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HOLT & GAUDET SOLICITORS, MONTRKAL At the request of the Canadian Bankei-s Association MONTREAL C. THEORET, LAW BOOK PUBLISHER 11 & 13 St. James Street 1902 TABLE OF CONCORDANCE »KTWB:Hac THK X»W XXI, THk OL^ AOT. MEW. OLD. HEW. OlD. ! NEW. OI,l). 1 1 31 55 61 29 2 _ 32 5« ,, 34 ^ 33 „ ea 30 ^ 78 34 80 64 31 ' 3 3.-. »3 65 32 6 4-5 3e 25 1 66 33 7 1 37 26 1 I tl7 82 8 7 38 62-63 Vc. 40 1 «8 35 9 8 39 81 1 i «» 58 :o n 40 17 70 59 n 41 18 71 60 12 _ 42 19 72 71 13 69 43 20 ' j 73 3a 14 10 44 .„ ! "' 1 74 43 15 11 45 22 75 44 16 12 46 - 70 i 45 17 8. 47 39 1 77 46 18 _ 48 40 78 47 19 83 49 41 79 _ 20 23 50 ^2 80 62 31 24 51 48 : 81 63 29 61 52 49 82 1 64 SS 76 53 1 1 50 83 1 65 34 76 54 51 84 66 35 79 65 52 I 85 67 3« 13 66 53 1 86 1 68 27 14 " 37 1 87 28 16 58 "3 1 88 85 29 1« 59 3« 89 103 30 64 60 11 28 90 _ MK TAIU.K OF ('ONCOKDANCK. •rwioKv tiik: old ano thw nkw act. otn. NKWr. ULII. 37 KKW. OLII. NIW. - I- , — _ 1 1 67 71 2 3 US — 72 5 Omilti'.l 39 47 73 5H « 7 10 48 71 73 7 8 41 40 75 23 s 42 50 76 24 • 10 43 74 77 10 14 44 75 78 4 n 15 45 76 ; 70 21 13 16 16 77 i NO 3t IS 26 17 78 81 .•|» 14 27 48 51 1 82 67 IS 28 11) 52 1 83 19 1« 21t 50 53 81 17 17 40 51 54 ! 86 88 18 41 f.2 55 86 19 42 I 53 56 87 20 43 j 54 30 88 21 44 i 55 31 80 22 45 56 32 90 23 20 1 67 33 91 24 21 58 69 92 25 38 69 70 93 26 37 60 71 94 27 i 61 22 05 28 60 : 62 80 06 20 j 61 63 HI 97 30 63 64 82 08 31 64 65 83 99 32 65 66 84 100 33 66-73 67 85 101 1 34 62 1 68 86 102 ! 35 68 ' 69 '3 103 36 * 59 70 12 1 The Canada Companies* Act 1902. An A.^ n^ncns. ru. i.coKPoa.xro. o. Jo,.x Stock [AssetUeU to Wh J/«y, 1902) othemisc requirci- ' "• ""'"' "lo context evor:^,5„tetT^^^^^^^ the b„.„e. of (O the oxpre88ion "reil estate" rr "If '^.'^ ""'^''''•J' «" ' lands, tenements and hereS taments of anv V ""'"•^^"' '"^^^''^ges, vable property of any kind; '^'^ *"^ *«""^«' a»J a" inimo- («.) the expression "sharehoMor" .« holder of stock in the company and inS^T' 11^'^ subscriber to or tatives of the sharehohlor • ^' ''"*^^' **»« P^'^on*' represen- secreraiy!'^ '"^""•°" "--«^-" '-ludes the cashier and the TliU section reproduces 3cc > of n j /. Subsection (e) of the nIH . . , • '""lerthis act ". reierence to luan companies 6 CANADIAN COMPANY LAW. 4. Preliminaries.— The provisions of this Act relating to matters preliminary to the issue of the letters patent or supplemen- tary letters patent shall be deemed directory only, and no letters patent or supplementary letters patent issued under this Act shall be held void or voidable onaccountof any irregularity in respect of any matter preliminary to the ijsue of the letters patent or supple- mentary letters patent. 8boliIhed'*'^*'°" reproduces sec. 78 of the old act omitting the reference to the notice now FORMATION OP NEW COMPANIES. 5. Companies for certain purposes may be incor- porated by letterti patent. — The Secretary of State may, by letters patent under his seal of office, grant a charter to any number of persons, not less than five, who apply therefor, constitu- ting such persons, and others who have become subscribers to the memorandum of agreement hereinafter mentioned and who there- after become shareholders in the company thereby created, a body corporate and politic, for any of the purposes or objects to which the legislative authority of the Parliament of Canada extends, except the construction and working of railways or of telegraph or telephone lines, or the business of banking and the issue of paper money, or the business of insurance, or the business of a loan company. 2. The Governor in Council may from time to time designate the seal of office to be used by the Secretary of State as the seal under which letters patent may be granted under this Act. The changes in this section consist in the substitution of the Secretary of State for the Governor in Council and the excepting of telegraph or telephone lines and loan companies from the operation of the act. 6. Application for letters patent.— The applicants for such letters patent, who must be of th'3 full age of twenty-one years, shall file in the Department of tde Secretary of State an application setting forth the following purticulars : — (a.) The proposed corporate name of the company, which shall not be that of any other known company, incorporated or unincor- porated, or any name liable to be confr unded therewith, or other- wise, on public grounds, objectionable , (b.) The purpose for which its incorporation is sought ; (c.) The place within Canada which is to be its chief place of business ; (d.) The proposed amount of its capital stock ; (e.) The number of shares and the amount of each share ; (/.) The names in full and the address and calling of each of the applicants, with special mention of the names of not more than fifteen and not less than three of their number, who are to be the first or provisional directors of the company ; CANADA COMPAXIBS' ACT. 7 if ."y%u''in°up\fe°^kS;,^ "fh-PPl-n". the amount, tion that » majority of thr^lX^ihal tti.rn;'""^ reproduced in full, the qfaMfici- .h.nP,L°^"'\'"' of'heoldact sec 6 submit g^^'u^'"' "f ^^'da has been enUrely omitted shall be at least one half the total ^u^t of „'li!3"'"^'''** ""= "W^gate of stock taken provuion. gee. S, (subsecs. 4, 5a a^ fib Whil ^P^ '"P'**' "'*«''' " <""'tteceiver ^1™ paid up before Company begins ooeration, il v5 . v'^' '"•^'■'' Provides for 10 V beinir tors a«made personall/lia&rW^^^^^^^^^ old act ™^d.n« real estate being put in irp%'L?t?fZktaL''Sr ' ''' '"''' ask fi; thf rbSrth**/arnr ".*T''^« ^p^"-*-" -»y under this Act mShf hp mi!i k^ P?*®"' of any provision which, law of the ^rectwf aLrn?«5 K ^^ ^^*^*^ ^^ *he company or by by provision so eSiKll not^„^„rf ' °'^^*.''^^°''*«^« ; andC/h made in the letterT naJenrLv P^''"'^" *° **»« contrary is by by-law. " P**^''*' ^ ^"•y^^t to repeal or alteration agreelt?,?n'lXt1nd:r^Tn{f^'^.^ memomndum of to-and shall in^Ee^eLnllfSLr ^ ''I "^^''^ "'^^ ^« «'™"»'' and B. in the first schSuTe to this Act ''"'''"'" "^^^^ ^^^'^^ ^• lish, to ti'e'sLtLJSKhe S.VT"'*' the applicants shall estab- their application S^elorL^ur^^^^^ ^^ ^'^''^ '^^ «"ffi<^i«°«y of sufliciency of the facTsThJSn .^^^^u®^""^"* *°<^ the truth Ind name is n^ot the name S Inv othertn^'^'-*"^ *^** '^' P'-^Po^ed porated company. oTanvnLenk.^?