thereon for any money or negotiable security advanced or given by him to or ior the use of such agent, or received by the agent for the use of the consignee, in like manner as if such agent was the true owner of the goods ; 3. To give validity to any contract or agreement by way of pledge iga^e) lien or security bond fide made with such agent, as well for an original loan, advanc*; or payment made upon the security of the goods or documents, as for any fur- ther or continuing advance in respect thereof; and 4. To make such contract binding upon the owner of the -j goods and on all other persons interested therein, notwith- standing the person claiming such pledge or lien had notice that he was contracting only with an agent. 3. In case any person has a valid lien and security on any What con- goods or document of title or negotiable security in respect ^™9'' '*' ^'^ of a previous advance upon a contract with an agent, — and in case he delivers np the same to such agent upon a contract for the pledge {gage), lien or security of other goods or of 8 Munt ht bonii tidt. Antecedent debt not to antliorizo lien. HonA file traniactioni with amenta binit owneri. another document or Rocurity by Huch ag»Mit delivered to him in exchange, to be held upon the name lien eh the goodH, document or Hecurity so delivered up, — then such new con- tract, '\( honti fu/e, shall bo deemed a valid contract made in connideration of a present advanc(^ of money within this Act, but the lien acquired under such new contract on the goods, document or security deposited in exchange, shall not exceed the value of the goods, ed. receipt or order for delivery of goods, every bill of inspection of pot or pearl ashes, and every other document used in the ordinary course of business, as proof of the possession or con- trol of goods, or authorizing or purporting to authorize either by endorsement or by delivery, the possessor c ' "uch docu- ment to transfer or receive goods thereby represented, shall be deemed a document of title within this Act. A^nta DO of,. DOS- 8. Any agent entrusted as aforesaid and possessed ot any be'd*e*emed'" ^^^^ documeut of title, whether derived immediately from eatruBied, 4c. the owner of the goods or obtained by reason of the agent having been entrusted with the possession of the goods or of any document of title thereto, shall be deemed to be en- trusted with the possession of the goods represented by such document of title. Contrncta tor A liea founded thereon valid. 9. All contracts pledging or giving a lien upon any such document of title shall be deemed a pledge {gage) of and lien upon the goods to which it relates, and the agent shall be deemed the possessor of the goods or documents of title whether the same be in his actual custody or be held by any other person for him or subject to his control. S5 lO When any loan or advano' in homi fide made to any B»n* H4» Aff«>nt entnmted with and in posHpaion ofgooda ordocumenta ^"^JJ^^ of title aa aforesaid on the faith of any oontrart in writing to wh.. hmb*4 eonKisfn, deposit, transfer or deliver such gooenied a loan or advance upon the security of the RooJs or ilocuinents of title within this Act. II. Every contract, whether made direct with the agent Wh»t con- as aforesaid, or with any clerk or other person on his behalf i^*eo„,-^J|^j, flhall be deemed a contract with such agent. IJI. Every payment, whether made by money, bills of ex- Paynnnto, change or other negotiable security, shall be deemed an ^j>«» do«««d advance within this Act. * ▼»uc«i. IB. Every agent in possession of goods or documents as PoMeuion aforesaid shall, for the purposes of this Act, be taken to be l^\l^{l"*o^ entrusted therewith by the owner, unless the contrary be ownenhip. shewn in evidence. 14. Nothing herein contained shall lessen, alter or affect other the civil responsibility of any agent for the breach of any Bgentl^not to duty 01 contract or the non-fulfilment of his orders or be affeeied. authority, in respect of any such contract, agreement, lien or pledge [gage) as aforesaid. l»5. In case any agent entrusted as aforesaid, contrary to or Conieauenoef without the authority of his principal, for his own benefit <>' <*"«»»"<>•> and in violation of good faith, makes, by way of pledge {gage), lien and security, any consignment, deposit, transfer or delivery of any goods or documents of title so entrusted to him, or contrary to or without such authority, foT his own benefit and in violation of good faith, accepts any advance on the laith of any contract to consign, deposit, transfer or deliver such goods or documents of title, such agent shall be deemed guilty of a misdemeanor, and being convicted thereof, Itigdemeanor. shall be sentenced to sufler such punishment by fine or im- prisonment in the common gaol for any term not exceeding two years, or by both, as the Court awards. 