CHARTERED BANKS. CAP. XXII. AN ACT TO CONFER CERTAIN RIGHTS UPON THE CHARTERED BANKS OF THIS PROVINCE, AND TO DECLARE THE RIGHTS ALREADY POSSESSED BY THEM IN CERTAIN CASES. W [Assented to, 10th August, 1850.] HEREAS it is desirable to extend certain Preamble. Banks may hold mortgages on real or personal property in certain cases. vince, and to make plain the rights already held by them in certain cases: Be it therefore enacted, &c., That notwithstanding anything in any former Act contained, it shall and may be lawful to and for any Bank Incorporated or holding a Charter under Act of Parliament of this Province, or of any former Parliament of Upper or Lower Canada, to take, hold, and dispose of mortgages and hypothèques upon personal as well as real property, by way of additional security for debts contracted to any such Bank in the course of its business; and that the rights, powers, and privileges which the said Banks have or are hereby declared to have or to have had in respect of real estate mortgaged to them, shall be held and possessed by them, in respect of any personal estate which may be mortgaged to them. Banks may pur chase property. mortgaged to them. II. And be it enacted, That notwithstanding anything in any former Act contained, it shall and may be lawful to and for any such Chartered Bank to purchase any lands or real estate which may be offered for sale under execution at the suit of any Bank so purchasing, or may be exposed to sale by any such Bank under a power of sale given to it for that purpose, in cases where, under similar circumstances, an individual could so purchase, without any restriction as to the value of the lands which it may so purchase, and to acquire a title thereto as any individual purchasing at Sheriff's sale or under a power of sale, in like circumstances, may and can do, and the same to take, have and hold, and dispose of at pleasure. Doubts. III. And whereas doubts have arisen as to the right and competency of any such Bank under its existing Charter to acquire and hold an absolute title in or to land which had been mortgaged to any such Bank in security for a debt due or owing to it, either by obtaining a release to such Bank 275 They may obtain a title by foreclosure, &c. Bank of the equity of redemption in the said mortgaged premises, or by procuring a foreclosure thereof in the Court of Chancery, or by other means whereby, as between individuals, an equity of redemption can or may by law be shut out or barred: And whereas it is expedient to quiet such doubts, it is hereby declared and enacted, That nothing in any former Act of the Parliament of this Province, or of any former Parliament of Upper or Lower Canada did or does prevent or prohibit any such Bank from acquiring in the manner above in this Section referred to, and holding at its disposal, an absolute title to and in any such mortgaged lands, whatever the value thereof may be, or from exercising or acting upon any power of sale contained in any mortgage given to it or held by it, authorizing or enabling it to sell, dispose of or convey away any lands so mortgaged. BANK NOTES' ACT. CAP. CLXII. AN ACT TO ENCOURAGE THE ISSUE BY THE CHARTERED BANKS IN THIS PROVINCE, OF NOTES SECURED IN THE MANNER PROVIDED BY THE GENERAL BANKING LAW. [Assented to, 14th June, 1853.] Preamble. W HEREAS it is expedient to encourage the Chartered Banks in this Province to issue and circulate Bank Notes secured in a manner as nearly similar as circumstances will permit to that provided by the general laws now in force for regulating the business of Banking: Be it Banks may issue notes, or notes of a certain kind beyond the amount limited by their charters, -on certain conditions. therefore enacted, &c., That it shall be lawful for any Chartered Bank in this Province, the total amount of whose Bank Notes of all values, to be issued and in circulation at any one time, is by its Charter or Act of Incorporation or any act amending the same, limited to the amount of its paid up Capital, or the total amount of whose Bank Notes each for less than some assigned sum, to be issued and in circulation at any one time, is by any such Act limited to a certain sum or to a certain proportion of its capital,-to issue and have in circulation at any time any further amount of such Bank Notes beyond the amount limited in either of the said cases, not exceeding in either 276 either case or in both together, the sum which such Bank shall then have on hand in gold and silver coin or bullion and Debentures receivable in deposit for Registered Bank Notes under the laws for regulating the business of Banking, the value of such Debentures to be reckoned at par; but it shall not be necessary that such coin or bullion or Debentures be deposited with the Receiver General, or that the Bank notes to be so issued be registered. Duty under 4 & 5 Victoria, c. 29. reduced in cer tain cases. II. And be it enacted, That the duty payable by any Bank under the Act passed in the session held in the fourth and fifth years of Her Majesty's Reign, and intituled, An Act for levying a certain rate or duty on Bank Notes issued and in circulation in this Province, on its Bank Notes issued and in circulation,shall be calculated and paid only upon the sum by which the average amount of its Bank Notes in circulation during any period, shall have exceeded the average amount of the gold and silver coin and bullion and of such Debentures as aforesaid which such Bank shall have had on hand during the same period. Inconsistent enactments of III. And be it enacted, That so much of the Act last cited, or of the Act passed in the Session held in the fourteenth and fifteenth years of Her Majesty's Reign, intituled, An Act to exempt the several Chartered Banks from the tax on their circulation on certain conditions, or if any other act or Law, as may be inconsistent with this Act, shall be and is hereby repealed repealed. SAVINGS BANKS PUBLIC ACT. CAP. XXXII. AN ACT TO ENCOURAGE THE ESTABLISHMENT OF, AND REGULATE SAVINGS BANKS IN THIS PROVINCE. W [Assented to, 18th September, 1841.] Preamble. HEREAS certain Provident Institutions or Banks for Savings have been or may be established in this Province, for the safe custody and increase of small Savings belonging to the industrious classes of Her Majesty's Subjects, and it is expedient to give protection to such Institutions and the funds thereby established, and to afford encouragement to others to form like