^ mcoiporated or unincor- and for that purpose the sJSl ^*^ ^^ confounded therewith: patent sh^arr:ctYucroftt*"J^^^^^^^^ application and memomnd?,mnf ^^^^'^^^ averments in the StL seems expeSrt? agreement as to the Secretary of a-d 2«Xr Kt;4'S&^^^^^ -Uce now abolished ry ot state may give to the company a corporate name. 6 CANADIAN COMPANY LAW. now •bolUhed "^ ""^ **■* <""«"»■> "f the reference to the noUco ^mnH?; n?^J**'T.?*'***'**"8^ l®**«" patent—Notice of the II^l^^ J S^ ^l"^™ P**®"* ^'^^'l be forthwith given by the Sr nf tL^H™* schedule to this Act; and thereupon, from the date of the letters patent, the persons therein named and such oer- 8on as have become subscribe™ to the memorandum Sf a«?eeme» or who thereafter become shareholders in the compan^ fnlTheiJ successor, shall be a body corporate and politic, bySame men- fortWh h 'h'^Jr P***"''' ^"^^ * «°Py °f «^«rV ilich not™: shall on fo^.^ -.i;Ji^ *"' "''•"P*-^ *°,^*^'«b «'^^*^ "«»>«« relates, inserted on four separate occasions in at least one newspaper in the countv city or place where the head office or chief agency is establisheS!^' f /* the company fails or neglects to cause such copy to be so inserted, it is guilty of an offence and liable on summary i^nvictio^ bhshmg a penalty on the Company for neglect to insert notiw, i« also new ' PROVISIONS AS TO EXISTING COMPANIES. uncllr tW^A^l'**^ companies may apply for charters unuer tnis Act.— Any company heretofore incorporated for anv aTZT^^'V°' ^hich letters patent may be issued under thiS Act whether under a special or a general Act, and now being a subsisting and valid corporation, maj apply for letters oatent to carry onus business under thisActf and t^he SecreteTy Kate with he approval of the Governor in Council, may dS the issue of letters patent incorporating the shareholders of the S?d company as a company under this Act; and thereupon all The rights and obligations of the former company shall be ^transfer ed to the new company, and all proceedings may be continued or commenced by or against the new company that might have been ha l/"nof r ««™'"«"''ed by or against the old coSpanyJ and U namLnf.? T^TH '" *"y «""b >«"ers patent tS set out the names of the shareholders ; and after the issue of the letters paten? the company shall be governed in all respects bv the provisions of of'^ht'Iir^'P* *^** '^'u "^^'"*^ °^ the^hareholders^o creSuo™ ?ettJ^ ptLr^*"^' '•'*" ''"'*"' "' *' '^' ''""' «f *»»« i««"« «f th" CANADA companies' ACT. g ing tS'XSr ;ihrse?re°tl;'l^^^^^^^^^^ """"""^ '"•' "^~- ^ the notice «„d in.r.- With e^tendeTpS^erTT^^^^^^^^^ '^'^P'^ ^«' «'»««•*«'« may, by the letters patent' extend t^.^'*' '^' %'T'"y "^ ^'^'^ such other objects fo^wSh^l! the powers of the company to this Act arfhe anulicanf hJ'""'"' P^*'"* "^y ^^ i««ued under thinks fit to indujrrtheletrr! ^'f ? the Secretary of State State may JnhTsatdL,prJn!..P**^"*\*"^ *•»« Secretary of new compa yra. d the lette^rf 2 'T' '\^'^' ^^''-^^^^^ "^ ^he Oov'i'„\dr ""' «=•'• ^« '''"' "«• ""««""- of the Secretary of St.te for the Act Jf -any^T tr KilrWaLdf an^ ^^"^^*' «^ ^^^^^ incorporated under the aws of the UniteS TtT'^ company duly foreign country for anv of tL r... ^ '"ted Kingdom or of any patetft may Wissued under thi ^aT'^ or objects for which lette.^ ipplication^a sStin^ anf vaHd'' '"'^ ^''^« ^' '^' *'»"« «*' *he letters patent u ndTr this Act a. 1 trP^"^''^ "^^ '^PP'^' ^^'■ receiving Batisfactory ev denS tl^lt the 1^^^^^ State, upon charter of the company so annlvint ; rf «^ >"«o''PO'-ation or that no public or DriLtT tntl/?^ f, ?'"^ *"^ subsisting an.I letters pSten inL?p"ratW ttr' J'^^ Prejudiced, may^issue applying as a comTanf^er h?s 1^^^- "^ -5' ^"'"P""^ ^ powers of the said com n^nvL^f t ' ''"'*»"«' 'f necessary, the Haye been sr^nied ZttL J J,^^^^^^ instance to th ' Seorett of 8*.^^?"^".^' *PP"^^ '" **^« ti'-^t Act, and thereupon an {he rfiS 'J^uf.'"' ?**«"* ""^er this company shaTbeTansLred t«^t»,^ *"•* obligations of the former ingB ™a^y be coVtLTetTr^^'mt S Z ^^^^^^^^^^^ company that micht havo WnT *• ? ^ against the new agaiULoldTofpany-LduV^^ ^^ ^^""^^"^ed by or letters patent to serout ^^e names if th ^^"^T?.'"^ *" ^"^y ^"^^^ the issue of the letters naten? Z ** shareholders ; and after respects by the pro^siCof thlT?*'"^ '*'^"J'" ^"^^'•"^'l '» all the shareholders rcmnZ of the^ld' T"^' '^l* ?^ ""^'"^^ «*' the tune of the issue of iL^^etlt pat'^t "'"'^ «'^" '•«™^'" ^ ^^^ thissLt'L^STrs^filtlThV^^^^^^^^ P"^^-'^ -^- of Canada a certified copy of th-^S f Secretary of State the company and shrif^i , ■^^'^^'^ ?'" ^°' Incorporating where its^priJ^^ipal offit tiS be skSf wk ^^''' '» ^'^"'^'^^ or .anage^r in C^anadaUl^/edl^p^r^^^^^^^^^ 10 CANADIAN COMPANY LAW. InvttSil"/" ^"'? "tl^ Vroceedlng, against the company for any liabilities incurred by the company therein. .rr»n?«H T''' ""^'^ company to which such letters patent have been itat. of%T« '° '•«q»V«d' «^*^^ "^^''^ * ••«»"" to th« Secretary of canlLJlnH .^"^' ""^ 1^*? shareholders, the amount of its paid-up 3 b deLlf'nfl"l-^''?ir'*^ ^r*^ P"*"^"*' estate held in Canada^ in rt SS'&r' ''"'' ^^"^" P^*^'^' «^»" be published timeVfixlfb^Stttrr^^^^^^^^^^^^ «^^"' ^~™ ^™« *« CHANGE OF NAME ^oltlr.^t~:!u\'\^^^^ *° ^PP^**"' *^ t^« satisfaction of the Secretary of State that the name of a company (whether given by L Z ir "^'Sr ^"PPl^'^entary letters patent, or on amalgfmatiorj 18 the same as the name of an existing incorporated or uninS tTerewTtK?'« "■ 'V^^^l ?«^«*° *« *" ^e liable to be confS^ed therewith, the Secretary of State may direct the issue of suppl^ TnT. / t «o°^Pany to Bome other name which shall be s^forth m the supplementary letters patent. Su.7^r A?v:rrL'ooanSi*'"'"'' "'="°° '"'"'"' -»««tatioa of the Secretary of 15. Company ma> ^tain change of name— When a company is desirou. of adopting another Same, the Secretary of State, upon being satisfied that the change desired is not for anv improper purpose, may direct the issue of supplementary lette,^ patent, reciting the former letters patent and changing th7nameTf the company to some other name, which shall biset forth in the supplementary letters patent. Ury o'st^&SCvni'c'un'^r *"" "'' '"" '*'=• '' " *"« •'•^«'"«- «^»'- Secr«- v« u®* . ^*'*?.«e not to aflfect rights or obligations.- No alteration of Its name under the two sections next preced ng shall aftect the rights or obligations of the company ; and aU CANADA companies' ACT. 11 proceedings may be continued or commenced by or airainat the commenced by or agamst the company under its former name. Thii section ig the same as section 1 2 of the old act. FEKS. 17. Fees on letters patent, etc., to be fixed bv t?rf r' *» <^?.