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Tous les autras exemplaires origlnaux sont filmAs en commen^ant par la pramlAre page qui comporte une empreinte d'Impression ou d'illustration et en terminant par la darnlAre page qui comporte une telle empreinte. Un des symboles suivants appara7tra sur la darnlAre image de cheque microfiche, selon le cas: le symbols -► signifie 'A SUIVRE". le symbols V signifie 'FIN ". Les cartes, planches, tableaux, utc, peuvent Atre filmAs A des taux de rAduction diff Arents. Lorsque le document est trop grand pour Atre reproduit en un seul clichA, il e»t f ilmA A partir de Tangle supArieur gauche, do gauche A droite, et de haut an bas, en prenant le nombre d'images nAcessaire. Les diagrammes suivants illustrent la mAthode. 1 2 3 4 5 6 Ilfi CH A-RTER AND BY-LAWS OF inr Allim m GMMIEE FIDS' 80C1ETK OF TBE BANK OF MONTREAL PRINTED BY JOHN LOVELL, ST. NICHOLAS STREET. 18G1. OH A.RTER Ain> BY-LAWS or IHB Aim Ai mmm mm society OF THB BANK OF MONTREAL. PRLNTED BY JOHN LOVELL, ST. NICHOLAS STREET. 1861. ANNO VICESIMO-TERTIO VICTORIiE REGIME. CAP. CXVII. An Act to incorporate the Annuity and Guarantee Funds Society of the Bank of Montreal, [Assented to 19tk May, I860.] WHEREAS the persons hereinafter named, employes of the Bank of Montreal, have, by petition, set forth, that it would be desirable that the employSs of the said Bank should be empowered, with the sanction thereof, to make efficient ar- rangements for the relief of widows and orphans of deceased emphySs thereof, and also for giving security to the said Bank for the good conduct of its employSs while such,— and have prayed that they and then- fellows in the employ of the said Bank may be incorporated to that end, by the name of " The Annuity and Guarantee Funds Society of the Bank of Mont- real;" and whereas it is expedient to grant their prayer: Therefore, Her Majesty, by and with the advice and consent of the Legislative Council and Assembly of Canada, enacts as follows: 1. David Davidson, Edwin Henry King, Wentworth James Buchanan, R. B. Angus, Thomas Lee, and Robert Alexander Lindsay, and aU other persons, employSs of the Bank of Mont- retil, who may, by virtue of this Act, replace or be united with them, shall bo and they are hereby constituted a body politic and corporate, under the name of " The Annuity and Guarantee Funds Society of the Bank of Montreal," and under that name, by means ol voluntary contriliutions, or otherwise, as by their By-Laws shali be provided, may form, for the purposes afore- said, two several funds, to be known aa the " Annuity Fund " and " Guarantee Fund " thereof, respectively : and may invest, hold and administer the same, and from and out of such funds respectively, may provide for the relief of the widows and orphans of deceased members thereof, by means of Annuities, or otherwise, as by such By-Laws shall be provided, and for giving security to the Bank for the good conduct of their members, while in the service of the Bank ; and, with the sanc- tion, from time to time, of the Bank, may make such By-Laws, not contrary to law, as may be deemed advisable, for the for- mation and maintenance, and for the application to such pur- poses respectively, of the said two funds, and for their invest- ment and administration generally, and for defining and regu- lating in any wise, as to them may seem meet, all manner of rights of the Corporation, and of the individual members thereof, and of such widows and orphans, and of the Bank, in the premises., and the mode of the enforcement thereof, and for imposing enforcing any description of conditional penalty or forfei' a the premises, which to them may seem meet, and for the government and ordering of all business and affairs of the Corporation ; and all such rights, penalties and for- feiture whatsoever in the premises, whether of the Corporation or of the individual members thereof, or of such widows and orphans, or of the Bank, shall be such and such only, and may be enforced in such mode and in such mode only, as by such By-Laws shall be defined and limited ; and with the like sanc- tion, from time to time, they may amend and repeal such By- Laws, observing always, however, to that end, such formalities or other restrictions as by such By-Laws may have been pro- vided; and generally they shall have all necessary corporate powers for the purposes of this Act. ft. The security to be given by the Corporation to the Bank, by means of the said Guarantee Fund, as by such By-Laws shall be provided, may, in all cases, be taken by the Bank, and shall enure to the benefit as well of the Bank as of the em- ploySa thereof, in lieu of the bond or other sufficient security required by the tenth section of the Charter of the Bank of Montreal. 3. All the revenues of the Corporation, from whatever source they may be derived, shall be devoted exclusively to the main- tenance of the Corporation, and the furtherance of the objects aforesaid of tl»e said two funds respectively, and to no other purpose whatever. 