driven into a lien for such tolls, dues and charges on the timber, lumber and saw logs, in respect of which the same are chargeable: Proviso: as Provided always, that in case of rafts or cribs of timber break- to timber ing away from their moorings by storm or stress of weather Co.'s booms or other cause, and lodging in the booms or works of the by storm. Company, the owners of such rafts or cribs shall be at liberty to remove the same from the said works without charge, save and except for damages to the Company's works; but the owners thereof shall be obliged to remove such cribs or rafts with all due diligence within the working season after such lodging, failing which the said timber shall be subject to the tolls, dues and charges authorized by the said Order in Council. 10. The Company shall not hereafter prevent the owner Raft owners or owners of a raft or rafts from snubbing or mooring his or may moor to piers. their raft or rafts to any pier or piers owned or belonging to the Company. CHAP. 78. An Act to incorporate the "Industrial Life Insurance Company." [Assented to 8th April, 1875.] WHEREAS Thomas James Claxton, the Honorable John Preamble. J. C. Abbott, Horatio A. Nelson, Thomas F. Miller, Robert W. Shepherd, William McDonald, Alexander W. Ogilvie, William A. Merry, and others, all of the City and District of Montreal, have petitioned for an Act to incorporate them and others, under the style and title of the "Industrial Life Insurance Company," and to enable them to carry on the business of life insurance on a plan as to payment of premiums that will facilitate the extension of the benefits of life insurance, and in the usual manner; and whereas it is expedient to grant the prayer of the said petition: Therefore Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: 1. The said persons and all other person and persons, firm Incorporation and firms, body and bodies politic as shall, from time to time, be possessed of any share or shares of the stock of the Company, are hereby constituted, and shall be one body politic and corporate, by the name of the "Industrial Life Insurance Corporate Company;" and by that name shall have perpetual succession, name and and a common seal, with power to break and alter such seal; and by that name may sue and be sued, plead and be imleaded in all courts whatsoever. powers. Capital stock and shares. Proviso: as to increase. Calls on 2. The capital stock of the said Company shall be one million dollars, divided into ten thousand shares of one hundred dollars each, which shares shall be and are hereby vested in the several persons, firms or corporations who shall subscribe for the same, their legal representatives and assigns, subject to the provisions of this Act: Provided always that it shall and may be lawful for the said corporation to increase its capital stock from time to time to a sum not exceeding two million dollars, or such portion thereof as a majority of the stockholders, at a meeting to be especially convened for that purpose, shall agree upon. 3. An instalment upon the said stock of five per cent. stock limited. shall be paid at the time of subscription, and five per cent. shall be paid in three months thereafter, when called for by the Directors; and the remainder shall be payable in such instalments as the Directors may determine, not to exceed five per cent. per call, and at intervals of not less than three months: Provided always that no instalment shall be called for nor be payable in less than thirty days after public notice shall have been given in two newspapers published in the City of Montreal, one in the English language, and the other in the French language. Proviso: Board of Provisional First meeting of shareholders. Election of Annual general meeting. } 4. The property, affairs and concerns of the said Company shall be managed and conducted by a Board of Directors, one of whom shall be President, and one VicePresident. And until the election of such Directors as hereinafter provided, the said Thomas J. Claxton, Honorable John J. C. Abbott, Horatio A. Nelson, Thomas F. Miller, Robert W. Shepherd, William McDonald, Alexander W. Ogilvie, and William A. Merry shall be the Provisional Directors of the Company. 5. When and so soon as five hundred thousand dollars of the capital stock shall have been subscribed, and fifty thousand dollars of the amount so subscribed paid in, the said Provisional Directors may call a general meeting of the shareholders, at some place to be named in the City of Montreal, giving at least ten days' notice thereof in a daily French newspaper, and a daily English newspaper, published in the said city; at which general meeting the shareholders present in person or represented by proxy, shall elect seven Directors in the manner and qualified as herein provided, who shall constitute a Board of Directors, and shall hold office until the annual general meeting in the year following their election. 6. The annual general meeting of the shareholders shall be held on the first Thursday in March in each year, or if that be a holiday, on the next succeeding day not being a holiday, at the hour of two of the clock in the afternoon, at which meeting shall be submitted a statement of the affairs of the Company Company, and at which the Directors shall be elected by Election of ballot. And the number of such Directors shall be seven, directors. unless when required, as it may be, from time to time, by a by-law in force, ordained at an annual general meeting, to be eight, nine or ten. And if two or more persons have an Ties. equal number of votes in such a manner that a greater number of persons than seven, eight, nine or ten, as the case may be, shall appear to be chosen as Directors, then the Directors who shall have the greater number of votes, or a majority of them, shall determine which of the said persons so having an equal number of votes shall be the Director or Directors, so as to complete the whole number of seven, eight, nine or ten, as the case may be and no person shall Qualification. be eligible to be or shall continue as Director, unless he shall hold in his name and for his own use, stock in the said Company to the amount of fifty shares, and shall have paid all calls made and due upon such stock. meetings. 7. Special general meetings of the shareholders may be Special called at any time, by order of the President, or, in his general absence, of the Vice-President, or on the requisition of at least ten shareholders, representing not less than two hundred and fifty shares of the capital stock of the Company; and on such requisition the Directors shall be bound to call the meeting within the time specified therein. Notice. 