IMAGE EVALUATION TEST TARGET (MT-3) //^.*^i'^ .«* 1.0 iu Ii.l9 1.25 Ss US 1^ 12.2 2.0 M U 11.6 / Hiotographic Sciences Corporation 23 WIST MAIN STMIT WIBSTIR.N.Y. 145M (7H)«73-4S03 CiHM/ICMH Microfiche Series. CIHIVI/ICMH Collection de microfiches. Canadian Instituta for Historical Microraproductiona / Institut Canadian da microraproductions historiquaa TMhnieal ami BIMiOflraphle NotM/NotM taehnlquM M MbliographiqiiM Th* Inttituta hat attamptad to obtain tha baat original copy availabia for fHming. FOaturaa of thie copy wMeh may ba MbHograpMeaNy uniqua. which may altar any of tha imagaa in tho raproduetion. or which may rignlfieantly change tha uaual mathod of filming, ara chaekad balo w . 0Colourad covwra/ Couvartura da coulaur □ Covara damagad/ Couvartura andommagAa □ Covars rattorad and/or laminatad/ Couvartura raatauria at/ou paHieuMa □ Covar titia miaaing/ La titro da couvartura manqua rn Colourad mapa/ D Cartaa gtographiquaa an coulour Colourad ink (i.a. othar than bhia or black)/ Encra da coulour (i.a. autra qua Maua ou noira) I — I Colourad plataa and/or iiluatratlona/ D D D D Planchaa at/ou illuttratlona 1% coulour Bound with othor matarial/ Rali* avac d'autraa documonta Tight binding may cauaa ahadowa or diatortlon along intarior margin/ Larciiura tarrAa paut cauaar do i'ombro ou da la dla tor ai on la kMig da la :umrgi» intirioura Blank laavaa addad during raatoration may appaar within tha ta»t. 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Thia itam ia filmad at tha raduction ratio chaekad balow/ Co document eat film* au taux da reduction indiqu4 ci-daaaoM. 10X 14X 18X 22X 2SX 30X y 12X 1SX 2DX MX 28X 32X iipiliiipmH Th« eo9v nhR!*4d h&im Hm bmn r«produ««d thanks to tlw gt w > i ci;ty of: •MnhMfy off Ubrwy L'oxofnptalro fllni4 ffut roproduit grieo A la Tho imogoo appooring hoio aro tho baat quaHty po M lbla co na l datkn tho oondWon of tho oHginal copy aiMI in fUnilng flontfost do la nottoio aokit ocmpio do ra a a m plako roprodttitoa avae la da la eondhlon ot fUnidt at an dueontrot«!a Originol copioa ki prtntad baginning with tha ffoni tha laat paga with a printad or sion* or tho book covor whon othor original eapiaa ara flhnad first paga whh a printad or sion, and andkig on tho kwt or ilkiotfstod inipraaalon* oowora ara mmad anding on boginning on tho ilsd improa- wmi a pnmaa Las O Ks m plairas originaivt dont lo eouvorturo on pvpHw ■■• impninoa soir . nmiaa an oominvn^afit par la p r a m iar plat at ar. tarminant salt por tai da y niiro pogo qui eomforto uno omprainta diwpra asi on au dlNuai ration, aoit par la saeond plat* t ala n la oaa. Toot laa autraa axamplairaa orlginaux sont fNnids in soninion^ant par la pratnlAra paga qui eomporto uno omprainta dlmpr aai ion ou dlHuatration ot on torminont por la danMra paga qui eomporto uno toUo Tho laat rsoordod frama on aaoh miorofloho shaH oontain tlia symbol ^"^^ imooning CON" TtNUiO"). or tho symbol ▼ (maankig "INO' ). Un daa symbalas sulvants apparaltra sur la da m iAra bnaga da chaqua nderofieho, soion lo eaa: la symbola -^ signific "A SUIVRE". la aymbala ▼ signifia "FtN". M apa, plataa. eharts. ate., may ba fNmad at different reduedon ratloa. Thoea too large to bo entirely included in one oxpoeuro ere fumed beginning in die upper left hond comer, left to right and top to bottom, ae many framae ae required • nie folMwing diograme Hhietrate tho plenehee. taMaoujc. etc.. peuvent Atre fNmde A dee taux do rAductlen diffArsnts. Lorsque lo document cot trop grend pour Atre reproduit en un soul clichA. U cot fHmA A portir do r a n gle supAriour gauche, do gouche A droite. ot do hout en bee, en prenant la nombre dimegee nAceeseire. Lee diegremmee suivents Muotrent lo mAthodOi 1 2 3 1 2 3 4 5 6 piffmmmmmw^W' . .ISHPIWIMIW" AN ACT EB8PE0TINO CERTAIN SAVINGS BANKS la TBI PROVINCES OP ONTARIO AND QUEBEC, THE CHARTEH or TBI Moiitreai City & District Savings Bank. IHfaiitveal: PRINTED BY JOHN LOVELL, St. NICHOLAS STREET. 1871. p^ ^mmmm^mr ff'.^m]' 1 1 I mitmmm ANNO VICESIMOQUINTO VIOTORIiE REGINiE. CAP. VII. An act respecting certain Savings Banks in the Provinces of Ontario and Quebec. lAsBented'to Wh April, 1871.] WHEREAS it is expedient to repeal the Act first hereinafter p,e«nbi* mentioned, under ^vhich no Savings Bank has been estab- lished, and to amend the laws respecting certain Savings Banks in • the Provinces of Ontario and Quebec, acting under temporary Acts, or Acts providing that such Banks shall be subject to the operation of any general law for the better regulation and management of Savings Banks in the said Provinces, and more especially to provide that the depositors in any such Savings Bank shall be secured by a certain amount of capital to be held by such Bank ; Therefore, Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows : — i. The Act forming the fifty-sixth chapter of the Consolidated oo„ stot. Statutes of Canada, intituled '* An Act respecting Savings Banks," Can. cse* is hereby repealed. "* repealed. 9. The Act of the Legislature of the late Province of Canada, . x^ . ^ « passed in the Session hold in the fourth and fifth years of Heryic. c. 32, 2T Majesty's reign, and intituled, " An Act to encourage the establish- Vic. c. 6 msnt of, and to regulate Savings Banks in this Province ;" and the Act of the said Legislature passed in the twenty-seventh year of Her Majesty's reign, intituled, " An Act to amend the Act of 1841, relating to Savings Bank," shall, as regards the Quebec Provident and Savings Bank, — the Northumberland and Duiham Savings Bank, and the Toronto Savings Bank, and in so far as the said Acts now apply to the said Institutions or any of them, remain in force and apply to the sama institutions respectively, until the end of the Continued foe Session of Parliament commencing next after the first day of Jan-"'ii°»'****^«' uary, 1872, and no longer, subject always to the special provisions hereinafcer made ; and this Act shall also extend and apply to the City and District Savings Bank of Montreal, incorporated by the Act of the Legislature of the late Province of Canada, passed in the twenty-fifth year of Iler Majeaty'i reign, and intituled " Ad " Act to extend and define the powers of the City and District " Savings Bank of Montreal,"— and to la Caitte d'JL'conomie d* Notre Dame de Queben, incorporated by the Act of the said Legis- lature, passed in the Session held in the twenty-ninth and thirtieth years or Her Majesty's reign, and intituled ** An Act to extend *' and define the powers of the Savings Bank, known under the '* name of la Cause d^Economie de Notre Lame de Quebec'* — as to each of which Institutions it is provided by the said Act Incorporating it, ttiat it shall not be exempt from the operation of ai>y general law thereafter to be enacted for the better regulation and management of Savings Banks, — and the said institutions respectively shall be entitled to avail themselves of all the pro- PraTiM:ia visions if this Act; Provided always, that if the assets and ""tTiShmt?