the company specifying such assessment and the amount due to the company on such note or undertaking by means thereof shall be taken and received as prima facie evidence thereof in any court in the North-West Territories. retained in to implement 62. If there is a loss on property insured by the company Contents of the directors may retain the amount of the premium note note to be given for insurance thereon until the time has expired for event of loss which insurance has been made and at the expiration of the contract said time the assured shall have the right to demand and receive such part of the retained sum as has been assessed for or become due under fixed payments. given up after 63. Forty days after the expiration of the term of insur-Note to be ance the premium note given for the insurance policy shall term of on application therefor be given up to the grantor thereof contract provided all assessments levied and all losses and expenses with which the note is chargeable have been paid. RESERVE OR GUARANTEE FUND. 64. The company may form a reserve fund to consist of all Reserve fund moneys which shall remain on hand at the end of each year after payment of the ordinary expenses and losses of the company; and for that purpose the board of directors may levy an annual assessment not exceeding twenty-five per centum on the premium notes or undertakings held by said company and such annual assessment may be made in advance; and such reserve fund may from time to time be applied by the directors to pay off such liabilities of the company as may not be provided for out of the ordinary receipts for the same or any succeeding year: Provided that such reserve fund shall be invested either in debentures or other securities of the Dominion of Canada or the provinces of the Dominion or the North-West Territories, or in municipal or school debentures or real estate mortgages or other securities or may remain in a chartered bank on deposit at interest. to be the 65. The reserve fund shall be the property of the company Reserve fund as a whole and no member shall have any right to claim any property of share or interest therein in respect of any payment contributed company by him towards it but in the event of the company being wound. up possessed of an existing reserve fund the then members shall be entitled to divide the same among themselves pro rata according to the amount of their premium notes with the company. CASH PREMIUM INSURANCE. policies may 66. A mutual company may effect policies of insurance on Short term the cash premium plan for periods not exceeding one year and 1207 be issued on cash plan Policy holders under cash the directors shall prepare a tariff of rates for such policies but no single risk shall be undertaken of a larger amount than two thousand dollars. 67. Policy holders under the cash plan shall not as such be plan not there- members of the company or have any liability for its debts or obligations. by to be members of company Separate branches Business to be BRANCHES OR DEPARTMENTS. 68. Any company may separate its business into branches or departments with reference to the nature or classification of risks or of the localities in which insurances may be effected. 69. The directors of every company so separating its business kept separate shall make a scale of risks and tariff of rates for each branch and direct that the amounts of each shall be kept separate and distinct the one from the other. Apportionment of expenses 70. All necessary expenses incurred in the conducting and management of any such company shall be assessed upon and divided between the several branches in such proportion as the directors may determine. Fire insurance policy Ordinance to apply to the mutual policies Limit on right to hold lands Judgment against a mutual company not to issue for sixty days Winding up MISCELLANEOUS. 71. The provisions of The Fire Insurance Policy Ordinance shall apply to all policies issued by a mutual company but it shall be optional with the directors to pay or allow claims which are void under the 3rd, 4th or 8th of the statutory conditions in said Ordinance and to waive the objections therein mentioned. 72. The company may hold such lands only as are requisite for the accommodation of the company in the transaction of its business or such lands as have been bona fide mortgaged to it by way of security or conveyed to it in satisfaction of debts contracted in the course of its dealings or purchased at sale upon judgments obtained for such debts and may from time to time sell, mortgage and convey or lease any such lands. 73. In the event of judgment being obtained against a mutual company the issue of execution shall be stayed for sixty days from the date of judgment. 74. In the event of the corporate powers of the company being forfeited in terms of section 9 of this Ordinance or in the event of the members adopting a resolution at a general meeting of which due notice has been given to wind up the company the company may in general meeting appoint a receiver or receivers to conduct the winding up proceedings and such receiver or receivers shall thereupon have the full power and authority of directors in the matter. effect 75. It shall be lawful for the receiver to use the reserve or Receiver to guarantee funds if necessary to effect an equitable reinsurance reinsurance of all risks held by the company whether held under the premium available note plan or a short term policy on the cash plan. if funds are file statement 76. After winding up the affairs of the company the receiver Receiver to shall file with the registrar a full statement of his transactions and intromissions with copy of minutes of a general meeting approving of his report and management. An Ordinance to establish and incorporate a University for the North-West Territories. (Chapter 26 of 1903, 2nd session.) THE Lieutenant Governor by and with the advice and consent of the Legislative Assembly of the Territories enacts as follows: Short title SHORT TITLE. 1. This Ordinance may be cited as "The University Ordinance." The corporation Power to hold property CORPORATION. 2. A university consisting of a chancellor, vice-chancellor, senate and convocation is hereby established in the NorthWest Territories as a body politic and corporate by such name as may hereafter be determined by the Legislative Assembly. 3. The said corporation may acquire by purchase or in any other manner and hold for the purposes of the said university any and all property real and personal of every nature and kind whatsoever and subject to the terms of any gift, devise or bequest of any property to the university, shall have power to mortgage, sell, transfer or otherwise dispose of all its property real or personal. Visitor VISITOR. 4. The Lieutenant Governor of the Territories shall be the visitor of the university with authority to do all those acts which pertain to visitors as to such Lieutenant Governor shall seem meet. Election and of chancellor CHANCELLOR. 5. The chancellor of the said university shall be elected by term of office the members of convocation in the manner hereinafter mentioned and shall hold office for three years and until his successor is elected. (2) The chancellor first elected shall hold office until two years from the first Wednesday of October next following his election and until his successor is elected. (3) The ordinary triennial election of chancellor shall take place on the first Wednesday in October in any year in which an election is required. how filled (4) In case of vacancy in the office of chancellor by death, Vacancy in resignation or any other cause before the expiration of his chancellor term of office then at a special election to be holden for that purpose (of which election notice shall be given in such manner as may be provided by statute of the senate) the members of convocation entitled to vote shall elect a chancellor for the remainder of the term in which such death, resignation or other avoidance may have happened. VICE-CHANCELLOR. chancellor 6. The vice-chancellor of the university shall be elected by Vicethe members of the senate from among themselves and shall hold office for three years and until his successor is appointed. (2) The ordinary triennial election of vice-chancellor shall take place at the first meeting of the senate in any academic year in which such election may be required and the registrar shall at least one month before the meeting notify all the members of the senate that the election is to be held. be filled up by (3) In case of vacancy in the office of vice-chancellor by Vacancies to death, resignation or any other cause before the expiration of the senate his term of office the members of the senate shall, at a meeting to be held by them for that purpose, as soon as conveniently may be, of which notice shall be given in such manner as may be provided by statute of the senate, elect one other of the said members of the senate to be vice-chancellor for the remainder of the term. SENATE. Ex officio members 7. The senate of the university shall be composed as follows: The Senate 1. The Commissioner of Education, the chancellor; 2. Five members to be appointed by the Lieutenant Governor Appointed in Council; members members 3. Ten members to be elected by convocation from its mem- Elected bers. CONVOCATION. 8. The first convocation of the university shall consist of all First graduates of any university in His Majesty's Dominions having the degree of Bachelor or Master of Arts, Bachelor Licentiate or Doctor of Law or of Civil Law, Bachelor or Doctor of Medicine, Bachelor or Master of Science, or of Bachelor, Licentiate or Doctor of Medicine who are actually residing in the Territories three months prior to the first election of members of the senate of the university and who at least one month prior to the said election register themselves as members of such convocation in the office of the Territorial secretary. |