fund. and of the profits arising therefrom, and such application when Application once decided upon, shall not be changed unless by the express of reserve and unanimous consent of all the shareholders; provided always, that no portion of such reserve fund shall be withdrawn to be distributed as a bonus, dividend, or otherwise, until such reserve fund shall have attained an amount equal to one-fourth of the whole of the instalments paid up on the original shares; and such amount of the reserve fund, when once attained, shall be kept up by the Crédit Foncier throughout the whole period of its existence. 6. The fourth provision of the fifty-ninth section of the above Part of 59th cited Act is repealed. section re pealed. 7. The sixty-fourth section of the above cited Act is amended 64th section by adding the following proviso thereto : "Provided that the amended. Crédit Foncier shall not receive any deposit in specie or in the notes of any Commercial Banks in this Province." substituted. 8. The seventy-fourth and seventy-fifth sections of the above 74th and 75th cited Act are repealed and the following substituted in lieu sections rethereof: "The Crédit Foncier shall transmit annually to the pealed. Governor, or to either branch of the Legislature, a statement New provision shewing its liabilities and assets, the amount of the loans Annual reeffected by it, the average interest received upon such loans, turn to Govthe quantity and value of the real property in its possession or ernor or the Legislature. that shall have been mortgaged to it, together with such other information as may be so required; provided always, that the Crédit Foncier shall not, in any case, be required to divulge the name or private affairs of any individual with whom a contract shall have been entered into. 9. The Crédit Foncier may, when it shall consider it indis- Purge may be pensable to its security, require the borrower or vendor to free insisted on. (purger) his property from incumbrance. 10. The formalities required to effect such discharge of Formalities to incumbrances (purge) shall consist in giving a notice containing effect such a description of the property or properties which it is proposed purge. to free from incumbrance, the names, surname and addition of the owner thereof, and requiring all persons holding mortgages, privileges, rights or claims on such property not inserted in the certificate of the Registrar or specially reserved as hereinafter mentioned, to declare the same in writing to the Registrar of the County in which such property is situate; such notice Notice. for the obtaining of such discharge of incumbrance (purge) shall be published in the newspapers, and for the same period of time as shall be then required by law for the publication of a notice to obtain a judgment or sentence of ratification; and Publication of such notice shall be posted up at the door of the church of the notice. locality, or, if there be no church, at the door of the most public place in the locality in which such property is situate in the same Effect of purge. same manner and for the same period of time, as shall be then necessary in the posting up of a notice to obtain a judgment or sentence of ratification; after the expiration of the time fixed for the publication of such notice, no mortgage, privilege, right or claim, which shall not have been duly declared at the office of the Registrar of the County in which such property is situate, shall affect or rank above the privileges, rights or mortgages which the Crédit Foncier shall have obtained or may obtain on Proviso cer- such property; provided however, that such discharge of incum : tain claims excepted. Registration of declarations. Fee. Preamble. brances (purge) shall in no way affect the rights, privileges or mortgages mentioned in the certificate of the Registrar of the county, which certificate the Crédit Foncier shall be bound to obtain and insert in the notice above mentioned; nor the hypothec of the rente constituée resulting from the Seigniorial Act, nor the rights and mortgages belonging to Municipalities, Schools, the Crown, married women, minors and interdicted persons. 11. The Registrar of the county shall receive all declarations. which may be delivered to him during office hours, and shall register the same in a book kept for the purpose, on payment of the usual fees, and he shall deliver to the Crédit Foncier a certified list, containing the date of the reception of each declaration, the names of the parties and the amount of each claim, in consideration of the sum of fifty cents. CAP. LXXXII. An Act to amend the Charter of the Eastern Townships W [Assented to 30th June, 1864.] HEREAS the Eastern Townships Bank have, by their petition, represented, that the said Bank have been unable fully to comply with the requirements of their Charter as to the payment of the capital stock of said Bank, and that the said Bank will be unable to call in the full amount of the capital stock as subscribed within the term prescribed by the Act twenty-second Victoria, Chapter seventy-nine, and desire that the period prescribed by said Act may be extended, and that a further period of five years from the first day of September next, may be allowed to them for compelling the payment in full of the capital stock of said Bank, of which capital stock one hundred and fifty thousand dollars is still unpaid; and said Bank have prayed that their Charter may be amended so as to extend the period for completing the full payment of the capital stock as aforesaid; and that the Charter may be also amended, so that said Bank may be entitled to charge any over-due bill or note held by and payable at the Bank against the deposit account of the maker or acceptor thereof; and it is expedient to grant said petition : Therefore, Her Majesty, by and with the advice and consent of the Legislative Council and Assembly of Canada, enacts as follows: extended to 1. The period limited by the Act twenty-second Victoria, Delay for chapter seventy-nine intituled: An Act to amend the Act paying up of incorporating the Eastern Townships Bank, for the full and Capital Stock complete payment of the capital stock of the said Bank shall 1st Septembe extended, so far as relates to the sum of one hundred and ber, 1867. fifty thousand dollars thereof unpaid, to the expiration of three years from the first day of September, one thousand eight hundred and sixty-four, and the said Bank shall not be liable to have their Chapter declared forfeited by reason of the full amount of their capital stock not having been paid up, if before the expiration of the term of three years from the date aforesaid, the sum of one hundred and fifty thousand dollars remaining unpaid of the full amount of the capital stock of the said Bank, shall be paid in. 2. The said Bank shall have a right and be entitled to Note, &c., charge any over-due note or bill held by and payable at the over due may be charged to Bank against the deposit account of the maker or acceptor deposit acthereof, any law, statute or usage to the contrary notwith- count. standing. 