** ''*^>^*^ic8 if any one of the said Savings Banks, be under this Act oTuiy Saringi transferre 1 to Her Majesty, or to any existing Chartered Bank, or Bank are to any Sa'ings Bank chartered under this Act, the rights and liabilities sc transferred shall remain in force, and may be enforced by or again. t the party to whom they are so transferred ; but all the provisioai of the said Acts or of any of them, as to the organi- sation of sue! ' Savings Banks, or in any wise inconsistent with this Act, shall cease to be in force from the time such transfer is com- pleted ; and provided nUo, that any offender against the said Acts, may be prosecuted, tried, convicted and punished, as if the said Acts had not expired. tnuufemd under thii Act. , PiOTiaion for ■neb tnnafer. 3> At any time before the expiration of the Acts aforesaid, provision may be made for the transfer or continuance of the busi- ness of any of the said Savings Banks, in any one of the following ways, at the option of the Trustees or Managing Directors of the Bank, or a majority of them, that ia to say : — 1. The assets and liabilities of the Bank may be transferred to the Dominion Government ; or 2. They may be transferred to any chartered Bank, having its chief seat of business or a branch office at the place whero the Savings Bank is established and chartered before the present Session of Parliament ; or 3. The Governor General may grant a charter to the Savings Bank in the manner and on the conditions hereinafter mentioned. If the transfer "*• 1- I^ ^^ Trustees or Managing Directors of the Bank, or be to the Go- a majority thereof, resolve that it is expedient to transfer the assets ▼emment. ^^^ liabilities thereof to the Dominion Government, they shall communicate such resolution to the Governor, and shall furnish him with such returns and information with respect to the business and affairs of the Bank as he may think proper to require, and shall permit any person whom he may appoint for the purpose, to have free access to the books, papers, and other documents neces- sary for the purpose of verifying or extending such information, and if the Governor be satisfied that it is expedient to give effect to the siud resolution, an Order in Council may be made for that purpose. ww^wm^tn^* ^'m 2. Upon, from, and after a day to be fixed by tbe Order in Ooon-TnuMlb |» «il, all the assets and property, estates, and effects, real or P®'*<'°' ^"!,'^j|'f|}&iM . al, ehoiea in action, claims, rights and credits of the Bank, and allf" h. M.fi» the powers of the Bank, or of the Trustees or Managing Directors the bomioioo. with respect to the same, shall be by virtue of such Order in Coun- oil transferred to and vested in Her Majesty for the Dominion of Canada and the purposes of this Act ; and the Dominion shall be charged with all the debts and liabilities of the Bank ; and any suit, action or proceeding by or against tho Bank, pending at the time of such transfer, with respect to any right or liability so transferred to Her Majesty or charged upon the Dominion, may be continued and completed in Her Majesty's name upon suggestion of this Act and the said Order in Council. 8. The business of the Bank may be continued at the same place, BuincM but as a Branch Savings Bank, under the provisions of the Act of the Jj^'hSw? present Session, intituled, '* An Act to provide additional facilities for the deposit of savings at interest, with the security of the Government, and for the issue and redemption of Dominion Notes," and under the management of an Assistant to tbe Receiver General. 4. If it can be ascertained by estimate to the satisfaction of the DistribatlM Governor in Couucil, by what amount the assets of the Bank exceed ®J'^*"* its liabilities, he may airect a like amount to be invested by the uabUitiM. Receiver General in five per cent. Dominion Stock, and out of the interest thereof, if sufficient, a like sum shall be paid over to each of the several charitable institutions, among which tho surplus profits of the Bank were distributed in the then last year, as each of them then received, or if the interest be insufficient to pay the like sum, then a proportionate part thereof shall be paid tu each such institution, — and if there be a surplus after paying such like sum, then such surplus shall be paid over yearly to the Corporation of the Municipality in which the business of the Bank was carried on, to be distributed by such Corporation for charitable purposes ; or if such estimate cannot be so satisfactorily made, or if tbe Governor in Council should deem it more expedient, he may direct that accounts be kept during five years, of the proceeds of such assets, and that the excess of the proceeds over the liabilities assumed by the Government, as calculated from such accounts, be invested as aforesaid, and the interest distributed yearly for chari- table purposes, in tho manner and proportions aforesaid. 5. 