Amounts due to be recoverable in law. 10. All subscriptions of members due to the said corporation under any by-law, all penalties incurred under any by-law by any person bound thereby, and all other sums of money due to the said corporation, shall be paid to the secretary-treasurer thereof, and, in default of payment, may be recovered in any action brought in the name of said corporation, and it shall only be necessary Allegations. in such action to allege that such person is indebted to the said corporation in the sum of money, the amount of such arrearage, on account of such subscription, penalty or otherwise whereby an action hath accrued to the said corporation by virtue of this act. Proof of debt. Act in force. 11. On the trial or hearing of any such suit, it shall be sufficient for the said corporation to prove that the defendant, at the time of the institution of such action, was or had been a member of the said corporation, and that the amount claimed, by reason of such subscription · or otherwise, was standing unpaid in the books of the said corporation. 12. This act shall come into force on the day of its sanction. Preamble. Votes of ders. Sale of properties. CA P. L X I V. An act to amend the act to incorporate the Montreal. [Assented to 28th December, 1876.] HEREAS the corporation called "The Montreal Exchange" has petitioned for certain amendments to its act of incorporation, 16 Vict., chapter 146, and it is expedient to grant its prayer; Therefore, Her Majesty, by and with the advice and consent of the Legislature of Quebec, enacts as follows: i. At the general meetings of the corporation called "The Montreal Exchange" every shareholder shall be entitled to as many votes as he owns shares in the stock, which are hereby declared to be of one hundred dollars each, and may act and vote by proxy, and the third section of the act to incorporate the said Montreal Exchange, 16 Vict., chapter 146, is amended accordingly. 2. It shall be lawful for the shareholders of the said Montreal Exchange, at any time, at a general meeting, by a vote of three quarters of the total number of shares of the stock, to authorize and order the sale of any or all real estate belonging to the corporation. Dissolution of corpora 3 It shall also be lawful for the shareholders of the said Montreal Exchange, at any time, at a special general tion. meeting duly convened for the purpose, by a vote of three quarters of the total number of shares of the stock, to resolve and determine upon the dissolution of the corporation; and the fifth paragraph of article 368 of the civil code is modified accordingly as regards the said corporation. CAP. LX X V. An act to amend the act incorporating the Windsor [Assented to 28th December, 1876.] WHEREAS the Windsor Hotel company of Montreal Preamble. have, by their petition, represented that for the reasons therein stated, it has become necessary to raise a further sum of money for the completion of their buildings, and have prayed for authority to issue preferential shares for that purpose, and to secure the vendor of furniture to be placed therein, and it is expedient to grant their petition; Therefore, Her Majesty, by and with the advice and consent of the Legislature of Quebec, enacts as follows: 1. The said company may issue preferential shares, giving a right of voting, not exceeding in all the sum of $300,000 in shares of $100 each. The dividends on such shares shall be preferential as between the holders thereof, and the holders of ordinary shares at a rate not exceeding eight per cent. per annum, and they shall be payable half yearly, and shall be cumulative. And any portion of such dividends, which shall not be paid half yearly, shall bear interest at the same rate. (1) And, until such preferential dividends and all arrears thereon and all interest on such arrears shall be paid, no dividend shall be declared or paid on the ordinary shares of the, said company, and afterwards shall only be so paid out of the balance of profits which shall remain after payment of the said preferential dividends, arrears and interest. Preferential shares. Dividend. 2. Those persons, who are shareholders in the com- Privilege of (1) See 40 Vict., ch. 76. actual shareholders. pany, on the day of the passing of this act, shall have a : preferential right for thirty days thereafter, to the exclusion of all others, to subscribe for the said preferential shares pro rata to the amounts of shares by them respectively held in the said company on which all calls shall have been paid on the said day, or before the time of subscribing for such shares and preferential stock. And if any of the existing shareholders of the company shall fail to subscribe during the said period for their proportion, at the rate aforesaid, of the preferential shares, then and in that case the shareholders of the company who shall have subscribed for such shares shall be entitled, at any time during a second period of thirty days, to increase their subscriptions in proportion to the amount of their former subscriptions to preferential shares, as compared with the total amount subscribed, within the said first period of thirty days. And if, at the expiration of such second delay of thirty days, any part of the said preferential shares remain un-subscribed for, the directors may offer the same to the public, or retain the same in the possession of the company and afterwards dispose of them in such manner as they may think fit. Special privi3. If the furniture and movable effects placed in the lege and right said hotel for the furnishing thereof as a hotel, with the of pledge on intention of remaining therein for such purpose, shall the hotel furniture. Act in force. amount in value to a sum of one hundred thousand