thereof, until the next annual general meeting, and unless disallowed at such meeting until the same shall be repealed, or others substituted in their place. 19. The meetings of the General Board of Directors, and Meetings the annual and special general meetings of the members of where to be the said Company shall be held at the City of Ottawa. held. Chief office. 20. In any action for calls or arrears on calls of stock, it shall What it shall be sufficient for the Company to allege that the defendant being suffice to allege and an owner of shares therein is indebted to the Company in prove in suits respect of so many shares, in the sum due, whereby an action for calls. hath accrued to the Company by virtue of this Act. And at the trial it shall only be necessary to prove that the defendant was owner of shares in the Company, and that such calls were made according to this Act, or the by-laws or rules of the Company: and it shall not be necessary to prove the appointment of the Directors who made such calls, or any other matter whatever, except what is before declared; and a copy of any by-law, rule, regulation or minute, or of any entry in any book of the Company, certified to be a true copy or extract under the hand of the President or a Vice President, or the Manager or Secretary, and sealed with the corporate seal of the Company, shall be received in all Courts and proceedings as evidence of such by-law, rule, regulation, minute or entry, without further proof thereof, and without proof of the official character, appointment or signature of the officer signing the same, or of the corporate seal. bound to see 21. The Company shall not be bound to see to the execu- Company not tion of any trust, whether expressed, implied or constructive, to trusts. to which any share or shares of its stock, or any of its policies shall be subject; and the receipt of the person in whose name any share stands, or by whom any policy appears to be held in the books of the Company, shall be a sufficient discharge to the Company for any money paid on account of any such share or policy, notwithstanding any trust to which such share or policy may be held subject, and whether or not, the Company shall have had notice of such trust. and policy 22. No stockholder shall be liable in any event or for any Liability of purpose whatever, beyond the amount unpaid on any shares stockholders held by him, and any share of profits allotted to him in holders respect of such shares and interest thereon from the time the limited. same became payable. And no policy holder shall be liable in any event, or for any purpose whatever, beyond the unpaid amount of any premiums payable, and profits allotted in respect of any policy or policies held by him, and interest thereon from the time the same became payable. 23. No stock or policy of the said Company shall be Stock or assignable until all amounts and arrears payable thereon up not assign 9 policy when to able. Act and Co. subject to 31 V., c. 48. to the time of the assignment thereof, shall have been fully paid up. 24. This Act and the Company hereby incorporated, shall be subject to the provisions contained in the Act thirty-first Victoria, chapter forty-eight, intituled "An Act respecting Insurance Companies," and any amendments thereof. Preamble. 34 V. c. 56. Name changed. Provisional CHAP. 80. An Act to change the name of the Mutual Insurance W [Assented to 8th April, 1875.] HEREAS Sir Alexander T. Galt, John Rankin, Robert James Reekie, James Rose, Edward Mackay, Thomas Cramp, John Molson and Edward Rawlings, all of the City of Montreal, have made arrangements to organize the Mutual Insurance Company of Canada, incorporated by the Act thirty-fourth Victoria, Chapter fifty-six, and have petitioned for certain amendments to the Act incorporating the said Company, and also that the name of the said Company may be changed, and it is expedient that the prayer of their said petition be granted: Therefore Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: 1. The name of the said Company is changed from that of "The Mutual Insurance Company of Canada," to and shall be that of "The Dominion Mutual Life Assurance Society." 2. The persons named in the preamble are appointed ProDirectors and visional Directors for the organization of the said Society. their powers. and a majority thereof shall be a sufficient quorum for the transaction of business. They shall open books for the subscription of the guarantee fund of one hundred thousand dollars, and they shall also open books for applications for First meeting insurance to be effected by the said Society; as soon as for election of directors. Votes. the guarantee fund has been subscribed and applications 3. The second and third sections of the said Act are re- Sections 2 pealed, and the following sections are substituted therefor: and 3 repealed. fund to be conditions, business. "2. Before commencing business and issuing policies, there New sections. shall have been a guarantee fund subscribed of one hundred Guarantee thousand dollars (which may be increased to one million subscribed dollars,) divided into shares of one hundred dollars each, and other and application shall have been made, and accepted by the before comProvisional Directors, for assurances of not less than one hun- mencing dred thousand dollars: and so soon as such guarantee fund shall have been subscribed and such applications for assurances received, and the requirements of the Act intituled "An Act respecting Insurance Companies," and of any Acts 31 V., c. 48. amending it shall have been complied with, the Society may be organized, elect the first Board of Directors, and commence business: Provided that no increase of the guar- Proviso: as antee fund shall