«««"-The Goven.or in CouncU may from S on r^l-^'f-^^'^'l? "'!"'■ ""^ '•^»"'**« ^^« *"ri« <»f the fees tob" pa d on apphcation tor letters patent and supplementary letters and'^Ll^tr!:-'*'' • '^'*' """^ Ty P''«««"^'« ^he fSfms of proceel ng for ciS ? l^ 'V^ ^\^T^^ *"^ ^" «*'>«'• °>a««" requisitf tor carrying out the objects of this Act ; natni J*^ *™°""* °*" u^® ^^*' "'"^^ ^^ ^*"e«l according to the mrtionll- «°'"P?"y. the amount of the capital stock aSd other particulars us the Governor in Council ihinks fit • of Sff;. * '*T !i*'- ^^ **^^" *" *^« department of the Secretary ttr *°^f ^« tl»\>?««f of any letters patent or supplementary letters patent under this Act, until after all fees therefor are dSly This section is smil&r to section 84 of the old act. excenf »hR« fi,» „m .». COMMENCBMBNT OF BUSINESS. 18. Ten per cent of capital to be paid.— The Company shall not commence its operations or incur any liability before ten per centum of its authorized capital has been subscribed and paid for. Every director who expressly or impliedly authorizes such operations being so commenced or liabilities being so incurred S o^a^iiiltr""^ '"''^ ""''^ *^^ ^^'"p^"^ ^- *^« ^^y This section is new ; but see note to sec. 6 lupra. FORFEITURE OP CHARTER. r^fly}^' ^"'*'®l*'?.''u «/«»>arter for non-u8er.-The charter tiye years, or if the company does not go into actual operation withm three years after it is granted. operation This section reproduces sec. 83 of the old act 12 CANADIAN COMPANY LAW. GENERAL POWERS AND DUTIES OF THE COMPANY. restrictions contained In thU Act ^ ^^ provisions aud This »ection reproduces sec. 23 of the old act. '-'^iXT^!iX''C.'L^^'t:t;z"JXz:^^t'^-'.^- The city or town in wStte^lS/IfK '"•''' ^"^^^ **" "««« i" the which shall b"thc Wal doS^ •' in Caiad?" h.r 2^1^'"" ''' '''" °"'^ •='"'"«^ ^"-'^ '" 'he addition of the word, TlMS r«pro.Juce» sec, 75 of the old act, without change. general LAlT^i f J^' pt„" . °i 3 'ISer"".! TT'' ''". ac co„,p.„,, .hall be bi„di„i u^on-Thrl';:';/, td t'ra^f CANADA COMPANIM' ACT. jg ^^^y'^nlt::^^^^^ 0/ the company affixed to promi^ory note orSqTe"Vr tf frZ^' W '"' °*-«'-"««. dmwn, accepted or indorW, a* L^cremavh^^ """' ''''' '"*'^^' by-law OP special vote or order -Ami fk ^ ^' '" Pui^uanceof any officer or Jrvant of Z ciany"^,,!^ ro'tT T'H"^ •^\^««"^' individually to any liabilitv wK ! * "*- thereby subjected therefor: ProvidSS^C' ^th^t nn^r'' -^ 'V";^ ""'«* ?«•*«» construed to authoriz^thl i ' 1« . "^ '" ^'^'^ ^«t shall bo the bearer thereof; or a„VDroSor^ ^^i '?'"" ^^''^^ "***« P^y'^ble to aa money, or as the note of a bS^ "f ^ •"^""^*^'^ ^o bo circulated banking or insumnce "''' °' *° ""«'^«« "' th« business of Thi. .ection reproduce, sec. 76 of the old act without change. name, with the word '?irnUed» af 'oTh '"""^^"^ «'^«" '^^^P '»« in letters easily legible in a conf?!. ^ "*™'' ?*'"*«•* °'- »»ffi^ed, everjr office or^ plfce in which TCh"' ?°"''°". '^H "'« «»t«i^le « carried on, and sLlI have hr„ame l^S^Z"^ '^' ^'TP*"^ >« engraven in legible charactere onT-'IlV ^^ t*\? J^°'"^ ^^t^f i*. with the said lords afteHt me„tion.r ' f "If '«" have its name .otices, advertisements and ott offi ^T^le characters, in all company and in all bills of exchfL^P"^^'*'^*'""* of the inents, cheques, and ordl L ^f ' ^"'"'r''^ "***««' '"^orse- signed by or on behalf of ».J.K.^ "'^ ^?^'^«' Purporting to be invoiceejnd recei^teXrclS^^ "'^^ '" *" ^'"« «f ^--Is! nameMtr^eToWi^Hifd'Xn: in"^ ^^'"^^-^^ *«-^' 'ts Act, shall incur a oenaltv nf ♦^ * ','?, '"*""*''' directed by this which such namACttVe^t^S^^ '^^ '^^"^ in^iy and ;yr;^Vho^r7Lmi^^ rr^' ^^° '^"- lialle to the like penalty P""'*^ '"*'*' ^«tault, shall be evenfpe^r;7on'7t:?^^^^^^ of ^r'-*'^ f^P-^' -^ seal purporting to be a seal of Z ^"thonzes the use of any with the^aid ^ford ''UmUed*aftL\t i ''"^P""^' '^^^'•«*^" 'ts name, or who issues, or authS thelL 1 r*'°^"«^.'''*^«" asaforesaid or other official puSon of sTb ^°^ notice, advertisemen authorizes to be signS «„ behS' ofT/h'"^' "^ ^^° «'«»« o'' exchange, promissory note indoreem^nf f ^on^Panj any bill of or gools, or who iiues or authS-'. 1?"^' ""'i^' ^""^ '"""ey parcels, invoice or receintoffKi *° ¥ •^^"^^ any bill of the said word after U,f not mentiSdT ^^'''^" ^*/ °^"«' ^^th «ncur a penalty of two Urd"dX:i"J rarrtl^^^^^^^ 14 CANADIAN COMPANY LAW. liable to the holder of any such bill of exchange, proraiBBory note, cheque or order for money or goods, for the amount thereof, unlesB the same 13 duly paid by the company. Thi« reproduces lec. 79 of the old act. OBTAINING OF FURTHER POWERS. 26. Company may authorize directors to apply f^/? *"w-**'^'*"^^"/-'^*'« «°'^P«°/ may, from time to time, by a resolution passed by the votes of shareholders repre- senting at leiwt two-tliirds in value of the subscribed stock of the company, at a special general meeting called for the purpose, authorize the directors to apply for supplementary letters patent extending the powers of the company to such other purposes or objects, for which a company may be incorporated under this Act. as are defined m the resolution. Thii reproduce! sec 13 of the old act. 87. Application by directors.— The directors may. at any time withm six months after the passing of any such resolution, make application to the Secretary of State, for the issue of such supplementary letters patent. of apSL?ottnTirL't.d .^e'^Uon. "'' ""' """"' ""' ^""""-^ "^ ~»'>'' -«- 88. Proof to be famished to Secretary of State.— ^efort >ich supplementary letters patent are issued, the applicants shall establish to the satistaction of the Secretary of State the due passing of the resolution authorizing the application, and for that purpose the Secretaiy of State shalT take and keep of record any requisite evidence in writing, by oath or affirmation, or by statutory declaration under The Canada Evidence Act, 1898 89. Grant of supplementary letters patent.— TTpon due proof so made, the Secretary of State may grant supplementary etters patent extending the powers of the company to all or any df the objects defined m the resolution; and notice thereof shall be forthwith given by the Secretary of State, in the Canada Gazette, in the form D m the first schedule to this Act; and thereupon from the date of the supplementary letters patent, the undertaking of the company shall extend to and include the other purposes o? object* set out m the supplementary letters patent as fully as if such other purposes or objets were mentioned in the original CANADA COMPANIRg' ACT. J* viction before two fuBtices of th« «!