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XXVIII. The notes or bills of the said Corporation made Notes to bear payable to order, or to bearer, and intended for general circula- date and be tion, whether the same shall issue from the chief place or seat payable at the of business of the Corporation at Stanstead, or from any of the place of issue. branches, shall bear date at the place of issue, and not elsewhere; and shall be payable on demand in specie at the same

place of issue; and each and every office of discount and What shall be deposit established or hereafter to be established under the deemed management or direction of a local Board of Directors, shall Branch Banks. be considered and held to be a Branch Bank, and subject to the restriction as to the issuing and redemption of notes provided in this Section.

feiture of

XXIX. A suspension by the said Corporation (either at the Suspension for chief place or seat of business at Stanstead, or at any of their sixty days to branches or offices of discount and deposit at other places in effect a forthis Province,) of payment on demand, in specie, of the notes Charter. or bills of the said Corporation payable on demand, shall, if the time of suspension extend to sixty days, consecutively or at intervals within any twelve.consecutive months, operate as and be a forfeiture of this Act of Incorporation, and all and every the privileges hereby granted.

to exceed one

XXX. The total amount of the Notes or Bills of the said Total amount Corporation, being for a less sum than one pound, current of Notes under money of Canada, each, that shall be or may have been issued £1 issued not and put in circulation, shall not exceed at any one time one fifth of Capital fifth of the amount of the Capital Stock of the Corporation then Stock paid in. paid in Provided always, that no notes under the nominal Proviso: no value of five shillings shall at any time be issued or put into Notes to be circulation by the Corporation, nor shall any further limitation under five shillings. by the Legislature of the total amount of notes to be issued or re-issued by the said Corporation be held to be any infringement upon the privileges hereby granted: Provided further, that Proviso: the several provisions of an Act passed in the sixteenth year of Her Majesty's Reign, intituled, An Act to encourage the issue 16 V. c. 162, by the Chartered Banks of this Province, of Notes secured in the to apply to manner provided by the General Banking Law, shall be and are this Act. hereby declared to be applicable to the Bank established under

this Act.

XXXI. The total amount of the debts which the said Corpo- Total debts of ration shall at any time owe, whether by bond, bill, note, or Bank limited; otherwise, shall not exceed three times the aggregate amount

of the Capital Stock paid in and the deposits made in the Bank

in specie and Government securities for money; and at no one And of its period after the passing of this Act shall the notes or bills pay- Bank Notes. able on demand and to bearer, exceed the amount of the actually paid up Capital stock of the said Corporation, and the amount of the gold and silver coin or bullion and debentures receivable in deposit for registered Bank Notes according to the laws of this Province, then on hand in the Bank; and in case of excess

Penalty for the said Corporation shall forfeit this Act of Incorporation and excess liabi all the privileges hereby granted; and the Directors under lity of Direc- whose administration the excess shall happen, shall be liable

tors.

jointly and severally for the same, in their private capacities, as well to the Shareholders, as to the holders of the bonds, bills and notes of the Corporation; and an action or actions in this behalf may be brought against them, or any of them, and the heirs, executors, administrators or curators of them, or any of them, and be prosecuted to judgment and execution according to law, but such action or actious shall not exempt the Corpotation, or their lands, tenements, goods or chattels from being also liable for such excess; Provided always, that if any DiDirector may rector present at the time of contracting any such excess of avoid liability by protest and debt, do forthwith, or if any Director absent at the time of conpublication. tracting any such excess of debt, do within twenty-four hours

Proviso:

Proviso.

One tenth of

paid up Stock to be invested kinds of De

in certain

bentures.

made.

after he shall have obtained a knowledge thereof, enter on the minutes or register of proceedings of the Corporation, his protest against the same, and do, within eight days thereafter publish such protest in at least two newspapers published in the District where the Bank is situate, such Director may thereby, and not otherwise, exonerate and discharge himself, his heirs, execu tors and administrators or curators from the liability aforesaid; any thing herein contained, or any law to the contrary notwithstanding And provided always, that such publication shall not exonerate any Director from his liability as a Shareholder.

XXXII. It shall be the duty of the Directors of the said Bank to invest, as speedily as, the Debentures hereinafter mentioned can be procured from the Receiver General, and to keep invested at all times in the Debentures of this Province, payable within the same, or of the Consolidated Municipal Loan Fund, one tenth part of the whole paid up Capital of the Return to be said Bank, and to make a return of the numbers and amount of such Debentures, verified by the oaths and signatures of the President and Chief Cashier or Manager of the said Bank, to the Inspector General, in the month of January of each year, under the penalty of the forfeiture of the Charter of the said Bank, in default of such investment and Return: Provided always, that the Directors shall not commence the business of Banking until the sum of five thousand pounds have been invested in such Debentures.

Proviso.

Liabilities of

defined and hun.ed.

XXXIII. In the event of the property and assets of the Cor Shareholders poration hereby constituted, becoming insufficient to liquidate the liabilities and engagemen's or debts thereof, the Shareholders of the Corporation, in their private or natural capacities, shall be liable and responsible for the deficiency, but to no greater extent than to double the amount of their Capital Stock, that is to say that the liability and responsibility of each Shareholder shall be limited to the amount of his or her share or shares of the said Capital Stock, and a sum of money equsi in amount thereto: Provided always, that nothing in this

Proviso.

section

section contained shall be construed to alter or diminish the additional liabilities of the Directors of the Corporation hereinbefore mentioned and declared.