1. If the Trustees or Managing Directors of the Bank or ^if thetrMifce majority of them, resolve that it is expedient that the assets and be to a liabilities of them bo transferred to a Chartered Bank, they may nJl'S^"* enter into an agreement with the Directors of such Chartered Bank for that purpose, as to the terms and conditions of such transfer, subject to the confirmation of such agreement by the Stockholders of the Chartered Bank, to a general meeting of whom the Directors shall submit such agreement accordingly, and if it is approved by the Stockholders at such meeting it shall be submitted to the Governor in Council for approval, and if approved, an Order in Council may he made confirming it, and it shall then have force and oSbct, as if embodied in and confirmed by this Act : Tnatfer of 2. And at tho time fixed for that purpose by such agrooment, SkbUiUM. ^^^ ^^^ assets and property, estates and effects, real and personal, oho$es in action, claims, riglita and credits of tho Savings Bank party to such agreement, and all the powers of such Bank or of the Trustees or Managing Directors thereof with respect to the same, shall bo by virtue of such agreement transferred to and vest- ed in tho Corporation of the Cliaitered Bank, party to such agree* ment, which shall be charged wilh all the debts and liabilities of the Savings Bank, and any suit or proceeding by or against the Savings Bank pending at the lime of such transfer with respect to liny right or liability so transferred, may bo continued and completed in tho name of the Chartered Bunk upon suggestion of this Act and of the said agreement: 3. The value of the assets and property so transferred by a of iupplieg of Savings Bank to a Chartered Bank, and the amount of its liabilities MMts orer assumed by tho Chartered Bank shall bo ascertained and stated in tho agreement (and tho Governor may require such estimate to be verified in any way he may think proper) and the interest on any excess of the estimated value of such assets and property over that of such liabilities, shall bo distributed yearly by the Chartered Bank among the several charitable institutions among which the surplus profits of the Savings Bank were distributed during the then last year, and in the like proportion. UabUitiei. If the Sayings Banks is continued nnder a charter. Capital Petition to the OoTcmor. Stock book to be opened. O. If the Trustees or Managing Directors of tho Savings Bank, or a majority of them, resolve that it is expedient that the busi- ness of the Bank be continued under a Charter, they shall deter- mine tho -amount of Stock which they consider it expedient that the Bank should have, which shall not be less than '"8200,000 nor more than §2,000,000, and tho shares into which it shall be divided, which shall not be less than $400 each, and shall then communicate their said Resolution to the Governor by petition, praying that a Charter be granted incorporating them and such others as may be tliereafter associated with them, to carry on the business of the Bank under this Act, and stating the amount of the stock and the shares into which it is divided, and any special pro- visions which they may desire with respect to those purposes for which it is hereby provided that provision may be made without prescribing what such provision shall be ; and the Governor being satisfied that these requirements have been comjjlied witli, and that it is expedient that the Charter be granted, may grant the same : Tlie Trustees or Managers so incorporated, shall be Pro- visional Directors to open a Stock-Book, and to call the first gene- ral meeting of tho Stockholders, and to do all such things as may be required preliminary to such meeting : — And they shall open such Stock-Book accordingly, and receive the signatures of such of their number and other persons as shall be willing to become Stockholders in the Bank, and whom the said Provisional Directors may think proper to accept as such ; but no such subscription shall be accepted or held to be made, unless tho subscriber at the time of lubscribing pays to the Provisional Directors for the Bank ten per centum on the amount subscribed for, or such other percentage as will amount in the whole to a sum not less than one hundred thousand dollars, which shall bo forthwith invested by the Provi- sional Directors in Dominion Stock, or other Dominion securities, or public securities of any of the Provinces of the Dominion, in trust for the Bank ; and such payment and investment shall bo certified to the Governor to his satiaFaction ; and when the whole stock shalH' the whole have boon subscribed for, and such percentage as aforesaid paid Subscribed— thereon, the Stock-Book shall be closed ; and if the whole stock be amount not subscribed for within one month after the granting of the Char- ^"^''»^^' J^J,|^ ter the Stock-book shall be closed, and the amount then subscribed but not leii for and in part paid as aforesaid, not being less than $200,000, »>>»» «200,ooo shall be the Capital of the Bank, and when the Stock-Book is so closed the Provisional Directors shall call the first general meeting of the Stockholders for the election of Directors and other purposes in the manner provided in the Charter j — The Charter shall be granted for ten years ; and shall make such Donation and provision on the following subjects as the petitioners may desire, and {![,ari^r°°' '*' the Governor may deem expedient, that is to say : — 1. The name of the Bank, and the place at which its business is Name. to be carried on : 2. The calling and holding of the first general neeting of the ^''^t OenertI stockholders for the election oT Directors ; the number of Directors, election of which shall not bo leas than five nor more than ten, and their ge- Directors, neral powers ; the election of a President (and vice-President if desired), the filling of vacancies in the oflSco of Director occurring between the annual elections, the quorum of Directors and the mode of voting at their meetings, and who shall preside thereat, with or without a casting vote in case of equality of division ; and the pay- ment or non-payment of the President, Vice-President or other Directors : 3. The making, altering or repealing by the Stockholders at their By Laws, general meetings^ of by-laws, rules and regulations not being incon- sistent with this Act or the Charter, for the management of the affairs of the Bank, including the mode of transferring and disposing of the stock and profits thereof, aud any mutter not provided for by this Act or by the Charter : 4. The general yearly meetings and special general meetings of General the stockholders, the powers thereof, and the proceedings thereat ; '»«e^*°8«' 5. The appointment of othcera, and the security to be given by Officers, them : — 6. The making of dividends to the Stockholders on the profit O'^'dendfl. of the Bank ; but no dividend shall be made to impair the paid up Capital of the Bank ; 7. The inspection of the books, papers, and correspondence, as insDection of respects the right of the Directors aud Stockholders respectively to^'^oki, &o. inaike such inspection ; ^m w^vt'if- 3,mm>-\ ^,>jmifiii>fjiifu% WTT' 8 DiiMton. Itotnnito QoTemiuat. JtelMtoto. Bflbetot Ohwter. Qnalification tfOirecton Votes. 