СНАР. 69 An Act to amend the charter of the North Shore Power Com pany. [Assented to 9th March, 1906] WHEREAS the North Shore Power Company has, by petition, Preamble. prayed for an act to amend its act of incorporation, as well as the various amendments already granted to it, with the view of increasing the value of the immoveable property to be owned and controlled by the company; to increase its capital stock and its borrowing and bonding powers to meet the requirements that have become urgent in consequence of the extension of its business; to authorize the company to invest in the stock and bonds of other companies; to exercise the rights, privileges, franchises and charter rights of other companies or corporations, and to amalgamate and consolidate with such companies and, corporations; and whereas it is expedient to grant the prayer of such petition; Therefore, His Majesty, with the advice and consent of the Legislative Council and of the Legislative Assembly of Quebec, enacts as follows: 1. Section 1 of the act 60 Victoria, chapter 77, is replaced by 60 V., c. 77, the following: 5 s. 1, replaced. "1. The Honourable Charles Carrol Colby, of the village of Persons inStanstead Plain, advocate; William Farwell, of the city of Sher- corporated. brooke, bank manager; Jean Baptiste Frégeau, of the village of Beebe Plain, contractor, and Edouard Alfred Lacroix, of the city of Three Rivers, contractor, and all other persons who are now or may hereafter become shareholders, shall be and are hereby created a body politic and corporate, under the name of the "North Shore Power Company," with power to acquire property, moveable and immoveable, and the same to lease, alienate and otherwise dispose of, and to hypothecate in favor of trustees or otherwise, the value of such immoveable property not to moveables to exceed two hundred and fifty thousand dollars." Name. Powers. Value of im be held. 2. Section 2 of the act 60 Victoria, chapter 77, is replaced by Id., s. 2, rethe following: placed. "2. The head office or principal place of business of the Head office. company shall be at the city of Three Rivers or at such other place in the Province of Quebec as the shareholders of the company, by by-law, may, from time to time, determine." 3. Section 3 of the act 60 Victoria, chapter 77, is replaced by Id., s. 3, rethe following: placed. Capital stock and shares. Increase of capital. Id., s. 16, § "3. The capital stock of the company shall be one hundred thousand dollars, divided into one thousand shares of one hundred dollars each. The capital stock may be increased, from time to time, by a vote of the majority in value of the shareholders present in person or represented by proxy at any meeting called for such purpose, to any amount not exceeding one million dollars." 4. The first paragraph of section 16 of the act 60 Victoria, 1, replaced. chapter 77, as amended by section 1 of the act 61 Victoria, chapter 71, and as replaced by section 1 of the act 2 Edward VII, chapter 70, is replaced by the following: Power to borrow money to certain amount, &c. Id., s. 16, amended. Secs. added after id., s. 24. Power to 4 exercise cer- certain limits. Power to lease, &c., works of other com "16. The directors may, from time to time, borrow money upon the credit of the company and issue bonds, debentures or other securities for any sum borrowed, but the amount of bonds or debentures shall not at any time exceed one million dollars." 5. The two paragraphs added to section 16 of the act 60 Victoria, chapter 77, by section 2 of the act 61 Victoria, chapter 71, and replaced by section 2 of the act 2 Edward VII, chapter 70, are repealed. 6. The following sections are added after section 24 of the act 60 Victoria, chapter 77: "24a. The company may exercise the rights, privileges, franchises and charter rights of any company or corporation possessing powers of a like nature, within the territorial limits assigned to the company by this act, where such privileges, franchises or charter rights can be made use of in connnection with the business and undertaking of the company. "246. The company may lease and operate the works or undertakings, either in whole or in part, of any person, company or corporation carrying on or authorized to carry on any business panies, &c. within the purposes of the company, and may acquire, hold and dispose of the stock or bonds of any company or corporation having the power to carry on any like business, the whole within the territorial limits assigned to the company by this Power to amalgamate, &c. Coming into force. act. "24c. The company may amalgamate or consolidate with any corporation in whose stock or bonds it is authorized to invest, upon such terms as may be agreed upon between the two companies, the whole within the territorial limits assigned to the company by this act." 7. This act shall come into force on the day of its sanction. CHAP. 70, An Act to extend the powers of the Richmond, Drummond & [Assented to 9th March, 1906] WHEREAS the Richmond, Drummond & Yamaska Mutual Preamble. Fire Insurance Company, a body politic and corporate duly incorporated in accordance with the laws of this Province, has, by its petition, represented that, in the interest of the public, as well as of those who are insured in it, additional powers should be granted to it, and whereas it is expedient to grant its prayer; Therefore, His Majesty, with the advice and consent of the Legislative Council and of the Legislative Assembly of Quebec, enacts as follows: 1. The Richmond, Drummond & Yamaska Mutual Fire Head office. Insurance Company, which is hereinafter designated as "the company, as at present organized, as well as for its future organization and business, shall have its head office at the town of Richmond, in the district of Saint Francis. 2. The company is hereby permitted and authorized to Capital have a capital stock of one hundred thousand dollars, to be stock. divided into one thousand shares of one hundred dollars each. Shares. 