Institutions: Be it therefore 277 enacted, Any number of persons forming any Society for the purpose of instituting a Bank for Savings, desir benefit of this Act, shall cause the rules, &c., established for the management of the Institution to be entered, deposited and filed in manner directed by this Act. enacted, &c., That if any number of persons, who have formed or shall form any Society in any part of this Province, for the purpose of establishing and maintaining any Institution in the nature of a ous of having the Bank, to receive deposits of money for the benefit of the persons depositing the same, and to accumulate the produce of so much thereof as shall not be required by the depositors, to be paid in the nature of compound interest, and to return the the whole or any part of such deposit, and the produce thereof, to the depositors, deducting only out of such produce so much as shall be required to be so retained for the purpose of paying and discharging the necessary expenses attending the management of such Institution, according to such rules, orders, and regulations as shall have been, or shall be established for that purpose, but deriving no benefit whatsoever from any such deposit or the produce thereof, shall be desirous of having the benefit of the provisions of this Act, such persons shall cause the rules, orders, and regulations established or to be established for the management of such Institution to be entered, deposited and filed in manner hereinafter directed, and thereupon shall be deemed to be entitled to, and shall have the benefit of the provisions contained in this Act. Such Institution not to have the benefit of this Act unless the rules, &c., for the management thereof be entered in a book to be open of depositors, and unless such rules be transcribed on parchment and deposited with the Clerk of the II. Provided always, and be it enacted, That no such Institution, as aforesaid, shall have the benefit of this Act, unless the rules, orders and regulations for the management thereof, shall be entered in a book or books to be kept by an officer of such Instifor the inspection tution, to be appointed for that purpose, and shall be open at all seasonable times for the inspection of the persons making deposits in the funds of such Institution; nor unless such rules, orders and reguPeace for the Dis- lations shall be fairly transcribed on parchment, trict or County. and such transcript shall be deposited with the Clerk of the Peace for the District wherein such Institution shall be established; and such transcript shall be filed by such Clerk of the Peace, with the rolls of the Session of the Peace in his custody, without any fee or reward to be paid in respect thereof; but nothing herein contained shall extend to prevent any alteration in or amendment of any such rules, orders or regulations so entered and deposited and filed as aforesaid, or the repealing or annulling the same or any of them, in the whole or in part, or making any new rules, orders or regulations for the management of any such Institution, in such manner as by the rules, orders and regulations of such Institution shall from time to time be provided; but such new rules, orders or regulations, or such alterations in, or amendments of former rules, orders, or regulations, or any 278 any order annulling or repealing any former rules, orders, or regulations, in the whole or in part, shall not be in force until the same, respectively, shall be entered in such book or books, as aforesaid, and a transcript or transcripts thereof shall be deposited with such Clerk of the Peace, as aforesaid, who shall file the same without fee or reward, as aforesaid. No Institution to have the benefit it is provided by of this Act unless the rules, that no Treasurer, &C., shall have any be deposit, and has nefit from any been sworn. III. Provided also, and be it enacted, That no such Institution, as aforesaid, shall have the benefit of this Act, unless it shall be expressly provided by the rules, orders and regulations for the management thereof, that no person or persons being Treasurer, Trustee or Manager of such Institution, or having any control in the management thereof, shall enter upon the duty of his office, unless he has taken an oath before any one Justice of the Peace, who is hereby authorized and required to administer the same, to the faithful discharge thereof, nor shall derive any benefit from any deposit made in such Institution, but that the persons depositing money therein shall have the sole benefit of such deposits and the produce thereof, according to such rules, orders and regulations as shall have been or shall be established for that purpose as aforesaid, save only and except such salaries and allowances or other necessary expenses as shall, according to such rules, orders and regulations be provided for the charges of managing such Institution, and for the remuneration to officers employed in the management thereof, exclusive of the Director or Directors, Trustee or Trustees, or other persons having direction in the management of such Institution, who shall not directly or indirectly have any salary, allowance, profit or benefit whatsoever therefrom, beyond their actual expenses for the purposes of such Institution. Rules to be bind ing on the several members and offi cers of the Inst tution, and of the several depositors and their representatives, and to be received in evidence in all Courts of record. IV. And be it enacted, That all rules, orders and regulations from time to time made and in force for the management of any such Institution, as aforesaid, and duly entered in such book or books as aforesaid, and deposited with such Clerk of the Peace as aforesaid, shall be binding on the several Members and Officers of such Institution, and the several depositors therein, all of whom shall be deemed and taken to have full notice thereof by such entry and deposit, as aforesaid, and the entry of such rules, orders and regulations in such book or books, as aforesaid, or the transcript thereof, deposited with such Clerk of the Peace, as aforesaid, or a true copy of such transcript examined with the original, and certified as a true copy, shall be received as evidence of such rules, orders and regulations, respectively, in all cases, and no certiorari shall be brought or allowed to remove any such rules, orders and regulations into any of Her Majesty's Courts of record; and every 279 copy |