county municipality to pass a by-law as hereinafter set out, and in such petition do define the townships for which they are respectively Reeves and Deputy-Reeves, and expressing the desire of the petitioners to aid in the construction of the said railway, by granting a bonus to the said New Company for this purpose, and stating the amount they so desire to grant and to be assessed therefor, the council of such municipality shall pass a by-law, provided the said by-law shall be approved of by the majority of the qualified voters voting thereon in the portion of the municipality petitioning as aforesaid, in the manner required by the Municipal Act : First,-For raising the amount so petitioned for by such for issuing defreeholders, or such Reeves or Deputy-Reeves, in such portion bentures; of the municipality, by the issue of debentures of the municipality payable in twenty years, and for the delivery to the Trustees of the debentures issued for the amount of said bonus at the times and on the terms specified in said petition: special rate. Second,-For assessing and levying upon all the ratable for assessing property lying within the section defined by said petition an and levying a equal annual special rate, sufficient to include a sinking fund for the re-payment of the debentures with interest thereon, such interest to be payable yearly or half-yearly; which debentures the municipal councils, and the Wardens, Reeves, and other officers thereof are hereby authorized to execute and issue in such cases respectively; and the provisions of the Municipal Acts, and of this Act, shall apply to any bonus so granted or by-law so passed by or for a portion of the municipality. debentures of 16. That any county in which are situated a township or Counties may townships, that have granted, or hereafter may grant, a bonus exchange the or bonuses in aid of the said New Company, shall be at liberty townships for to take the debentures issued by such township or townships, those of the and in exchange therefor to hand over to the said Company, county. the debentures of the county, on a resolution being passed to that effect by a majority of the county council. 17. The said New Company shall have power to enter into Disposition of any agreement with municipalities, corporations, or individuals, bonuses. that have granted or hereafter may grant a bonus or gift in aid of the said railway, respecting the conditions or disposition of any such gift or bonus. 18. The gauge of the said railway, or any parts thereof, may Gauge of railbe such as the directors in their discretion may from time to time way. determine upon, with power to lay down a third or more rails, as they may think proper. 19. The said New Company shall have power and authority to Company may become parties to promissory notes and bills of exchange, for make negoti sums not less than one hundred dollars; and any such promis- ments. G sory able instru Proviso. Form of conveyances to Company; How register ed. Registrar's fees. Acquisition of lands. sory note made or endorsed by the president or vice-president of the said Company, and countersigned by the secretary of the said Company, shall be binding on the said Company; and in no case shall it be necessary to have the seal of the said Company affixed to such promissory note or bill of exchange, nor shall the president or vice-president, or the secretary be individually responsible for the same; Provided however, that nothing in this section shall be construed to authorize the said company to issue any note or bill of exchange payable to bearer, or intended to be circulated as money or as the notes or bills of a bank. 20. Conveyances of land to the said New Company, for the purposes of this Act, may be made in the form set out in the schedule "A" hereunder written, or to the like effect: and such conveyances shall be registered by duplicates thereof, in such manner, and upon such proof of execution, as is required under the registry laws of Ontario; and no registrar shall be entitled to demand more than seventy-five cents for registering the same, including all entries and certificates thereof, and certificate endorsed on the duplicate thereof. 21. Whenever it shall be necessary for the purpose of procuring sufficient lands for stations or gravel pits, or for constructing, maintaining and using the said railways, or for opening a street to any station from an existing highway, the New Company may purchase, hold, use or enjoy such lands, and also the right of way thereto if the same be separated from their railways, and may sell and convey the same, or parts thereof, from time to time, as they may deem expedient; and may also make use of, Use of streams. for the purposes of the said railways, the water of any stream or water-course over or near which the said railways pass, doing, however, no unnecessary damage thereto, and not impairing the usefulness of such stream or watercourse; and the compensation to be paid to the owners for such lands, or the use of such water, as also the powers of the said Company to take possession thereof, shall, in case of difference, be ascertained and exercised in the manner provided by the clause of the Railway Act of the Consolidated Statutes of Canada, respecting "lands and their valuation;" and the provisions of this section shall be applicable to the acquiring by the said New Company of such lands as may become necessary for the use of the said Company at Allandale and Collingwood; Provided that the lands so to be acquired shall not, at either of the said places, exceed eight acres in area. Completion of railway. Proviso. Agreements 22. The lines of the said New Company shall be completed within six years from the passing of this Act: Provided always, that in respect of so much of the said lines as shall have been completed within the said period, all the rights, powers and privileges by this Act conferred shall remain in full force. 23. The said New Company shall have power to make running arrangements arrangements with any railway lines in the Province of Ontario, with other situate on the line hereby authorized to be constructed, or crossing Companies. or connecting with the same; and it shall be lawful for the said New Company to enter into any agreement for any period of time notwithstanding any provision of the General Railway Act to the contrary with any other railway company whose road is situate on the line hereby authorized, or whose line can connect therewith, for leasing the railway and works of the said New Company or any part thereof, or the use thereof, at any time or times, or for leasing or hiring from such other company any railway, or part thereof, or the use thereof, if the arrangements and agreements shall be approved of by two-thirds of the shareholders voting in person, or by proxy at a special general meeting, to be called in accordance with the Acts relating thereto, or for the leasing or hiring any locomotives, tenders, plant, rolling stock or other property of either or of both or any part thereof, or touching any service to be rendered by the one company to the other, and the compensation therefor; and every such agreement shall be valid and binding, and shall be enforced by courts of law according to the terms and tenor thereof; and any company or individual accepting and executing such lease shall be, and is hereby, empowered to exercise all the rights and privileges in this charter conferred; and all the charter powers of any company leasing the lines of the New Company, so far as applicable and not inconsistent with this Act, shall relate and extend to the working of the said lines, or portion thereof, during the term of said lease. holders 24. Nothing herein contained shall limit, restrict or preju- Rights of predicially affect the rights of the present holders of all or any of sent bondthe said bonds, herein before recited to have been issued or secured. agreed to be issued by the Toronto, Simcoe and Muskoka Junction Railway Company and the North Grey Railway Company respectively, until the surrender or cancellation thereof, as hereinafter provided. 