the policy, and on payment of his proportion of all assessments then payable and to become payable in respect of losses and expenses sustained, up to such period, shall be entitled to a return of his premium note or undertaking, and a condition to this effect shall be endorsed on the policy.

resignation.

20. Any member of the company may, with the con- Voluntary sent of the directors, withdraw therefrom upon such terms as the directors may require.

21. A copy of any by-law, rule, regulation or minute, or of any entry in any book of the company, certified to be a true copy or extract under the hand of the president or vice-president or manager or secretary of the company, and sealed with the corporate seal, shall be received in all courts and proceedings in civil matters as primâ facie evidence of such by-law, rule, regulation, minute or entry, without further proof thereof and without proof of the official character or signature of the officer signing the same or of the corporate seal.

Proof of co

pies.

22. The company may insure by the same policy of Duration of insurance for any time not exceeding five years.

policy.

23. Any policy that may be issued for one year or any Renewal of shorter period, may be renewed at the discretion of the policy. board of directors by renewal receipts, instead of policy, on the insured paying the required premiums or giving his premium note or undertaking, and such renewal insurance shall be considered as continued under the original representations and for the original amounts and divisions and subject to the conditions of the original policy issued, the whole unless otherwise specified in writing on said policy; any cash payments for renewal must be made at the end of the year or other period for which the policy was granted, otherwise such policy shall become null and void.

24. The company may insure all manner of property movable or immovable situate within the province of Quebec against loss or damage by fire, whether happening by accident, lightning or by any other cause except that of gross negligence or design in the insured or by the invasion of an enemy or an insurrection.

Properties to be insured.

Cause of loss.

Policies of

25. All policies of insurance issued by the company, insurance; sealed with the seal of the company, signed by the presi- signature, dent or vice-president and countersigned by the manager seal, etc. or secretary or acting manager or secretary, shall be valid Fraudulent and binding on the company; provided that any frau- misrepresendulent misrepresentation made by the assured contained tations.

Changes.

in the application therefor or any false statement respecting the title or ownership of the applicant, or his circumstances, or the concealment of any incumbrance on the insured property or on the land on which it may be situated, or the failure to notify the company of any change in the title or ownership of the insured property and to obtain the written consent of the company thereto, or any alteration made in any house or building after the insurance has been effected thereon, with the company, whereIncrease of by the risk is increased, or any increase of risk by any means whatever, unless previously notified and consented to by the company by writing under the hand of the Causes of nul- manager or secretary, shall render the policy void, and no lity. claim for loss shall be recoverable thereunder, unless the board of directors in their discretion shall see fit to waive the defect.

risk.

Transfer.

Alterations

insured.

2. The acquirer, (acquéreur) having the policy assigned to him may have the same confirmed to him for his proper use and benefit upon application to and with the consent of the directors and under such terms and conditions as they may stipulate.

3. When any alteration is made in a building whereby in buildings the risk is increased, the directors may consent to the same and may require an additional premium and deposit note therefor and impose such other conditions as they may see fit.

Sale of property to exception.

26. In case any property real or personal be alienated by sale, or otherwise, the policy (unless it has been annul policy: assigned to the acquirer and has been confirmed to him as above provided) shall be void and shall be surrendered to the directors of the company to be cancelled, and thereupon the insured shall be entitled to receive his premium note or notes on payment of his proportion of all losses and expenses which had accrued prior to such surrender; provided, however, that in cases of hypothecation or of pledge, the directors may permit the policy to Case of hypo- remain in force and to be transferred to the creditor by way of additional security, without requiring any premium note or undertaking from such creditor or his becoming in any manner personally liable for premiums or otherwise; but, in such cases, the premium note or undertaking and liability of the insured in respect thereof, shall continue in nowise affected.

thec.

rance con

cealed.

Double insu- 27. If an insurance subsist by the act or with the knowledge of the insured in the company and with any other company or insurer at the same time, the insurance in the company shall be void, unless the double insurance subsists with the consent of the directors signified by indorsement on the policy signed by the

manager or secretary or other officer authorized to do so, or otherwise acknowledged in writing.

28. In case of any loss or damage by fire happening Case of loss. to any member upon property insured with the company, such member shall give notice thereof to the company Notice. forthwith, at its principal. place of business, and the proofs, declarations, evidence and examinations, called for by or under the policy, must be furnished to the company within thirty days after the loss; and within Proof, &c. ten days of the receipt of notice and proofs of claim as aforesaid, the board of directors shall ascertain and determine the amount of the loss or damage, and notify Notification the claimant of their determination by letter prepaid by company. and registered, addressed to his last known post. office address, and such amount shall be payable in three months after the receipt by the company of such proofs, if admitted.

29. If the party be not satisfied with the determination Arbitration. of the board of directors, all question as to the value of property damaged or destroyed, may be submitted to three disinterested persons as arbitrators, one of whom shall be named by the board, one by the suffering party and one by the two arbitrators named by the parties, but should such two arbitrators not agree upon the choice of a third, then such third arbitrator shall be named by a Decision to judge of the superior court in the district of Montreal, on the application of either party, after notice to the other ånd the decision or award of a majority of them shall be binding and final.

be final.

