Investment

of reserve fund.

Dividend not to reduce

capital.

Calls to be

deducted from dividends.

Notice of dividend.

Service on society.

Notices by the society.

Notices, how served on society.

Service of

Post.

55. The Directors may from time to time invest the sum set apart as a reserve fund in such good and convertible securities as they in their discretion may select.

56. The Society shall not make any dividend whereby their capital stock will be in any way reduced.

57. The Directors may deduct from the dividends payable to any member, all such sums of money as may be due from him to the Society on account of call or otherwise.

58. Notice of any dividend that may have been declared shall be given to each member; and no dividend shall bear interest against the Society.

59. Any summons, notice, order or other document required to be served upon the Society, may be served by leaving the same at the head office in Toronto, with any grown person in the employ of the Society. but not otherwise.

60. Any summons, notice, order or proceeding requiring authentication by the Society, may be signed by the Manager or any Director, Secretary or other authorized officer of the Society, and need not be under the common seal of the Society; and the same may be in writing or in print, or partly in writing and partly in print.

61. Notices requiring to be served by the Society upon the members may be served either personally or by leaving the same for, or sending them through the post, in prepaid letters addressed to the members at their registered places of abode.

62. A notice or other document served by post by the Society notice, &c., by on a member, shall be taken as served at the time when a letter containing it would be delivered in the ordinary course of post: to prove the fact and time of service, it shall be sufficient to prove that such letter was properly addressed, and was put into the post office, and the time when it was put in, and the time requisite for its delivery in the ordinary course of post.

Notice to per

63. All notices directed to be given to the members, shall, son first on list with respect to any share to which persons are jointly entitled, be given to whichever of such persons is first named in the register of members; and the notice so given shall be deemed sufficient notice to all the proprietors of such share.

to be notice to all his joint holders of share.

Transferee of share to be bound by

notice given to previous holder.

64. Every person who, by operation of law, transfer or other means whatsoever, shall become entitled to any share, shall be bound by any and every notice, which, previously to his name and address being entered upon the register of members in respect of such share, shall have been given to the person from whom he shall derive his title.

Punishment of

converting

them.

65. Whosoever, being a Director, member, Manager, public Directors, or officer or clerk of the said Society, fraudulently converts or officers appropriates any property whatever or valuable security to or for fraudulently his own use or the use of any other person, or for any purpose property other than that contemplated or provided for by the trust accept- entrusted to ed by the Society, or which may be received or intended to be received by the Society as agents or attorneys for others, under the provisions of the seventeenth and nineteenth sections of this Act, is guilty of a misdemeanor; and shall be liable to be imprisoned in the penitentiary for any term not exceeding seven years, and not less than two years, or to be imprisoned in any other place of confinement for any term less than two years, with or without hard labor, and with or without solitary confinement.

dictment.

66. In any indictment under the next preceding section, it Form of inshall be sufficient to state any such property to belong to the Society.

Vic., c. 21, to

67. The eighty-second and three following sections of the Act Certain secpassed in the session of the Parliament of Canada, held in the tions 32, 33 thirty-second and thirty-third years of Her Majesty's Reign, apply. chapter twenty-one, shall with the addition of the words or. clerk" after the words "public officer" be considered as forming part of this Act, and the punishment for the several offences therein provided for, shall be the same as herein before mentioned.

tion.

68. The words "property" and "valuable security" shall be Interpretainterpreted in the manner provided for in the Act above mentioned.

Schedules referred to in the foregoing Act.

SCHEDULE A.

FORM OF CONVEYANCE.

By virtue of an Act of the Parliament of Canada, passed in the year of the reign of Queen Victoria, intituled (here set forth the title of this Act) We, the Imperial Guarantee and Loan Society. in consideration of the sum of to us paid, by A. B. of do hereby grant to the said A. B. his heirs and assigns, all (describing the premises to be conveyed), together with all the ways, rights and appurtenances, thereunto belonging, and all such estate, right, title and interest in and to the same as we the said Company are or shall become possessed of, or are by the said Act empowered to convey. Το hold the said premises to the said A. B., his heirs and assigns for

ever.

Given under the Common Seal of the said Society, this

day of

in the year of our Lord

SCHEDULE

SCHEDULE B.

INSTRUMENT OF TRANSFER OF SHARES. IMPERIAL GUARANTEE
AND LOAN SOCIETY.

I, A. B., of

in consideration of the sum of

NOW

paid to me by (C. D.) of
do by this writing transfer to
the said (C. D.) the share (or shares), number
standing in my name in the books of the above-named Society, to
hold to him, his executors, administrators and assigns, subject to
the conditions on which I now hold the same, and I the said
(C. D.) do by this writing accept the said share (or shares) subject
to the conditions aforesaid, and agree to become a member of the
said Society. As witness our respective hands this
one thousand eight hundred and

day of

A. B.

C. D.

Preamble.

New provision as to capital

stock.

CAP. CVIII.

