When direc

creditors.

4825. If the indebtedness of the company at any time tors liable to exceed the amount of its capital stock, the directors assenting thereto shall be personally and individually liable to the creditors of the company for such excess. C. S. C., c. 65, s. 27.

Exemption of trustees, &c.

Liability of owners of pledged stock.

Trustees, &c., may vote.

Not to be a

4826. No person holding stock in any company in the name of another shall be personally subject to any liability as stockholder of such company; but the estates and funds in his hands shall be liable in like manner and to the same extent as they would be if the person, in whose name the stock is held, held it in his own name. C. S. C., c. 65, s. 28.

4827. No person holding stock as collateral security shall be personally subject to any liability as stockholder of such company, but the person pledging such stock shall be considered as holding the same, and shall be liable as a stockholder accordingly. C. S. C., c. 65, s. 28.

4828. Every person holding stock in the name of another shall represent the shares of stock in his hands at all meetings. of the company, and may vote accordingly as a stockholder; and every person who pledges his stock as aforesaid, may nevertheless represent the same at all such meetings, and may vote accordingly as a stockholder. C. S. C., c. 65, s. 29.

4829. No person holding stock in the name of another director, &c. shall be a director or hold any office in the service of such company; and all votes given to them or either of them shall be void. C. S. C., c. 65, s. 30.

Stock books to be kept.

Open to inspection.

Extracts may

$7.-Register of Shares.

4830. The directors of every company shall cause a book to be kept by the treasurer or other officer thereof, containing, in alphabetical order, the names of all persons who are or have been stockholders of the company, and shewing:

1. Their place of residence;

2. The number of shares of stock held by them respectively; 3. The time when they respectively became the owners of the shares; and

4. A statement of all the existing debts and liabilities of the company, and of the amount of its stock actually paid in. C. S. C., c. 65, s. 31.

4831. Such book shall, during the usual business hours, on every day, except Sundays and holidays, be open for the inspection of stockholders and creditors of the company and their lawful representatives, at the office or principal place of business of the company. C. S. C., c. 65, s. 32.

1832. Every stockholder, creditor or representative may be taken and make extracts from such book; and no transfer of stock shall by whom. be valid for any purpose whatever, except to render the person.

to whom it is transferred liable for the debts of the company, When transuntil an entry thereof has been made as required by article fer to be complete. 4830, and shewing to and from whom such stock has been transferred. C. S. C., c. 65, s. 33.

dence.

4833. In any suit or proceeding against the company or Stock books against any one or more stockholders, such book shall be to be eviprima facie evidence of the facts therein stated in favor of the plaintiff. C. S. C., c. 65, s. 34.

entries, &c.

4834. Every officer or agent of any company who refuses Penalty for or neglects to make any proper entry in such book, or to not making exhibit the same, or allow the same to be inspected and extracts to be taken therefrom, shall be liable to a fine not exceeding forty dollars, at the discretion of the directors. C. S. C., c. 65, s. 35.

4835. Every company that neglects to keep such book Neglect to open for inspection as aforesaid shall forfeit its corporate cause forfeitrights and privileges. C. S. C., c. 65, s. 36.

ure

4836. The stock of every company shall be deemed per- Stock to be sonal property notwithstanding the conversion of the funds personal into real estate, and shall be assignable and transferable in property. such manner as shall be prescribed by the by-laws. C. S. C., c. 65, s. 37.

when share

4837. No shares shall be transferable until all previous Shares not calls thereon, and all debts due to the company, for gas, water transferable rent, fixtures, or otherwise, have been fully paid by the share- holder in holder wishing to transfer his share, or until the shares have arrear. been declared forfeited for the non-payment of calls thereon. C. S. C., c. 65, s. 38.

entered.

4838. No transfer shall be valid unless entered and regis- Transfer to be tered in the register kept for that purpose in the manner provided by the by-laws of the company. C. S. C., c. 65, s. 39.