8. The llffliting of loans to or on the B9^ut waiting for the collection of any debts due to the Bank, or the sale of any of its assets or property ; 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 the call shall be payable; any such call shall not exceed twenty per cent, oncalliinaadi each share, and payment thereof may be enforced in the manner ^<^« hereinbefore provided as to calls on unpaid up stock ; and the first of such calls shall be made within ten days after such deficiency as aforesaid shall be ascertained, and the tailure on the part of any Stockholder liable to such call to pay the same when due, shall operate a forfeiture by such Stockholder of all claim in or to any part of the assets of the Bank, such call and any further call there- after being nevertheless recoverable from him as if no such forfei- ture had been incurred. 13. Persons who having been Shareholders in the Bank, have Liability after only transferred their shares or any of them to others or registered ^JJjJ" •^ the transfer thereof, within one month before the commencement of the Mure of tha Hvak to meet the olainw of iti 4opQsito«a oa ■•^(■n ^mmmmmm'^ 10 Transfers of Stock. deiaand, shall be liable to calls on such shares under the next pre- ceding section, as if they had not transferred them, saving their recourse against those to whom they were transferred ; and any Director refusing to make or enforce, or to concur in making or enforcing any such call, shall be deemed guilty of a misdemeanor and shall be personally responsible for any damages suffered by reason of such default ; and any assignee or other officer or person appointed to wind up the afi'airs of the Bank in case of its icsol- vency shall have the powers of the Directors with respect to such calls. 13. The shares in the Bank shall be personal property, and transferable in the manner provided by the By-laws and regulations to be made as aforesaid ; and the transferee shall have the rights and be subject to the liabilities of the original holdor, but no share shall be divided, and if any shares be held by several persons jointly, one of them shall be appointed by the others to vote there- on, to receive dividends, and to do all things that may require to be done in respect thereof, and his power to that effect shall be edged with the Bank. Bank may 14. It shall be lawful for the Bank to receive deposits of money receive depos- g^j. j,Jjq benefit of persons depositing the same, and to invest the iateregt. same as hereinafter provided, and to accumulate the revenues and profits which shall be derived from the investment of so much thereof as shall not be required to meet ordinary demands by the depositors, and out of such accumulation to allow and pay to the depositors thereof such rate of interest on such deposits as shall The rate. from time to time be fixed by the Governor in Council, such rate not being less than four nor more than five per cent, per annum. DeDositors to ^*^' Every depositor, whether male or female, on making his or give name and her first deposit in the said Bank, shall disclose and declare his or address. jjgj. name, residence, quality and occupation. Deposits from 1®« It shall be lawful for the Bank to receive deposits from any minors and person or persons whomsoever, whatever be his, her or their status Sihe'rwise able 0"* condition of life, and whether such person or persons be quali- to enter into fied by law to enter into on^inary contracts or not ; and to pay any contracts. p^^j, y£ q^ q^ (\^q principal thereof, and the whole or any part of the interest, thereon, to such person or persons respectively, with- out the authority, aid, assistance or intervention of any person or persons, official or officinls being required, any law, usage or cus- tom to the contrary notwithstanding : Provided always, that if the person making any deposit in the Bank be not, by the existing laws of the Province where t^ e Bank is established, authorized to do so, then the total amount i deposits made by such person shall not exceed the sum of two liousand dollars. Investment of 17. It shall be lawful for the Bank to invest any moneys depo- tht'°imountof^^*®'^ therewith, to an amount not exceeding in any case its sub- the Capital of dcribed Capital, in any stock ur public securities of the Dominion. tboBaak. 11 or of any of the Provinces of the Dominion, or in any Municipal Debentures, or in the manner provided in the two next following sections, and not otherwise, except only in the manner hereinafter provided as to deposits in excess of the amount of the capital of the Bank : Provided, that the Bank may continue to hold any stock of any now existing chartered Bank, held by it before it becomes chartered under this Act, and may sell and dispose of such stock. 18. It shall also be lawful for the Bank to loan such moneys to The same. . the amount of its subscribed capital, and no more, upon the personal j secu;ity of individuals, or to any corporate bodies, provided that col- lateral securities of the nature mentioned in the next preceding section, or British or Foreign Public securities, or stock of some chartered bank in Canada or any stock in incorporated Building Societies, or in bonds or debentures or stock of any incorporated in- stitution or Company, be taken in addition to such personal or cor- porate-security, with authority to sell such securities if the loan be not paid ; but the Bank shall not make any loan directly or indirectly upon the security of leal estate, or with any reference to the secur- ity of real estate, except that nothing herein contained shall pre- vent the Bank from taking security upon real estate in addition to such collateral securities, subsequently to the making of the loan, and subsidiary to the security originally taken therefor. 