dollars or upwards, and if the purchaser of such furniture and movable effects is unable to pay for the same, in full, at the time when they are placed in the said hotel, it shall be lawful for the said company to accept delivery thereof, from the vendor thereof, which delivery may be made by a declaration to that effect executed before a notary, without depriving the tenant of the said hotel of the use thereof, for the purposes of the said hotel: and the company may thereupon grant a receipt for the said movable effects which shall be appended to an inventory thereof, which receipt shall be transferred by the purchaser to the vendor of such furniture, or to any person who shall advance money for the purpose of purchasing such furniture; and thereafter the holder of such receipt. shall have a valid lien upon the said furniture for the amount due him which lien shall be a right of pledge and shall be governed by articles 1969, 1970, 1971, 1972, 1975, 1976, 1977, 1994 and 2001 of the civil code, except, however, that it may, in the said receipt, be stipulated that the privilege of the said company as lessor shall rank before the privilege given by such right of pledge. 4. This act shall come into force on the day of the sanction thereof. CAP. LXXV I. An act to amend " An act to amend the act incorporating the Windsor Hotel Company of Montreal." [Assented to 28th December, 1876.]* ER MAJESTY, by and with the advice and consent 1. The act passed in the present session intituled: "An 40 V., c. 75, act to amend the act incorporating the Windsor Hotel s. 1, amended, Company of Montreal," is amended, by striking out the words "at the same rate", at the end of the third sentence of the first section. 2. This act shall come into force on the day of its Act in force.sanction. САР. LXX VI I. An act to authorize the absolute sale of two immovable properties substituted by the will of the late Thomas Barron, and for other purposes. WHEREA [Assented to 28th December, 1876.] HEREAS by the last will made in due form of the Preamble. late Thomas Barron, in his life time, gentleman, of the village of Lachute, in the county of Argenteuil, district of Terrebonne, dated on the 21st February, 1862, the testator has, among other things, made the following provisions : "The property belonging to me in Lachute, comprehending the village of Lachute, bounded on the front by the North River, in the rear and south by the lot belonging to Doig, and partly by the seignior, on the east by the Fraser lot, and on the west by the seignior mill lots, I will and bequeath to my adopted son and heir Thomas Barron, jr., husband of Harriet Cushing, and the male heirs of his loins,on entail ; failing of male heirs of his body he will be at liberty to substitute his daughter Lizzy, should she live and marry, and her husband adopt the name of Barron, with a view that the name be perpetuated to each succeeding possessor of that property. The whole of the rents, issues and interest of that property Sale authorized. will belong to the possessor in this manner, with the right to cede village lots on constitut, but not to sell, alienate or transfer any part of said property otherwise than by constitut or yearly rent or lease. "And I also will and desire that the lot number two in the sixth range of the township of Chatham, hereby bequeathed to the said Thomas Barron in like manner as above stated with a view to furnish firewood, etc., and to assist the person who will be Laird of the village property to live so far independently"; such latter lot being likewise substituted; whereas Thomas Barron, esquire, clerk of the circuit court, residing at the said village of Lachute, the legatee, has eight children of whom three are boys; whereas the said Thomas Barron, since the death of his adopted father, on the 21st of January 1864, has already conceded several lots of the said above first mentioned immovable; whereas it has been shown that it is in the interest of all parties concerned to continue to sell in village or building lots the said first mentioned immovable, which has for a long time been sub-divided for that purpose, as also to sell the second; whereas the late Thomas Barron created such substitution under the erroneous impression that he was the proprietor of the whole of the two aforesaid properties, while he was the proprietor of one half only, the other half belonging to his widow, who has ceded it to Thomas Barron, the legatee, by notarial deed to that effect, dated on the 12th of April 1364; whereas this substitution, being only partial, is a great obstacle to the sale which the parties interested might advantageously make, inasmuch as the persons who wish and seek to purchase such property do not desire to purchase property substituted fully and still less property partially substituted; whereas the said Thomas Barron is entitled to procure a partage or forced licitation of the said immovables one half whereof belongs to him, but for the purpose of avoiding great expense, and in the interest also of his children, it is advisable to permit him to make sales absolutely, as prayed for in his petition, while, however preserving the rights of the substitutes in their portion of the proceeds of such sales; whereas further the purchasers à constitut of lots sold and to be sold, may, under the law, always free themselves, by paying the capital into the hands of the institute, in accordance with article 948 of the civil code, but that it is expedient to remove all doubts on the part of purchasers who desire to free themselves; Therefore, Her Majesty, by and with the advice and consent of the Legislature of Quebec, enacts as follows: 1. Thomas Barron and the curator appointed to the substitution created by the will of the late Thomas |