3. This Act shall be deemed a Public Act. CAP. LXXXIII. An Act to amend the Act intituled: An Act to incorporate the Merchant's Bank. [Assented to 30th June, 1864.] Public Act. HEREAS the Merchant's Bank have, by their petition, Preamble. prayed for certain amendments to their Act of Incorpo ration, twenty-fourth Victoria, chapter eighty-nine, and it is expedient that the prayer of their petition be granted: Therefore, Her Majesty, by and with the advice and consent of the Legislative Council and Assembly of Canada, enacts as follows: tinue till 1. The Directors of the said Bank, elected at the meeting of Present Dithe shareholders thereof, on the twenty-eighth day of April, rectors to conone thousand eight hundred and sixty-four, shall hold office as such until the first Monday of July which will be in the year eighteen hundred and sixty-five, and until the election of Directors which shall take place in that year. 2. In addition to the powers conferred upon the Directors By-laws to by the eleventh section of the said Act in respect of the making regulate reof by-laws, they are hereby empowered to make a by-law or by-laws to regulate the retirement in each year of a part only of the tirement of Directors. the Directors, the number of Directors who shall so retire, the mode in which the retiring Directors shall be selected, and all other matters in connection with the change to be made by Subject to such by-laws in the mode of selection of the Directors; the confirmation. whole subject to confirmation by the shareholders as provided by the said section; Provided always that the number of Directors to be elected at each annual meeting shall not be less than four. Proviso. Section 38 amended. The whole capital need not be called in. 3. The words "payable within the same," occurring in the thirty-eighth section of the said Act, are hereby repealed, and shall no longer form part of the said section. 4. After the payment of calls upon the subscribed capital of the said Bank, to the extent of one million of dollars, it shall not be obligatory upon the said corporation to call in the remainder of such subscribed capital; but the same may be called in or not called in either in whole or in part, as the Proviso: cer- Directors may from time to time determine; Provided always that nothing herein contained shall affect the limitations fixed by the said Act in respect of the amount of notes or bills which the said Bank may issue, or in respect of the amount of debt which the said Bank may owe, or in respect of the liability of the shareholders for double the amount of their subscribed stock. tain enact ments not affected. Public Act. Preamble. Incorporation. Corporate name and powers. 5. This Act shall be deemed a Public Act. CAP. LXXXIV. An Act to incorporate the Royal Canadian Bank. W [Assented to 30th June, 1864.] HEREAS John Bell, Q.C., George T. Denison, James Metcalf, William Barber, J. P. Wheler, R. A. Harrison, S. M. Jarvis, M. R. Vankoughnet, Thomas Woodside, William McKee, Robert Walker, and others, have, by their petition, prayed that they and their legal representatives might be incorporated for the purpose of establishing a bank in the City of Toronto; and whereas it is desirable and just that the said persons, and others, who see fit to associate themselves with them, should be incorporated for the said purpose: Therefore, Her Majesty, by and with the advice and consent of the Legislative Council and Assembly of Canada, enacts follows: as 1. The several persons hereinbefore named, and such other persons as may become shareholders in the company to be by this Act created, and their assigns, shall be and are hereby created, constituted and declared to be a corporation, body corporate and politic, by the name of "The Royal CanadianBank," and shall continue such corporation, and shall have perpetual perpetual succession and a corporate seal, with power to alter and change the same at pleasure, and may sue and be sued, implead or be impleaded, in all courts of law as other corporations may, and shall have the power to acquire and hold real Real estate and immovable estate for the management of their business, limited. not exceeding the yearly value of ten thousand dollars, and may sell, alienate or exchange the same and acquire other instead, and may, when duly organized as hereinafter provided, By-laws. make, ordain and establish such Rules, Regulations and Bylaws as to them shall appear proper and necessary for the right administration of their affairs, and the proper management of said Bank (such By-laws and Regulations not being inconsistent with this Act, or contrary to the laws of this Province); Provided, however, that such Rules, Regulations and By-laws Proviso: for shall be submitted for approval to the stockholders or share-approval. holders in the said Bank, at their regular annual meeting. shares $50. but not below 2. The capital stock of the said bank shall be two millions Capital of dollars divided into forty thousand shares of fifty dollars $2,000,000. each, which said shares shall be and are hereby vested in the several persons who shall subscribe for the same, their legal representatives or assigns; Provided always that if Proviso. within the period of five years after the said Bank shall have commenced the business of banking, it be resolved at any Capital may annual general meeting of the shareholders of the said Bank be reduced, that the capital stock thereof be reduced to the amount thereof $1,000,000. then actually subscribed, or to the sum of one million of dollars, if the amount of stock then subscribed thereon be less than one million of dollars, and if notice of such resolution be forthwith thereafter given in the Canada Gazette, then and thereupon the capital of the said Bank shall be held to be reduced to one million of dollars, or to such sum exceeding one million of dollars as may then have been subscribed, and this Act shall be construed and enforced as if the capital thereof had been herein fixed at the sum to be named in such resolution. 3. For the purpose of organizing the said Bank and of Provisional raising the amount of the said capital stock, the persons herein- Directors. before mentioned and hereby incorporated shall be provisional Directors thereof; and they, or the majority of them, may cause Subscription stock books to be opened after giving due public notice, upon of stock. which stock-books shall and may be received the signatures and subscriptions of such persons or parties as desire to become shareholders in the said bank; and such books shall be opened at Toronto and elsewhere at the discretion of the said provisional directors, and shall be kept open so long as they shall deem necessary; and so soon as four hundred thousand First meetdollars of the said capital stock shall have been subscribed ing for elec upon the said stock-books and one hundred thousand dollars tors. thereof actually paid in thereupon, a public meeting shall be called of the subscribers thereof by notices published at least tion of Direo two |