19. In the event of the Bank making any loan under the two Enforcing next preceding sections, upon personal securities with collateral [^^^^^^^^g j, security, other than real property, for the repayment thereof, if the the Bank, repayment is not made within thirty days after such loan becomes due or payable, the Bank may sell the same after notice shall have been given to the borrowe r or party depositing such collateral - security, by addressing and mailing to the last known place of his residence, a letter containing such notice : and such sale may be so made, of whatever na*ure such collateral securities may be, whether consisting of stocks, bonds, debentures or negociable paper ; and the President or Vice-President, Manager, Cashier, or other officer of the Bank, thereunto authorised by the Directors, may transfer and convey any security so sold to the purchaser, in whom the property in such security shall become vested by such conveyance or transfer but without any w.irranty from the Bank or from any officer thereof ; and the Bank shall only be bound to account to the person or persons indebted to it in the amount of such loan, for the actual net proceeds of the sale of such collateral securities, after, , ,. . deduction of all costs and charges thereon ; Provided always, that nothing herein contained shall prevent the Bank from collecting or Proviso : other realizing such debt, or any balance Avhich may be due thereon, on affected. such collateral securities, in any way that may have been agreed on with the borrower depositing the same, or in any other lawful way that the Directors may deem for the interest of the Bank. no. The Bank may purchase any lands or real estate oftereo A^d to pur- for sale under execution at the suit of the Bank, or exposed to 8ale^ortgag"d* to by the Bank under a power of sale given to it for that purpose, in it, if sold. •iimp^PPRPIIMIP m Mm^ 12 under exeea* tioii,*o. And to obtain Anabs^lnte title, by re- lease, Me., of equity of redemption. oases where, under similar circumstanoes, an individaal could so parohase, without any restriction as to the value of the lands which it may so purchase, and may require a title thereto aa any individ- ual purchasing at Sheriff's sale or under a power of sale, in like circumstances, could do, and raay take, have, hold and dispose of the same at pleasure. 31. The Bank may acquire and hold an absolute title in or to land mortgaged to it as security for a debt due or owing to it either by obtaining a release of the equity of redemption in the mortgaged property, or by procuring a foreclosure in any Court of Chancery or of equity, or by other means whereby, as between individuals, an equity of redemption can by law be barred, or may purchase and acquire any prior mortgage or charge on such land. May exercise 33. Nothing in any Act or law shall be construed as having ^owerof sale, prevente.d or as preventing the Bank from acquiring and holding an absolute title to and in any such mortgaged lands, whatever the value thereof may be, or from exercising or acting upon any power of sale contained in any mortgage given to it or held by it, author- izing or enabling it to sell or convey away any lands so mortgaged. 93. Beyond the amount of its subscribed capital stock, the Bank shall make no investment of moneys deposited therewith, ex- cept only in Debentures of the late Province of Canada, or Deben- tures secured by the Government of- Canada, or Debentures of any of the Provinces constituting the Dominion of Canada, or in Dominion stock bearing interest at a rate greater by one per cent, per annum, than that which at the time of such inve!>tment the Bank is directed by the Govenior in Council to pay to depositors ; and such Stock the Receiver General may issue to the Bank at par in sums not less than $1 ,000, on payment by the Bank of the nominal amount of such stock, which shall not be transferable, but shall be issued and redeemed, and the interest paid thereon, in such manner, and at such times, on such notice, in such sums, and shall in all respects be subject to such regulations, as may from time to time be prescribed by the Treasury Board and approved by the Governor in Council, the interest on such stock while unredeemed being paid to the Bank. deMiriton^l *** Nothing in the four next preceding sections shall prevent in a chartered the Bank from depositing money in any of the chartered Banks Bank. carrying on the general business of banking in the same place, such money being so deposited on call, to be withdrawn at any time without notice, and whether with or without interest. '*T*t value ^*^' ^^^^^^ *'^*'®® months after the election of Directors of any of seearitiee Savings Bank chartered under this Act, the Directors shall make ew W how out a statement of the affairs oi' the Bank, showing the value of its ,Jjy,_ assets, (including any reserve fund), at par, and during two years from the date of such statement they may realize such assets av their market value, keeping an account of the proceeds thereof; Investments beyond the amount of subscribed capital, to be in (jtovem- ment secu- rities. .X.^-. I^iljliiii .u iniw , m^., mmmmmmmm 9i 18 and daring such two years they shall distribute ^eariy to charitable institutions the average amount per annum which the Trustees or Managing Directors of the Savings Bank for which such chartered Bank is substituted, so distributed during the three years next ^ preceding the granting of the charter ; and at the end of such two years the amount ascertained to have been realized for such assets (and such reserved fund) over and above their nominal value at par, shall be invested in Dominion Stock by the Directors, and the interest thereof shall be distributed yearly by the Directors among charitable institutions. 36. No failure to elect Directors of any such chartered Savings Failure to Bank shall operate any dissolution of the Corporation ; but in case |'^^*J2J^^j^J" of such failure to elect, the required election shall be made as soon thereafter as may be, at a special meeting of the Stockholders which the Directors are hereby authorized to call for that purpose ; and until such subsequent election ^hall be made, the official acts of the Directors holding office shall be \ alid. 97. Any Director of any such Bank who shall become openly Director be- and notoriously insolvent, or shall have assigned his estate and "°"(°* "'^*'^' eifects for the benefit of his creditors, or :haU absent himself with- out the consent of the Board for twelve consecutive months from the meetings of the Directors, or shall have been convicted of any felony, shall thereupon, ipso facto, cease to be a Director, and the vacancy so created shall forthwith be filled up in the manner pro- vided by the Charter. 