CHAPTER 50 An Act respecting the Canada Mortgage Agency, (Limited). [Assented to 4th March, 1881.] WHEREAS the Canada Mortgage Agency (Limited), the Preamble. Colonial Trusts Corporation (Limited), and Charles Fitch Kemp, the liquidator of the said Colonial Trusts Corporation (Limited), have, by their petition represented that the Canada Mortgage Agency (Limited) was duly incorporated on the first day of March, one thousand eight hundred and eighty, under the provisions of the Imperial Joint Stock Companies' Acts, 1862 and 1867, and that some of the objects for which the said Company was established were to take over the mortgage business in the Province of Ontario of the Colonial Trusts Corporation (Limited), and to undertake the collection and guarantee of the moneys secured by certain mortgages belonging to the said corporation and its investors; and also the lending and investment of moneys of the company, or as agents of other persons investing moneys through the agency of the company, on the security of first mortgages of freehold property in Canada; and the said company hath been and is engaged in carrying on such business in the Province of Ontario, and that the mortgages and securities for money invested upon real estate in the Province of Ontario by the Colonial Trusts Corporation (Limited) were taken and held in the name of the Colonial Trusts Corporation (Limited), whether the moneys secured thereby were the property of investors through the said corporation, or the proper moneys of the said corporation itself, and that on the eighteenth day of October, one thousand eight hundred and seventy-eight, the said corporation went into voluntary liquidation under "The Imperial Winding-Up Acts," and Charles Fitch Kemp became the sole liquidator, and in the proceedings in the said liquidation before the Master of the Rolls, in the Chancery Division of the High Court of Justice, in England, it has been ascertained which of the said mortgages belong to the investors and which to the said corporation, and thereupon an agreement was made on the twelfth day of March, one thousand eight hundred and eighty, between the Colonial Trusts Corporation (Limited), of the first part, the said Charles Fitch Kemp, as liquidator, of the second part, the Canada Mortgage Agency (Limited), of the third part, and Charles William Middleton Kemp, as trustee for the several persons (other than the said corporation) entitled to any of the mortgages so effected as aforesaid and held in the name of the said corporation, of the fourth part, by which, upon the terms and conditions in the said agreement mentioned, all of the said mortgages held in the name of the Colonial Trusts Corporation (Limited), and not theretofore assigned, released, Appointment of attorneys or trustees authorized. Official seal. Registration of instruments, Proviso. released, or discharged, were in certain events to be transferred to and become vested in the Canada Mortgage Agency (Limited), and the said agreement was on the twenty-third day of March, one thousand eight hundred and eighty, confirmed by the order of the Master of the Rolls, and it is expedient to comply with such petition; Therefore Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows: - 1. The Canada Mortgage Agency (Limited), may by any instrument under its corporate seal from time to time appoint one or more attorney or attorneys, trustee or trustees in this Province, by whom such company may execute such deeds, conveyances, leases, discharges of mortgage, and other instruments of any kind as may be necessary in carrying on the objects of such company within this Province. 2. Such company may commit to the custody of such attorney or attorneys, trustee or trustees for the time being, an official seal for the purpose of executing in this Province, such deeds and instruments as aforesaid, and such seal from time to time, may withdraw, alter, or renew, and such seal shall be deemed and taken to be the corporate seal of such Company for the execution of instruments within this Province, and every deed, conveyance, lease, discharge of mortgage, or other written instrument of any kind purporting to be under the corporate seal of the said company, or under the aforesaid official seal, entrusted to such attorney or attorneys, trustee or trustees shall be receivable in evidence as prima facie proof in any court of law or equity in any legal or equitable proceeding of a Civil nature in this Province, and also for the purposes of "the Registry Act," that such deed, conveyance, lease, discharge of mortgage, or other written instrument has been duly executed by such company, without any further proof of the said corporate or official seal, or of either of them, or of the appointment, official character, or signature of the person or persons purporting to have affixed such seal or seals, or to have acted as such attorney or attorneys, trustee or trustees. 3. Any deed, conveyance, lease, discharge of mortgage, or other instrument purporting to be under the corporate seal of such company or under the official seal of such company now or hereafter to be used by the attorney or attorneys, trustee or trustees of such company in this Province, under the foregoing provisions of this Act, shall be considered as duly executed by such company or their said attorney or attorneys, trustee or trustees as the case may be for registration purposes, upon being produced to the proper registrar in that behalf without any further proof or verification: Provided the same is otherwise in accordance with the Registry Act, and such Reg istrar istrar shall register the same without any further proof of such corporate or official seal or other proof whatever. sociation cer 4. A certified copy of the memorandum and articles of asso- Copy of ciation of the Canada Mortgage Agency (Limited), filed in the articles of Asoffice of the Provincial Secretary, under the provisions of chap- tified by Proter one hundred and sixty-three of the Revised Statutes, by the vincial Secretary to be Provincial Secretary, under his hand and purporting to be a evidence of true copy of the memorandum and articles of association so incorporation. filed in his office, shall be prima facie evidence of the incorporation of the Canada Mortgage Agency (Limited), and of all the particulars contained in such memorandum and articles of association respectively, in any court of