the said Bank shall entertain reasonable doubts as to the lega- sonable lity of any claim to and upon such share or shares of Stock, then doubts. and in such case it shall be lawful for the said Bank to make and file, in one of the Superior Courts of law for Upper Canada, a declaration and petition in writing addressed to the Justices of the Court, setting forth the facts and the number of shares previously belonging to the party in whose naine such shares stand in the Books of the Bank, and praying for an order or judgment adjudicating and awarding the said shares to the party or parties legally entitled to the same, and by which order or judgment the Bank shall be guided and held fully harmless and indemnified and released from all and every other claim for the said shares or arising therefrom; Provided al- Proviso. ways, that notice of such petition shall be given to the party claiming such share or shares, who shall, upon the filing of such petition establish his right to the several shares referred to in such petition: and the delays to plead and all other proceedings in such cases shall be the same as those observed in analogous cases before the said Superior Courts; Provided Proviso. also, that the costs and expenses of procuring such order and adjudication shall be paid by the party or parties to whom the said shares shall be declared lawfully to belong, and such shares shall not be transferred until such costs and expenses be paid, saving the recourse of such party against any party contesting his right. which shares XXXIII. The Bank shall not be bound to see to the execution Bank not of any trust, whether express, implied or constructive, to which bound to see any of the shares in the Bank may be subject, and the receipt to execution of the party in whose name any such share shall stand in the of trusts to Books of the Bank, or if it stand in the names of more parties may be subthan one, the receipt of one of the parties, shall from time to ject. time be a sufficient discharge to the Bank for any dividend or other sum of money payable in respect of such share, notwithstanding any trust to which such share may then be subject, and whether or not the Bank have had notice of such trust, and the Bank shall not be bound to see the application of the money paid upon such receipt: any law or usage to the contrary notwithstanding. tal to be in XXXIV. It shall be the duty of the Directors of the said One tenth of Bank to invest, as speedily as the Debentures hereinafter men- paid up Capitioned can be procured from the Receiver General, and to keep vested in Deinvested at all times in the Debentures of this Province, payable bentures of within the same, or of the Consolidated Municipal Loan Fund, certain kinds. one tenth part of the whole paid up Capital of the said Bank, and to make a Return of the numbers and amount of such Debentures, verified by the oaths and signatures of the President and Chief Cashier or Manager of the said Bank, to the Inspector General, in the month of January of each year, under the penalty of the forfeiture of the Charter of the said Bank, in default of such investment and Return: Provided always, that Proviso. the Duration of Public Act. the said Directors shall not commence the ordinary business of Banking until the sum of ten thousand pounds shall have been invested in such Debentures. XXXV. This Act shall be and remain in force until the first day of June, which will be in the year of our Lord, one thousand eight hundred and seventy, and from that time until the end of the then next Session of the Parliament of this Province, and no longer. shillings) in the Capital Stock of the Bank of Toronto, subject to the rules and regulations of the said Bank. Witness my (or our) hand (or hands) at the said Bank, this in the year one thousand eight hundred and day of (Signature.) I (or we) do hereby accept the foregoing assignment of shares in the Stock of the Bank of Toronto, assigned to me (or us) as above mentioned, at the Bank, this day of one thousand eight hundred and (Signalure.) FORM OF SCHEDULE B Referred to in the foregoing Act. Return of the Average Amount of Liabilities and Assets of the to one thousand eight hundred and LIABILITIES. Promissory Notes in circulation not bearing interest. £ Balances due to other Banks..... Cash deposits, not bearing interest... £ £ £ £ Total average Liabilities.... £ ASSETS. ASSETS. Coin and Bullion .... Landed or other Property of the Bank. Promissory Notes or Bills of other Banks Balances due from other Banks..... 44444 Notes and Bills discounted, or other Debts due to the CAP. CCVI. An Act to incorporate the Eastern Townships Bank. [Assented to 19th May, 1855.] WHEREAS it has been prayed by petition to the Legis Preamble. lature of this Province, that Benjamin Pomroy, Esquire, Duncan McDonald, Esquire, George F. Bowen, Esquire, Livingston E. Morris, Esquire, Albert P. Ball, Esquire, Alexander T. Galt, Esquire, John S. Sanborn, Esquire, and others, their respective heirs, legal representatives and assigns, might be incorporated for the purpose of establishing a Bank in the Eastern Townships of Lower Canada, to be located at Sherbrooke, and to be called the "Eastern Townships Bank ;" And whereas it would be conducive to the general prosperity of that section of the country, and greatly facilitate and promote the agricultural and commercial growth of the said locality; And whereas it is but just that such persons and others who see fit to associate themselves, should be incorporated for the said purpose: Be it therefore enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and of the Legislative Assembly of the Province of Canada, constituted and assembled by virtue of and under the authority of an Act passed in the Parliament of the United Kingdom of Great Britain and Ireland, and intituled, An Act to re-unite the Provinces of Upper and Lower Canada, and for the Government of Canada, and it is hereby enacted by the authority of the same, as follows : I. The several persons hereinabove named, and such other Certain perpersons as may become Shareholders in the Company to be by sons incorpethis Act created, their heirs, legal representatives and assigns, rated. shall be and they are hereby created, constituted and declared ers. to be a Corporation, Body Corporate and Politic, by the name of the "Eastern Townships Bank," and shall continue such Corporate Corporation, and shall have perpetual succession and a Cor- name and porate Seal, with power to alter and change the same at plea- general powsure, and may sue and be sued, implead and be impleaded in all