15. The directors may, from time to time, make, alter, By-laws. amend or repeal such by-laws, rules or regulations not inconsistent with this Act or the laws for the time being in force in this province, as they may deem necessary and proper for the management of the affairs of the company generally, and the same, when approved by the Governorin-Council, shall have the force of law. may go into 16. This company shall not go into operation until one-half When company of its capital stock is subscribed and twenty-five per cent. operation. of such subscription paid up; but in case there shall be conveyed or transferred to the company, or to some person or corporation in trust for the company, lands, buildings, appurtenances or other property, real or mixed, the bona fide amount of the purchase price of such lands, buildings, appurtenances or other property shall be deducted from the amount of paid subscriptions necessary to enable the company to go into operation, or if the total amount of the purchase price of the said lands, buildings, appurtenances or other property is equal to or exceeds the amount required to be paid in subscriptions for shares, then the company may go into operation. paper. 17. The company shall have power to make, issue, draw Negotiable or accept and endorse bills of exchange, promissory notes and checks for the purposes of the company. contract. 18. No director shall be disqualified by his office from Directors may contracting with the company, nor shall any such contract or arrangement entered into by or on behalf of the company with any director of any company or partnership of or in which any director shall be a member, or otherwise interested, be avoided, nor shall any director so contracting or being such member, or so interested, be liable to account to this company for any profit realized by such contract or agreement, by reason only of such director holding that office, or the fiduciary relation thereby established; but no director shall vote in respect of any such contract or arrangement, and the nature of his interest shall be disclosed by him at the meeting of the board at which the contract or arrangement is determined on, if his interest then exist, or in any other case, at the first meeting of the board after the acquisition of his interest. affixing. 19. The company shall paint or affix, and shall keep Painting and painted or affixed, its name, with the word "limited" after it, on the outside of every office or place in which the busi'ness of the company is carried on, in a conspicuous position, 1 in letters easily legible, and shall have its name with the said word "limited" after it, 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 in any of the above cases. 20. If the company does not bona fide commence business under the provisions hereof within two years from and after the passing of this Act, then this Act shall become and be utterly null and void and of no effect. CHAPTER 149. An Act relating to the Assessment of Cosmos Cotton. Company. (Passed the 25th day of April, A. D., 1907.) Preamble. Assessment limited. SECTION. Preamble. SECTION. Assessment limited. Whereas, "Cosmos Cotton Company," a body corporate, doing business in the Town of Yarmouth, are about making extensive enlargements and additions to its plant and works, and are desirous of obtaining certain exemptions from assessment and taxation, within said town, for a period of ten years as hereinafter mentioned; Be it therefore enacted by the Governor, Council, and Assembly, as follows: 1. The real and personal property, tools, plant, machinery and stock in trade of "Cosmos Cotton Company," within the Town of Yarmouth, now owned and hereafter to be acquired, and used solely in connection with its manufacturing business, or for the sale and distribution of its manufactured product, shall, from and after the making and completion of said enlargements and additions to the said plant and works, be assessed and rated for the purposes of taxation, at a sum not to exceed the sum of one hundred and fifty thousand dollars, such assessment and rating to commence with the assessment next to be made within the Town of Yarmouth, after the making and completion of said enlargements and additions, and to continue to be so rated and assessed for and during the period of ten years thereafter, or so long within said period as the company shall carry on its manufacturing operations effectively. 2. This Act shall not take effect until it shall have been When Act shalt submitted to and approved of by a public meeting of the take effect. ratepayers of the Town convened and held in manner as provided by sections 143 and 144 of "The Towns Incorporation Act. CHAPTER 150. An Act to amend Chapter 165, Acts of 1905, entitled, “ An Be it enacted by the Governor, Council, and Assembly as follows: amended. 1. Section one of chapter 165 of the Acts of 1905, is Section 1 hereby amended by striking out the words "Desjardins and Company," in the eighth line. rights enjoyed 2. The French Club, Limited, shall have all the rights, New club given powers, claims and privileges, and shall be subject to all the under former duties and obligations conferred upon or held by the name, Desjardins and Company's French Club, Limited, notwithstanding any change of name by this Act authorized. Section 2 amended, Interest guaranteed. CHAPTER 151. An Act to amend Chapter 139, Acts of 1899, entitled, "An (Passed the 28th day of March, A. D., 1907.) SECTION. 1. Section 2 amended. SECTION. 2. Interest guarauteed. Be it enacted by the Governor, Council, and Assembly, as follows: . 1. Section two of chapter 139 of the Acts of the Legislature of Nova Scotia, 1899, is hereby amended by adding to sub-section (b) the following words:-" or of any company formed, or to be formed, for the purpose of holding the shares, stock, whether common or preferred, debentures, debenture stocks, bonds or other obligations of any company carrying on, or formed for carrying on, any trade or business within the objects of the company." 2. The company may guarantee the payment of the principal and interest, or part thereof, of bonds or other securities of any corporation, the majority of whose capital stock is held or controlled by the company; such guarantee may be signed by the officer duly authorized in that behalf, and may be in the form set out in the schedule to this Act, or to the like effect, and the company shall be liable to the holders from time to time of the bonds or other securities so guaranteed, in accordance with the tenor of such guarantee. Schedule. SCHEDULE. Payment of the principal and interest (or as the case may be) of the within bond (or as the case may be), in accordance with the tenor thereof (or as the case may be), is hereby guaranteed by the Dominion Iron and Steel Company, Limited. (Here may be set out any special terms or conditions of the guarantee.) For Be it enacted by the Governor, Council, and Assembly, as follows: 1. Thomas Keating, miner; H. P. McKinnon, clerk; D. Incorporation. A. McCuish, clerk; Thomas McLeod, miner; Neil P. McKay, carpenter; Findlay Aird, miner; Malcolm Campbell, carpenter; Richard Scully, miner; Alex. J. McDonald, miner; Thomas Meek, miner; Thomas Leonard, miner; Neal McMillan, miner; James Steele, miner; John R. Gillis, miner; Joseph R. Chisholm, miner; Elias Perfect, miner; Archy McDonald, miner; Samuel Beaton, check-weighman; R. Dan. McDonald, miner; Neil J. McKay, carpenter; James Russell, miner; John L. McKinnon, miner; Patrick McDonald, miner; Angus J. McKinnon, miner; Angus McKenzie, miner, all of Inverness, in the county of Inverness, and such other persons as may become members of the society hereby created, are hereby constituted a body cor |