38. If the interest in any deposit or share in any such Bank Transmission becomes transmitted in consequence of the death or bankruptcy o^jepo^U oofer- any depositor or shareholder, or in consequence of the marriage ot wise than by a female depositor or shareholder, or by any other lawful means regular trans- than by a transfer upon the books of the Bank, or by deed signified upon the Bank, such transmission shall be authenticated by a declaration in writing, which declaration shall distinctly state the manner in which and the party to whom such deposit shall have been transmitted, and shall be, by such party, made and signed ; and every such declaration shall be, by the party making and sign- ing the same, sworn to before a Judge or Justice of a Court of Re- cord or Chief Magistrate of a City, Town, Borough or other place, or before a Public Notary, where the same shall be made and sign- ed ; and every such declaration so signed and sworn to, shall be left with the manager or other officer or agent of the Bank, who shall thereupon enter the name of the party so entitled to the same under such transmission, in the Books of the Bank, as proprietor of such deposit or share ; and until such transmission shall have been so authenticated, no party or person claiming, by virtue of any suc'i transmission, shall be entitled to receive such deposit or share or any part thereof or of any interest or dividend thereon ;. Provided proviso : as to always that every such declaration and instrument as by this and declaration the following section of this Act is required to perfect the trans- foreign" * mission of a deposit or share in the Bank, which shall be made in country. ■>i"*T vm.' u any other conntry than this or some other of the British Colonies in North America, or in the United Kingdora of Great Britain and Ireland, shall be further authenticated by the British Consul or Vice-consul, or other accradited representative of the British Gov- ernment in the country where the declaration shall be made, or shall be made directly before such British consul or Vice-consul or ProviBo : Rank Other accredited representative ; And provided also, that nothing S*thr''"''^f *" *^'^ "^^^ contained, shall be held to debar the Directors, Man- ' ager or other oflScer or agent of the Bank from requiring corrobora- tive evidence of any fact or facts alleged in any such declaration ; and that if payment be made to any depositor of any deposit or of any interest thereon, or of any dividend or any share after trans- mission thoreof by any of the moans mentioned in this section, but before such declaration is made and authenticated as aforesaid, such payment shall be valid and shall discharge the said Bank. Transmission m 15 the documents in support thereof hereinbefore mentioned, shall be valid ; and the discharge of auoh person or persons shall ue sufficient, and shall discharge the Bank from all or any further claim by any person ivhomsoever for such interest, dividend or deposit. . 39. If any officer, clerk, or servant employed under the provi- PunUihnwnt sions of this Act, defaces, alters, erases, or in any manner or way ff„„(j„|°,g^ whatsoever changes the effect of the books of account that may be altering books, kept under the provisions of this Act, or any entry in the said books ^ezzXkie^' of account, for any fradulent purpose ; or if any such officer, clerk money of th« or servant secretes, appropriates or embezzles any bond, obligation, '^*"^' bill or note, or any security for money, or any money or effects, entrusted to him, or in his custody, or to which he has obtained access as such agent, officer, clerk or servant, to whomsoever the said pro« perty may belong, the person so offending is guilty of felony, and on conviction thereof shall be liable to be punished by imprisonment for any term not less than two years in the Provincial Penitentiary, or by imprisonment in any other gaol or place of confinement for any time less than two years, in the discretion of the Court before whom he may be convicted; Provided always, that nothing herein con- Proviso, tained, nor the conviction or punishment of the offender, shall pre* vent, lessen, or impair any remedy which Her Majesty,or the Receiver General, or any other person or party would otherwise have gainst any other person or party whatsoever. 33. Any person who falsely pretends to be the owner of any de-P"n.i»'"nent posit made under this Act, or of the interest upon such deposit, or tendVg to **" of any part or portion ot such deposit or interest, and not being such own deposits. owner with intent to defraud, demands or claims from the Bank with which such deposit has been made, or from any party employed under this Act, the payment of such deposit or interest, or of any portion thereof, as the case may be, and whether he does or does not thereby obtain any part of such deposit or interest, is guilty of a mis- demeanor, and shall on conviction be punishable accordingly, Pro- Proviso j vided, that any offender against the provisions of this or the next preceding section, may bo indicted and punished either under his Act or the Act respecting larceny and other similar offences, if his offence be i>ne punishable under that Act, but he shall not be more than once punished for the same offence. 34. The making of any wilfully false, or deceptive statement Punishment in any account, return, report, or other document respecting the !!"