4. The Corporation shall have power to administer their affairs by such and so many Directors and other officers, and under such restrictions as touching their powers and duties, as, by By-Law in that behalf, they may, from time to time, ordain ; and they may assign to any such officers such remuneration as they may deem requisite. 5. In any suit or legal proceeding by or against the Corporation, no person shall be disqualified as a witness by reason of his being or having been an officer or member thereof. 6. The Corporation shall, at all times, when thereunto re- quired by the Governor or by either branch of the Legislature, make a full return of their property, and of their receipts and expenditure, for such period, and Avith such details and other information, as the Governor or either branch of the Legislature may recpxire. 7. This Act shall be deemed a Public Act. B BY-LAWS ; ADOrTED BY THE SOCIETY, DECEMBER 22m), iStlO, AND SANCTIONED BY THE BANK OF MONTREAL, DECEMBER 20th, ISC.O. 1. Every person now an employe on the oatal)lifvhilo''8Uch cmp%e interested otherwise than in liis capacity as a IMember and Director of the Society. 20. — The Board shall cause to be kept regular Account-Books, shewing clearly all receipts and payments on account of all Funds of tlie Society, and the mode of tlie investment thereof, — and also a full and complete ^linuto-Book of their proceedings ; and the same shall bo open for the inspection of all Members of the Society, at sueli i)lace and durhig such reasonal)le office-hours as the Board may appoint. 21. — The Board sliall at all times have full power in all things to administer, regulate and control the affairs of the Society ; and all votes passed and acts done or caused to be done l)y them, save only in so far as their powers are or may be limited Ity any By- law of the Society, shall lie held to be the votes and acts of the Society. 22. — Every Miiinber of the Society, becoming such while un- marrieil, oi' while a widower liaving no minor child, — or who, by the decease of his wife leaving him with no minor child, or by the de- cease or coming of age of his child or children, shall become a widower having no minor child, — shall, for so hmg as he shall so continue, pay to the Amuiity Fund of the Society a yearly contri- 11 bution of Six dollars, if his salary for the year is under Six hun- dred dollars, or of Twelve dollars, if his salary for the year amounts to or exceeds Six hundred dollars. 23. — Any person becoming a Member of the Society while mariied, or while a widower having any minor child or children, may, with his application for memberahip, signify in writing to the Board his wish to contribute for a double, treble or quadruple rate of annuity, — or, if his employment is that of a porter or mossenger, or is otherwise inferior to that of a clerk, his intention to contribute for a half rate of annuity only. In default of such signification, — or, where the a[)plication is for more than a single rate, in default of the express assent thereto of the Board, — every such Member shall be held to contribute for a single rate of annuity. 24. — Upon the marriage of any Member of the Society, there- tofore unmarried or a widower having no minor child, such Member may, with the notification of his marriage rccpiired by Article Number Twenty-eiglit of these By-laws, signify in writing to the Board his wish to contribute for a double, treble or quadruple rate of annuity, — or, if Iiis employment is that of a porter or messenger, or is otherwise inferior to that of a clerk, his intention to contribute for a half rate of annuity only. In default of such signification. — or, where the application is for more tlian a single rate, in default of the ex{)ress assent thereto of the Board, — every such Member shall bo held to contribute for a suigle rate of annuity. 2-3. — Upon the marriage of any Moiuljcr of the Society, there- tofore a widower having any minor child or children, such Member may, with the notification of his marriage rcipiired by Article Num- ber Twenty-eight of those By-laws, signify in writing to the Board, if he be not then a contriluitor for so much as the (piadnqile rate of annuity, hia wish to raise his contributions to the single, double, treble or (puulruj)le rate, as may be, — or, if he be then a contributor for more tlian the single or half rate of anniiity required according to the grade of his employment, his intention to limit his contributions thereafter to the treble, double, single or half rate, as the case may admit. In default of such signification, — or, Avhere the application is to contribute for any higher rate than formerly, ui deiault of the 12 express assent thereto of the Board, — every such Memhcr shall be held to contribute for the rate of annuity then subsisting in his case. 2(5. — Every Member of the Society, becoming such while mar- ried, — or who, from being unmarried or a widower having no minor child, shall become a married member thereof, — shall, for so long as he shall so continue, or shall be a widower from such marriage having any minor child or children, pay to the Annuity Fund a yearly or (if he then in writing so elect) half-yearly