25. Upon the union of the said Companies, as hereinafter Issue of new provided and subject to the conditions hereinafter contained, it bonds. shall be lawful for the New Company to issue bonds, to any amount not exceeding in the aggregate three hundred and forty thousand pounds sterling or its equivalent, at such exchange as the directors of the Company shall fix, in any other currency; which bonds shall be under the seal of the New Company, signed by its president or other presiding officer and countersigned by its secretary, and may be payable in such money or moneys, at such times, in such manner and at such place or places, in this Province or elsewhere, and bearing such rate of interest as the directors of the New Company shall think fit; Provided that the aggregate amount of such bonds guaranteed or unguaranteed, issued at any time shall not exceed twelve thousand dollars for each mile of the said railway constructed or under contract for construction at the time of such issue, and Company may make new leases to the way. and provided also that the aggregate amount of such bonds as may be issued without the guarantee of interest by the Northern Railway Company under the said leases, shall at no time exceed the amount of the paid up instalments on the share capital of the New Company, together with the amount of paid municipal and other bonuses or subsidies; and the directors of the New Company shall have power to issue and sell or pledge all or any of the said bonds at such price and upon such terms and conditions as they may think fit for the purpose of raising money for prosecuting the said undertaking. 26. The New Company may agree and arrange with the Northern Railway Company of Canada to consolidate into one Northern Rail- the two said herein before recited leases, and so to vary the terms thereof as that the Northern Railway Company's guarantee given by the said respective leases to and in respect of the bonds of the said Toronto, Simcoe and Muskoka Junction Railway Company and the said North Grey Railway Company respectively, authorized by the said leases to be issued, shall extend and apply as one collective guarantee to the bonds by this Act authorized to be issued by the New Company as and when the same shall be issued in accordance with this Act; and to make any other alteration in the terms of the said leases which may be necessary or expedient, in order to effect and carry out the said amalgamation of the said leases and the said extension and modification, hereinbefore authorized, of the terms of the guarantee. New bonds to 27. Subject and without prejudice to the said existing bonds be first prefertial bonds of and to the rights of the holders thereof, until the same shall be Company. surrendered or cancelled, and thenceforward without any limitation the bonds to be issued by the New Company, under the preceding section, shall without registration or formal conveyance be taken and considered to be the first and preferential claims and charges upon the New Company and the undertaking and real and personal property thereof now or at any time hereafter acquired; and each holder of the said bonds shall be deemed to be a mortgagee or incumbrancer pro ratâ, with all the other holders thereof, upon the said undertaking and real and personal property. Rights of bondholders Company. 28. If the Company shall make default in paying the prinupon default of cipal or interest of any of the bonds hereby authorized at the time when the same shall by the terms of the bond become due and payable, then at the next ensuing general annual meeting of the said Company and all subsequent meetings, all holders of bonds so being and remaining in default, shall, in respect thereof, have and possess the same rights and privileges and qualifications for directors, as would be attached to them as shareholders if they had held fully paid up shares of the New Company to a corresponding amount: Provided nevertheless, that the right given by this section shall not be exercised by any bondholder Proviso. bondholder unless the bonds in respect of which he shall claim to gistration of securities. 29. All the bonds, debentures, mortgages, and other securi- Form and reties hereby authorized, and the coupons and interest warrants thereon respectively, may be made payable to bearer, and shall in that case be transferable by delivery; and any holder of any such bonds, debentures, mortgages, or coupons so made payable to bearer, may sue at law thereon in his own name, unless in case of, and until registry thereof, in manner provided in the preceding section; and while so registered they shall be transferable by written transfer, registered in the same manner as in the case of shares, but they shall again become transferable by delivery, upon the registration of a transfer to bearer, which the Company shall be bound to register on the demand of the registered holder, for the time being. resident share 30. Any shareholder in the said Company, whether a British Rights of subject or alien, or a resident in Canada or elsewhere, shall have alien and nonequal rights to hold stock in the said Company, and to vote on holders. the same, and to be eligible to office in the said Company. 31. All Acts or parts of Acts so far as inconsistent here- Repeal of with are hereby repealed. former Acts. SCHEDULE A. Know all men by these presents, that I (or we) (insert also the name of wife or any other person who may be a party,) in consideration of dollars paid to me (or as the case may be) by the Northern Extension Railways Company, the receipt whereof is hereby acknowledged, do grant and convey and I, the said do grant and release (or do bar my dower in) (as the case may be) all that certain parcel (or those certain parcels) (as the case may be,) of land situate (describe the land) the same having been selected and laid out, by the said Company, for the purposes of their Railway, to hold with the appurtenances unto the said the Northern Extension Railways Company, their successors and assigns. As witness my (or our) hand and seal, (or hands and seals,) |