4839. No company shall use any of its funds in the Company not purchase of stock in any other corporation. C. S. C., c. 65, in other com

s. 40.

§ 8.-Increase of Capital Stock.

to take stock

panies.

4840. Whenever a majority of the directors of any com- Increase of pany are of opinion that the capital stock thereof is insufficient stock. for the purposes for which the company has been incorporated, they may call a general meeting of the stockholders of the company, giving at least ten days' notice of the time and place of meeting, either by advertisement in one or more newspapers published in the municipality where the operations of the company are carried on, or as prescribed by article 4797, or by a circular addressed to each stockholder and mailed at least

When and

how increase

upon.

ten days previous to the time appointed for holding such meeting. C. S. C., c. 65, s. 41; 23 V., c. 32, s. 3.

4841. A majority of the stockholders present at such meeting to be decided may pass a by-law for increasing the capital stock of the company to such amount as they deem necessary for carrying out the purposes of the company, but not in the whole exceeding the amounts respectively herein before mentioned, and for authorizing the raising of such additional capital by increasing the number of shares of twenty dollars each into which the capital of the company is divided, and for enabling the directors to receive subscriptions for the whole or for any part of such additional capital from any person or body corporate, or otherwise, under such regulations as may be made by the directors in that behalf. C. S. C., c. 65, s. 41.

Subscribers' names to be entered on

4842. The name of every subscriber for any new or additional stock, so authorized to be subscribed for in any such company, shall be forthwith entered as that of a stockholder in stockholders. the register of stockholders of the company, with the date of subscription and number of shares subscribed for.

register of

Liability of new shareholders.

Rights, &c.,

holders.

Thereupon such stockholder shall become liable to the company for the payment of the full amount subscribed, in such instalments and at such times as the directors may be authorized to call the same in.

Such stockholder shall be subject to all the conditions, of new share- restrictions and liabilities, and entitled to all the rights, privileges, benefits and advantages to which the original stockholders shall thenceforth be subject or entitled. C. S. C., c. 65, s. 42.

Shareholders

to be liable

for full

amount subscribed.

Calls.

If calls not

paid, shares liable to for

feiture.

§ 9.-Calls.

4843. Every shareholder shall be held liable to the company for the payment of the full amount subscribed. C. S. C., c. 65,

s. 43.

4844. The directors may call in and demand from the stockholders, respectively, all sums of money by them subscribed, at such times and in such payments or instalments as such directors deem proper, provided that no one instalment shall exceed ten per cent., and that not less than one month shall intervene between the calls for any two instalments, save and except in the case of any original stock of any company formed before the thirtieth day of May, in the year of our Lord one thousand eight hundred and fifty-five, in which latter case not less than three months shall intervene between such calls. C. S. C., c. 65, s. 43.

4845. If payment be not made by the stockholders within sixty days after a personal demand, or after notice requiring such payment has been published for six successive weeks in a newspaper published in the municipality where the business of

the company is carried on, or as prescribed by article 4797, the directors may declare forfeited the shares upon which the said instalments have not been paid. C. S. C., c. 65, s. 44; 23 V., c. 32, c. 3.

4846. Such forfeiture shall be a discharge to the holders of Effect of forthe shares so forfeited from all further liability either to the com- feiture. pany or to any third party in respect of the shares so forfeited, but the holders of shares so forfeited shall lose whatever sum or sums they have paid on or for such shares, and no more. C. S. C., c. 65, s. 44.

4847. The directors may sue any stockholder for the amount Directors may of the call or calls on his stock due and not paid, instead of sue for calls. declaring the forfeiture thereof. C. S. C., c. 65, s. 45.

in arrear.

4848. If, at the time appointed for the payment of any call, Interest to be any stockholder fail to pay the amount of the call payable by paid on calls him, he shall be liable to pay interest at the rate of six per cent. per annum for the same, from the day appointed for payment thereof to the time of the actual payment. C. S. C., c. 65, s. 46.

