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Las diayrrmmes suivants illustrant la m^thoda. 1 2 3 4 5 6 I, To authorise the Municipality of the Town of Cohourg to subscribe for Stock in a Company for the construction of a, Kailway from Cobourg to Pcter- boroughf to the amount of Twenty-five Thousand Pounds. ^^HEREAS by the " Railway clauses Coiiso- '" lidaled Act," it was amongst other thirias enacted, that the Municipal Corporations of lliis Proviiice might subscribe for any number of shaien in the Capital Stock of any Railway Company, which should by any Act of the Parliament of this Province be thereafter incorporated, or lend to, or guarantee the payment of any sum of moriey bor- lowed by the sM Company from any Corporation or person, or endorse or guarantee the payment ot any Debentures, to be issued by the Company for the money by them borrowed, and should h '-e power toa^ess and levy from time to time, upon jhe whole rateable propeity of the Municipality, *a sutiioieitt sum for them to discharae the debt, or engagement so contractei)/arid for the like purpose to issue Debentures, pa}-bble at such times, and in such sumsMespectively — not less than Five Pounds, Currency — and bearing, or not beainig interest, aa such Municipal Corporation may think nieel ; ana,that any such Debentures issued, gua- ranteed, sb&ll be valid and binding upon such Mu- nipal Corporation, if signed and endorsed, and countersigned by such officer or person, and in such manner and form as shall be directed by any By-law of euch CoiporatiOn, and the Corporation seal thereto shall nqc be nfeaessary, nor the obser- vance of any other lorm with (tgaal to the Deben- tures', than such as may be directed ia such By- laws 'as afoies^id. And also, that no Municipal Corporation should subscribe fir slock, or incur any debt or liability, under this Act or ihe special Act incorporating the said Q/mpany, unlef-s and until a By-law to that effect shall have been duly made and adopted, wnh the consent first hail of a majority of the qualified electors of the Municipa- lity, tu be ascertained in such manner as shall be determined by such By-la.fs after public adver- tisement thereof, containing a copy of such pro- posed By-law, inserted at least four times, in each newspaper printed within the limits of the Muni- cipality, and also, put up, in at least, four of the most public places in such Municipality. And also, that the Mayor, Warden, or Reeve, being at the head of such Municipal Corporation, subscrib- ing for, and holding slock in the said Company, to the amount of five thousand pounds or upwaids, should be and conlinuo to be ex-ofRcio, one of the Directors of the siiiil Company, in addi'ion to Ihe ) number of Uirectnrsaulhoiised by Ihe spi-cial Act ij incorporating the same, and should have the same rights, powers and duties as any one of the Direc- tors of the said (Company. And Whereas a public meeling of the Inhabi- tants of the Town of Cobourg was convened by the Mayor of the said Town, on Friilay, the 23rd day of July, A. D, 1852, for the purpose of consi- ( dering the expediency of forming a Joint Slock Company, to be incorporated by Act of Parliament, to construct a Railroad from Cobourg to Pelerbom', across Rice Lake, and likewise the expediency of recommending the Town Council to take slock in i the said Company. And Whereas at the said meet- ing so held, it was Resolved, " That a Company should be formod and a Charter procured, and a Slock Book opened for the purpose o*' constructing ( the said Railway," S And Whereas at ihe said meetina it was further ; Resolved, Thr.: a I'ltiiinn be i)ri'!-i'iiled to Ihe Mayor and Town Council of Cobourg, praying thai ) a By-law might be passed under Ihe provisions oft the "Railway Clauses Consolidalion Act", to sub- J sciibe for, and take shares in Ihe said Company to / :he estent ot tw*=nty fivs thniisain! p-iunds. I And Whereas the construclion of the said Rail- way would promote the prosperity and increase the wealth of the section of the country through which it would pass, and would be highly benefi-' cial to the inhabitants of Cobourg, anil it is deem- ) ed advisable that the municipal council of the said Town of Cobourg, should aid in terming the said ' Company, and should subscribe for shares in the capital stock ut the said Company, Be it therefore enacted, and it is hereby enacted by the municipality of the Town of Cobourg, that il shall aird may be lawful for, and ii shall be the duly of the Mayor of the said Town, for the time being, to subscribe for stock in the said Company for Ihe construclion of the said Railway, to the amount of twenty-five thoufand pounds, lor and in behalf of the municipality of the said Town, arrd that for the (ayii. onto' the said stock, it shall and may bo lawful for, and it shall be the duly of Ihe Mayor for the lime bein^ of the said Town, to raise by way of loan, at a rale of interest not ex- ceeding six per cent per annum, from any person or persons, body or bodies corporate, who may be willing to lenJ upon the security of the debentures hereinafter menlioned, a sum or sums of money not exceeding in the whole the said sum of twenty- five thousand pounds, and to cause Ihe same to be paid into the hands of Ihe Treasurer for the time time being of the saiil Town, to be by him applied under the directions of Ihe municipal council of the said Town, in payment of the said stock so as aforesaid subscribed for, as the same may be call- ed in or become due or payable, or cause to be is- sued debentu;es for the said sum of twenty-five thousand pounds, in the manner hereinafter pro- vided, with interest payable halt-)early; and to cause such debentures to be issued from time to time, to be delivered to the said Company when nts ' ol formed, as. and when Ihe calls or inslalmen the capital slock of the said Company shall be made, or become due and payable, under and by virtue of the rules, regulations, and By-laws ol the saiil Company, ot