in law to purchase, hold, and enjoy lands, hereditaments, tenements, goods and chattels, and also to grant, convey away, limit, sell, and dispose of the same, and shall also have full power and authority to make such By-laws and regulations as may be deemed necessary for the government and management of the said Company and its business, profits and affairs, provided such by laws, be not repugnant to the laws of this Island, or the provisions of this Act.

II. The Capital Stock of the said Company Shares of shall be three hundred thousand dollars, to be Stock. divided into shares of fifty dollars each.

III. The said capital stock shall be paid in when to be when and as the same may be called for by the paid. Directors for the time being, or a majority of

them.

Book.

IV. When and as often as the directors, or Directors to a majority of them shall, from time to time, keep Stock deem it necessary to make a call on the shareholders, for the whole or any part of the subscribed stock, it shall be the duty of the directors, or a majority of them, to open a Book and therein write the name of each shareholder for the time being, and to write opposite each name the amount to be paid in, under such call, and the lists so written in such book, shall be subscribed by the Directors for the time being, or a majority of them, and by the Secretary of the Company.

V. After such list shall be so made out and 30 days' nosubscribed, it shall be the duty of the Secre- tice of calls. tary for the time to notify the shareholders of such. call, by publishing a notice in the form to this Act annexed marked (A), or to the like

may be sued for calls.

effect, in two or more newspapers published in this Island, for at least thirty clear days previous to the day on which such call is made payable.

VI. After the expiration of the time menShareholders tioned in said notice for payment of said call, it shall be lawful for the directors to compel shareholders who shall not have paid their shares under such call, to pay the same by an action of debt, to be brought in the name of the "Saint Lawrence Marine Insurance Company of Prince Edward Island," against each or any shareholder in default for money due and payable from each shareholder to the said Company, in any of the Courts of the Commissioners for the recovery of Small Debts, or the Supreme Court of this Island (as the case may render expedient), and the production of the Book mentioned in Section Four of this Act, subscribed as required by said Section, and proof that the defendant is a stockholder in said Company, shall be conclusive evidence of his liability to pay the amount set opposite his name in such Book, and of the right of the plaintiff to receive judgment in such suit.

meeting.

VII. Whenever after the passing of this Act, Notice of first One hundred thousand Dollars of the Capital Stock shall be subscribed, a general meeting of the subscribing Stockholders of the said Company shall be called by notice in the Royal Gazette, signed by two or more of the persons named in the First Section of this Act, and inserted therein at least fourteen days previous to such meeting, and the Stockholders present at such meeting, or a majority of them, shall choose a Chairman and Secretary pro tempore, Seven Direc and shall thereafter choose seven Directors, being Stockholders, who shall have subscribed

tors.

for not less than ten shares in said Company; who shall serve until the next annual meeting of the Company, or until others are elected in their stead, and who shall have full power and authority to manage the affairs of the Company, and commence and carry on the operations of the said Company, subject to this Act and the bye-laws and regulations made or to be made in pursuance thereof, and the Shareholders present at such meeting, or the majority of them, shall have power to make, ordain and establish, such bye-laws, ordinances and regu- Bye-Laws. lations, for the government of the said Company and the management of its affairs as they may deem necessary, not repugnant to this Act or the laws of this Island.

VIII. The seven Directors so chosen shall, President. by a majority of votes from their number, elect a President.

Annual Gene❤

IX. There shall be a general meeting of the Stockholders of the said Company annually, ral meeting. holden at Charlottetown, on the second Wednesday in March, in each and every year, at which there shall be chosen by the Stockhold ers present, by ballot or voting by ticket, seven Directors, who shall continue in office for one year, or until others are chosen in their room, and such Directors, when so chosen, shall, out of their number, elect a President.

X. The Directors, for the time being, or a Secretary, majority of them, shall conduct and manage the Clerks, &c., to be appointed. affairs of the Company, and shall have power to appoint a Secretary, and such other officers, clerks and servants, as they shall think necessary, and to remove them or any of them, from time to time, at pleasure, and appoint other or others in their stead, and to allow them such

be sued by its corporate

name.

compensation for their respective services as shall appear reasonable and proper, and which, together with the expenses of buildings, rent and other contingencies, shall be defrayed out of the funds and earnings of the said Company.

XI. Actions, suits and proceedings at law or Company to in Equity, which may be commenced on any Policy of Insurance issued by this Company, by any person or persons, corporations or bodies politic, and whether such person or persons, or some of them, is, are or shall be, members of this Company, or whether his or their names are underwritten, on such Policy or Policies, shall be commenced and instituted and prosecuted against the said Company, by its corporate name and service of the writ of summons or first process may be made by serving a copy thereof on the President or Secretary of the Company for the time being

Policy, names therein.

Policy, how

in suits brought thereon.

XII. Every Policy issued by this Company shall have printed or written thereon the names of all the Shareholders of the Company on the day on which it is issued, and the number of shares held by each shareholder on that day.

XIII. That in any action, suit or proceedto be set out ing, on Policies of Insurance issued by the said Company, the declaration of bill of complaint shall set forth the policy or policies on which the action is brought, and shall contain an averment or allegation setting out truly and correctly the individual names subscribed or underwritten thereto, and the number of shares expressed on such policy or policies as held by each shareholder so subscribed or underwritten thereto, and when the plaintiff or complainant recovers in such action or proceedings, judgment or decrec may thereupon be entered up and

1

signed against the said Company by its corpo-
rate name, for the aggragate amount of the
damages and costs.

Damages.

XIV. A memorial of any judgment or de- Memorial of cree in any action or proceedings in the Su- judgment. preme Court, or in any Court of Equity of this Island may be given and registered as in other cases, and the Prothonotary, Registrar or other officer signing the same, shall apportion the aggregate debt or damages and costs amongst all the shareholders whose names are underwritten or subscribed in the policy or policies in which such action or proceedings was brought and shall set out the names of such shareholders and their respective portions of such damages or debts and costs according to their res- how apporpective shares in the Company as appearing tioned. from such policy, or from the declaration or bill of complaint in the suit, and such memorial shall be of the form or to the effect of Schedule (B), annexed to this Act, and when registered in the office of the Registry of Deeds in this Island, shall from the time of the regis try thereof, bind the real estate of each of the shareholders of this Company, whose names are therein set out as aforesaid, to the extent of the amount set therein opposite the name of each shareholder respectively, as fully as if such judgment had been against each shareholder individually.

Deeds.

XV. Upon receipt and proof of the execution Duty of Reof said memorial it shall be the duty of the gistrar of Registrar of Deeds or other officers whose duty it shall be to register memorials of judgment to register the same in the same way that memorials of judgment are now or shall hereafter be registered, and to enter the same on the indexes of the books of such Registry, in such manner