contribution, calculated for the rate of annuity applicable to his case, upon the relative ages of himself and wife at their respective birthdays next to occur after the time of his becoming such Member or marrying (as the case may be), according to the Tables in use to that end under the By-laws of the Society, — or (if he prefer so to do) may contribute in lieu thereof a single cash payment, calculated in like maimer according to such Tables. Provided always, that any such Member, not having at first made such single payment, may at any time when not in arrear, by a written notice to the Board to that effect, convert his future con- tributions from yearly into half-yearly, or vice veri^ft, according to 3uch Tsibles, — or may, by a single cash payment, of such amount as the Board (with advice of an Actuary, whose charge for such advice shall first be paid for by such Member) may fix under the circumstances of the case, wholly commute and redeem such future contributions. Provided also, that any such Member, not having been admitted to contribute for so much as the quadruple rate of annuity, may at any time on application be allowed by the Board, if they see fit, to raise his contributions to the single, double, treble or quadruple rate, as the case may be ; and in that case, shall, for so long there- after as he shall continue married or be a Avidower with any minor child or children, pay to such Fund a further yearly or (if he then in writing so elect) half-yearly contribution, calculated for the augmentation of rate so allowed, upon the then relative ages of himself and wife, in like mannei , according to such Tables, — or (if he prefer so to do) may contribute in Ueu thereof a single cash payment calculated in like manner according to such Tables ; and at any 'ne afterwards, under the same conditions and limitations, i' 18 and in the same manner, as in the foregoing Proviso are set forth, may convert such further contributions for the future from yearly into half-yearly, or vice versd, (»r may wholly commute and redeem the same. And provided also, that any such Member, having been admitted or allowed to contribute for more than the single or half rate of annuity rc(niired according to the grade of his employment, may at any time when not in arrear, by a written notice to the Board to that effect, limit his future contributions to the treble, double, sin- gle or half rate, as the case may admit. O 27. — Every Member of the Society, becoming such while a widower having any minor child or children, — and every Member of the Society who, from being a Avidower having any minor child or children, shall become a married member thereof, — shall, for so long as he shall so continue or shall bo a widower from such marriage having any minor cliild or children, pay to such Annuity Fund such yearly or half-yearly contribution as the Board (with advice of an Actuaiy, whose charge for such advice shall first be paid for by such Member) at the time of his joining the Society or marrying, as the case may be, may fix, under the circumstances of the case ; or may contril)utc in lieu thereof such single cash payment as the Board may in like manner fix. Provided always, that any such Member, not having at such time made such single payment, may at any after time when not '"^ arrear, convert his future contributions from yearly into half-yearly, or viee vcrnd, or may, by a single cash payment wholly commute and redeem the same, on such terms as the Board may in like manner fix. Provided also, that any such Member, not having been admitted to contribute for so much as the (juadruple rate of annuity, may at any time on application be allowed by the Board, if they see fit, to raise his contributions to the single, double, treble or quadruple raw, as may be ; and in that case, shall, for so long thereafter as he shall be either married or a widower having any minor child or children, pay to such Fund such further yearly or half-yearly contribution as the Board may in like manner fix,— or may contri- bute iu lieu thereof such single cash payment as the Board may in 14 like manner fix ; and at any time afterwards, under the aame con- ditions and limitations, and in the same manner, as in the foregoing Proviso are set forth, may convert such further contributions for the future from yearly into half-yearly, or vice vend, or may wholly commute and redeem the same. And pro\ided also, that any such Member, having been admitted or allowed to contribute for more than the single or half rate of annuity re([uired according to the grade of his employment, may at any time when not in arrcar, by a written notice to the Board to that cfToct, limit his future contributions to the treble, double, single or half rate, as the case may admit. 