3. The directors of the company may, by by-law, make pro- Power of vision for the raising of said capital, and for the dates and directors as to capital, manner of payment thereof, provided however that the first &c. call shall be of not less than thirty per cent., and the balance shall be payable as the directors may thereafter decide, but, in any event, there shall be an interval of at least two months between every call. certain 4. As soon as the sum of one hundred thousand dollars of Increase of the capital stock of the company as provided for in this act is capital in subscribed for and seventy-five per cent. thereof is paid in, the event. directors of the company may, by by-law, increase such capital stock, from time to time, as they may consider to be advisable, but so that said capital stock shall never exceed one million dollars. 5. When the amount of one hundred thousand dollars at least Composition shall have been actually subscribed of the said capital stock, of company after capital and thirty per cent. shall have been paid up thereon by the increased. shareholders, the company shall thereupon consist: When board to be chosen. (a) of the shareholders or holders of shares of the capital stock; (b) of the members or persons insured under the mutual system. 6. When the capital stock shall be subscribed, the board of of directors directors shall be chosen. Two-thirds of the directors must be shareholders and at the same time be insured under the Qualification mutual system. In addition to the qualification required by of directors. article 5285 of the Revised Statutes, the directors who are shareholders must hold shares to an amount of at least one thousand dollars on which all calls are paid up. Members of vote. 7. Every policy-holder, other than those whose policies company and belong to the non-mutual or cash premium system, shall be a their right to member of the company (all members of this class being hereinafter designated under the name of "mutual insurance members") and shall, at all meetings of the company, be entitled to a number of votes proportionate to the amount of his deposit or premium notes held by the company, namely: one vote for the total amount of such deposit or premium notes, and an additional vote for every additional suin of one hundred dollars or fraction thereof. Right to vote of shareholders. Property that com sure after with Provincial Treasurer. 8. At all meetings of the company every shareholder shall be entitled to one vote per share, and may be represented by proxy, provided such proxy be himself a shareholder of the company. 9. As soon as the company shall have deposited with the Provincial Treasurer the amount required by the following secpany may in- tion it shall be empowered to insure all kinds of property, making cer- rights and interests against loss or damage by fire or lightning tain deposit under the mutual as well as under the non-mutual or cash system, without being obliged to maintain a proportion between the amount of risks in cities and towns and that of risks elsewhere, nor any proportion between the amounts of risks in force under both systems; and enter into and execute contracts, agreements, or stipulations, written or printed or partly written and partly printed, relating to such purposes and calculated to accomplish the same. Proviso as to Notwithstanding, the persons insured under the mutual syslosses under tem shall by no means be responsible for losses occasioned cash system. under the non-mutual or cash premium system. Amount of 10. The deposit referred to in the foregoing section shall be deposit and made in the hands of the Provincial Treasurer and be of an amount of twenty-five thousand dollars for the security of the increase thereof. insured; and, as soon as the insurances in force under the system of cash premiums shall have reached the figure of three million dollars, the company shall deposit an additional amount of five thousand dollars for every additional one million dollars of insurance in force under the cash premium system, until the total deposit shall amount to fifty thousand dollars. It shall be lawful for the company to effect such deposit either How to be in money or in any of the securities in which the company may legally invest. The interest upon the securities depos- Interest on ited shall be paid to the company when due. made. securities. certain If, however, the company obtains a license from the Gov- Withdrawal ernment of the Dominion of Canada by making the required of deposit in deposit therewith, it shall be entitled to withdraw that made event. by it with the Government of the Province of Quebec. 11. No insurance under the non-mutual or cash system Rights of shall have the effect of compelling the insured to contribute persons insured under in any way to the company's funds or expenses beyond the cash system. premium agreed upon, nor entitle him to any share in the company's profits or surplus. 12. The company may cause itself to be reinsured against Reinsurance. any loss incurred in the course of its operations. 13. The company may also accept reinsurances of their risks Acceptance from other insurance companies wheresoever the said risks of reinsurmay be situated. ances. 14. Out of the net profits of each year's operations (not Dividends including deposit notes) the directors may divide among the out of profshareholders such an amount as they consider advisable in the shape of dividends. its. 15. The company shall have the right to acquire and hold Power to immoveable or other property to the amount of two hundred hold, &c., property, thousand dollars, and it may sell or lease such property or a &c. portion thereof and dispose of the same and acquire other in lieu thereof, as to the directors may seem fit; and it may acquire and possess lands and tenements, real estate or immoveables bona fide hypothecated to it as security or transferred to it in payment of debts previously contracted in the course of its operations or that may have been purchased at sales under judgments obtained on such debts, or purchased to avoid loss to the company with regard to them or to their owners. 16. It shall be lawful for the directors of the company, Power to inby by-law passed and approved of by a majority of the vest money |