ness not regulated. time, if com- the inspector on insurance, on inquiry, to recommend the removal pany's busi- of the prohibition, notice of which, if granted, shall also be published in the Quebec Official Gazette, in either case at the expense of the company, then the inspector shall apply by petition to a judge of the Superior Court for the appointment of a liquidator, who shall proceed with as little delay as possible to wind up the affairs of the company, under the direction of the inspector in the same manner, as the directors are authorized to do by section seventeenth of this chapter. 45 V., c. 49, s. 9. Effect of ne glect or refur sal to comply with provisions of this section. Report to Treasurer if company not 5386. Every company subject to inspection under this section, which neglects or refuses to facilitate the examination mentioned in article 5380, or in any other way refuses or neglects to conform to the requirements of this section, shall, on report to that effect by the inspector, be prohibited from doing any further business, in the saine manner, with the same formalities and provisions, and subject to the same penalties, as are set forth in articles 5383, 5384 and 5385. 45 V., c. 49, s. 10. 5387. If it appear to the inspector that any company, which has not been incorporated by charter from the Legislature incorporated of Quebec, has assumed the name of a previously established company, or any name liable to be unfairly confounded therewith, or otherwise on public grounds objectionable, he shall make a report thereof to the Provincial Treasurer. 45 V., c. 49, s. 11. by special statute take name of another. Payment of expenses of inspector's office. How levied. Section not to apply to certain companies. Inspection of benevolent, &c., associa tions, and certain life insurance com panies. 5388. Towards defraying the expenses of the inspector's office, a sum not exceeding one thousand dollars shall be annually contributed and paid to the Provincial Treasurer by the insurance companies hereinbefore referred to. Such sum shall be assessed pro rata upon the gross amount of the policies of each company in force at the expiration of the preceding year, and the Treasurer's certificate shall be conclusive as to the amount each or any company is to pay under this article. 45 V., c. 49, s. 12. 5389. The inspection, provided for by this section, shall not be obligatory upon companies organized under the eighteenth section of this chapter; but, at the request of twelve persons interested therein, the services of the inspector may be made use of in connection with the affairs of any such company. 45 V., c. 49, s. 13. §2.-Inspection of Insurance Companies not licensed in the Province and of other companies. 5390. All benevolent, provident and provident mutual associations, formed under chapter first of title eighth of these Revised Statutes, and all life insurance companies, not licensed under the statutes of the Dominion, and doing business in the Province of Quebec, are subject to inspection by the inspector of insurance, appointed under the first subsection of this section, and the provisions of the said subsection shall apply to the said associations and companies, in so far as they can be made applicable, as fully as if they were specifically mentioned in this subsection. 46 V., c. 19, s. 1. them. 5391. Such associations may deposit with the Provincial Deposit may Treasurer, in money or in bonds, the various sums that may be be made by received by them, from time to time, to pay policies, and certificates of membership that mature and are payable during the life-time of the assured, and also all other surplus funds that their respective boards of directors may consider are not required to pay death-losses, pensions, current liabilities, or working expenses, so as to secure to their respective policy holders or members compliance with the obligations imposed upon them by the terms of their contracts. R. S. Q., title Such deposits shall be deemed to have been made under Deposits to be section nineteenth of chapter fifth of title fourth of these made under Revised Statutes, respecting judicial and other deposits, and 4, chap. 5, sec shall be held in trust by the Provincial Treasurer, for the 19. security of all the policy holders or members of such associations, provided that their head offices are located within the Province of Quebec; but, if not so established, such deposits shall be then held only for the security of the policy holders or members who reside in the said Province. 46 V., c. 19, s. 2. insurance 5392. Life insurance companies, doing business in the Deposit by Province, and not under a license from the Dominion of Canada, certain life may deposit with the Provincial Treasurer twenty thousand companies. dollars, and the further sum of five thousand dollars for every million of dollars over five million dollars of risks of such company, on the thirty-first day of August in the year next preceding, until the amount of the deposit becomes fifty thousand dollars. Such deposits may be made in money, in securities of the How to be Dominion of Canada or in securities of the Province. 46 V., c. made. 19, s. 2. associations, 5393. Such associations and companies shall, on or before Annual rethe first day of October in each year, make and file with the port by such inspector of insurance a report of their operations during the &c. year, ending on the thirty-first day of August immediately preceding; which report shall include: 1. The number of members then existing; 2. The number and designation of each class of members. 3. The number contained in each class; 4. The number who have become members during such year; 5. The number in each class whose membership has terminated from any cause and the cause thereof; 6. The total receipts in each class. 7. The sources of such receipts. 8. The total expenditure in each class and the object thereof. 46 V., c. 19, s. 3. Contents of report. Contents of report to be made by incorporated companies. Form of such reports. Default in 5394. As regards incorporated companies, such report shall include: 1. The number of policy holders; 2. The amount of risks effected; 3. The net amount of losses or claims actually paid; 4. The amount of premiums received; 5. The expenses of management; and 6. The amount of outstanding claims within the Province. 46 V., c. 19, s. 4. 5395. Such reports shall be made upon forms to be provided by the inspector of insurance, and shall be verified under oath by the duly authorized officers of such associations or companies; and such reports or the substance thereof shall be given in an annual report to be made to the Provincial Treasurer as provided in article 5381. 46 V., c. 19, s. 5. 5396. If, in any year, any such association or company fail making such to make such report to the inspector of insurance, the latter shall notify the Provincial Treasurer, who shall proceed in the manner set forth in articles 5383,5384 and 5385. 