«!«♦ '*'' ? "»ra°>«''y con- UABILITY OF BflARMOLDERS. Thii section reproduces sec. 84 of the old act. paid up, shall be individually 11^10 fV« ^^f ^*^^®®" =Sbii?^rraiTs£^^^^ s-t execution at the suVt of euTcJeS^linl. t\"^ ''■'**'*°'' u"''*" «» returned unsatisfied i^whole or ^3r'!*^^.^°'°P*">^ ^^^een Buch execution, not exceedtmr^L 1^ l ""^ .*>® *'"°'^"t •^"e o" aforesaid shall' iT ZltZ^;jZ:^,::^^S^ c^o^stJZt"' 1? shareholder: and anv ftmnm.f =« ,«- ui •-. costs, trom such holder shall be ctSrTas p^alS T^^^^^l^' '^'' ^^ '^^ «^- in pari al"^et*?wh?ch''r^ ^^'^ ^^ ^''^ ^^•^^^^"^^ i" whole or a cfaim fof ^n^afd dSenrcVa B^^^^^^ or a director of the company' "^ °' ''"^^^"'^^ *« * P'^^id^nt under the old ^t on sec. 56. "" ^"^ ""• *'°™ »»'' Co v. Code S. C. R. Ruling 16 CAKADIAK COMPANY LAW. manner, nnd to tho mirae extent, m the testator or intestate or thn t^^t';?..^?'^ or '.tenlu-ted perBon, or the person boeS in ,.ch trujt fund woa d be, .f living and corapelent to act and holdS «U|-h stock u. h,H own name ; and no peLn holding such stock if collateral security shall be personally .ubjec-t to «ucriia iUty bS the pcrHon plodpng such stock slmlf be jinsidered as hoi S the same and shall ]5e liable as a shareholder accordingly. ^ 33. TruRteeM, etc., not pemonally liable.— Everv represent the stock held bv him, at all meetings of the coraDanv and raay vote as a shareholder ; and every perfon who plXes ds stock may represent the same at all such^ meetings anSnoTwih standing such pledge, vote us a shareholder. ""iwiin This reproduce* sec. S7 of tho old act without change. PROSPECTCS, Ac. 34.— Every prospectus of the company, and every not'co nviting persons to subscribe for shares in the cJ upanyXl specif y tl^ dates and the names of the persons to any coitrac entereS by the company or the promoters, director or trustees thereof before the .s.ne of such prospectus or notice, whether subject to adoption by the directors or the company or otherwise I and every prospectus or notice which does not specify the same shall IVtl respect to any person who takes shares fn thLompany on the' faith of such prospectus or notice, and who has not had notice of such contract, be deemed fraudulent on the part of the promoters dree. prtuTortS"'*'^ ^""P*"^ ^^« UwinglyLue ^.^to^ Thii reprodjces sec. 80 of the old act without change. HOLDING STOCK OP OTHER COMPANIES. 35. Conditions for purcliase of stoclc of other companie8._The company shall not under any circumstances use any of Its funds in the purchase of stock in any otrer^orpora tion, unless and until the directors have been expressly authSd vJt^Krirth'* ^T '^T ^'V^' r'P^ *°^ sanctioned by a vote of not less than two-thirds !n value of the capital stock renre- sented at a general mming of the company duly called for const denng the subject of the by-law ; provided always^that if the letters ffiyTaw"'" "'' P""'"^' '* «^*" "*>* be^ecessary to pl OAKADA COMPAlflM' ACT. |f Pletely ch.ngei the effect of the gectlon ' ?«"«»•«> V hy.|«w, etc., U aew Md com- CAPITAL STOCK. manlter.^and "uKTo ,1 BU^'vSit nn" ^' ^''-^^r^blo. in such proscribed by thu Act or W M.i °"'^'*"»"'' «*»d regtrictions aa are company. ^ * °' ''^ *''^ '«"«" P«t«»t or by by-laws of the ThU reproiluceit wc. 25 of the old set supnlomentary ktte«"niit^'' '^"u"~^* *,*'*' '*'"«" pa*«"t. or the Ht^J"«». ^he is not allotted th'eJd^; half be aTi^Ts".^^^^ "^ *' ' «« '' manner a. the director proscribe by 1^-law *"""' ^' '"^''' Thii reproduce! old lection 26. may mtker^iTawrrVearinhTd''- ' •'"^*"" ^'^ '"^^ ^^^-P-'^ stock as preferenci stLk ^^^.f ?hi""'"« '"'^ t*""* **^*^« ^ital priority, a!, respects divi£ds 3 in ■*"« ""«h preference and nary sU as £ deXld b^^the by-L ^^ ''^'' "'^''"^ °^«^ °'^>- preferenJ^s^iThaThre^'hVril^^^^^ '' ''^'^'«- ^^ '"^'h proportion of the boSrd of dir^to«*i**° "'?'' \««'^"'^ '^ated control over the aE of tbl^^ ' """^ ^^'''^ *^«™ »"«h other 8. NosuchMaw shall^Til*"^"." considered expedient. until after it has been slctinL^T *°^ ^^'''l °'" «ff««* wStever shareholders, present in n^^n ^if * ''°*^ °^ three-fourths of the the company luly S led ftTcon J^'^^Y ** ** ^^^"^•^J "»«««"« of two-thirds of thVstSof theTr^T"^ *^' "^^^^ *"^ representing in writi^ bv the;hl^h1ltsTtK^^^^^^^^^^ ««-*'-^ holden, wi&ttteTnif/onhrf ^^^^^ ^« «^'^- possess the rijrhts and h« .f,K- ! * ;^ct, and shall in all respects S?thin the mefnbg'of tWs Acfn^^^^^^^^ of sharehofders of dividends and in anv oth'^rr ?'5°T^''^f'*''**^ authorised herein, theyTall t IST'tbf '''.*'^ \ ^^>^ «« be entitled to the'prefLnS TJ^^^ S^t^tu^chtytf ^'^' requ red for the by-Uw j nowT of tt^ lh^~hZ. ""'"' ''""*.°'^ ^ "^ *''«' ■«>*rehoIde« wm The.ut.rv.tlonoftheWi^rltftK:?S.''roT^^^^^^ 18 OAMAOIAM COMPART LAW. ♦ ? Company not bound to nee to execution of tni«itii.—Tho company ohall not be bound to nee to the execution orany truit, whether expruM, Implied or conBtructive, in respect of any ihare; and the receipt of the shareholder in whose name the same stands m the books of the company, shall be a valid and bjnding discharge to the company for any dividend or money payable in respect of such share, and whether or not notice of such trust has been given to the company ; and the company shall not recei t " *" "^ *^ *^® application of the money paid upon such ThiiwproducM lec. 81 of th* old Mt, without chMgc. INCRIA8B OR RBDUCTIOIf OF CAPITAL, 4c. 40. Subdivision of shares— The directors of the com- pany may, at any time, make a by-law subdividing the existinir shares into shares of a smaller amount. '^ This rcproducM old wc. 1 7. i 41. Increase of capital— The directors of the company may, a^ any time after ninety per cent, of the capital stock ot^the company ha. been taken up and fifty per cent, thereon paid in, make a by-law tor increasing the capital 9t.