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 judge of the superior court in the district of Montreal, on the application of either party, after notice to the other and 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.

1

amount had been, by writing under the hand of its manager 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.

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 cash, &c. 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 company, 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.

Interpreta

C. S. L. C.

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, 38. After this act takes effect, the said chapter sixtyC. S. L. 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 herewith, 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.

tion.

39. The words " the company," wherever they occur Interpreta. in this act, shall refer to and mean "the Hochelaga mutual 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.]

HEREAS Alexander C. Clark, William Weir, 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.

hundred thousand dollars, and provided also the said corporation shall not have or exercise any corporate powers whatever, except such as are expressly conferred by this act, or which are necessary for carrying the same into effect.

Objects of 2. The objects of the said corporation are declared to corporation. be to establish an exchange, which shall be open to the public, where the several members who shall form said corporation may buy, sell and otherwise deal in, hold and transfer, stock of public companies, corporations and associations generally; bonds, debentures, both government and otherwise and all securities of the description usually dealt in in similar institutions, and to make Regulations, such regulations and by-laws, concerning the affairs of said corporation as are not contrary to law.

Property. 3 The corporation shall have power to provide and regulate suitable rooms or buildings in the city of Montreal, for the purpose of conducting the business of the said stock exchange, and may acquire and retain in its own corporate name, property in their own right to an extent not exceeding a value of $100,000.

Limited.

Increase of capital.

4. The corporation shall have the power to raise the capital to an extent not exceeding the said sum of $100,000 by transferable shares of $100 each or otherwise.

Committee of 5. The affairs, business and concerns of the corporamanagement. tion hereby created, shall be managed by a president, vice-president and secretary and two managers, or such Officers. other officers and number of managers as may be

Vacancy.

Quorum

General

election.

provided by the by-laws, all of whom shall be members of the said "Montreal Open Stock Exchange," and shall together constitute the committee of management, and shall be elected annually at such time and place as may be provided by the by-laws; all vacancies which may occur in the said committee by death or otherwise shall be filled by the said committee, and a majority of the number of the said committee, or such other number as may be established by the by-laws, shall constitute a quorum of the said committee for the transaction of business.

6. An annual meeting shall be held for the election of meeting for the committee of management and for such other businessas may be brought before such meeting, at such time and place and under such regulation and notice, as the by-laws of the corporation shall determine, and may be adjourned as decided at such meeting; but in case of any accident, failure or neglect to hold such general elecion, the corporation shall not thereby lapse or terminate

but shall continue and exist, and the old officers shall continue to act, until the next general election, or until such other period as may be provided for in the bylaws.

The corporation shall be regulated by the by-laws to By-laws. be prepared by the managing committee and approved by a meeting of members called for that purpose; the said by-laws may from time to time be altered and amended or repealed by the said managing committee, Amendsubject in the same way to the approval of members as aforesaid.

ments.

Members.

7. The corporation may admit as members such persons as they see fit; such membership shall be evidenced by signing an agreement to be governed by its Proof. act of incorporation and by-laws; and the said corpora- Expulsion. tion may expel any member, for such reasons and in such manner as may be by by-law provided.

cers.

The president, vice-president, secretary and two mana- Present offigers now in office, shall be the committee of management until others, under the provisions of this act, shall be elected in their place, and the committee hereby appointed shall, until the said election, have all the powers assigned to the said committee of management under this act, and they and their successors in office shall have power to Their powers. collect such subscriptions or assessments as may be provided for by the by-laws of the corporation; they shall also have power to open stock-books for the subscription of stock or shares in the said corporation, to receive calls thereon as may be made in conformity with the by-laws, and generally to do all things and matters necessary for the organizing and working of the corporation.

8. The by-laws and rules of the "Montreal Open Stock Present bylaws, &c. Exchange," now in force, shall be the by-laws and rules of the corporation, until amended or repealed. No member shall in any manner be liable or chargeable with the payment of any debt or demand, due by the corporation, beyond the amount of his assessments, as provided lity of memfor by the by-laws, nor shall any shareholder be similarly bers and liable beyond the amount of his unpaid subscribed share shareholders. or shares in the capital stock of the corporation.

9. At any annual or general meeting of the said corporation, whether for the purpose of electing members of the committee of management or for any other purpose, one half of the number of members of the corporation shall constitute a quorum and shall be competent to do and perform all acts, which, either by this act or by any by-laws of the said corporation, are or shall be directed to be done at any such general meeting.

Responsibi

Quorum for

meetings.