law, or equity, or in any judicial proceeding, or before any court or tribunal in this Province in any civil matter or cause. CHAPTER 51. An Act respecting the Credit Foncier Franco-Canadien. [Assented to 4th March, 1881.] WHEREAS the Credit Foncier Franco-Canadien, incorpo- Preamble. W rated by the statute of the Legislature of the Province of Quebec, passed in the forty-third and forty-fourth year of Therefore Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows: Credit Foncier 1. It shall be lawful for the corporation created and consti- Powers to be tuted under the name of Credit Foncier Franco-Canadien, by exercised by the statute of the Legislature of the Province of Quebec, cited in Ontario. in the preamble hereto, to exercise the powers hereinafter mentioned in the Province of Ontario; (1) To lend money as a first charge on bond and mortgage on real estate situate within the Province of Ontario, repayable either at long date by annuities or at short date, with or without progressive sinking of the debt; (2) To lend money upon the hypothecation of bonds and mortgages, being a first charge on real estate situate within the Province of Ontario, repayable either at long date by annuities or at short date, with or without progressive sinking of the debt Security to be taken. Power to form divisions of Province for purposes of business. Branch offices. Corporation may sue and be sued in Ontario. (3) To lend on mortgage or otherwise to municipal or school corporations, in the Province of Ontario, such sums of money as they may be authorized to borrow, repayable either at long date by annuities or at short date, with or without progressive sinking of the debt; (4) To acquire by assignment, bonds and mortgages being a first charge upon real estate situate in the Province of Ontario; (5) To purchase bonds or debentures issued by municipal or school corporations in the Province of Ontario, and by incorporated companies doing business in the Province, and to sell the same if deemed advisable ; (6) To make loans upon or purchase public securities of this Province, and sell the same if deemed advisable. 2. The said corporation shall accept as security only real estate of which the revenues are deemed sufficient; (1) The amount of each loan shall not exceed one-half of the estimated value of the real estate mortgaged therefor, and the annuity which the borrower may oblige himself to pay shall not exceed the net revenue which it may be estimated that the property might yield; (2) The valuation of property offered as security shall be made on the double basis of the net revenue which it is susceptible of yielding and of the price which it would bring if sold. 3. For the transaction of the business of the said corporation the board of management provided for by the said statute of the Legislature of the Province of Quebec, may, if it deeins proper, divide the Province of Ontario into two or more divisions, and may subsequently re-divide such divisions and form others. 4. A branch office or agency may be established in the city of Toronto, and at such other places in the Province of Ontario as the said board of management may deem advisable. 5. The said corporation may sue and be sued, complain and defend, in any court of law or equity in the Province of Ontario ; (1) Service of process may be made upon the said corporation at its branch offices or agencies in the Province of Ontario ; and if the corporation have no known branch office or agency in the Province, then, upon return to that effect, the Court may order service by publication, by a notice to be given for one month month in the Ontario Gazette, and such publication shall be held to be due service upon the said corporation. managers. 6. A manager or agent may be appointed to administer the Appointment affairs of the said corporation in the Province of Ontario, or in and duties of any division thereof which may be established by the said board of management, and when a manager is appointed he shall have the powers conferred and be subject to the obligations imposed upon managers by the statute constituting the said corporation, except as otherwise by this Act provided. 7. Such corporation may commit to the custody of such Official seal. manager or agent for the time being, an official seal for the purpose of executing in this Province, such deeds and instruments as may be necessary in carrying out the objects of the corporation therein; and such seal from time to time, may withdraw, alter or renew, and such seal shall be deemed and taken to be the corporate seal of such corporation for the execution of all instruments within this Province, and every deed, conveyance, lease, assignment of mortgage, discharge of mortgage or other written instrument of any kind purporting to be under the corporate seal of the said corporation, or under the aforesaid official seal entrusted to such manager or agent, shall be receivable in evidence as prima facie proof in any court of law or equity in any legal or equitable proceeding of a civil nature in this Province, and also for the purposes of "the Registry Act," that such deed, conveyance, lease, assignment of mortgage, discharge of mortgage, or other written instrument has been duly executed by such corporation, without any further proof of the said corporate or official seal, or of either of them, or of the appointment, official character, or signature of the person or persons purporting to have affixed such seal or seals, or to have acted as such manager or agent. curation to manager to act 8. The president of said corporation shall, after the appoint- President to ment of any such manager, execute in duplicate a procuration execute a procountersigned by the secretary of said corporation, authorizing such manager to act within the limits of his powers, for for corpora and in the name of the corporation; (1) A duplicate of the procuration shall be deposited in the office of the Provincial Secretary, and the latter shall give notice in the Ontario Gazette of such appointment, and of the deposit of the procuration; (2) All registrars and all courts in the Province of Ontario shall, after such notice, receive all deeds passed by the manager within the limits of his powers, and before the publication in the Ontario Gazette of a notice of the revocation of the procuration, as sufficient, without requiring any proof of his power to act. tion. |