>ck of the company to any amount which they consider requisite tor the due carryW out ot the objects ot the company ; J a " 2. Such by-law shall declare the number of the shares of the new stock, and may prescribe the manner in which the same shall Ul itock 4^. Reduction of capital— The directors of the com- pany may, at any time, make a by-law for reducing the capital I IS' -nffi -^ company to any amount which they consider adviible Som a . carrying out of the undertaking of the 2. Such by-law shall declare the number and value of the shares of the stock as so reduced, and the allotment thereof, or the manner in which the same shall be made ; 3. Tlie liability of shareholders to persons who were, at the time of the reduction of the capital, creditors of the company, shall remain the same as if the capital had not been reduced. .11 Je'rin«''totTco»pLail''* °" *"'' "'''""'' '='""'^ ««"" '"^ '""=—'7 --'»•" "^ CAKADA COMPAMin' ACT. j* o* ^^^^oon^mnyfor7o/^^^^^ r^"«'»¥ the capitd .tock or eftect w^.tiieverun U U '^"fnotvlirh"' t^^ *»"'* »"y *•««'« holdcfH reproMnting at leant tJlffl^! V ^H ^""^"^ of ■hure- ed .tock of the cSropanr Irt .nli^^^^ vafueofall the .ub.crib- company duly caliwi f&r cJ ,gldorin?T **""*' •"««*'"« of the firmed iy ^ple^nZu^ZZZ^Vn" ''™*'' '"^ **^"'»"'» ««"• Thii .ectloB wproducM iec. 30 of IIm old Ml. to coJir^'ff;ir«"4'^^^^^^^ letter* patent after .uch sanction of rncl. by faw l/o dilT" **'*" "* '»°»t»'»* Secretary of State, fo. i^LJ^ulJjl^''^?'* "^'^ "PP'j' »« t»»e confirm the same : •uppl«mentary letters patent to of «uch\';!,at:l7or'S^ S'-^-. Produce a copy president or vice-preBident^nd t}.« *-°";P»"y. ""d «iKnod by t .e natiBfaction of theStly of State The™, f'^' *"^ *"**''"«»' ^« "'« of 8uch by-law, and the eJr^diency ami t^lT'^r"'' "PP^^*^* mcreaae or reduction of camW!!- ^i i- • . "^ •^''« character of the may be. thereby prided For •"'''^"'""<"» o^ -hares, aa the cas^ ^^p''oI^rl!r.Ty'^;j^^ P-pose,t«ke and affirmation or by soLnUrtlotrabLrSo'/ "*^' ^ given by the Secretaiy of State ?n Z^^ thereof shall be forthwith 1 in the first scheduTe to th L Act and th? ^""'"l' '" *^« ^^'"^ of the supplementary letteS oaten? fh^'Tl* ^'""^ *^« ^»t« company sliall be ancf reS iSor!a ' i *" ''^P"*' ^^o^^^ of the Bhalfbe subdivided, as the le '!ri°7l"««»« «bare of money to wfich the Sfs in ate " ' 1*^ ^' •"'*"^*"'^ ''^ *»^« »«™ or more, upon one share or more XtiWth'^ '° respect of one call ctpTnru^:: t^ A^!' whereVr f efit "hT ^^ rt ^'^ ^^ TRANSFER OF SHARKS. tranJeVoflhrs^t^^^^ the decree, order or iudement of^ n^l * ^"^ execution, or under shall be valid for mypZ^^i^'Zr °*«r ?«*«"* Jurisdiction, made in the register^ot^Zeferl eS Tl?''^ thereof is dul/ tmg the rights of the parties thlri^ * 1^® purpose o. exhibi- rendering fhe transfereWabl L ?^e m7Z^' '^'^ ?*^«^' ^^^^ «f ally, with the transferrer to the comL *i°?^' J°'°*^^ »»<1 ^ever- 2. This section shafl not In^f "^ *"^ '*' creditors, listed and dealt wit"ht an^ eSgJj SrESh^'^l^^^^^ '« of scrip commonly in use, endo3 In hiS E^^^ange by means delivery, which shall constitutT^liJ^ * J' ^^'^ transferable by shall not, however, bUSed to voi *'^'^«ff"; t^e scrip holder are registered in his ni fnlhl^rksTt^X^ "''*" ^'^^ «hap_JJJ^rs*fJrofst^^^^^^ »ot been paid in. shall be madrwiThnnfi^^ "^^^^^ ^'"O""* ha« tors; and^^when^ver any SansfpT of ^ *^^ '^''''i"* °^ ^^^^ direc- been made with such cZseS to a nerson'wh""' ^"^ ^"'^ '" ^^^ sufficient mean, to fully pay up such SJ^^ 'T* apparently of Jo-.tly and severally liabr^fhrctdtToflL^r;^^^^^^^^^ 22 CANADIAN COMPANY LAW. aame manner and to the same extent as the transferrine sharehol- der, but for such transfer, would have been ; but if any director present when any such transfer is allowed does forthwith, or if any director then absent does, within twenty-four hours after he becomes aware thereof and is able so to do, enter on the minute book of the board of directors his protest against the same, and within eiifht Ir ?«/«*"?•' publishes such protest in at least one newspaper published at the place in which the head office or chief place of business of the company is situated, or if there is no newspaper there published, then in the newspaper, published nearest thereto, such director may thereby, and not otherwise, exonerate himself from such liability. This section reproduces sec. 49 of the old nr., without change. 53. Provision when shares are transmitted other- wise than by transfer.— Whenever the interest in any shares ot the capital stock of the company is transmitted by the death of any shareholder or otherwise, or whenever the ownership of or legal right of possession in any, shares changes by any lawful means, other than by transfer according to the provisions of this Act, and the directors of the company entertain reasonable doubts as to the legality of any claim to such shares, the company may make and file, m one of the superior courts in the Province in which the head office of the company is situated, a declaration and petition in writing, addressed to the justices of the court, setting torth the facts and the number of shares previously belonging to the person in whose name such shares stand in the books of the company, and praying for an order or judgment adjudicating and awarding the said shares to the person or persons legallv entitled to the 8ame,_by which order or judgment the company shall be gui- ded and held fully harmless and indemnified and released from every other claim to the said shares or arising in respect thereof ; 2. Notice of the intention to present such petition shall be given to the person claiming such shares, or to the attorney of such person duly authorized for the purpose, who shall, upon the filinir of such petition, establish his right to the shares referred to in such petition ; and the time 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 always, that the costs and expenses of procuring such order or judgment shall be paid by the person or persons to whom such shares are declared lawfully to belong ; and that such shares shall not be transferred in the books of the company until such costs and expenses are paid, -saving the recourse of such person against any person contesting his rieht to such shares. ° This section reproduces sec. 50 of the old act CAKADA COMPANIES' ACT. TbU »ec. reproduce, ^c. 61 of the old .ct. ^ The3i^;ctot'mry*dSitor^^ ?****"' *« *>»« company _ Th.s sec. reproduces sec. 52 of the old «t. ^" tran«fep*of the "hI'Je' o''/othe?bte.Jl ^^«PJ««entative.-Any ' *de by his personal rei^lsZtl^wI^'ii,^ ^^^'^^'^ ^^^reholdj, pewonal representative iSw!!i'?f' '^*"' "otwithstanding such vaHdity as'^if he hirbeen a I« K^M^^'^'^'^^'-'be of thf samS execution of the Instrument of fransS'^''" "' *^" *™« °^ ^1- This «,c. reproduce, sec. 53 of the old act. BORROvuriNG POWERS. than^tlVt&t'vafue^l''^' T^i'^'J'^ ^^ «* ^^te of not less Kcuritie. .Wlb^T^tM .umlLT'' •»'«'«. debenture. Sr „7hS (A) hypothecate, mort'i^"'' °|1!,''""1"«' dollar, eaoh ; property of the Com^^^fJl ^f^ ""e real or pe,«,'„.