be made without having been first sub- to increase of mitted to and sanctioned by a majority of the guarantors pre- fund. sent at a special meeting of the guarantors held for that purpose. guarantee redeemed. "3. The guarantee fund thus subscribed shall be liable Use of guarfor the payment of losses, and may be used for the purposes and how it antee fund, of the Society in such manner and to such extent as the may be Directors may by by-law determine the said guarantee fund shall be redeemable by the Society, out of the accumulated reserves, at such time and upon such terms as shall be decided by a majority of the members present at a meeting called for that purpose; and until redemption, the Directors may pay to the holders thereof interest on the Interest payamount paid up, not exceeding ten per cent. per annum, and able. after such guarantee fund shall have been redeemed, the whole of the revenue and profits of the Society shall belong exclusively to the policy holders, and shall be thenceforth divided among them in such proportion and at such times no interval being more than five years-as the Directors shall appoint: Provided that the redemption of the Proviso. guarantee fund shall not be effected until the full deposit 31 V., c. 48. required by the "Act respecting Insurance Companies," and any Acts amending it shall have been made with the Receiver General." 34 V., 4. Section ten of the said Act is hereby amended by in- Sect. 10 of serting the words "either in person or by proxy" immediately after the word "vote," and before the word "for" in the fifth line of the said section. 5. When and wherever the word "company appears in "Company" the said Act, the word "Society" shall be substituted and to be read "Society.' read therefor. 91 CHAP. Preamble. Sections 2 of 162, amended. CHAP. 81. An Act to amend the Act incorporating the Western Assurance Company and other Acts affecting the same, and to extend the powers of the said Company. [Assented to 8th April, 1875.] WHEREAS the Western Assurance Company have petiActs affecting the same, and that their powers may be extended thereunder, 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. Section two of the Act of incorporation of the said 14 and 15 V.,c. Company is hereby amended by substituting the words "two million dollars" for the words "two hundred and fifty thousand pounds" in the second last line of the said section. Section 4 of amended. 2. So much of the fourth section of the Act amending the Act of incorporation of the said Company, and passed in the thirty-fifth year of Her Majesty's reign, chaptered ninetynine, as relates to investments by the said Company shall be and is hereby repealed; and from and after the passing Investments of this Act it shall be lawful for the said Company to invest the capital stock, funds and money of the said Company temporarily or otherwise in Dominion, Provincial, Municipal and Foreign Securities, in bonds and mortgages, and the stocks of the incorporated moneyed institutions of the Dominion of Canada, and to change and re-invest the same as occasion may from time to time require. by the Company. Company may make deposits abroad. 3. To enable the Company to extend their business to parts abroad as contemplated by the Act of incorporation, it shall be lawful for the said Company to make deposits of money or securities there in compliance with the laws of the country, State or States, wherein it may be desirable to carry on their business of assurance. CHAP. CHAP. 82, An Act to consolidate and amend the Acts relating to [Assented to 8th April, 1875.] WHEREAS the Provincial Insurance Company of Canada Preamble. at their annual meeting held on the thirty-first day of August, in the year of Our Lord one thousand eight hundred and seventy-four, resolved that a petition should be presented to the Parliament of the Dominion praying that the various statutes relating to the incorporation of the Company should be consolidated, with the amendments hereinafter mentioned; and whereas the said Provincial Insurance Company of Canada have, by their petition, prayed that such consolidation and amendment may be made, and it is expedient to grant their prayer: Therefore Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: 1. All Acts of the Parliament of the late Province of Acts relating to the ComCanada, relating to the Provincial Insurance Company of pany reCanada, by whatever name the said Company may be called pealed, saving in any of such Acts shall be and the same are hereby repealed; things done. but all Acts, matters and things done by the said Company shall stand, and be affirmed as if this Act had not been passed. under this 2. The Provincial Insurance Company of Canada shall be Corporation and remain a corporation under that name, and all claims continued and liabilities either in favor of or against the Provincial Act. Insurance Company of Canada, under all or any of the said repealed Acts, shall enure to or against the Provincial Insurance Company of Canada as incorporated under this Act, as fully and effectually to all intents and purposes as they would have enured to or against the Provincial Insurance Company of Canada, under all or any of the said repealed Acts. CAPITAL STOCK. and shares. 3. The capital stock of the said Company shall not exceed Capital stock the sum of one million and twenty dollars, in shares of sixty Existing dollars each, and all stock subscribed and existing in the stock to said Company under the said repealed Acts shall be stock in remain. the said Company under this Act, with all payments and liabilities thereon, as fully, effectually and to the same extent as if such subscriptions, payments and liabilities thereon had been made or incurred under this Act. |