16. Every clerk or other person who knowingly and wil- Aiden, 4c, fully acts and assists in making any such consignment, deposit, transfer or delivery, or in accepting or procuring such advance as aforesaid, shall be guilty of a misdemeanor, and shall be liable, at the discretion of the court, to any ot the punishments which the Court may award, as herein last mentioned. 36 11 t i Wbea aeent Dot liable criminallj. Conviction not adniig- sible in evidence. 17. No such agent Hhall be liable to any prosecution for consigning?, depositing, transferring or delivering any such goods or documents of title, in case the same are not made a security for or subject to the payment of any greater sum of money than at the time was justly due and owing to the agent from his principal, together with the amount of any bills of exchange drawn by or on account of his principal, and accepted by s^uch agent. 18. The conviction of any agent as aforesaid shall not be received in evidence in any action at law, or suit in equity against him. Adniiasioi.s under oath not admis- sible in evidence sgfiinst the party. 19. No oath, or admission under oath, by an agent en- trusted as aforesaid, made previously to his being indicted for the offence, in consequence of the compulsory process ot a Court of Law, Equity or Admiralty in an action, suit or proceeding bond fide instituted by a party aggrieved, nor any disclosure made by him in an examination or in a deposition before any Commissioner of Bankrupts, shall be used in evi- dence in any prosecution against the agent in respect of any act done by him as aforesaid. Owners maj 20. Nothing herein contained shall prevent the owner piedff^.*"**^* from redeeming any goods or documents of title pledged as aforesaid, at any time before the same have been sold, upon repayment of the amount of the lien thereon or restoration of the securities in respect of v\rhich the lien exists, and upon payment or satisfaction to the agent of any sum of money for or in respect of which such agent is entitled to retain the goods or documents, by way of lien against such owner ; or shall prevent the owner from recovering from the person with whom any goods or documents have been pledged, or who has any lien thereon, any balance or sum of money remaining in his hands as the produce of the sale of the goods, alter deducting the amount of the lien under the contract. Remedy of owner against the estate of an aitent bankrupt. 31. In case of the bankruptcy of any such agent, and in case the owner of the goods redeems the same, he shall, in respect of the sum paid by him on account of the agent for such redemption, be held to have paid the same for the use of such agent before his bankruptcy, or in case the goods have not been so redeemed, the owner shall be deemed a creditor of the agent for the value of the goods so pledged at the time of the pledge, and may in either case prove for or set-off the sum so paid, or the A'alue of such goods, as the case may be. Interpreta- tion clause. " person " S3. In construing this Act, the word taken to designate a body corporate or company an individual ; and the word " croods " shall shall be as well as be taken to «t osecution for ng any such ) not made a greater sum wing to the ount of any is principal, shall not be it in equity 1 agent eu- ng indicted process ot ion, suit or red, nor any I deposition used in evi- 'pect of any the owner pledged as sold, upon restoration 8, and upon I money for retain the owner ; or the person >ledged, or of money iale of the under the tt, and in ' shall, in agent for f the use ;he goods ieemed a ledged at v^e for or s. as the iclude all personal property of whatever nature or kind jver, and the word " shipped " shall be taken to mean the • ^Triage of goods, whether by land or by water. 