28, — If any Member of the Society shall fail Avithin one month after he may have married, either to notify the Board in writing, of the date of such his marriage, and of the name and ago of Ids wife, or to produce evidence of such date and age to their satisfac- tion, he shall thereby incur such jjcnalty not exceeding Ten dollars for every month and part of a month during which such his default may continue, as the Board, by vote duly recorded in its minutes before the termination of such default, shall ordain ; and every such penalty shall be held to become due, and shall be paid, monthly, from such date, and on such day of the month, as the Boartl by such vote sluill ordain ; and no deduction or allowance sliall be made, on his contributions to the Annuity Fund, by reason of any such penalty having been so imposed and paid. 29. — The Tables to be used for the calculation of contributions to the Annuity Fund, under Article Number Twenty-six i)f these By-laws, shall be those ijrejiared by iVrchibald Borthwick of Edinburgh, Actuary, under date of the Twenty-fifth day of June, Eighteen hundred and sixty, and the original whereof is attached to the original of these By-laws. But it shall be competent to the Board, if at any time of opinion that the same rc(|uire to have any amendment or addition made thereto, to submit the same to any Actuary Avhom tliey may have named to that end, Avitli the sanction, firsthi, of the major part of the members of the [Society, given by vote, at a meethig duly called for that purjxjse, and secondly, of the Board of Directors of the Bank of Montreal. And in that case, any corrections thereof which he may make, or »g 15 any supplementary or amended Table or Tables which he may add thereto, or in part or in whole sulwtitute therefor, shall have full force and effect (until amended, as they afterwards may be, in the like manner and not otlierwise) ■ >!• all future calculations, but shall not aff(!ct in any way the amount of any contributions theretofore calculated and established, — which latter under all circumstances shall remain in force for the future unaltered. 30. — All contributions to the Annuity Fund shall be held due, and be paid, in advance ; the yearly, on the first day, not being a Sunday or holiday, in January, for the year then commencing ; the half-yearly, on the first day, iiot lieing a Sunday or holiday, in January and July respectively, for the half-year then commencing ; and those for any fraction of the year or half-year during which any Mem])er may join the Society, or marry, or be allowed to con- tribute for any augmented rate of annuity, on the day of his becom- ing such ^lember, or marrying, or being so allowed, as the case may be ; and if not paid when so l)econung due, they shall bear hiterest at the rate of seven [nr centum per aimuin until paid. Provided alway.s, that in every case of a Member marrying, so much of whatever payments he may have made for the current year, or hiilf-year, as may be proportioned to the unexpired remainder of such term, shall be carried to bis credit as paid on account of his contribution for the same then so falling due. 31. — In case of failure by any Member to i)ay any contribution or penalty to the Anmiity Fund within one month after the same shall have fallen due, it shall be comi)etent to the Board to notify the Board of Directors of the Bank, at the head Office thereof, of such default ; and upon receipt of such notification, it shall bo competent to the Board of Directors of the Bank, with or without notification to the Member so in arrear, as they shall see fit, sunnnarily to retain the amount so due, with hiterest as aforesaid, out of any monies due or to fall due from the Bank, by way of salary or otherwise, to such Member, and to pay over the same to the Society. 32. — All contributions and penalties whatever falling due to the Ammity Fund,under the By-laws of the Society ,shall from the moment of their falling due, belong absolutely to the Society for the uses of 16 such Fund ; so that no circumstances shall relieve any Member or the representatives of any Member, from liability therefor, or give to an;- Member a right on any pretext to recover back any thereof from the Fund. 33. — All such contributions and penalties, as paid, and also all do- nations to the Annuity Fund, and all revenue from investments thereof, not needed to meet expenditure, shall from time to time be invested by the Board, in such amoxuits and in such manner as the Board may deem most advantageous. And it shall be in the discretion of the Board at all times to vary such investments, as they may see occasion. 34. — The necessary incidental expenses of the Society, as the same from time to time shall be fixed and allowed by the Board, shall be charged upon and defrayed from the Annuity Fund. 35. — Annuities shall become payable, and be paid, from the Annuity Fund, in the cases, to the parties, of the amounts, and under the restrictions set forth by these By-laws, — and not other- wise. 36. — On the decease of any Member qualified under Articles Numbers Thirty-nine and Fifty of these By-laws, and leaving a widow, the annuity by reason thereof to become payable shall accrue and be paid to her, for so long as she shall live and remain the unmarried widow of such Member, and no longer. 