| pS^Tf r&p!^""^ »*-*." -e7 a:^ ,s?t DIVIDENDS. -h-MalS-S^lf, impiK'LXftiJ:-'^''"^ Tto "c i»pcod«,M «c 13 of u» oM „,. company. »». Debt, to company „«, ^ ^^^^^ ^^ 24 CANADIAN COMPANY LAW. dividends.— The directors may deduct from the dividends pay- able to any shareholder all such sums of money as are due from him to the company, on account of calls or otherwise. This lection reproducM sec. 36 of the old act. DIRECTORS. 60. Board of directors— The affairs of the company shall be managed by a board of not more than fifteen and not less than three directors. This lec. nproducM aec 28 of the old act. 61. Provisional directors.— Tlie persons named as such, in the letters patent, shall be the directors of the company, until replaced by others duly appointed in their stead. • This sec. reproduces sec 29 of the old act. 68. Failure to elect directors, how remedied.— If, at any time, an election of directors is not made, or does not take effect at the proper time, the company shall not be held to be thereby dissolved; but such election may take place at any subsequent eeneral meeting of the company duly called for that purpose ; and retiring directors shall continue in office until their successors are elected. ' This reproduces sec. 34 of the old act 63. Qualifications of subsequent directors.- No person shall be elected or appointed as a director thereafter unless he is a shareholder, owning stock absolutely in bis own right, and to the amount required by the by-laws of the company, and not i i arrear in respect of any call thereon. . _, ThM reproduces sec. 30 of the old act. But the prov'«on of the old act icquirinir a ma- jority of Directors to be resident in Canada is omitted. 64. By-law for increase or decrease of number of directors.— The company may, by by-law, increase to not more than fifteen, or decrease to not less than three, the number of its directors, or may change the company's chief place of business in Canada ; but no by-law for either of the said purpose? shall be valid or acted upon unless it is approved by a vote of at least two-thirds in value of the stock represented by shareholders present at a special general raeoting du' calL..^ xor considering the by-law ; nor until a copy of such by-l , certified under the seal of the company, has been deposited with the Secretary of State, and has also been published in the Canada Gazette. This reproduces sec. 31 of the old act, without change. CANADA companies' ACT. 26 -haiiT* Election Of directors—Directors of the company shall be elected by the shareholders, in general meeting of the company assembled at 8orae place within Canad*-at such times m such manner and for such term, not exceeding ^ yea™ iL the piSJcriC*' "' " *^'^'"^' '^"'°^' "** '^' ^^•■'*^^" of t^e Sr^any This reproduces sec 32 of the old act 66. Mode and times of election. Yearly.—I,, the th. i"'^ J^"" 1^"°" oL'^irectO'-s shall take place yearly, and all (6.) Every election of directors shall be by ballot • fiii./^ .y vacancy occurring in the board of directors may be filled, ^or the remamder of the term, by the directors from among the qualified shareholders of the company ; among ^h^^'l '^^^'^ *li'-ectors shall, from time to 'time, elect from among themselves a president and, if they see fit, a vice-president of thf company ; an'» indemnified in suits, etc., airalnst the company._Eyery director of the company, and hSZ executors and administrators, and eatate and effects, respectively' may with the consent of the company, given at Tny genemi meeting hereof, from time to time, W'at^ all times^b^e ?n3em mfied and saved harmless out of the funds of the company from and against all costs, charges and expenses whatsoever wWchZ sustains or incurs in or about any action, suit or procledir which 18 brought, commenced or prosecuted against him, for or n^rrspect n! ^Z ri' J?«d.. "tatter or thing Whatsoever made, d^ne o E ''*>i*''™i^'^ "'■ ^^"* the execution of 'the du ies of hie office; and also from and against all other costs, charc^es and expenses which he sustains or incurs, in or about o^ in refation to the affairs thereof,-except such costs, charges or expend as are occasioned by his own wilful neglect or default. This reproduces sec. 82 of the old act. POWERS OP DIRECTORS. nf *^^' Powers and duties of directors.— The directors thin^ ««™Pany^n»^y administer the affairs of the companylnaU things, and make or cause to be made for the company any 26 CANADIAN COMPANY LAW. to the letters patent nf tlT ^ "^^ "°* contrary to law, or following puJ^oad* "°™P*"^' **'" *° **»« ^ct, for the c«llB^?Llo;Te''pt^n.ott"thef rr* -'' «*^'^' *»>« ""*"'« of certificates of «t4X forf Uu "V^^^^^ ""^ ''««'«*'*»'«" o^ diflposal of forfeited stock and of If ^ "on-payinent, the transfer of stock- *^ *''*' P'*o«eed8 thereof, and the a.oi^S^3£l=Vr^^ /venb,the.t^ to bo of thi™^^:!^^^^^ -"-' meetings board of d?reito« and o/tSl *'"^'' '^§''^" *"^ «Pe«iaJ. of t£ ments as rXiei al th/ nTY' *^? 1"r '"'*»'« ^^q^ire- meetings; ^ ' "* *''® procedure m all things at such whic^Sirrr^ir^bX^^^^ p«»*'*- -'."«*«« «* the hoard of after publishes SnmLJ the same, and within eight davs there- the plL in which thetead offi.V'"''l-"." newspaper pubLhed at company is situated or if*! ^ '"' ""^'^^ ?'*«« °*" ^»«ne«« of the then in^tho newsSi n. hrh '1 "** "^^Wer there published, may thereby, an? n^ot Jthii""^ "'*''*'' ^''T*^' «"«»^ directo; liability. ^' "**' otherwise, oxop orate himself from such Thi. section reproduce, mtion 5« of the old act, without cb.nge. —and a so to the creditor- «*■;>:' interest, to the company, company then exist W or ,lf^TuP""y ^""^ *" ^^^^^^ of the makVofSSZdJLtofr*'^ between the time of the 6 ucii loan and that of the repayment thereof ofthIVomJ;n?"alf b"e^^-!.^f"*"? *"**' r«««-T»^« directors labourersrCvante and ''ann^LS"'^ 'T*"^"^ 'i?'^'« *« ^^^ ^'^--ks, exceeding six Tonths" wa?rHnI7 *^''?^*' ^'^'* *" ^^^ts not company*^ whilsTThev 7rT^A J^'T'''''^ performed for the director shall be liable to! «r ^i^'^T respectively: but no Bued theX wi Lin o^e ye^f a^r tTe J "ST *^^ ^°'?P*"^ ''« unless such director is «,!/flfL/ •.,• ^^^^ becomes due, nor . when he ceiled to be suld^r^^^^^^^ '"""", °"" y^"" ^•■«'» *^« ««'« the companyTreVpecr of su?h H K^ '^"'"n*" '?"*="*'°" *?»"'«* whole or in part- aSd th/ .r„ .