4849. Such stockholder may be sued by the directors for Suits for such call and interest in any court having competent jurisdic- calls, etc. tion. C. S. C., c. 65, s. 46.

4850. In a suit or action to recover any money due upon How to deany share, it shall not be necessary to set forth the special clare for calls. matter, but it shall be sufficient to declare that the defendant

is the holder of one share or more, stating the number of shares, and is indebted in the sum of money to which the calls in arrear amount, whereby an action has accrued to the company by virtue of this section. C. S. C., c. 65, s. 47.

4851. At the trial of such action it shall be sufficient to Requisite prove the facts so declared, and the evidence of one witness of proof. all facts required to be proved shall be prima facie sufficient, without the production of any documentary proof whatever. C. S. C., c. 65, s. 48.

stock.

4852. Any municipality in which the works of any com- Municipalipany are erected or placed may subscribe to or take stock in ties may take the company or may loan any sum of money, on mortgage or otherwise, to the company, or contribute in any manner towards advancing the object for which the company has been incorporated. C. S. C., c. 65, s. 50; 23 V., c. 32, s. 4; M. C., 640.

a director.

4853. The chief officer of any municipality, holding stock Head of muniin any company to the extent of one tenth part or more of the cipality to be whole of the capital stock thereof, shall be ex officio a director of the company, so long as such municipality continues to hold stock to the extent aforesaid. C. S. C., c. 65, s. 51.

Aliens may hold stock.

Companies

and water

fittings,

4854. Aliens may hold stock in any such company, and enjoy all the privileges in the company which they would have if they were subjects of Her Majesty. C. S. C., c. 65,

s. 52.

§ 10.-Powers respecting Apparatus.

4855. Every company may sell gas-meters, and gas and may sell gas water fittings of every description for the use of private and public houses, or for any establishment, company or corporation whatsoever, as well as coke, coal-tar, and all and every the products of their works, refuse or residuum arising or to be obtained from the materials used in or necessary for the manufacture of gas. C. S. C., c. 65, s. 49.

Or lease the

same.

Companies

may excavate streets,

&c.

Other pipes not to encroach on main pipes laid down.

Private rights

as to gas and

water.

Companies may pass through

buildings to introduce pipes.

4856. Every company may also let out to hire gas-meters, and gas and water fittings of every kind and description, at such rate and rents as may be agreed upon between the consumers or tenants and such company. C. S. C., c. 65, s. 49.

4857. Any company may break up, dig and trench so much and so many of the streets, squares, highways, lanes and public places of the municipalities for supplying which with gas or water, or both, they have been incorporated, as are necessary for laying the mains and pipes to conduct the gas or water, or both, from the works of the company to the consumers thereof, doing no unnecessary damage in the premises, and taking care as far as may be to preserve a free and uninterrupted passage thorough the said streets, squares, highways, lanes and public places, while the works are in progress. C. S. C., c. 65, s. 53.

4858. When any such company has laid down main pipes for the supply of gas or water in or through any of the streets, squares or public places of any municipality, no other persons, bodies politic or corporate shall, without the consent of such company first had and obtained, or otherwise than upon payment to such company of such compensation as may be agreed upon, lay down any main pipe for the supply of gas or water within six feet of such company's main pipes, or if it be impracticable to cut drains for such other main pipes at a greater distance, then as nearly six feet as the circumstances of the case will admit. C. S. C., c. 65, s. 54.

4859. Nothing in this section contained shall prevent any person from constructing any works for the supply of gas or water to his own premises. Č. S. C., c. 65, s. 61.

4860. Where there are buildings within the municipality, the different parts whereof belong to different proprietors, or are in possession of different occupants or lessees, the company may carry pipes to any part of any building so situate, passing over the property of one or more proprietors or in the possession of one or more occupants, to convey the water or gas, or