37. — If at the time of the decease or re-marriage of such widow, which ever may first happen, there shall be living any minor child or children of such Member, such annuity shall thereafter accrue and be paid for the sole use of such child or children, and in equal shares for each if there be more than one, to his, her or their duly appointed tutor or guardian, — or, in default of such, then to any person whom the Board may name or approve to that end, — for so long as any shall remain under age, and no longer ; the total amount not diminishing, so long as there shall remain any such child under age. 38. — On the decease of any Member qualified under Articles Numbers Thirty-nme and Fifty of these By-laws, and leaving any 17 minor child or children, but no widow, the annuity by reason thereof to become payable shall accrue and be paid for the sole use of such child or children, and in equal shares for each if there be more than one, to his, her or their duly appointed tutor or guardian, — or, in default of such, then to any person whom the Board may name or approve to that end, — for so long as any shall remain under age, and no longer ; the total amount not diminishing, so long as there shall remain any such child under age. 31). — To entitle any widow or minor child or children of a de- ceased Member, to any such annuity, such jMember must have paid in at least one contribution to the Annuity Fund, as a married Member or as a widower having a minor child or minor children, and must not have been at the time of his death in arrear to such Fund, in respect of any penalty, or for more than one year in respect of any contribution or contributions to such Fund. 40. — Should such deceased Member, at the time of his death, have been in arrear to the Annuity Fund for not more than one year, in respect of any contribution or contributions thereto, the amount for which he may so have been in arrear shall be deducted from the annuity to become payable by reason of his death, — and may be so deducted by equal instalments bearing interest, spread over not more than two years, if the Board in view of any special circumstances of the case shall so decide. 41. — Should such deceased Member, at the time of his death, ^ot have paid in to such Fund (over and above all amounts of contribution for which he may have received a surrender value, under Article Number Forty-nme of these By-laws) as much in all as the amount of seven yearly contributions for the rate of annuity at which his contribution as a married Member, or as a widower Member having a minor child or minor children, may then have stood fixed, — the annuity to become payable by reason of his death shall be subject to deduction therefrom of such sum as together with the payments that he may so have made in his life-time may make up the full amount of such seven yearly contributions ; and such deduction shall be made therefrom by equal instalments, not bearing interest, spread over such term, not exceeding five years 18 from such tlcath, as the Board may fix in view of all the circnm- stanccs of each case. 42. — All annuities payable from the Annuity Fund shall com- mence to run from the day of the Member's death occasioning the same, and sliall become due and be paid thereafter, on every suc- ceeding first day, not lieing a Sunday or holiday, in January and July respectively, — for the half-yearly term then expiring, or for the part thereof during Avhich such annuity may have been run ning, as the case may be. 43. — Until after the first investigation into the state of the Annuity Fund shall have been had, as provided for by Article Number Forty-four of these By-laws, and thereafter until change be made in that behalf under such Article Number Forty-fonr, the amount of every annuity running shall be, — for the half rate, One hundred dollars yearly, — for the single rate, Two hundred dollars yearly, — and so on, in proportion. The rate of annuity payable in each case, shall be that for which at the time of his death the deceased member was contributing. 44. — At the end of every successive period of five years, or of such shorter period as the Board may deem ex[)edient, there shall be had, by intervention of an Actuary to be named by the Board, a thorough investigation into the state of the Annuity Fund, and into all matters therewith connected, with the view of shewing how far experience may or may not have confirmed the presumptii^ns upon which the amount of annuity then in force may have Ijcen determined. And thereupon the Board, if upon consideration they deem it right, may increase or diminish such amount, in terms of such recommendation as may have been made by such Actuary to that effect ; in which case, every annuity then current or thereafter to become so, until further change be made in like manner, shall be and remain fixed at whatever amount shall so have been esta- blished. 45. — No such annuity shall become payable, until proof has been given by the party or parties claimant, to the reasonable satis- faction of the Board, of the quality of such party or parties, and 10 also, if the claim be by a widow, of the names and an;cs of all minor children of the deceased Member, then living. And, there- after, in order to each payment, like proof shall always be reciui- sito of tlie continued life of each annuitant, — and, where the annuitant is a widow, of the fact that for the term in (juestion she continued to bo the unmarried widow of such deceased IMembcr. 