under and by virtue of the Act to be obtained, incorporalii: j the said Company, in paymerrt and satisfaclion of the said calls upon the said stock in the said Compaij, so as aforesaid subscribed for by the said municipality of the said Town of Cobourg. II. And be it further enacted, that it shall be the duty of Ihe said Mayor of Cobourg, for the time being from time to time to cause any number of Debentures to be made oul in such amounts as to him shall seem meet and fil, and not exceeding in the whole the sa d sum of twenty-five thousanil pounds, which said Debentures shall be signed by ihe Mayor and connlersigned by tlie Treasurer ot the said Town of Coboura, fur the time beirisr, and . shall be on interest not exceeilin;: six per cent, per annum payable half yearU, and shall be made re- ' deemable ai ihe oliioe of ihe Treasurer of the said Town of Cobourg. Prorid'd dwayn, I hat none of ihe said Debenluies shall be for a less sum than twenty-five pounds, nor made payable at a more ; remote period than twenly years from the issuirrg ( of ihesame resppotively. ^ /Indpi-ouirftda/ujai/.s, that it shall be lawful fori the municipal corporation of the said Town of Co- ! bouigat a,iy time or times when it may be deem- j ed advisable si to do, to redeem any of the said ■ Debentures before the same may become due res- | peclivfly, either by ihn sale of ihe whiil-_' or any) part of the capital stock in the railroad company, so j subscribed lot as aloresaid, which mf y from time i to time be held by ihe municipalily of the si'id Town of Cobourg, or out of any fund which may j at any lime be at the disposal of ihe said munici- j pality not olheiwise appiopria'ed, upon ijiving six 1 months notice of their intention so to redeem the } same, in one or moie of the public newspapers from time to lime published in the Towrr of Cobourg. III. Artd h." il fv.rlh.rr rv.arlrd, That dividends from time lolime pa I upon the said slock so snb- sciibed for in the said company for the formation of ihe said railway, and received in Ihe municipal corporation of the said Town, shall be applied under the direction of the said .lunicipal copula- tion, in the first place in paying the interest ac- cruing upon the said debentures, and the surplus \ if any in redemption of such of the debentures as > the said municipality may from time to tiiie think { fit to redeem. j IV. And be it further enacted, That for payment ) of the half-yearly interest from time to time accru- in:;, due, and payable, upon the said debentures respectively, there shall be raised, levied,'and,col- lected in each and every year, an equal rate in the pound upon the assessed value for the time being upon all the rateable property in the said Town oi J Cobourg, over and above all the other rates \ and taxes, sufhcient to pay the interest as afore- i said, half-yearly, or so much thereof as shall not ) be met or paid by the dividends from time to time ) received upon the said stock in the said company } so as aforesaid subscribed for and held by the said I mnnicipality of the said Town of Cobourg, and j such rale shall be collected and paid over to the Treasurer for the time being of the said Town at ) the same time and in such manner as other rates i are oolleclel and paid over. And for the payment j and redemption of the principal monies secured by \ the said debentures, there shall be raised, levied, I and collected in Ihe year next before the said de- ( benlures shall respectively fall due, an equal rate , in the pound upon the assessed value for the time ' being of all the rateable properly in the said Town ') cf Cobourg, over and above all other rales and tax- es whatsoever, sufficient to pay the principal mo- ) nies secured by such debentures so respectively fallins due as aforesaid, or so much and such part the . .1 as ihe surplus of the dividends herein- befr. mentioned shall be insufficient to pay and redeem ; or the said debentures so respectively falling dne as aforesaid may be paid and redeemed by a loan raised upon other debentures lo be issued for such sums, and to be made payable at such periods,a8 by any By-lawoflhesaid municipalily in that behalf to be passed may be declared and enacted. V. And be it enacted, That for the purpose of obtaining the assent or dissent of the qualified electors of the said municipalily of Cobourg to this By- law in pursuance of the provisions of tha said Railway clauses consolidalion Act, in that bshalf heiein before recited, the Mayor of the sai '. Town shall cause this proposed By-law to be published at least four times in each newspaper published in the said Town of Coboui^, and c'rculated therein. And shall also cause copies uf lliis liy-law lo be pul up and affixed at Ihe Court House, in the said Town, at the Town I'nuiieil Olfice, at the Globe Hotel, and at the Kegisiry Ollice in and for the County of Northumbeilaiid, beiiia four of the most public places in llio said Town ; and shall cause a poll lo be opened, held and taken at such place, and lime, in each of Ihe several wards of ihe said Town of CobourL', as the said Mayor may by proclarnalion under his hand appoint, which poll shall be taken in the same manner as a poll would be taken for the eleclion of Councillors for Ihe said Town, and at which poll the qiialitied electors of ihe said Towrr may record iheir votes in favour or afiainst the said By-law ; Provided always, thai such poll shall not be opened unlil af- ter ihe due publicalion of Ihis By-law, according to the provisions of the said Railway clauses con- solidation Act hereinbefore m part recited. A. JEFFREY, Mayor. ""notice. The Above is a true copy of a By-law proposed to be passed by the municipalily of the Town of Go- bouis, now puDlished. in compliance wjih section ,S clause 18 of the Act of 14 and 15 Victoria cliap- ter 51, entitled, " An Act lo consolidate and re- gulate the general clauses relatins In Railways." D. BRODIE, Town Clerk. Town Clerk's Office, Cobourg, July, 1852. 4w49