May purchase VI. The said Company shall have power to purchase, have &c., property and hold, and to dispose of as they shall think proper, any goods, chattels or property in which they may have an interest, which they shall consider to be endangered. in danger, in which they are interested. As to transfer of Stock. Registry of vessels under 8 V. c. 5. VII. No transfer of Stock of the Proprietary Branch shall be valid unless all instalments due thereon shall have been firs: paid up. VIII. It shall and may be lawful for any three Directors, who Company's may be from time to time appointed by the Directors of the Company for that purpose, to make and subscribe the declaration required by the Act passed in the eighth year of our Sovereign Lady Victoria, intituled, An Act to secure the right of property in British Plantation Vessels navigating the inland waters of this Province, and not registered under the Act of the Imperial Parliament of the United Kingdom, passed in the third and fourth years of the reign of His late Majesty King William the Fourth, intituled, An Act for the registering of British Vessels, and to facilitate transfers of the same, and to prevent the fraudulent assignment of any property in such vessels, for the purpose of obtaining the certificate of ownership mentioned in the said Act, and thereupon, without further proof or permission, a certificate of ownership shall be granted to, and the vessel duly registered in the name of the said Company, and shall have the same effect as if registered under the provisions of the said Act; any thing in the same or in any other Act of this Province to the contrary thereof, notwithstanding. As to Policies issued out of IX. And whereas doubts may arise as to the liability of the the Province. said Company on Policies issued by them out of the said Pro Sect. 7 of 12 V. e. 167, amended. Vacancies, how filled. No Officers to vote at elec vince of Canada, either in the United States of America or elsewhere, it is hereby declared and enacted, that the said Policies wheresoever issued shall have a like force and effect as if issued within this Province, and shall be to all intents and purposes as binding on the said Company. X. The seventh section of the Act cited in the Preamble shall be amended by adding thereto after the words "to be nominated by a majority of the Directors," the following clause : "The vacancy or vacancies thus temporarily filled up, to be permanently filled up by the election of the Shareholders, at the first General Annual Meeting, in addition to the election of three Directors in the room of the three who go out by rotation." XI. No Director, Officer, Agent, or Employee of the Company tions of Direc shall be allowed to vote, either in person or by proxy, or to hold proxies from other Shareholders, in the election of Directors. tors. XII. During the hours of business any Stockholder or List of StockStockholders of the said Corporation shall have free access to holders to be the Stock Books, and be at liberty to take a copy of the names kept for inspection. of all the Stockholders of the said Corporation. Parliament. XIII. It shall be the duty of the said Corporation to make a Yearly return return under the hand of the President and Secretary thereof to be made to for the time being, and attested by them before a Justice of the Peace or other Public Officer authorized to administer oaths, to the Provincial Parliament once a year, which return shall contain a full and true account of the funds and property of the said Corporation, the amount of the Capital subscribed and paid in, the amount of property insured during the previous year, the amount of the insurance received upon the several kinds of property insured, and the amount which the Company have paid or are liable to pay for losses during such year, a copy of which return shall be laid before the Stockholders at their next meeting. XIV. The provisions of the sixth section of the Act passed Provisions of in the sixteenth year of Her Majesty's Reign, intituled, An Act sect. 6 of 16 V. c. 69, exto amend the Act for the Incorporation of the Provincial Mutual tend to all and General Insurance Company of the City of Toronto, shall having claims be and they are hereby extended to all parties having or on the Comclaiming to have any right of action against the said Company for any cause or on any account whatever, and to any writ, process or proceeding at the suit of any such person or persons against the said Company. XV. This Act shall be deemed a Public Act. pany. Public Act. CAP. CCXIV. An Act to incorporate the St. Lawrence Assurance W [Assented to 30th May, 1855.] HEREAS Henry Barthe, Anselme Marinen, Amable Preamble. Pelletier, George Achille Bois, Pierre Narcisse Bois, Firmin Gabriel Bois, Flavien Babineau and Isaïe Gaudry, all of Quebec, have petitioned the Legislature that an Association may be incorporated under the name of the St. Lawrence Assurance Company, to enable the said Petitioners and others to carry on the business of Marine and Inland Assurance generally 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-unile 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: Company incorporated. Corporate name and general powers Property. Carital Shares of £25. Proviso: may be increased to £150,000. Subscriptions for Stock. Payment on subscribing. Calls. Proviso. I. All such persons as now are or hereafter shall become Stockholders of the said Association, shall be and are hereby ordained, constituted and declared to be a body corporate and politic in law, in fact and in name, by the style and title of the St. Lawrence Assurance Company," and by that name, style and title, they and their successors, shall and may have continued succession, and shall be capable in law of sueing and being sued, pleading and being impleaded in all manner of actions and causes whatsoever, and they and their successors may have a common seal, and may change and alter the same at pleasure; and also they and their successors, by and under the said name of the St. Lawrence Assurance Company, shall be capable in law of purchasing, holding or conveying any estate, real or personal for the use of the said Corporation, subject to the rules and conditions hereinafter mentioned. II. A share in the stock of the said Company shall be twentyfive pounds currency, and the number of shares shall not exceed four thousand, and books of subscription shall be opened in the City of Quebec and such other places at the same time, of which public notice shall be given by such person or persons, and under such regulations as the majority of the Directors hereinafter appointed shall direct; Provided always, that it shall and may be lawful for the said Corporation to increase its stock to a sum not exceeding one hundred and fifty thousand pounds currency, as a majority of the Stockholders, at a meeting expressly to be convened for that purpose shall agree upon. III. It shall be lawful for any person or persons, or body politic, to subscribe for such and so many shares as he, she or they may deem