30. No action or suit shall be brought against the compa- Delay for ny upon any policy or contract of insurance granted or en- suit.

tered into by the company after the lapse of one year next after the happening of the loss or damage in respect of which such action or suit is brought, unless the company has sanctioned a further delay or otherwise waived the forfeiture; saving in all cases the right of parties under Proviso. legal disability, and all policy and all policies to be issued by such company shall have a condition to this effect endorsed thereon.

31. If in any action a greater sum be recovered than If greater the amount determined by the directors, the party suf. sum be allowfering shall have interest thereon from the time such ed by court. loss or damage would become payable under section twenty-eight of this act, with costs of suit.

32. If no more be recovered than the amount so If no more previously determined upon by the directors, and if such allowed than

offered.

amount had been, by writing under the hand of its mana-. ger or secretary, legally tendered, the plaintiff in the suit shall have judgment for such amount only, and he shall not be entitled to costs against the defendants, and the defendants shall be entitled to costs against the plaintiff.

Extra judicial 33. Any justice of the peace or any one having lawful examination. authority to administer an oath or affirmation in any legal proceeding, may examine, on oath or solemn affirmation, any party or person who comes before him to give evidence touching any loss by fire in which the company is interested, and may administer any oath or affirmation required.

Amount to be retained

by company.

cash, &c.

34. If there be any loss on property insured by the company, the board of directors may retain the amount of the premium note or undertaking given for the insurance thereof until the time has expired for which insurance has been made, and, at the expiration of such time, the insured shall have the right to demand and receive such part of the retained sum as has not been assessed for.

Premiums in 35. The company may collect premiums in cash for insurance for terms not longer than one year, and such portion of the premium notes as the directors may consider equitable and necessary, on all insurances for terms longer than one year.

'Profits among

ers.

36. The company may make a periodical division of policy hold-profits equitably among the policy holders of the com- . pany, after providing for a reserve fund, should the company see fit to establish one, or after adding to it such amount as it may deem proper.

C. S. L. C.

Interpreta- 37. The provisions of chapter sixty-eight of the consolition of ch. 68, dated statutes for Lower Canada relating to matters preliminary and up to the incorporation of the company, shall be deemed directory only, and the incorporation of the company shall not be held void or voidable on account of any irregularity in any notice prescribed by the said act, or on account of the insufficiency or obscurity of any such notice, or on account of any irregularity in respect of any other matter preliminary to the said incorporation.

Irregularities covered.

C. 68,
C. S.

38. After this act takes effect, the said chapter sixtyL. C. and eight of the consolidated statutes for Lower Canada, and a mendments, all amendments thereto and all other acts and parts of acts not to apply. so far as inconsistent here with, shall not apply to or in any way affect the Hochelaga mutual fire insurance company, as regards all contracts, suits or proceedings, made or entered into after this act comes into force.

39. The words "the company," wherever they occur Interpreta · in this act, shall refer to and mean "the Hochelaga mu- tion. tual fire insurance company."

40. This act shall come into force on the day of the Act in force. sanction thereof.

CAP. LXXIII.

An act to incorporate the Montreal Open Stock
Exchange.

[Assented to 28th December, 1876.]

Clark, William M. Preamble.

B. Smith, William H. Weir, Frank H. Burnett, John H. Bell, William McKenzie, Louis Alphonse P. Barthe, J. Philip Withers, G. H. Patterson, Edward Rawlings, John R. Middlemiss, and others, resident and carrying on business in the city of Montreal, have petitioned for the incorporation of themselves and others, as the "Montreal Open Stock Exchange," and to be invested with certain powers hereinafter mentioned, and it is expedient to grant their prayer; Therefore, Her Majesty, by and with the advice and consent of the Legislature of Quebec, enacts as follows:

Seal.

1. The aforesaid persons and others, already associated Constituted with them, and all those who hereafter may become corporation. associated with them, shall be and they are hereby constituted a body politic and corporate by the name of the "Montreal Open Stock Exchange," and may by that Name. name sue and be sued, implead and be impleaded, answer and be answered, defend and be defended in all courts of law and equity; and by that name, they and their successors shall have perpetual succession, and may have General powa common seal, change and alter the same at pleasure; ers. may acquire for themselves and their successors under any legal title whatsoever, property real and personal; may alienate, sell, convey, lease or otherwise dispose of the same or any part thereof from time to time, as occasion may require, for such price or prices and on such terms and conditions as they may see fit, and may, should they see fit, acquire other real and personal estate for the purposes of this act; may borrow money on the hypothecary security of the immovable property of the corporation, for such time, and on such terms, and at such Loans. rates of interest, as they may see fit; provided, always, the clear value of the real and personal estate together held Limited by the said corporation, at any time, shall not exceed one

value.