23. Nothing herein contained shall give validity to, or in Thi* Actnot aiiy wise affect any contract, agreement, lien, pledge (^age), t?»ni«ctioiiii or other act, matter, or thing made or done before the twenty- p"or to 28ih ieighth of July, 1847, or destroy or diminibh any other right, *'"'^' '^^^" ?course or remedy not contrary or repugnant to this Act rhich might be enforced according to the Laws of Upper or )vver Canada. iJ4. This Act shall relate to and from the twenty-eighth Act to rpUt« July, one thousand eight hundred and forty-seven, and as [g^^Y^'** ■'"'^'' ;%espects all transactions and things eince that day within the scope and meaning hereof, shall be construed and ap- plied as if it had been passed on that day. 48 V., c. £2, chedufe A. SCHEDULE ]J. 1 BANKS WHOSK CHARTERS ARK CONTINUED BY THIS ACT. 1. The Bank of Montreal. 2. The Quebec Bank. 3. La Banque du I'euple. 4 The Consolidated Bank. 5. Moison's Bank. H. The Bank of Toronto. 7. The Ontario Bank. 8. The Eastern Townships Bank. 9. La Banque Nationale. 10. La Banque Jacques Cartier. n. The Meichants' Bank of Canada. 12. The Union Bank of Lower Canada. 13. The Canadian Bank of Commerce*. 14. The Mechanics' Bank. 15. The Lominion Bank. 16. The Merchants' Bank of Halifax. 17. The Bank of Nova Scotia. 18. The Bank of Yarmouth. 19. The Bank of Liverpool. 20. The Exchange Bank of Canada. 21. La Banque Ville Mario. 22. The Standard Bank of Canada, 23. The Bank of Hamilton. 24. The Halifax Banking Company. 25. The Maritime Bank of the Dominion of Canada. 26. The Federal Bank of Canada. 27. La Banque d'Hochelaga. S8 28. The Stadacona Bank. 29. The Imperial Bank of Canada. 30. The Pictou Bank. 31. La Banque de St. Hyacinthe. 32. The Bank of Ottawa. 33. The Bank of New Brunswick. 34. The Kxchanj^e Bank of Yarmouth. 35. The Union Bank of Halifax. 3fi. The People's Bank of Halifax.— 43 V., c. 22, Schedule B. 48 VICTORIA. . Debei rered to JthiH Act ients, sue redem Iving ful fbenturet Icr to ra procuri n undei astrued thorizec Domii Freaniblcf. Act 38 v., c. ft and others limitini; amount of Dominion Notes re- pealed, and amount limited to $20, •00,000, PrOTiso : amount in gold and pnaranteed Dominion securitiea to be held for redemption. And ia un- iruHranteed Dominion debentures. CHAP. 13. An Act lurthcr to amend the Acts respecting Dominion Notes. [Acsented to 1th Map, 1880.J WHEREAS it is expedient to make further provision respecting the issue of Dominion Notes : Therefore Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows : — I. So much of the Act passed in the thirty-eighth year of Her Majesty's reign, intituled " An Act further to amend the Acts regulating the issue of Dominion Notes" or of any other Act now in lorce, as limits the amount of Dominion Notes to be issued and outstanding at any time to twelve million dollars, or as fixes the amount to be held in specie for the redemption o2 any such notes, is hereby repealed, and the amount of Dominion Notes issued and outstanding at any time may, by Order in Council, founded on a report of the Treasury Board, be increased to but shall not exceed twenty million dollars, by amounts not exceeding one million dollars at one time, and not exceeding four million dollars in any one year : Provided that the Minister of Finance shall always hold, ior securing the redemption of such notes issued and outstand- ing, an amount in gold, or in gold and Dominion securities guaranteed by the Government of the United Kingdom, equal to not less than twenty-ilve per cent, of the amount of such notes, — at least fifteen per cent, of the total amount of such notes being so held in gold ; and provided also that the said Minister shall always hold for the redemp- tion of such notes an amount equal to the remaining seventy-five per cent, of the total amount thereof in Domi- nion debentures issued by authority of Parliament. IS. The inada G >tes outi of tl )entur€ sreof, d [the citi itement inch TOdeemac The jes of irlotte the igemfii lempti may i Id St. J it any id citi [apter such ] i dd 2, Schedule B. ig Dominion ^ay, 1880.] er provision : Therefore kisent of the enacts as g-hth year of o amend the >f any other ij.nion >7otes ei't'e million ^oie for the ed, and the ling at any •eport of the seed twenty llion dollars s in any one Iways hold, d outstand- n securities Kingdom, the amount 'tal amount vided also le redemp- remaining '; in Domi- t. Debentures of the Dominion may he issued and de- Debenturtg hered to the Minister of Finance, for the general jnirposes ^ar be Ithif Act, and to enable him to comply with its require- M^inrsu^rof" »nts, such debentures being held as aforesaid for securing Fin«nc«. ard redemption of Dominion Notes, and the said Minister bv'him'for^ ring full power to dispose of them, and of the guaranteed t&e purpos«» jentures aforesaid, either temporarily or absolutely, inO*thi»Aci. Icr to raise funds for such redemption, and for the purpose procuring the amounts of gold required to be held by under this Act ; but nothing herein contained shall be Proviso. istrued to authorize the issue of debentures not otherwise thorized by Parliament, or any increase of the debt of Dominion beyond the amount so authorized. ^St. The Minister of Finance shall publish monthly in the Minister of " nada Gazette a statement of the amount of Dominion *^'??."