40. — Such annuities shall become and be payable at snch office, branch or place of business of the Bank, as the party claimant, at the time of the fi'-st accruing thereof, may elect, and not else- where. Provided always, that by consent of the Board on the one hand, and of the party annuitant on the other, any other office, Ijranch or place of business of the Bavik may at any time thereafter be sub- stituted therefor. 47. — All annuities whatever, accruing from such Annuity Fund, shall at all times be held to be in the strictest sense alimentary allowances, and as such shall be absolutely untransferal)le and in- capable of being seized by any jirocess whatever, whether of law or eciuity. 48. — No name, age or date, submitted to and admitted by the Board, shall thereafter be called in (pxestion by any party, unless it be on the ground of Avilful misrepresentation. But, by the con- sent of the Board on the one hand, and of the party or parties interested on the other, any error therein may at any time be corrected, on such terms as in each case roiy be agreed upon. 40. — On written demand to that effijct, by any Member entitled and desirous under Article Number Three of these By-laws, to withdraw from the Society, or under Article Number Twenty- five, or Twenty-six, or Twenty-seven, to limit his future contribu- tions to the Annuity Fund, it shall be incumbent upon the Board (with advice of an Actuary, whose charge for such advice shall first 1)0 paid by such Member) to ascertain and declare the fair surrender value, — in the former case, of his interest in the Annuity Yvnd, — or in the latter case, of so much thereof as by such limita- tion he would be abandoning. And such Member shall then be entitled, upon tender of his resignation as such, or upon written 20 notice of such limitation, as tho case may be, to be paid such sur. reader value, from such Fund. 50. — Any Member entitled under Article Number Three of these By-laws to withdraw from the Society, and not so doing, shall be held to keep tho Board at all times promptly advised, not only (as required by Article Number Twenty-eiyht of these By- laws) of any marriage which he may contract, but also of the place of his residence, and of any voyage or journey which he may make to any place not being cither within North America to the North of Thirty-eight degrees of North latitude and to the East of the River Missisippi, or within Europe. And in default of his so doing, or in default of his punctually paying in to the Annuity Fund, from time to time, as the same shall fall due in terms of Article Number Thirty of these By-laws, such extra contribu- tion as the Board (with advice of an Actuary, whose charge for such advice shall first be paid for by such Member) shall fix, by reason of any residence, voyage or journey, beyond such limits, — he shall ipso facto thereby forfeit all right whatever on the part of his widow and children to any annuity thereafter from such Fund. 51. — No dispute, claim, objection or question whatever, between the Society and any Member or Members thereof, or former Mem- ber or Members thereof, or any widow or widows, child or children, or other representatives of any deceased Member thereof, or any party claiming in right of or under any such Member, former Member, widow, child, or other representative, shall on any pre- text be made the subject of litigation in any Court of Law or Equity whatsoever, imless after written submission thereof to the friendly arbitrament and decision of tho Board of Directora of the Bank, and express refusal of such Board to accept the same and decide thereon. And upon every such submission, such Board shall have the fullest power to decide as to such dispute, claim, ob- jection or question, irrespectively of all manner of formality of procedure ; and their decision, certified under tho seal of tho Bank, shall be absolutely final and conclusive, notwithstanding any defect of form or irregularity of procedure, as touching the same, whatsoever. iil 52. — No By-law of the Society shall bo repealed or amended, nor any new By-law enacted, unless by vote of the Board, sanc- tioned — firstly, by vote of two-thirds of the Members of the Society, at a meeting thereof, duly called for that special purpose within three months thereafter, — and secondly, by vote of the Board of Directors of the Bank ; and no motion for the repeal or amendment of a By-law, or for the enactment of a new By-law, shall bo finally put to vote at any meeting of the Board of Directors of the Society, unless in virtue of an order to that effect made at a previous meet- ing of the Board ; and whenever such order shall have been made, the Secretary shall embody the terms of such motion in the notice to be given to each Director, convening the meeting whereat the same may have been ordered for final vote ; and at such meeting no amendment of such motion shall be allowed.