such returns, the names of the several corporations in one column, and the compile contents of their respective returns against their respective tables from names in other columns corresponding to those in the said sche- and lay them dule; and he shall cause copies thereof to be laid before each before the Legislature. branch of the Legislature within the first fifteen days of the session next after the completion of the same, or, if the Legislature be sitting when the same is completed, as soon as may be after such completion. C. S. C., c. 84, s. 4. See M. C. 979. laws, and to 4620. The registrar of the county or registration division Registrar to in which such municipal corporation or other corporate body or file such byits principal office is situated, shall receive and file in his office keep books the several by-laws required to be transmitted to him as herein- with copies of before provided, and shall cause to be entered, in a book provi- required by ded for that purpose, true and correct copies of the returns article 4617. herein before required by article 4617. C. S. C., c. 84, s. 5. the returns may register holder, and 4621. The registrar of each county or registration division, If requested, as aforesaid, shall provide a book of registration, wherein he shall, the registrac at the request of the original or any subsequent holders, or trans- the name of ferees thereof respectively, from time to time, cause to be entered any debenture and registered the name of such original or subsequent registration holders, or transferees, and such holder or last registered trans- to be prima feree in such book of registration shall be deemed prima facie evidence. the legal owner and possessor thereof. C. S. C., c. 84, s. 6. 4622. All by-laws mentioned in article 4617 shall be Mode in certified and authenticated in the case of a municipal corpora- laws shall be tion by the seal of the corporation, and by the signature of the certified. head thereof, or of the person presiding at the meeting at which the original by-law has been made and passed, and also by that of the clerk or secretary of such corporation; and all by-laws of other corporate bodies shall be attested and authenticated by the seal of such corporate body and by the signature of the head thereof. C. S. C., c. 84, s. 7. books of en 4623. The certified copies of all by-laws hereinbefore By-laws. rereferred to and transmitted as aforesaid, and also the returns turns and mentioned in article 4617 and the books of entry of such re- try in registurns and of registration, shall be open to public inspection and try office to be examination, and access had thereto at all seasonable times and open to inspection. hours upon payment of certain fees as hereinafter provided. C. S. C., c. 84, s. 8. 4624. The following fees shall be paid to registrars under Fees to be this section: For registration of each certified copy of by-laws, the sum of.... payable under this section. $ 2 00 For registration of any returns as prescribed in schedule 1 00 0.25 Meaning of term " final passing" as Over five and not exceeding fifteen, the sum of... For making search, inspecting each copy of by-law, and C. S. C., c. 84, s. 9. 0 50 075 1 00 1 00 4625. In all such cases that require the submission of any by-law or by-laws to the Lieutenant-Governor for his sanction, such sanction must first be obtained to bring the same be submitted within the meaning of the words "final passing" in article 4617. C. S. C., c. 84, s. 10. to by-laws to to the Lieutenant-Gov ernor. Section not to extend to railway companies or ecclesiastical corporations, &c. Penalty on officers of corporations neglecting their duties under this section. 4626. The foregoing articles of this section shall not extend to the by-laws or debentures thereunder of any railway company or incorporated ecclesiastical corporation or the debentures issued by any religious denomination in its corporate capacity, in this Province. C. S. C., c. 84, s. 11. 4627. Any clerk, secretary, or secretary-treasurer as aforesaid, of any corporation or corporate body as aforesaid, neglecting to perform, within the proper period, any duty devolving upon him in virtue of this section, shall be subject to a fine of two hundred dollars, or, in default of payment thereof, to imprisonment until such fine be paid, but for a period not exceeding twelve months, to be prosecuted for in the name of the Attorney-General, in any court having competent jurisdiction. C. S. C., c. 84, s. 12. Debentures 4628. Any debenture issued, under the formalities required payable to bearer may by law, by any corporation or corporate body, payable to be transfered bearer or to any person named therein or bearer, may be transby delivery. ferred by delivery, and such transfer shall vest the property of such debenture in the holder thereof, and enable him to maintain an action thereupon in his own name. C.S. C., c. 84, s. 13. If to order, to be endorsed. In declaring thereon, what facts to be stated. 4629. Any debenture issued as aforesaid, payable to any person, or to any person or order, is (after general endorsation thereof, by such person,) transferable by delivery from the time of such endorsation, and the transfer vests the property thereof in the holder, and enables him to maintain an action thereupon in his own name. C. S. C., c. 84, s. 14. 4630. In any suit or action upon any such debenture, it is not necessary for the plaintiff to set forth in the declaration or other pleading, or to prove, the mode by which he became the holder of such debenture, or to set forth or to prove the notices, by-laws, or other proceedings under or by virtue of which the debenture was issued, but it is sufficient to describe the plaintiff as the holder of the debenture (alleging the general endorsation, if any) and shortly to state its legal effect and purport, and to make proof accordingly. C. S. C., c. 84, s. 15. though dis bona fide holder for value, without notice. C. S. C., c. 84, per annum, and shall not be impeachable in the hands of a par, or at a rate of interest greater than six per centum less sum. ing its negotiation by such corporation at a rate less than counted at a and recoverable to the full amount thereof, notwithstand- amount, 4631. Any such debenture issued as aforesaid, is valid Good for full RETURN as required by section second of chapter second of title XI of the Revised Statutes of the 1 2 (here insert title of Corporation) RETURN as required by section second of chapter second of title XI of the Revised Statutes of the Province of Quebec intituled: (here insert title of this section) of Debentures issued by (here insert title of Corporation.) CAPITALIZATION OF DEBTS.—MUNICIPALITIES' FUND. SECTION III. 329 CAPITALIZATION OF MUNICIPAL DEBTS. may capital 4632. It is lawful for any municipal corporation of a city, Municipal town, village, parish, township or other municipal corporation corporations to capitalize its debts, lawfully contracted by it, under by-law ize debts. passed before the 29th August, 1881, and submitted to the electors, and to stipulate the payment thereof by annuities for a term not exceeding fifty years. 44-45 V., c. 26, s. 1. 4633. It is not necessary to submit such by-law for the Approval by approval of the electors. 44-45 V., c. 26, s. 4. electors not required. terest thereon. 4634. The interest upon the capitalized debts shall, in no Rate of incase, exceed the rate of six per cent. per annum, and is payable at such times as shall be agreed upon, yearly or oftener. 4445 V., c. 26, s. 2. 4635. Such corporations may, by a resolution of the Municipal council, issue debentures for the payment of such capitalized corporations debts, payable at such time and in such places as shall be fixed debentures for in the said debentures. 44-45 V., c. 26, s. 3. may issue payment of debt. SECTION IV. APPLICATION BY MUNICIPALITIES OF THEIR SINKING Fund. fund of muni 4636. Whenever a municipal corporation of a city, town, Employment village or any other municipality has contracted a loan, with of sinking respect to which it is bound to invest a sinking fund, it may cipalities. use such sinking fund for the purpose of redeeming the bonds issued by it for such loan; provided that the interest on the Proviso. debentures so redeemed be in future employed in the same manner as the sinking fund. 42-43 V., c. 42, s. 1. made. . 4637. The previous article applies to loans made by muni- Applied to cipalities, after the thirty-first day of October, 1879, and to loans already those made before that date, provided that in the latter case there be no stipulation in connection therewith, as to the manner in which such sinking fund is to be invested. 42-43 V., c. 42, s. 1. SECTION V. MUNICIPALITIES' FUND. §1.-Composition of Fund. 4638. The moneys arising from the clergy reserves in the Proceeds of Province of Quebec continue to form a separate fund, called the clergy re |