An Act to amend the Act inorpcorating the London and
Canadian Loan and Agency Company, Limited.

[Assented to 14th June, 1872]

HEREAS the London and Canadian Loan and Agency Company incorporated by the Act of the legislature of the late Province of Canada passed in the twenty-seventh year of Her Majesty's reign, chapter fifty, have by their petition prayed to have their Act of incorporation amended, and further powers conferred upon them; and 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 thirteenth section of the said Act is hereby repealed, and in lieu thereof it is enacted that the capital of the Company shall be one million two hundred and fifty thousand dollars, in shares of fifty dollars each, of which ten per centum shall be paid in before the actual transaction of business is proceeded with; but it shall be lawful for the said Company, by a resolution passed at the first or any other general meeting of the shareholders, to increase the capital stock from time to time as may be deemed Capital may expedient to any sum not exceeding the sum of five millions of be increased. dollars; and to raise the amount of the said new stock, either by distribution

distribution amongst the original shareholders, or by the issue of new shares, or partly in one way and partly in the other; and the said new stock shall be subject to all such incidents, both with reference to the payment of calls and forfeiture, and as to the powers of lending and borrowing or otherwise, as the original stock.

2. So much of the sixteenth section of the said Act as requires Shares not to the shares of the said Company to be distinguished by numbers, be numbered. is hereby repealed.

instead of £1

3. The amount which the Directors are authorised to call up in Calls to be 85, respect of each share at one time shall be five dollars instead of sterling. one pound sterling as mentioned in the twenty-fourth section of the said Act.

4. The number of Directors by whom the business of the Number of Company shall be transacted may be increased to any number not Directors. exceeding fifteen, of whom not more than seven shall be residents of the City of Toronto.

mortgages, &c.

5. It shall be lawful for the Company to acquire by purchase Power to or otherwise, mortgages upon real estate, and debentures of purchase municipal or other corporations issued under any statutory authority; and to resell the same at such time and in such manner as to them may seem expedient.

powers of

6. It shall be lawful for the said Company in exercising the Business powers conferred by the fourth section of the said Act, as agents theCompany on behalf of others to lend money on any security, real or personal, defined. or both, and to purchase mortgages, debentures of municipal or other corporations, the stock of incorporated banks and other securities or evidences of debt, and the same to resell as they may deem advisable, and for that purpose to execute such assignments or other instruments as may be necessary for carrying the same into effect Provided that no commission as agents shall exceed Proviso. one half of one per centum upon the amount of the loan.

7. In the exercise of any of the powers conferred by this or the Term of loans. recited Act, the Company may advance all moneys authorized to be loaned by them for such period as they may deem expedient, -being not less than six months.

on deposit.

8. It shall be lawful for the said Company to receive money on Power to deposit, for such periods, and at such rate of interest, as may be receive money agreed on: Provided that the aggregate amount of such deposits, Proviso. together with the amount of the mortgages, bonds or other instruments given by the Company remaining unpaid, shall not, at any time, exceed the amount of the subscribed capital stock of the Company.

Sixth section of Act amended.

Ac extended

to the whole Dominion.

Sections repealed.

Scale of voting

Expenses may be added to principal.

Manager substituted for Secretary.

9. The sixth section of the said Act is hereby amended, by substituting for the words "one thousand pounds," the words "ten thousand dollars;"

10. The provisions of the said Act, so far as they are applicable to the Province of Canada, are hereby extended to the Dominion of Canada; and the Company shall have power, at any general meeting, to appoint a local board, or local boards of Directors in each Province, and to establish offices and agencies therein.

11. The seventh, eighth, ninth, tenth, forty-fifth, forty-sixth, forty-seventh and forty-eighth sections of the said Act are hereby repealed.

12. At all meetings of the Company any member shall be entitled to one vote for each share possessed by him; and no shareholder shall be entitled either in person or by proxy to vote at any meeting unless he shall have paid all the calls upon all the shares then held by him.

13. It shall be lawful for the Company, instead of requiring from the borrower the payment of the expenses incidental to any loan at the time the loan is advanced, to give such time for payment of the same as they may be advised, and to add the same to the principal or interest secured by any mortgage or other security securing the loan.

14. The said Act is hereby amended by substituting the word Manager" for the word "Secretary" whenever the same occurs therein.

Preamble.

CAP. CIX.

An Act to change the name of the "District Permanent Building Society of Montreal," to that of the "Loan and Landed Credit Company," and to grant certain powers to the said Company.

WI

[Assented to 14th June, 1872]

HEREAS the "District Permanent Building Society of Montreal," incorporated by special Act in 1863,-(twenty sixth Victoria, chapter twenty eight, a statute of the legislature of the late Province of Canada) but the origin whereof as a corporation under the name of the "District of Montreal Building Society," by virtue of a Statute of the late Province of Canada, twelfth Victoria, chapter fifty seven, dates back to the year 1857,has become, in fact, a landed credit institution through the nature and extent of its business and the amount of the capital subscribed,