fit, not however exceeding, during the first month the subscription books are opened, forty shares, and one pound per cent, shall be paid at the time of subscription, and nine pounds per cent. shall be ready as a Deposit, to be called for by the Directors as soon as they may deem expedient; and the remainder shall be payable in such instalments as a majority of the Directors may determine upon; Provided always, that no instalment shall exceed five per cent, upon Calls limited. the Capital Stock in any period of one month nor be called for nor become payable in less than twenty days after public notice shall have been given in one newspaper published in the City of Quebec and the Canada Gazette, and by circular addressed to each Stockholder at his last known residence. If any Stockholder or Stockholders as aforesaid, shall refuse or neglect to pay to the said Directors, the instalment due on any share or Forfeiture for shares held by him, her or them, at the time required so to do, such Stockholder or Stockholders as aforesaid, shall forfeit such share or shares, together with the amount previously paid Sale of forfeit thereon, and such forfeited share or shares may be sold at a public sale by the Directors after such notice as they may direct, and the moneys arising therefrom shall be applied for the purposes of this Act; Provided always, that in case the Notice. non-payment of calls. ed Shares. Froviso: money money produced by any sale of shares be than more sufficient to Surplus to pay all arrears and interest, together with the expense of such owner. sale, the surplus of such money shall be paid on demand to the Shareholder so in default to pay such instalment, and no more shares shall be sold than shall be deemed necessary to pay such arrears, interest and expenses. calls. IV. If payment of such arrears of calls, interest and expenses Shares to rebe made before any shares so forfeited and vested in the Com- vert on paypany shall have been sold, such shares shall revert to the party ment of all to whom the same belonged before such forfeiture, as if such calls had been duly paid; and in all actions and suits for the what only recovery of such arrears or calls, it shall be sufficient for the need be alsaid Company to declare in an action of debt in manner fol- leged and lowing: was in Jrov d in "For that whereas the Defendant heretofore, to wit, on the Declaration. day of one thousand eight hundred and "debted to the St. Lawrence Assurance Company in the sum of for divers calls upon certain stock and shares of the said "Company held by the Defendant, before then due and unpaid "upon the said stock and shares, and being so indebted "became liable to pay the said amount to the Plaintiffs, yet "the Defendant though requested, hath not paid the same or any part thereof, wherefore the Plaintiff's pray judgment for "the said suin of with interest and cost." And on the trial it shall only be necessary to prove that the Proof. many sub V. Provided also, that if the whole number of shares shall Subscribers not be subscribed for within one month after the said books of may increase their subscripsubscription shall be opened, then it shall be lawful for any ions in a cerformer subscriber or subscribers to increase his, her or their tain case. subscription; And provided further, that if the total amount of Proviso: subscriptions within the period aforesaid, shall exceed the Allotment of Capital Stock, limited by this Act to one hundred thousand Shares if too pounds, then and in such case, the shares of each subscriber or srived for. subscribers, above ten shares, shall, as nearly as may be, be proportionably reduced until the total number of shares be brought down to the limits aforesaid: And provided neverthe- Proviso: not less, that the said limitation in respect to persons subscribing chasers. to the said Capital Stock, shall not extend or be construed to extend, to prevent the acquisition of a greater number of shares by purchase, after the said Corporation shall have commenced its operations. to limit pur Business of tion defined VI. The Corporation hereby erected, shall have power and the Corpora- authority to make and effect contracts of Assurance with any person or persons, body politic or corporate, against losses of damage of or to any shipping or vessels whatsoever, wheresoever or whithersoever proceeding, and against any loss of damage of or to the cargoes or property conveyed in or upon any such vessels, and to cause themselves to be insured against any loss or risk they 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. May acquire real estate. Proviso: busi ness of Company defined. VII. The said Corporation shall be in law capable of acquir ing, by purchase, lease, mortgage or otherwise, and of holding absolutely or conditionally, any lands, tenements, real or personal estate, and the same may sell, let, release, transfer and Proviso real dispose of as to them shall seem expedient: Provided always, estate limited. that nothing herein contained shall be considered as permission to hold any real estate beyond what it may be necessary for the said Corporation to hold for its own immediate accommodation, in relation to the convenient transaction of its business, or such as shall have been bona fide mortgaged to it by way of security, or conveyed to it in satisfaction of debts previously contracted in the course of its dealings, or purchased at sales upon judg ments which shall have been obtained for such debts; And provided also, that it shall not be lawful for the said Corporation to deal, use or employ any part of the stock, funds or moneys thereof, in buying or selling any goods, wares or merchandise or in any banking operations whatsoever; but it shall, nevertheless, be lawful for the said Corporation to purchase and hold for the purpose of investing therein any part of the said funds or money, any of the public securities of this Province, the Stocks if any of the Banks or other chartered Companies, and the Bonds and Debentures of any of the Incorporated Cities or Towns, or Municipal Divisions, and also to sell and transfer the same and again to renew such investment, when and as often as a due regard to the interest of the said Company shall require, and also to make loans of their Funds on bond and mortgage, at any legal rate or interest, and with power to receive the same in advance, and the same investments to call in and re-loan as occasion may require. Loans on security. Business to be managed by nine Directors First election of Directors when 800 Shares are VIII. The property, affairs and concerns of the said Company shall be managed and conducted by a Board of nine Directors, one of whom shall be chosen President, and one Vice-President. IX. It shall and may be lawful, as soon as eight hundred out of the aforesaid four thousand shares shall have been taken up, or twenty thousand pounds out of the aforesaid Capital subscribed for. Stock of one hundred thousand pounds shall have been paid, for the shareholders or subscribers to proceed to the election, by ballot |