to pledge or sell upon the best terms they may be able to obtain any such bonds or debentures.

(3) The company may from time to time secure any of the bonds or debentures of the company by a mortgage or deed of trust of all or any portion of its property, whether real, personal, or mixed, and including any revenue or tolls, railways, ships, stocks, shares, or securities of other companies, powers, rights and franchises (including the franchise of being a corporation), whether owned or enjoyed by it at the date of such mortgage or deed of trust, or thereafter acquired. And the legal title to all property acquired subsequently to the date of said mortgage or deed of trust, which purports to be covered by said mortgage or deed of trust, shall vest in said trustee or trustees for the bondholders or debenture holders as soon as the same is acquired or owned by the said company. Any foreign corporation or trust company may act as trustee under said mortgage or deed of

trust.

(4) The company may in and by such mortgage or deed of trust confer upon the holders of such bonds or debentures, or the trustee or trustees under such mortgage or deed of trust for their benefit, such powers, rights, and remedies as may be deemed desirable in order to enable the holders of said bonds or debentures, or such trustee or trustees in their behalf, to obtain the possession and enjoyment of and title to such property, or to obtain the value thereof by sale or otherwise, in case of default by the company in the performance of the condition of said mortgage or deed of trust; and the holders of such bonds or debentures, or any person claiming by, through, or under them or any purchasers from said trustee or trustees in case they shall take possession of said property under the provisions of said mortgage or deed of trust, may organize themselves into a corporation in the manner provided in this Act for the organization of the company; and the provisions of this Act, or any Act in addition hereto or in amendment hereof, shall apply to such corporation and its members, and such corporation shall be entitled to have and enjoy the powers, privileges, and franchises conferred upon the company by this Act, or any Act in addition hereto or in amendment hereof. The holders of said bonds or debentures, whether they shall organize themselves into a corporation as herein provided or not, or said trustee or trustees, or any persons or corporations claiming by, through or under them, shall, in case they take possession of said property under the provisions of said mortgage or deed of trust, be entitled to

hold, own, and enjoy all the powers, rights, privileges, franchise, and exemptions in reference thereto which were held and enjoyed by the company, whether under any letters patent, or lease from or contract with the crown, or under this Act, or any Act in amendment hereof, or any special or general law in force in the province of Nova Scotia or otherwise. The issue of bonds shall not in the whole exceed the issued capital stock of the company.

(5) The company may, in and by said mortgage or deed of trust, provide for a periodical payment to said trustee or trustees of such sums as they may determine, which sum, with all accumulations thereon, shall constitute a sinking fund, to be applied in such manner as is stipulated in said mortgage or deed of trust.

'affixing."

19. The company shall paint or affix, and shall keep "Painting" and painted or affixed, its name with the word "limited" after it, or forming part of said name, on the outside of every office or place in which the business of the company is carried on, in a conspicuous position, in letters easily legible, and shall have its name, with the word "limited" after it, or forming part of said name mentioned in legible characters in all notices, advertisements, and other official publications of the company; and on all bills of exchange, promissory notes, cheques, orders for money or goods purporting to be drawn, made, signed, given or endorsed by or on behalf of the company, and in all bills, invoices, receipts, letters and other writings used in the transaction of the business of the company, and the company shall be liable to a penalty of twenty dollars for every neglect or omission of the name of the company with the word "limited" after it or forming part of said name, in any of the above cases.

may commence

20. This company shall not commence operations until When company (50) fifty per cent. of its capital stock is subscribed and (50) operations. fifty per cent. of such subscriptions paid up.

cease and

21. If the company does not bona fide commence busi- When Act shall ness under the provisions hereof within two years from and determine. after the passing of this Act, then this Act shall become and shall be utterly null and void and of no effect.

22. Nothing in this Act contained shall empower the Limited powers. company, or confer any rights, powers or privileges on the company to interfere in any way with the rights, powers and privileges possessed or enjoyed by the Gold River Lum

ber Company, Limited, its successors or assigns upon Gold River, at or above the confluence of the stream leading from. Branch Lake with the said Gold River, commonly called the Forks, or to interfere above said point on said Gold River with the rights, powers or privileges of the said Gold River Lumber Company, Limited, its successors or assigns, heretofore used or enjoyed by the said Gold River LumberCompany, Limited, or any private individuals unless and until the right so to interfere is first acquired or obtained by agreement.

CHAPTER 137.