Courts of Law as other Corporations may do, and shall have the power to acquire and hold real and immoveable estate for the management of their business, not exceeding the yearly value 57 limited. May make Real property value of two thousand pounds currency, and may sell, alienate or exchange the same and acquire other instead, and may, when duly organized as hereinafter provided, make, ordain and establish such Rules, Regulations and By-laws as to them shall seem meet and necessary for the due and proper administration of their affairs, and the due management of the said Bank, such By-laws and Regulations not being inconsistent with this Act, or contrary to the laws of this Province: Provided, however, that such Rules, Regulations and By-laws shall be submitted for approval to the Stockholders or Shareholders in the said Bank, at their regular Annual Meetings. Capital £250, 000 in shares of £12 10s. each. Stock Books ed andelsewhere. II. The Capital Stock of the said Bank hereby incorporated, shall be two hundred and fifty thousand pounds, current money of this Province, divided into twenty thousand shares of twelve pounds ten shillings currency each, which said shares shall be and are hereby vested in the several persons who shall subscribe for the same, their heirs, legal representatives and assigns. III. For the purpose of raising the amount of the said may be open Capital Stock, it shall be lawful for the persons hereby incorporated, or for any number of them not less than five, to cause Stock Books to be opened, after giving four weeks' public notice in two newspapers in the District, if there be so many, upon which Stock Books shall and may be received the signatures and subscriptions of such persons or parties as desire to become Shareholders in the said Bank, and such At Sherbrooke Books shall be opened at Sherbrooke and elsewhere, at the discretion of the persons opening the same, and shall be kept open so long as may be necessary; and so soon as one hundred thousand pounds of the said Capital Stock shall have been subscribed upon the said Stock Books, a public meeting shall be called of subscribers after two weeks' notice as hereinabove provided, at such time and place as such notice shall indicate, tion of Direc. and at such meeting the Shareholders shall proceed to elect seven Directors, having the requisite Stock qualification, who shall from thenceforward, manage the afairs of the said Corporation, shall take charge of the Stock Books hereinabove referred to, and shall continue in office until the first Monday in June next thereafter, and until their successors in office shall be duly elected, and the said election shall be had in the same manner as the Annual Elections hereinafter provided for, as respects the regulating of votes according to the number of shares subscribed for. First meet ing for elec tors. Shares to be paid in by IV. The shares of Capital Stock subscribed for shall be instalments, paid in and by such instalments, and at such times and places as the said Directors shall appoint; and Executors, Adminis trators and Curators paying instalments upon the shares of deceased Shareholders, shall be and they are hereby respectively indemnified for paying the same: Provided always, that no per cent. to be share or shares shall be held to be lawfully subscribed for Proviso: ten unless paid on sub unless a sum equal at least to ten pounds per centum on the amount subscribed for, be actually paid at the time of sub- scribing. scribing Provided further, that it shall not be lawful for the Proviso: subscribers to the Capital Stock hereby authorized to be raised, £25,000 to be to commence the business of banking, until a sum not less than paid before commencing. twenty-five thousand Pounds shall have been duly paid in by such subscribers: Provided further, that the remainder of The remainthe said Capital Stock shall be subscribed for and paid up as der to be paid follows, that is to say, the sum of twenty-five thousand Pounds within a cerwithin eighteen months; the sum of fifty thousand Pounds within three years; the further sum of fifty thousand Pounds within four years; and the further sum of one hundred thousand Pounds within five years after the said Bank shall have so commenced the business of Banking, under penalty of forfeiture of their charter. tain time. ment, to for cent. on amount of Shares. Shares may V. If any Shareholder or Shareholders shall refuse or neglect Shareholders to pay any or either of the instalments upon his, her or their neglecting to shares of the said Capital Stock, at the time or times required pay instalby public notice as aforesaid, such Shareholder or Shareholders feit ten per shall incur a forfeiture to the use of the said Corporation of a sum of money equal to ten pounds per centum on the amount of such shares; and moreover, it shall be lawful for the Directors of the said Corporation (without any previous be sold to pay formality other than thirty days of public notice of their Instalments. intention) to sell at public auction the said shares, or so many of the said shares as shall after deducting the reasonable expenses of the sale, yield a sum of money sufficient to pay the unpaid instalments due on the remainder of the said shares and the amount of forfeitures incurred upon the whole; and the President, or Vice-President, or Cashier of the said Corporation, shall execute the transfer to the purchaser of the shares of Stock so sold, and such transfer being accepted, shall be as valid and effectual in law as if the same had been executed by the original holder or holders of the shares of Stock thereby transferred: Provided always, that nothing in this section Proviso: forcontained, shall be held to debar the Directors or Shareholders feiture may be at a general meeting, from remitting, either in whole or in part, and conditionally or unconditionally, any forfeiture incurred by the non-payment of instalments as aforesaid. remitted. VI. The chief place or seat of business of the said Corpora- Chief place of tion shall be in the Town of Sherbrooke aforesaid; but it shall business to be at Sherbrooke. and may be lawful for the Directors of the Corporation to open and establish in other Cities, Towns and places in this Branches Province, branches or offices of discount and deposit of the said elsewhere. Corporation, under such rules and regulations for the good and faithful management of the same as to the said Directors shall, from time to time, seem meet, and shall not be repugnant to any Law of this Province, to this Act, or to the By-laws of the said Corporation |