46 V.,c. 19,s. 6. report. Chief place of association to 5397. Every such association or company doing business business of within the Province shall designate to the Provincial Treasurer be designated some place in the Province, as its principal place of business, to Provincial where services of legal proceedings and papers may be made Treasurer. upon it. 46 V., c. 19, s. 7. Repayment of deposits. Certificate to that effect when to be issued. Claims which deposits shall be held to cover. Withdrawal 5398. The deposits above mentioned shall be repaid, in various amounts by the Provincial Treasurer, to the heirs or assigns of any deceased members, upon production of a certificate, from the board of directors of any such association or company, to the effect that such heirs or assigns are entitled to receive such amounts. The board shall be bound to issue such certificate, upon such heirs or assigns filing the necessary proof of their rights to the same, within the delays specified by the by-laws of the association or company, or upon a final judgment rendered by a court of competent jurisdiction condemning the association or company to pay such amount. 46 V., c. 19, ss. 8 and 10. 5399. The deposit of incorporated companies shall be held to cover claims against any such company, and for re-insurance of outstanding risks or claims of policy holders, in the event of such company ceasing to do business or withdrawing from business in the Province of Quebec. If such company so cease to do business, such deposit may be of deposit in withdrawn, on the Provincial Treasurer being assured that all claims against the company have been satisfied. 46 V., c. 19, s. 9. certain cases. Allowance of 5400. The Provincial Treasurer may, after being authorized interest upon thereto by the Lieutenant-Governor in Council, allow such associations and companies, upon the deposits made by them, deposits. such rate of interest as he may, from time to time, deem expedient; and such associations and companies shall be bound to Contribution contribute their proportion of the expenses of inspection, in the for inspec manner provided by article 5388. 46 V., c. 19, s. 12. tion. CHAPTER FOURTH. SOCIETIES. SECTION I. BUILDING SOCIETIES. §1.-Interpretative and Declaratory. tion: 5401. In this section the word "society" means a building Interpretasociety established under this section. The words "rules" or "by-laws" include rules, orders, by-laws "Rules" and regulations. "By-laws." The words "real estate" mean and include immoveable estate "Real and property generally. estate." The words "personal estate" mean and include all moneys, "Personal goods, chattels and other property not being real property. estate. The word "securities" includes privileges, mortgages, hypo- Securities." thecs and incumbrances upon real estate, as well as other rights and privileges upon personal estate and property. 2. This section shall be construed in the most beneficial Construction manner for promoting the ends thereby intended. of section. 3. This section shall extend to aliens, denizens and females, Application both to make them subject thereto and to entitle them to all of section. the benefits given thereby. Notices to 4. Every shareholder shall leave his address, in writing, at Address of the society's office; and every special notice required shall be shareholders. sent to such address; and in case any shareholder neglects to them. conform to the above requirement, such notice shall be addressed to him at his last known place of residence, and if there be none such, then at the place where the society has its principal office or place of business. C. S. L. C., c. 69, s. 30; 42-43 V., c. 32, s. 28. $2.-Formation of Societies. 5402. Whenever any twenty persons or upwards in any Declaration part of the Province have agreed to constitute themselves a required to be building society, have signed and executed, under their made to constitute a respective hands and seals, a declaration of their inten- building sotion to become such building society, and have deposited the ciety. same with the prothonotary of the Superior Court for the district wherein such society is to be formed and to have its principal office or place of business, (who, for receiving such Incorporation. Who may be members. Purpose Meetings of members. Imposition of fines. Members to receive no -profits until deposit, is entitled to receive a fee of fifty cents) such persons and those who may afterwards become members of such society and their respective heirs, executors, curators, administrators, successors and assigns, shall be a body corporate and politic, as a building society, under the name and style set forth in the declaration. 2. All persons whosoever, whether capitalists or otherwise, may become members of any such society; and co-partners and corporate bodies may hold shares therein, in the same manner as single individuals. C. S. L. C., c. 69, s. 1 § 1, and s. 13 § 2. 5403. Such society is constituted for the purpose of raising, by monthly or other periodical subscriptions of its several members, in shares not exceeding four hundred dollars each, by subscriptions not exceeding four dollars per month for each share, a stock or fund for enabling each member to receive out of the funds of the society the amount or value of his shares therein, for the purpose of erecting or purchasing one or more dwelling houses, or other freehold or leasehold estate, such advance to be secured by mortgage or otherwise to the said society until the amount or value of his shares is fully paid to the society, with the interest thereon, and with all fines or liabilities incurred in respect thereof. C. S. L. C., c. 69, s. 1 § 2. §3.-General Powers and Duties. 5404. The several members of such society may, from time to time, assemble together. They may impose and inflict reasonable fines, penalties and forfeitures, upon members of the society offending against the rules of the society, to be respectively paid for the use and benefit of the said society, as it directs. No member shall receive from the funds of any such society, any interest or dividend by way of annual or other periodical the amount of profit upon any share in the society, until the amount or value their shares is of his shares has been realized, except on the withdrawal of such member according to the rules of the society then in force. C. S. L. C., c. 69, s. 1 §§ 3 and 4. realized. Exception. Society may receive a bonus for advance made to members. Society may hold real estate hypo 5405. Every society may receive from any member any sum or money by way of bonus on any share, for the privilege of receiving the same in advance prior to its being realized, besides interest for the share so received or any part thereof. C. S. L. C., c. 69, s. 2. 5406. The society may hold such immoveable property as may be for the transaction of its business, not exceednecessary thecated to it. ing in yearly value the sum of ten thousand dollars, or, may accept, possess and acquire any real estate or securities thereon bond fide mortgaged, or hypothecated or transferred to it, or securities upon such real estate, either to secure the payment of |