^^^ is returned unsatisfied in shall be the aKntTeiltbTS "cosTS rdtec^ "^^^" Th.. section reproduce, action 60 of the old act without change. GBNERAL MBKTINQS. hold ™-e-fo*rh% KwXJJr'-i-f'r^"/'' ">■» pany may, .t any time ™n «.„ f^''?^ "°* ■>'"■« «»"• tnuiartion of an7brnk^ Iniiff'? "f "e.">ereof for the «.d notice a, thej mZ Z'CS thVeffL"""'" "''"■"«''" 28 CAKADUH COMPANY LAW. Thii Mction reproduces leeUo. 74 of the old act without chwge. 1 I, u^* Notice.— In the absence of other provisionB in anph behalf m the lette« patent or by-lawB of the com^p3,l '°'^ (a.) notice of the t.me and place for holdin/r a ireneral meetin.. of the company shall bo given^^at least fourteen Says pre^^Sf offi^t'chir'r^'WP"^'"**^^ >" **»« placeXeTheheld office or chief place of l)U8ines8 of the company is situate or S such votes may be eiven in person or by proxy— the holder of Lnv such proxy beW hTmself a shareholder ; but no sharehdde? shaS unirKas'S'Sinr *;f \ P^^^- 1° votet^nfmL" H^iTk^ t- P ,, *" . ® ^*"" *^«" payable upon all the shares shllholJ^ 'sb'i 1 \"'1?' ^^^Tf '^' *^« consideration of the snareholders shall be determined by the majority of votes— thn of "n^^x/or^r"""" "-«»« i^™* *« c«5o^rr^ BOOKS OF THB COMPANY. 74. Books to be kept and what to contnin tu^ company .h»Il ca„^ . book .-r book, to be kep" by fhe Lo^^TJ^v memoraDdam of agroen>ent aod of all by lU. th°r«n P"'™'"".' a. o'/L?Lrn'Eoat'^°°"^ °™'«'^' "' •" ^'^•"' '"■° Kh.rehol^r'^i';?!? °°* ?"'""« "'.""y »"* [«>«>». "hile «»«h Hnareooioer, as tar as can be ascertained ; i;'i Tt?^ °''°'''? "'■.'''»."« "f >«ock held by each shareholder • on.b':'eSrrh1hrrfhX°' ■^■"'"'"'^ "Vid,re.pecti,X' CANADA COMPANIBS' ACT. £9 word. «„ f„ „ c« b. ^.rtln^.. ,„ ,^ ^^„, ,^^. ^^ ^^^^^^^ ^^^ ^^ ^^ ^^^.^^^ open .t , he hJdT^„fi;\\rft^tXZl\ttr± ■''•'' judgment creditor of tbe ihaiSholder ", « ne^ ""' ""* "" *"''^' " ■""• "^ ""^ the oSto^-Ls:^" "-a'-rr ij^tts^r-^- - - - an offence and liable, on summaS in viclZ hff '^f ^' «" ''^ °^ the peace, to a penalty not exceidW tw^v Sar»T °^ that such neglect continues. ^ ''^ **°"*™ ^""^ ^'^^ ^^Y The old sectioa however made the This sectioa reproduces section 46 of the old act penalty iimply forfeiture of iu corporate righU. <^hMhepZ7f^et^dtu^^^ evldence.-Such books stated, in'^ anj kS, euiror p.SeS?SrS^^^^^^ '' '^ *^""^^ against any shareholder. ^^^^'^g aga^st the company or This gection reproduces Mction 47 of the old act. INSPECTION. judge i„ the p.v,..cet":,StrS ^1^^ ^^'^^K: so CAUADlAir COMPAWY LAW. the Bame. f heTtiSnec^fir S^ii ^ ™»'i«'«»« P^otlvw in instituting appoint an inspector to examinp \ntn t\!i „«•»• I J. P"T>o8e, tfrizTt^-^^pp^'"^'^^^^^^^^^ the same duties as an inspector appointed by a iudire w?tl, thS exception, that instead of making his report to fhraie he 8ha make tue same in auch mnnnoi. o^a ♦^ „., u J""6<' "« snaii by said resolution direct? '""* *' """^ P'"^"« «« *^« ^"'"P^^y twenty dollars, in respecro7;ach offence " P'"*^'^ "^ iud^^ofJhl^Tc^urt'f^T^^^ «»«*"« i" 0"t»"oa Brunswick and British Columbia it means r inHnl If .v o Court in and.for each of tho^e p:;>lrre\X*^r '^iZZl It means a judge of His Majesty's Court^f Kind's Bench fo? Manitoba; in Pnnce Edward Island it meanta iud^^of tl?! Supreme Court of Judicature • in thp NoHlf »l f t?^% • • and m the fukon Territory it means a judge of the TemSi '^'nJ^^^7l'i7j\:Z,^t,\T:.^^^^ -t ^.80. R.. a O. c. mss •ct, wc. 106, 61 Vic. cap. 44. ^ '""^ "' ^"'- "=»P- " Ontario. And the B. C. CAHADA COMPAWUb' ACT. gj WBVICl or PROOUfl, KTC. SO. Service of nrocna* »«. ♦i.^ mon., notice, order or ?ther nr' Z *^*,*'«»»P»ny— Any .um- wrved upon the company mavK^ or document ref,uire^° ^^^'^P*''/. or by adult person of his family or^n hi *"''"" "^ *'*«'°' o*^" h any no known office or Sf'p a" e o/'bS ^^ «"• '7b« company l^^ president or secretary, the court mL.^'"'*'!'* ^^ "o known deems requisite to b^ made h, tL ^ ''^^^ '"«^ publication uh it Bball beTeld to be ZeZti:^ Z'ZZiZt "^' ^"'"^"^•°" case.lAnr."uL;rno"tir^^^^^^ with In certain authentication by the company may L' P~p««<*'"« requiring manager or other authoS offic^?^of th«T''^ ^^ *"y d'-'^^to^ be under the seal of the company company, and need not TH-. .ctioa «produ<». ^«on 63 of the 1m .ct without ch«^. be se^ry;! byTe':ompany*uZ tTs'J.T?,*'*"-^"^- to either personally or by senJin^S ***« "^'areholders may be seryed ed letted acldr^d t^ he^shfrehSeiTfi' .^*-,P°«t. '« re^sLr- they appear on the books oflrcompan^ ^ ""^ ""^^ ** Thi. .«,«„„ „p^„^ ^^^ ^^ ^^ ^^ ^^^ ^^ ^^^^^^^ document serJTdX ^8t"w ?h« **^ '*"**-^ °««ce or other be held to be seryeTat the tirT^^T^ ^^'l* «^«^«»>«ld«^S containing it would be 5eliyerei Tn th^""" A-^"" ''^''^'^^ letter and to proye the fact and t n.« «f • ordinarj- course of post • proye tLt such letter was p^op^rira'Jil^^^ ^« «ufficierto was put into the post office and Z.-^** *"*^ registered, and . Thw section reproduces section «^ „f. I. ,. / ^""rat- or post. 84. Evidence of bv-Inwa a company, u^ er its seal, and purpart W to F °^ *"/ by-law of the of the compHuy, shall b^ receiWw aiin»t "^^^ ^^ »ny officer company, as ,„-../««, eyidel^^^h^X^rj^^^^^^^^^^^ *' CAlfADIAH COMPANY LAW. ThU rapruduen olratlon, etc., how to be net n^^• 'u**i' Proceedtn«>.-In any action or otl.er legol inlTw *?^ company, otherwise than by mention of it under Ub corporate name, as incorporated by virtue of letters thl*".'lir*'i, k"*" patent and supplementary letters patent, m fcrnW ^^""^••- »'» • Act; and the notice in thJ Canada Sn/ • k 11 V "*"■ ""iT^ ^^"*" P*^"' o"" «"PPlenientary letters patent, shall b^pnmd /am proof of all things tWein contained; n^Lt n'S'"^"'*'"" of the letters patent, or Supplementary letters' SnJfii • ^1? K*"^ exemnhficatton or copy thereof, the fact of such Xil,^;?^l\ P'^^rd' *"^' ^'^""P' '" *"^ proceeding by scire tZtLtr''^ *?' *?^ P^'P"'? °^ rescinding or annulling the same, the letters patent or supplemciitary letters pate iK * any exeniphecation or copy thereof, shall be conclusive proof of every matter and thing therein set forth. ^ ' Tbii Mction reproducm iection 68 of tb« old mL exceitt that thn t.A.r.n~.. .„ „-. : under the Great Seal Me omitted. ' reftrences to copiei n f'^^l Proof may be by declaration or affidavit.— 1 roof of any matter which is necessary to be made under this Act mav be made by oath or affirmation, or by solemn declaration, before any justice of the peace, or any commissioner for taking affidavits, to be used in any of the courts in any of the Provinces of Canada, or any notary public, each of whom is hereby authorized and empowered to administer oaths and receive affidavits and declarations for that purpose. Thw wcUon reprodaeei KcUon 77 of the old act without change. STATEMBNTS AND RETURNS. «i ??