?® *" tes outstanding on the last day of the preceding month, monthly id of the gold, guaranteed debentures and unguaranteed Biatpments entures then held by him for securing the redemption a° J' ^ " reof, distinguishing the amounts of each so held at each the cities at which Dominion Notes are redeemable; such ,tements being made up from returns to be made by the nch ofhces, bank or banks, at which such notes are redeemaole, to the^said Minister. The Governor may, in his discretion, establish branch Offices of les of the Receiver G-eneral's Department at Winnipeg, gi'*ce'^{^a/°" irlottetown and Victoria, respectively, or any of them, cities. fift the redemption of Dominion Notes, or may make ar- igements with any chartered bank or banks for the lemption thereof at the said cities, in like manner as may now do at the cities of Montreal, Toronto, Halifax |d St. John (N.B.) and under like provisions: Provided Proviso: it any Assistant Receiver G-eneral appointed at any of the wnder34 v., id cities under the Act of the thirty-fourth Victoria. *^" ' '" [apter six, shall be an agent for the issue and redemption such notes. 15. So much of the hitherto unrepealed portions of the Repeal of |t passed in the thirty-first year of Her Majesty's reign, enac^nlenta* iptered forty-six, and intituled " An Act to enable Banks now in o^ortion of, in Dominion notes Charters ooutinuf J to Ist July, 1881 do do 1891 Collateral security. Warehouse receipts and bills of lading as do Stocks, &c., as Collection fees Commencement of business by new bank.. Co-partnership, Uffcnce by member of. Deposits from persons not alio to contract , do do do Bank not bound to see to trusts respecting Directors, Election of do General powers of , 41 Directors, LiaViilify of, in respect of dividend which impaira c*ptta1. do Qiialific itir)n and niini3«rof. do RpffiilHtion of loans to do Removal of m do Remuneration of ,. Dividenl not to impair capital / do to be declared and notice thereof Division of profits limited, unless there is a certain reserTe « Dominion Notes. — See Notes. • <»•>■ •••••• E Election, Failure of, not to dissolve corporation.. Embezzlement, felony PAOl l| \i l| False receipts, Oivin;; of, a misdemeanor Falne returns, Makinff, a misdemeanor .... Fraudulent preference, a misdemeanor.. .. Future legislation, Bank to be subject to . • ••••••« ••■•< Goods manufactured from articles pledged ~ do Sale of, for non payment of debt do do notice of do wares and merchandize, interpreted , do Wilful and frauduleut alienation of, a misdemeanor. aol aol 2ll 181 38l Holidays and non-juridical days 24 Increase of capital stock In^'Olvenoy, Suspension for 90 days to constitute. Interest, Rate of Interpretation of terms . • •••« •■••• 2 2« 22 18 La Banqne uu People. What provisions to apply to Liability of persons wbuse stock is heid in trust do shareholders in event of insufficiency of assets. do do who have tranbferred heir stock... do trustees In certain cases M Meetinprs, Annual do kSpecial Misdemertnor, Punishment of .... Mortgages ad additional security N New bank, (Jommencemeut of business by > Non-juiidical days Nutes, Amount in circulation limited do Bank to receive its own at par do bonds, &c., by whom lo be signed do do may be signed by machinery do Denominations of, until Ist July, 1881 do do 1891 do Dominion, Act to amend Act respecting do do Amount payable by bank in do do Proportion of cash reserves to be held in. do do Supply of. > do Exemption from tax on .... do for circulation to be issued by chartered bank only ... do do What £hall be deemed to be do Payment of, a first charge ,. do Redemption of Notice of sale of goods to be given „ Notices, Huw given Nova dcoiia, timuk of, capital may be reduced 31 26 271 11 13 13 29 17 3 24 3 3 26 2fi 3 32 38 32 7 7 7 29 29 32 3 21 30 31 49. fAOU Jdcnt and Vice-Pri-sident, Klection of lies niiiHt 1)0 mnde ur renewed within tliree rears 14 32 rum of directorB R I fslale, Absolute title to, mrty be acquired ilu for artual uecupation do PurciiHSe of, unler execution ~, ■ja h*^' •^•»*; t*j^ 4.'V let' u^r**^ «'^