[ making affairs of the Bank, shall unless it amounts to a higher offence, be ments in any a misdemeanor ; and any President, Vice-President, Director, Au account or ditor. Cashier, or other officer of the Bank, preparing, signing, app-ment. °*'"^' roving 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 sustained by such party in conse- quence thereof. m^i^^m^m^^r' nmrnf^^i « " '^nm 10 BkTlngs Bank Sff . No Savings Bank chartered under this Act shall issue any ftotto iiiue B||q]{ Qote^ Qf Do^ intended to circulate aa money or as a substitute for money, or be deemed a Bank within the meaning of the Act respecting Banks and Banking. To be subject 30. This Act shall be subject to any general provisions which Act ^ **" Parliament may deem it advisable to make for protecting the interest of depositors in any Savings Bank or of the public ; and to those of any feneral winding up Act which may be declared to apply to Savings tanks acting under this Act ; and no such provision, or any provi- sion that may be made for carrying out the true intent and objects of this Act shall be deemed an infringement of the privileges of any • Savings Batik or Bank acting as such under this Act. 37. Certified Lists of the bhareholders of Landed Credit Compa- nies, with their additions and residences, the number of shares they respectively hold aud the Hmount paid thereon, shall be laid before Parliament every year within fifteen days of the opening of the session. ^pip^^iprwir (« (fi A. «p m^ wmmm iny lite Lot ioh eat iny »vi- ny ley )re the CHARTER ev tontnal |tt9 1 |islri(t I'alihigs ||ank. LIfiGAR. CANADA. Victoria, fty (A0 Grace of God of the UniM Kingdom of GreiU _,. - - Britain and Ireland, Queen, Defender oj the Faith., ^e., ^e. , A. CAMPBELL. " AMbgM.ofJ. '^^ A^^ vo ^BOM THEsa Presents shall comb, GRBKxnra. WHEREAS in and by the Act of Parliament of oar Dominion of Canada passed in the Thirty-fourth year of Oar Reign and intituled, An Act respecting certain Savings Banks in the ProTin- ces of Ontario and Quebec, it is among other things enacted in effect that if the Trustees or Managing Directors of any one of the Savings Banks to which the said Act applies and which are men- tioned therein or % majority of them, resolve that the business of the Bank be continued under a Charter, they shall determine tho amount of Stock which they consider it expedient that the Bank should have, which shall not be less than two hundred thousand dollars, nor more than two million dollars, and the shares into which it shall be divided which shall not be less than four hundred dollars each, and shall then communicate their said Resolutions to the Governor by Petition praying that a Charter he granted in- corporating them and such others as may thereafter be associated with them to carry on the business of the Bank under the said Act, and stating the amount of the Stock and tho Shares into which it is divided, and any special provisions which they may desire with respect to those purposes for which it is by the said Act provided that provision may ba made without prescribing what that provision shall be, and tha'v tho Governor being satisfied that these require- ments have been complied with, and that it is expedient that the charter be granted, may grant the same, and that the Trustees or Managing Directors so incorporated shall be provisional Directors to open a Stock Book, and to call the first general Meeting of the Stockholders, and to do all such things as may be required prelim- inary to such Meeting, and that the Charter shall be granted for ten years and shall make such provision on certain subjects in the said Act, and hereinafter mentioned as the Petitioners may desire and the Governor may deem expedient, and that all the provisions made in such Charter on any of the subjects and matters aforesud not being inconsistent with the said Act or with the Law of Canada* ipVifPPMP mm 18 g ■hall have force and effect as if enacted in the snid Act, and thai certain provisions of the said Act shall apply to any Bank charter- ed under the said Act, without being inserted in its Charter. And Whereas the Montreal City and District Savings Bank, incorporated bv the Act of tho Legislature of the late Province of Canada, passed in the twenty-fifth year of Our Reign, and intituled an Act to extend and define the powers of the City and District Savings Bank of Montreal, is one of the Savings Banks mentioned in the said Act, as one to which it applies and which is entitled to avail itself of all the provisions thereof. And Whereas the Honorable Luther H. Ilolton, President, Henrj Judah, Vice-President, Henry Starnes, Henry Mulholland, Edwin Atwater, Joseph Amable Berthelot, Alfred LaRocque, William Workman, Alexandre Maurice Delisle, and Edward Murphy, Mana- ing Directors of the said Savings Bank, at a meeting held in the loard Room of the said Bank, in the City of Montreal, on the sct- enteenth day of April, in the year of Our Lord One thousand eight hundred and seventy-one, Resolved unanimously that it is expe- dient that the business of the said Montreal City and District Sav- ings Bank be continued under a Charter to be obtained from our Governor General of Our Dominion of Canada under the provisions of the said Act, and that as regards those purposes for which it is provided by the said Act that provision may be made in such Charter, without prescribing what such provision shall be, thej desire that the Charter may contain the provisions hereinafter made and which Our said Governor General deems expedient : And Whereas the persons hereinbefore named have communicat- ed their said Resolution to Our Said Governor General by petition, praying that a charter may be granted incorporating them and such others as may be hereafter associated with them, and stating the amount of the Stock which they consider it expedient that the said Bank should have at two million dollars, divided into shares of four hundred dollars each, and the other particulars mentioned as aforesaid in the said resolution, and Our said Governor General is satisfied that the requirements of the said Act have been com- plied with, and that it is expedient that the Charter prayed for be granted : Now Know ye therefore, that under the authority and by virtue of the Act hereinbefore mentioned and in part recited, and by and with the advice of Our Privy Council of Canada, We do hereby grant this to be the Charter of '' The Montreal City and District Savings Bank," that is to say : 1. The several persons hereinbefore mentioned and such others as may be hereafter associated with them for the purposes of this Charter, shall bo a Corporation, body politic and corporate by tho name and style of The Montreal City and District Savings Bank, and by that