An Act to amend Chapter 140 of the Acts of 1902, entitled,.
An Act to incorporate the Minudie Coal Company.

Fection 2 amended.

railway.

2. Power to operate railway.

3.

7. Railway Act to apply.

Agreements with other companies.

9.

Section 12 repealed and substituted.

4. Regulations respecting stock.

5. By-laws.

Be it therefore enacted by the Governor, Council, and Assembly, as follows:

1. Clause (a) of section two of chapter 140 of the Acts of 1902, entitled, an "Act to Incorporate the Minudie Coal Company," is amended by inserting the words " freestone and grindstone quarries" after the word "right" in the second line of said clause. Clause (e) of said section two is amended by adding to the end thereof the words "also to make harbors, piers, breakwaters and shipping places upon. any land owned or acquired by the company.'

Power to operate 2. The said Minudie Coal Company, Limited, shall have power to construct and operate a line of railway from a point at or near River Hebert Corner, in the county of Cumberland to Minudie in said county, and is authorized to extend its line of railway across the Joggins line of railway at a level crossing and across the River Hebert.

Agreements

with other companies.

3. The said company may purchase, hold and sell any property rights and franchises of any other company, enter into agreements with other companies, incorporated or un

incorporated, individuals or governments, to build, construct, equip, complete and operate the whole or any part of the company's works, or to lease the same when so completed, or to receive by way of gift or bonus any lands, sums of money, stock, bonds, securities and debentures, on such terms as may be mutually agreed upon, and the company is hereby authorized to issue when necessary, paid up stock of the company in settlement of and to represent the whole or part of the cost or value of such performances, acquisition or bonus, and such stock shall be taken to be fully paid to all intents and purposes, and shall not be subject to any further calls nor shall the holders thereof be liable for any payment on account thereof. The company may at any time buy out the stocks, shares, rights and franchises of any persons or bodies corporate having or holding any rights or interest or shares in any coal mine or mining areas or railway, or any right or interest in any charter for a railway, or any other interest or franchise connected therewith or thereto. The company may by agreement, receive and accept any moneys, lands, mines, franchises, buildings, machinery, leases, licenses, rights or privileges, work, labor, materials or personal services in payment of stock subscribed or allotted or of any installments due thereon.

respecting stock..

4. The board of directors may make regulations concern- Regulations ing the transfer of shares or stock in the company, and the form of shares, stock and other certificates, and the assignment thereof.

5. The company may make by-laws for the management By-laws. of its affairs not inconsistent with this Act or the laws of the province, and may from time to time alter or repeal the

same.

manager.

6. The said company shall, through its directors, appoint Resident a recognized manager or agent resident in Nova Scotia, service on whom of all process, notices and other documents shall be held to be sufficient service on the company, and the name and address of such manager or agent shall be filed with the registrar of deeds for the county of Cumberland.

Railway Act

7. Chapter 99 of the Revised Statutes, 1900, "The Nova to apply. Scotia Railways Act" shall apply to the company's railway, and be considered to be incorporated herewith, unless where varied by this Act. Provided however, that the judge of the county court for district No. 5, shall in respect to the company's railway have all the powers conferred upon a

Section 12 repealed and substituted.

judge of the Supreme Court under said Railways Act concurrently with any judge of the Supreme Court.

8. The council of the municipality of Cumberland and of the incorporated towns which before incorporation territorially formed part of such municipality, are hereby authorized and empowered to assess for any aid whatsoever that such councils or any of them may by resolution decide to grant to the company towards payment of the lands, for track and station purposes for the line of railway to be built under this Act, in the same manner and at the time the ordinary assessment for the public purposes of said municipality or incorporated towns is made.

9. Section twelve of said Act is repealed and the following substituted therefor:

"12. The head office of the company shall be in River Hebert, in the county of Cumberland."

10. Sections nine and thirteen of said Act are repealed.

Bection 27 amended.

CHAPTER 138.

An Act to amend Chapter 181, Acts of 1903, entitled, an
Act to incorporate the Port Hood Richmond

Railway Coal Company, Limited.

(Passed the 7th day of April, A. D. 1905.)

SECTION I. Section 27 amended.

Be it enacted by the Governor, Council, and Assembly, as follows:

That section 27 of chapter 181.of the Acts of 1903, entitled, An Act to incorporate the Port Hood Richmond Railway Coal Company, Limited, be amended by substituting for the word "two" in line 2 of said section 27, the word "four."