Interest and sinking fund. 4. There shall be included in the estimates of expenditure submitted to the House of Assembly in each year a sum sufficient to pay the interest on any debentures or on any Nova Scotia Stock issued under the provisions of this Act for the year for which such estimates are made, and also if a Sinking Fund is established a sum sufficient to pay the amount due on account thereof for the year for which said estimates are made. Loans; principal and interest guaranteed. Authority to borrow. Conditions of loan. CHAPTER 2. An Act to Enable Municipalities to Assist in Supplying Polling Districts with Cattle Feed and Seed. (Passed the 29th day of April, A. D., 1922). Be it enacted by the Governor, Council, and Assembly as follows 1. The Governor-in-Council is authorized to guarantee the payment of principal and interest of any amounts borrowed by a Municipality under the provisions of this Act. 2. The warden and clerk or treasurer of any Municipality requiring a loan for the purpose of buying cattle feed and seed grain, are authorized to borrow on the credit of the Municipality such sums as are required for the respective polling districts for that purpose, not, however, to exceed in any Municipality the sum of twenty thousand dollars. 3. The said amount may be borrowed in different sums and at different times on the security of the promissory note or notes of the Municipality, signed by the warden and clerk or treasurer, payable in two years from date, with interest at rate not exceeding six per cent. payable half yearly. Treasurer to in 4. The guarantee of the Governor-in-Council shall Provincial be signified by the Provincial Treasurer by writing his dorse notes. name across the face of such promissory note. on Municipa vince. 5. The said notes when so issued shall be binding Notes binding upon the Municipality and the Province, and the lity and Prolender shall not in any case be bound to inquire into the validity thereof beyond the genuineness of said signatures. tions, terms 6. The Municipal Council of any Municipality Sales, regulamaking any such loan shall provide for the purchase of and security. cattle feed and seed grain for the several polling districts requiring the same, shall make regulations for the sale thereof in such polling districts and the terms and security on which the same shall be sold, provided that in the case of any sale so made, the time of payment shall not exceed two years. 6. (a) In any Municipality in which there is no semi-annual meeting of the Council it shall be competent for the advisory committee or finance committee of such Council, together with the warden, to make the regulations referred to in this section. for sales a lien. 7. Such Municipal Council or committee shall Amounts due have power to make the amounts due for such sales a lien on the real property of the purchaser and his endorser or indorsers, and shall prescribe the manner in which notice of such lien shall be given. rated. 8. Every such Municipal Council may rate upon Deficit may be any district the amount of any deficit in payment for the cattle feed and seed grain. ratified and 9. In any Municipality where money has been previous loans borrowed from any bank or other monetary institution confirmed. for the purposes in this Act set out, the borrowing thereof is hereby ratified and confirmed and the same shall be in all respects as valid, legal and binding as if the said money had been borrowed after the passing of this Act, and after a resolution of Council duly passed by the Council of such Municipality. Short title. CHAPTER 3. An Act Respecting Trust Companies. (Passed the 29th day of April, A. D., 1922). Be it enacted by the Governor, Council, and Assembly, as follows: SHORT TITLE. 1. This Act may be cited as "The Trust Companies Act." INTERPRETATION. 2. In this Act, unless the context otherwise reInterpretation. quires Annual general meeting. Minister. Shareholder. The company, Application of Act. (a) "Annual General Meeting" includes the general meeting of shareholders at which the dir ectors of the company are elected; (b) "Minister" means the Provincial Trea surer; (c) "Shareholder" means every subscriber to or holder of stock in the company and includes the personal representatives of the shareholders: (d) "The Company" or "Trust Company" means a company incorporated for the purpose of (i) exercising the powers set forth in Section 59 of this Act; or (ii) executing the office of executor, administrator or trustee, either with or without other objects or powers. APPLICATION OF ACT. 3. (1) The provisions of this Act shall apply to every trust company incorporated by Act of the Legislature of Nova Scotia, after the passing of this Act. Companies (2) The provisions of Sections 31, 33, 41 to 46 both heretofore in- inclusive, 60, 64, 65, 70 to 72 both inclusive, and 74 to corporated. 76, both inclusive, shall apply to every trust company heretofore incorporated by Act of the Legislature of Nova Scotia, and in so far as there are provisions in such Act or otherwise applicable to such company inconsistent with the provisions of these sections, the provisions of these sections shall apply, and the provisions which are inconsistent as aforesaid shall not apply. INCORPORATION AND ORGANIZATION. to be declared 4. The capital stock of every trust company here- Capital stock after incorporated, the name of the trust company, in Act of Inthe place in Nova Scotia where its head office is to be corporation. situated, the names, places of residence and description of the provisional directors, shall be declared in the Act of incorporation of every such trust company. 5. Every trust company incorporated by Act in Company, a the form set forth in Schedule A to this Act shall be body corporate. a body corporate by the name contained in its Act of incorporation, capable forthwith of exercising all the functions of an incorporated company, and shall be invested with all the powers, privileges and immunities and shall be subject to all the liabilities and provisions set forth in this Act. directors. 6. The number of provisional directors shall be Provisional not less than five, a majority of whom shall be a quorum. directors may 7. (1) The provisional directors may, after giving Provisional notice thereof by advertisement in one or more news- organize compapers published at the place where the head office of pa ny the company is situate and in The Royal Gazette, open stock books, procure subscriptions of stock, make calls on stock subscribed and do generally what is necessary to organize the company. (2) The first of such calls shall not exceed twenty-Calls. five per cent. of the amount subscribed and no subsequent call shall exceed ten per cent. thereof, and such calls shall be made at intervals of not less than thirty days. (3) Not less than thirty days' notice shall be given Notice of calls. of any call, and any notice of call may be effectually Advance payments of shares Moneys to be deposited in given by sending the notice by registered letter to the last known address of each shareholder as contained in the books of the company. (4) The provisional directors may if they think fit receive from any shareholder willing to advance the same all or any part of the money due upon the shares held by him beyond the sums actually called for; and upon the money so paid in advance or so much thereof as from time to time exceeds the amount of the calls then due upon the shares in respect of which such advance has been made, the company may pay interest at such rate as the shareholder paying such sum in advance and the directors may agree upon. (5) The provisional directors shall deposit to the chartered bank. credit of the company in a chartered bank all moneys received by them on account of stock subscribed or otherwise on account of the company, and may withdraw the moneys so deposited for the purposes of the company only. Provisional directors hold 8. The provisional directors shall hold office until office until dir-directors are elected by the shareholders qualified as hereinafter provided. ectors elected. When $150,000 bona fide sub meeting to be called. Proviso. 9. As soon as not less than one hundred and fifty scribed general thousand dollars of the capital stock have been bona fide subscribed and not less than fifty thousand dollars have been paid thereon in cash the provisional directors may call a general meeting of the shareholders to be held at the place named in the Act of incorporation as the head office of the company; provided that stock upon which less than ten per cent. has been paid in cash by the shareholder shall not be reckoned as part of the one hundred and fifty thousand dollars of stock necessary to be subscribed, nor shall any sum paid by any shareholder upon the shares subscribed for by him which is less than ten per cent. of the amount subscribed for by such shareholder be reckoned as part of the sum of fifty thousand dollars required to be paid as herein before mentioned. Voting qualification. 10. At such meeting only the shareholders who have paid in cash at least ten per cent. of the amount |