name they and their successors shall during tho Con- tinuance of this Charter have perpetual succession, and a common Seal, with power to alter and change the same at pleasure, to sue and be sued, implead and be impleaded in all Courts of law or "^mm' ^^^■Wl ' 19 equity, and to acquire and bold real estate to the extent hereinafter limited, and to sell or otherwise dispose of the same and acauire other property in its stead to a liko extent, nnd generally to nave all the powers and privileges vested in corporations generally by the Act of tho Parliament of Canada, known as The Interpretation Act, and not inconsistent with the Act Brst herein ci..ed or with this Act ; subject always to all the provisions of the Act last men- tioned which are thereby declared to apply to any Bank Chartered under it without being inserted in its Charter, and moro especially to all the provisions 'contained in the sections of tho said Act first herein cited, numbered from six to thirty-six, both inclusive, and subject also to all the provisions hereinafter made : 9. The persons hereinbefore nuuicd shall be the provisional Directors of the said Bank to open a Stock Book and to call the first General Meeting of the Stockholders ; and the Capital Stock of the said Bank shall be two million dollars divided into shares of four hundred dollars each, subject always to the provisions contain- ed in the sixth section of the Act first herein cited, by which the said provisional Directors and the said Bank shall be governed as regards subscriptions for the said Stock, thu payment and invest- ment of payments thereon, and the reduction of the amount thereof if tho amount aforesaid be not subscribed and the provisions of the said section complied with within the period thereby limited, and as to all other matters in the said section muutioned ; and tho powers of the provisional Di- ors may be exercised by any majority of them. 3. The place at which the business of the Bank shall be carried on, shall be the City of Montreal. 4. The first General Meeting of tho Stockholders for the Elec- tion of Directors shall be held in the Banking house of the Bank in the City of Montreal within one Calendar month from the closing of the Stock Book, on such day and at such hour as may bo decided by the provisional Directors, and notico of tho time and place for holding the same shall be given at least two days previously there- to, in one newspaper in the English language and in another in the French language, published in the City of Montreal. 5. The Corporate powers, property and business of the Bank shall be exercised, managed and conduuted by a board of ten Directors, and they shall have full power in all things to administer the said affairs and to make or cause to be made any description of contract which the Bank may by law enter into; the directors shall firom time to time elect from among themselves, a President (and also if desired, a Vice-President,) of the Bank ; and any vacancies occurring in the Board between the annual Elections may bo tilled for the unexpired remainder of the term, by tliem from among the qualified shareholders ; at all meetings of the Directors six of them shall constitute a quorum for the transaction of business ; the President or in his absence the Vice-President (if one be appoint- mm ■WqPNBOT rffwr 20 «d), or in their absence one of the Dii^ctors, to be ohoien for thfti purpoee shall preside ; voting at all Meetings of the Directors shall oe Djr voice, " viva vocf,*' and in case of equalitjr of division the presiding Officer shall have a casting vote, and no other, but the Fresident, Vice President, or Presiilinu Officer shall always be reck- oned as a Director in ascertaining whether a quorum is present, and they shall be and act as Directors for all purposes, except that of voting at Meetings of the Directors, at which they shall have a casting vote ouljr as aforesaid. 6. The Stockholders may by a By-law appropriate a snm of money for the remuneration of the President (and Vice President if there be one) and Directors as such, and the ProsiJont (Vice President if any) and Directors may annually apportion the same among themselves as they may see nt. T. By-laws for the proper management of the affairs of the Bank, including the mode of transfen-ing and disposing of the Stock and profits thereof, and any matter not provided for by the Act first herein cited or by this Charter, may be made and enacted from time to time, and also from time to time altered or repealed, and others made and enacted in their stead, at any Annual General Meeting, or at a Special General Meeting of the Stockholders called for that purpose. 8. A General Yearly Mooting of the Stockholders shall be held on the first Tuesday of the month of May in each Year, in the Banking house in the City of Montreal, unless the said day be a legal holiday, in which case it shall be held on the next juridical day ; at each of the said General Yearly Meetings the Directors shall exhibit a full and clear statement of the affairs of the Bank ; a new Board of Directors shall be elected, the out-going Directors being nevertheless eligible for re-election ; and all questions and matters, touching and relating to the affairs and management of the Bank, shall be discussed and regulated ; and any number not less than five of the Stockholders, Or the Board of Directors or any two of the Directors, shall respectively have power at any time to call a Special General Meeting of the Stockholders upon giving ten days previous notice in the manner provided for the first General Meeting for the election of Directors, and specifying in such notice the object or objects of such meeting. 9. The President, or in his absence the Vice President, if one is appointed, or in their absence, one of the Directors present, to be chosen for that purpose, shall preside at the General Meetings of the Stockholders ; the voting hr the election of Directors, and os> all motions shall be by ballot, and in case of equal division the pre- siding Officer shall have a casting vote, but no other. 10. If at any time an Election of Directors should not take plaoe on the day fixed therefor, it shall be lawful at any subsequent time, to make such Election at a Special General Meeting to be called