8. All general meetings of shareholders, whether annual Place of or special, shall be held in such place in the City of Montreal meeting, as the Directors may select and indicate; and notices of all such meetings shall be given by advertisement during the ten days preceding the day fixed for the meeting, in a daily English newspaper, and in a daily French newspaper published in the City of Montreal. At all such meetings each Scale of votes. shareholder shall be entitled to give one vote for every share held by him in his own name for not less than thirty days prior to the said meeting upon which all calls then due have been paid. And such votes may be given in person or by proxy, the holder of such proxy being himself a shareholder Proxies. qualified to vote; and all questions proposed for the consideration of the shareholders shall be determined by the majority of votes,-the chairman presiding at such meeting having the casting vote in case of an equality of votes: Pro- Proviso. vided that no salaried employee of the Company shall have the right to vote. election 9. In case it should at any time happen that an election Case of of Directors of said Company should not be made on the day failure of appointed, it may be lawfully made on any other subsequent provided for. day appointed by the Directors for the time being; and they shall continue in office until a new election is held. And if Vacancies any vacancy should at any time happen amongst the said how filled. Directors, such vacancy shall be filled for the remainder of the Powers and business of the company the year by the remaining Directors or the majority of them 10. The Company shall have power and authority to make and effect contracts of insurance with any person or for insurance. persons for the purpose of carrying on the business of life insurance in all branches and modes of conducting the same, and on any plan or principle which the Board of Directors may, from time to time, determine and direct; including the granting of endowments and reversionary annuities, and the reception of premiums by small instalments at short intervals of time, and to buy, sell, grant and otherwise acquire and otherwise dispose of annuities and endowments of every description, whether of reversion, remainder, annuities, life policies or otherwise, and generally to enter into any transaction depending upon the contingency of life and all other transactions usually entered into Re-insurance. by life insurance companies or associations. And the said General powers. Local boards Company shall also have power to cause themselves to be insured against any loss or risk they may have incurred in the course of their business; or to insure any other insurance company against any loss or risk which such other insurance company may have incurred in the course of their business and generally to do and perform all other necessary matters and things connected with and proper to promote those objects. 11. For all or any of the purposes aforesaid, it shall be and agencies. lawful for the Directors of the said Company to establish agencies, with or without local boards, for the carrying on of the business of the Company at any place in Canada, or elsewhere, and in so doing to appoint and from time to time remove such agents, and dispense with or change such local boards as they, in their discretion, may deem advantageous to the interests of the said Company, and to remunerate such agents and the Directors upon such local boards, and invest them with such powers as they may deem necessary. But the principal office of the Company shall be in the City of Montreal. Chief office. Company may hold real estate for Other real property. 12. The said Company shall have power to acquire and hold for the purposes of its business, such real estate in the its business. Dominion of Canada as the Directors may deem expedient, and may sell the same and acquire other property for the like purposes. And the said Company in addition to the above mentioned real estate may purchase and hold such other real estate on which it may hold mortgages or hypothecs, as may be brought to a forced sale; or it may take any real estate with the approval of the majority of the Directors, in payment of any debt due to it in the course of its legitimate business; but the said Company shall sell such sale within such real estate, either so purchased or so taken in payment Proviso: for and not required for the purposes of its business as above pro- limited time. vided, within five years after the same shall have been acquired. 13. It shall be lawful for the said Company to invest its Investment of funds in the debentures, bonds, stocks or other securities of funds and disposal the Dominion of Canada, or in the securities of any of the thereof. Provinces composing the Dominion, or in the securities of any municipal corporation in the Dominion, or to loan its funds on the security of such stocks or securities, or on the security of stocks of banks or building societies incorporated in Canada, or on hypothecs or mortgages on real estate in the Dominion of Canada, or on its life policies to the extent of their surrender value; and it shall have power from time to time to dispose of the stocks, securities and hypothecs held by it as investments, and to re-invest the proceeds thereof in others of like character, the whole at the discretion of the Directors. 14. It shall be Jawful for the Directors to return to the Participation holders of policies or other instruments, such part or parts of of profits by policythe profits of the Company in such parts, shares and propor- holders. tions, and at such times and in such manner as the said Directors may deem advisable; and to enter into obligations so to do, either by endorsement on the policies or otherwise : Provided always, that such holders of policies or other Proviso: no instruments shall not be held to be in anywise answerable liability. for the debts or losses of the Company, beyond the amount of the premium or premiums which may have been actually paid up by them. ments, to 15. The Act thirty-first Victoria, chapter forty-eight 31 V., c. 48, intituled “An Act respecting Insurance Companies," and the and amendActs amending the same shall apply to this Act, and to the apply. Company hereby incorporated. CHAP. 79. An Act to incorporate The Ottawa Royal Life Assurance [Assented to 8th April, 1875.] WHEREAS the persons hereinafter mentioned have, by Preamble. their petition, prayed to be incorporated under the name and style of "The Royal Mutual Life Assurance Company of Canada," with all the powers, rights and privileges necessary to enable them to carry on the business of life and accident |