• F«" Statement of affairs at each meetinir for l! t*^r-~^^' ?r'*°" °^ ^^^''y «o°>Pany «liall lay beffre ite shareho ders annually a full printed statement of the affairs and financial position of the company at or before each general meeting of the company for the election of directors. "eeung This reproduce! section 86 of the old act. (A) The number of aharM »-ir*I. r " 4 ?hf f??"' °^''»"« "••d« on Share M The tei""°""* °^«*"' recess '• h-ve^^L^J^JoT^;;^^^^^ rr? °^ *^« P«— Who toeonjp./witS;:^u'Jrelrnv^^^^^^^ •"^«'"'** - -^"- exceeding twenty dollal for evei^ rff! J • *" '"??•■ * P«"a'ty »ot continues; and every dirwtor a?d Z ''"""^,'^hich «uch default RBPIAL. J-f*^^'''" B.S?C!n9a^^^^^^^ to certeln loan Acts mentioned in the iu,««!^ u^ r®* V. c.41,8. 46 _-T>,« rei^aled to the ei^sp::a ,""*&, *^.*^^* ^«* afe hlrlby except in so far as they^pj?? totr!.?"^ '°'°?*° °^that schedule! formed under the proviffi *? fe ^""P^niM incomoratTo; eleventh day of AuguX 1899 C-omi^niV, ^rt, Wore the 84 CANADIAN COMPANY LAW. FIRST SCHEDULE Form A. (Section 7.) Application fob Incorporation undbr Thb Companiim Act, 1902 To the Honourable the Secretary of State of Canada : The application 'of reBpectfully sheweth as follows :— The undersigned applicants are desirous of obtaining letters patent under the provisions of The Companies Act, 1902 lynSh^. .ng your apph^nts and such others as may become ^arehSt the ^37' "^^^ "■'**"'* ^ ^^ ^"'T^™*^ *^°d pontic uTder p'remTl'*^'' "'""' " "*^*" ^PP^' to you to be prc^pe^^ b'tll' ♦>..f T?® ''^^^ewifoed have satisfied theaiselves and are assured that the proposed corporate name of the Company under^hich incorporation is sought is not the corporate name^ of any ^S known Compauv incorporated or unincoJ^rated or any nSme lUble tionable '*^*^'~'^*^°''°**^^'''^^^^ P"^«« gLnrobjec^ Your applicants are of the full age of 21 years cants areP"''^*^ ^°' ''^''"^ incorpomtion is sought by the appli- Can2 wm t'Jt"" "' ^""^ °' *'« ^''^^ --I«"y Tthin County of •*!.,> *°***® of "» the Province The amount of the capital stock of the Company is to U | The said stock is to be divided into shares off each. CANADA COllPAKnB' ACT. 85 applicant reapec i/ely. *"'°""* °* ^''^'^ taken by eacE Applicaot. Amount of itock Subacribed. The said ""'" A i^£ W rl!'°"*' ^^^«'°" «f th« Company r-ent\;'^''S^>:JZ'^:i^l-f^-^ a memoraSd7m of agree- transmitted herewith. °'^P"*»'^-o°e of the duplicates being 86 CANADIAN COMPANT lAW Signatures of Witnesses. Signatures of Applicants. Dated at this day of 19 .ccep':^ro„-JIort7stocriUhouft'^e:^r^^^ °' '' '"' ^"'^'"^ « '■"•""•^ ^ ^ CAHADA COMPAKIM' ACT. 87 Form B. {Section 7.) The ri Comp.„y„f ^j^.^^^ name as the Secretary of State mkv iri;: */lu '*!?>• °'" «"«*» ''her 3"".rf:::;i^ia.^er^-^ ^-^r-^: cribetAnd tL't^t^re^hh^^^^ T '''' ^^ *^« ^ther. subs- hereunder and hereafter written SLk"" '^^P^^^^^ names as such Companj to the said amouSis '^'"^ shareholders in In witness whereof we have signed. 88 CANADIAN COMPANY LAW. FOBM C. {Section 10.) 1902^rette«."ni;f l^^^'^V^''?" ^Y "°^«' ^^« Companies Act, alZVhJu,^' ^ the name of [ Wc Wa<« M« nam* of the Company as in the tetters patent) with a total capital stock of '^ ^ dollare *° shares of Dated at the office of the Secretary of State of Canada this day of 19 A. b;, Secretary. Form D. {Section 29.) iQAO^"^"*i °°*'? " ^^'^^y Siven, that under The Companies Act if 2te^'r°^'^\'"l" P?**"* ^*^« ^«" '««««d '»'^df?th1 Seal of the Secretary of Sate, bearing date the Zu^^^J^ ''^'^^ ^^^^'Pf^y ^" ^'"^ «'*«»'*«d t° incluJeTA^ret' paSiii!] ^"'^"^^ "' •'*''* '"«»<««««'i »n tf^e supplemental^ letters Dated at the office of the Secretary of State of Canada this day of 19 A. B., Secretary. CANADA C0MPANIB8' ACT. 89 FOHM E. {Section 46.) of .he 8«c'kt.r^ oflta^K™ dJte .hT °"''"' "" *" dajof stock of [here state the name ofthp rnr«r, ' T^"®^^ *^® ^^^^^ ^apital as the case may be] from ^ Company] ,8 increased [or reduced, dollars to dollars. Dated « .he offl. „f .he Secretary of S.a.e of Ca„.d.. .hi. ' 19 A. B., Secretary. SECOND SCHEDULE. Enactmbkts Rbpbalbd. »t 11, 1899! P™""*''**"" <>*^ ^^< (7om;,««j«,' Act, before August 11, 1899! (Section 90.) Year and Chapter. Title. Beriged SUtutea o» """'*'"• "' horj:i:.t'E"A? tbe. incorporation Pate^ * Companies by Lette« 1898,' c.' So'.V.V. . : ." " An "Vv't 'r T""* *'^ Coffl^ilei' Act. r^" ;fi^ l"":*^*' to unend the Co*. „,'^*" **• •mend the Extent of Repeal. The whole Act. The whole Act. JThe whole Act """-"•^s'-^o-pSra., ...^, „, , ^ , ^ word* "or TV 0^1>anie. Act, chapter ANALYTICAL AND ALPHABETIC TABLK Paie SeeSoit Ai»plk»tlon of act. ^l for LetterB Patent.... J 32 32 '^^|et?:brto-^^^^^^^ toaliow inspection, etc 99 Si /T* evidence ' « hA^!^ '^'" "e«'ect » BoiTowinir powers ; • |? By.tow-copyp„ma/«cfe proof! W 28 29 QualiflcaUon of.... **'.!? Provisional ;;;:;; ^* ^ co.,.an;;™a,-i.r^;: ^ Must not imi.iiir capital.. "!!!!;; ^ ^^'fci'!*?! "O""! nnies may apply for letters jatcut... .....„•. « """^Patent '^ "^"*** '" ^''**«" PecH 7 Forfeiture of ■,;i;;;i;;: : : : : }} *oir nonpayment of calls. "■' in "^^a"^-^*™"""^ of Yet: ^ A2p:;^a"«'^^^"'i"'---"-" i Calls on unpaid stock «« Interest on... ^ 20 PP->c'ation . 34 37 "iJ&Si^^-^-^onof J8 Tenpercentto be pai(illbefo« company * 10 on *'NE'of""'««"«« 27 12 Dlrectom ElecUonof. 24 NrKf''''"''^'"^'-'-'-'-''- S' 'triJy"^ ^"•uiis- ii^ainsi '* ff *Wlfer of dii4rt(ire for wilies ' w LiabiHty of declaring drvifind ' when company is insolvent 26 lusp^tlon-judicial and other- Interpretation of Act!! ■.;:;.;;■ 29 5 Jf*f{»*I|ty?n unpaid stock ,5 'i^if^V.-mnstbeinse;^ ^roh^b^^""^.^'">''"hoide« '•' 27 42 CANAMAN COMPANY hWV. MeetlnirM— Speciiil generiil "'7 Meiuoraiuluin of agreement. . . '7 Name— Spciciarv may give dif- ferent ." y New CoiiipBiileB— formation'of. 6 Jjotlce i)f isHue of letters patent. . 8 ■NuticeM tn shareholders by post.. 31 OlHces and Agencies 12 Pajiiieut in n.IvanceonSharea 20 Payment «>f calls-enforcement of 21 Penalties-see Books. Post — notice to shareholders through 31 Powers— extennion of...! !!.',"'" 14 i reference Htock ' 17 I PrellminarleH-to issue of Let- ters Patent g | Proof-by declaration or affldavVt 32 | Prospectus, et<- ;.\ ,^ | Itc|>eal of acta by this act """w schedule of act 39 I Returns and statements..!!. '32 a 33 s SclKHliile of enactments roi)ealo .1