be made and

XXXIV. Besides the detailed statement of the affairs of the Monthly statesaid Corporation hereinbefore required to be laid before the ments of affairs Shareholders thereof, at their annual general meeting, the Di. of the Bank to rectors shall make up and publish, on the first Monday of each published. month, in every year, statements of the assets and liabilities of the Corporation, in the form of the Schedule B hereunto annexed, shewing under the heads specified in the said form, the average of the amount of the notes of the Corporation in circulation and other liabilities, at the termination of each month during the period to which the statement shall refer, and the average amount of specie and other assets that, at the same times, were available to meet the same: and it shall also be the duty of the Directors to submit to the Governor of this Province, a copy of each of such monthly statements; and if by him How verified. required to verify all or any part of the said statement, the said Directors shall verify the same by the production of the weekly or monthly balance-sheets, from which the said statement shall have been compiled; and furthermore, the said Directors Proviso: Goshall from time to time, when required, furnish to the said vernor may Governor of this Province such further information respecting information. require further the state and proceedings of the Corporation, and of the several branches and offices of discount and deposit thereof, as such Governor of this Province, may reasonably see fit to call for : Provided always, that the weekly or monthly balance-sheet, Proviso. and the further information that shall be so produced and given, shall be held by the said Governor of this Province as being produced and given in strict confidence that he shall not divulge any parts of the contents of the said weekly or monthly balancesheets, or of the information that shall be so given: And Proviso. provided also, that the Directors shall not, nor shall any thing herein contained be construed to authorize them or any of them to make known the private account or accounts of any person or persons whatever having dealings with the Corporation.

foreign pow

ers.

XXXV. It shall not be lawful for the Corporation hereby Bank not to constituted, at any time whatever, directly or indirectly, to lend money to advance or lend to, or for the use of or on account of any foreign Prince, Power or State, any sum or sums of money, or any securities for money: and if such unlawful advance or loan be made, then and from thenceforth the said Corporation shall be dissolved, and all the powers, authorities, rights, privileges and advantages hereby granted shall cease and determine : any thing in this Act to the contrary notwithstanding.

XXXVI. The several public notices by this Act required to be given, shall be given by advertisement in two or more of the newspapers published in Canada; and the Official Gazette, or such other Gazette as shall be generally known and

accredited

How notices shall be pub

lished.

Punishment of
Officers of

Bank embez

perty, &c.

accredited as the Official Gazette for the publication of Official documents and notices emanating from the Civil Government of this Province, shall be one.

XXXVII. If any Officer, Cashier, Manager, Clerk or Servant of the Corporation hereby constituted, shall secrete, embezzle, zling its pro- or abscond with any bond, obligation, bill obligatory or of credit, or other bill or note, or with any security for money, or money or effects intrusted to him as such Officer, Cashier, Manager, Clerk or Servant, whether the same belong to the said Corporation, or belonging to any other person or persons, body or bodies politic or corporate, or institution or institutions, be lodged or deposited with the said Corporation, the Officer, Cashier, Manager, Clerk or Servant so offending, and being thereof convicted in due form of law, shall be deemed guilty of felony.

Rights of the Crown and others saved.

Public Act.
Duration.

XXXVIII. Nothing in this Act contained shall in any manner derogate from or affect, or be construed to derogate from or affect the rights of Her Majesty, Her Heirs and Successors, or of any person or persons, or of any body or bodies politic or corporate, except in so far as the same may be specially derogated from or affected by the provisions of this Act.

XXXIX. This Act shall be held and taken to be a Public Act, and shall remain in force until the first day of June which will be in the year of our Lord, one thousand eight hundred and seventy, and from that time until the end of the then next Session of the Parliament of this Province, and no longer.

FORM OF SCHEDULE A

Referred to in the Nineleenth Section of the foregoing Act.

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eurrency, amounting to the sum of pounds,

of

shares,

shillings, shillings)

in the Capital Stock of the St. Francis Bank, subject to the rules and regulations of the said Bank.

Witness my (or our) hand (or hands) at the said Bank, this
day of
in the year one thousand eight hundred

and

(Signature.)

I (or we) do hereby accept the foregoing assignment of shares in the Stock of the St. Francis Bank, assigned to me (or us) as above mentioned, at the Bank, this

one thousand eight hundred and

day of

(Signature.)

FORM

FORM OF SCHEDULE B

Referred to in the foregoing Act.

LIABILITIES.

Promissory Notes in circulation not bearing interest....£
Bills of Exchange in circulation not bearing interest....£
Bills and Notes in circulation bearing interest...
Balances due to other Banks.....
Cash deposits, not bearing interest.

Cash deposits, bearing interest....

.....

..£

£

£

Total average Liabilities...... £

[blocks in formation]

Balances due from other Banks,......

£

....£

Notes and Bills discounted, or other Debts due to the
Bank, not included under the foregoing heads.......£
Total average Assets.....

W

САР. ССІІ.

An Act to incorporate the Molsons Bank.

[Assented to 19th May, 1855.]

HEREAS the Molsons Bank, constituted under and in Preamble. virtue of the Provincial Act made and passed in the

Session held in the thirteenth and fourteenth years of Her Ma

jesty's Reign, intituled, An Act to establish Freedom of Bank- 13& 14 V. ing in this Province, and for other purposes relative to Banks c. 21. and Banking, have by their Petition prayed for an Act of Incorporation extending their powers and privileges and authorizing them to increase their capital and for other purposes, and whereas it is expedient to grant the prayer of the said Petition Be it therefore enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and of the Legislative Assembly of the Province of Canada, constituted and assembled by virtue of and under the authority of an Act passed in the Parliament of the United Kingdom of Great Britain and Ireland, and intituled, An Act to re-unite the Provinces of Upper and Lower Canada, and for the Government of Canada, and it is hereby enacted by the authority of the same, as follows:

I. William Molson, the Honorable John Molson, Senior, Certain perThomas Molson, the Honorable George Moffatt, John Ogilvy sons sons incorpo rated. Moffatt, George Moffatt, the Honorable Samuel Gerrard, the

Honorable

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