ment of preferred stock, hereby authorized to pledge or sell, upon the best terms they may be able to obtain, any such bonds, debentures or preferred shares, and no person who shall hold such preferred shares shall be liable to further calls or assessments, or otherwise liable on account thereof, beyond the amount for which such shares shall have been purchased from the company. The holders of such preferred shares shall be entitled to the preferential payment of the par value of their shares out of the assets available for the return of capital in priority to any ordinary shares in the company. 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, any leases of mining areas or other leases, any railways, ships, stocks, shares or securities of other companies, powers, rights and franchies (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 such 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. The company may, in and by any such mort-gage 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 conditions 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 the same as fully and effectually as did the company theretofore, and they shall be entitled to hold and enjoy all the powers, right, privileges, franchises and exemption 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 company may, in and by said mortgage or deed of trust, provide for a periodical payment to said trustee or trustees of such sum as they may determine, which sum, with all accumulations thereon, shall constitute a sinking fund, to be applied in such manner as shall be stipulated in said mortgage or deed of trust. Any foreign corporation or trust company may act as trustee under such mortgage or deed of trust. 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 Governor-inCouncil, shall have the force of law. affixing. 16. 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 business of the company is carried on, in a conspicuous position 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. When company may commence operations. Negotiable paper. When Act shall cease. 17. This company shall not commence operations until (50) fifty per cent. of its capital stock is subscribed, and (25) twenty-five per cent. of such subscriptions paid up. 18. The company shall have power to draw or accept or endorse bills of exchange and promissory notes on behalf of, and for the purposes of the company. 19. 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. Capital stock. Issue of shares. CHAPTER 163. An Act to amend Chapter 191, Acts of 1903, as amended by Chapter 159, Acts of 1905, and by Chapter Be it enacted by the Governor, Council, and Assembly, as follows: : 1. Section 2, sub-section (e) of Chapter 159 of the Acts of 1905, repealing section 3 of Chapter 191 of the Acts of 1903, is itself repealed and, instead of said original section 3, the following is substituted : "3. The capital stock of the company shall be five hundred thousand dollars, divided into ten thousand shares of fifty dollars each, of which four thousand nine hundred and fifty-six shares shall be ordinary shares, and five thousand and forty-four shares (preferred shares) entitled by way of preference to a seven per cent. annual cumulative dividend over the ordinary shares, and the directors shall have power from time to time to make provision for the distribution of profits and income, and the creation thereout of a reserve fund." 2. The directors may at any time invite subscriptions for issue, and allot at any price not below par, and to such persons as the directors may think fit, any or all of the ordinary or preferred shares of the company, for the time being remaining unissued, and may in respect of any or all of such shares, and from time to time provide that, before offering the same for public subscription, any or all of such shares shall be offered to shareholders then of record, in such proportions to existing holdings and at such price not below par, as the directors may think fit, but so that no shareholder holding preferred shares or shareholder holding common shares shall be given any individual right or advantagenot conferred upon the shareholders holding similar shares as a class, and so that any shareholder who shall under this provision have the right to take up a proportion of the then intended issue, shall also have the right to take up any number of shares less than the whole of such proportion; provided that nothing herein contained shall be deemed or taken to any wise however limit, alter or abridge the powers conferred upon the company and the directors by Section 9 of Chapter 191 of Acts of 1903, and amendments thereto. CHAPTER 164. An Act to incorporate the Port Breton Railway Company, Be it enacted by the Governor, Council, and Assembly, as follows: 1. John J. Tyler, J. Bouvier Peterson, Charles S. Dolly, I-corporation. all of Philadelphia, in the State of Pennsylvania, in the United States of America, and Hiram M. Pearl, of Port Malcolm, Cape Breton, in the Province of Nova Scotia, their associates, successors and assigns, are hereby constituted a body corporate under the name of "Port Breton Railway Company, Limited," for the purpose of and with the Capital Limited liability. authority to lay out, construct, maintain and operate a steam railway within the Province of Nova Scotia, from some point in Cape Breton, at or near Wright's Cove, on the western side of the island, to some point at or near Port Hawkesbury, hereafter to be determined, to connect with the Intercolonial Railway, with all the necessary sidings and switches for the conveyance and transportation of mails, passengers and freight, and the transportation of all business usually performed on railways, and for constructing such buildings, depots, bridges and piers as may be necessary for the same; also for the purpose of and authority to construct, purchase, own, maintain and operate ferry boats to be run across the Straits of Canso or the waters immediately connected therewith, to connect the portion of the said railway on the mainland of Nova Scotia with the portion of said railway on the Island of Cape Breton, and to build and maintain any piers, wharves or docks that may be necessary therefor, provided always, that such points of location, routes, alignments, connections and disposition for traffic requirements shall be subject to the approval of the Governor-in-Council and in accordance with chapter 99 of the Revised Statutes of Nova Scotia, 1900, referring to railways; and also, that the books and accounts of said company shall be open to the examination of such persons as the Governor-in-Council may appoint to inspect the same. 2. The capital stock of the company shall be fifty thousand dollars, divided into five hundred shares of one hundred dollars each, which shall be personal property, transmissable and assignable as such, and the company shall have power to increase its capital stock to one hundred thousand dollars by a vote of two-thirds in interest of a. meeting regularly called for that purpose, but the company shall not go into operation until fifty per cent. of the capital stock shall be subscribed, and until twenty-five per cent. of the whole is paid in. 3. No member of this corporation shall be liable for the debts of the company to a greater amount in the whole than the amount of stock held by him, deducting therefrom the amount actually paid to the company on account of said stock, unless he shall have rendered himself liable by becoming surety for a greater amount; but no shareholder who may have transferred his interest in the stock of the company shall cease to be liable for any contracts of the company entered into before the date of such transfer, so as |