LXIX. All Acts or parts of Acts now existing Acts repealed. that are inconsistent with the provisions of this Act, are hereby repealed, so far as they interfere with the provisions of this Act, and no further.

CAP. XVI.

An Act to alter and amend the Act to Incorporate the Minister and Trustees of Saint James Church, Charlottetown.

(Passed April 18th, 1877.)

Whereas the Minister and Trustees of Saint James Church, Charlottetown, were Incorporated by an Act passed in the second year of the reign of His late Majesty King William the Fourth, intituled, "An Act to Incorporate the Minister and Trustees of Saint James Church, in the Town of Charlottetown," and the said Act has been altered and amended by subsequent Acts, and it is desirable that the power of the said Corporation in acquiring, selling, and borrowing money on the security of the Corporation and its estate should be enlarged :

Be it therefore enacted, by the Lieutenant Governor, Council and Assembly

purchase and

I. That. it shall be lawful for the Minister Empowers and Trustees of Saint James' Church, hereinafter Corporation to called "The said Corporation;" to purchase, hold lands. take or receive, and to hold, use, possess, and enjoy all such land, tenements and estates, and terms therein, moneys, goods, and chattels, as shall from time to time be purchased by them, or granted, given, or bequeathed to them; provided that the same in the aggregate, together Proviso. with the land, property, money, goods and chattels the said Corporation now holds, shall

Enables Corporation to sell or mortgage lands.

Persons dealing with Corpora

for application of money.

not at any time exceed in yearly value the sum of six thousand dollars.

II. The said Corporation shall have full power to sell, alienate and mortgage, or otherwise encumber, all or any part of the lands, tenements, estates, terms, goods and chattels, now held, owned or possessed by them, or hereafter to be acquired, purchased, owned or possessed, or which are or shall be vested in them, and receive, take and hold the price and moneys arising from such sale, mortgage or encumbrance to and for the use and purposes of the said Corporation.

III. Persons paying for land sold by the tion not liable Corporation, or loaning or advancing money on mortgage or other security to them, shall not be concerned to see to the application of such money, or be liable for the misapplication or non-application thereof.

Deeds, how

entered into.

Corporation

may issue

money.

IV. All deeds and bonds executed by the said Corporation shall be entered into in the corporate name, and be sealed with the common seal of the said Corporation, and be subscribed by at least four of the Trustees, or by three Trustees and the Minister for the time being.

V. It shall be lawful for the said Corporation bonds to raise from time to time to raise or borrow money by making and issuing Bonds, to be known as the "Saint James' Church Bonds," subject to the following conditions:

Amount of bonds, and

periods when payable.

(a) Each Bond shall be numbered, and be of the denomination of one hundred, two hundred or three hundred dollars; shall be payable in a period not less than five years, and not exceed. ing twenty years from its date, with interest not exceeding six per cent. per annum, payable yearly.

(b) Shall specify on its face a Bank in Inet rest. Charlottetown, at which the principal and interest shall be payable.

(c) Shall be made payable to the bearer thereof, subject to the provisions of this Act.

adopt form

VI. Bonds shall be of the form to be adopted Trustees to or made by the Trustees or the said Corporation of bonds. from time to time.

amount issuable

VII. The said Corporation shall not at any Aggregate one time issue, or have outstanding and unpaid Bonds, amounting in the aggregate to a sum exceeding ten thousand dollars for principal: Provided, however, that nothing herein shall prejudice or affect bona fide holder or holders of Bonds that may have been issued by said Trustees in violation of this section, but such Bonds shall be valid in the hands of the holder for value; and Trustees issuing Bonds in excess of the last mentioned amount, shall be person- liability of ally liable to the holder and holders of such Trustees. Bonds in addition to the security that the last mentioned holder or holders may have otherwise under the provisions of this Act.

of

Personal

When com

chargeable.

VIII. If the interest or the principal money any of said Bonds, or any part thereof, re- pound interest spectively, should not be paid on demand thereof, within business hours at the Bank at which the same is made payable, such interest or principal, or any part thereof, respectively, so demanded and overdue, shall bear interest, after such demand, at the rate of six per cent. per annum until paid.

IX. A holder of one or more of said Bonds may register a memorial of such Bond or Bonds in the Registry of Deeds of this Island, in the form of Schedule A. of this Act, upon oath of the witness or witnesses to such memorial of the

Bonds may be registered.

Memorial, by whom to be signed.

Registry fee.

Trustees may register bonds before sale.

Lien of bonds on land of Corporation.

Effect of regis

due execution thereof, or upon the acknowledgment of the parties thereto.

X. The memorial in the last section mentioned shall be subscribed by the holder of the Bond or Ponds referred to therein, and by two or more of the Trustees of Saint James' Church; and it shall be the duty of each and all of the Trustees who may have subscribed such Bond, to execute such memorial without charge, on request by the bona fide holder for value of such Bond.

XI. The Registrar of Deeds shall exact a fee of fifty cents for registry, and endorsement of every such memorial, and shall forthwith endorse on the Bond or every of the Bonds mentioned in such memorial, a memorandum of the registry thereof, in the form of Schedule B. of this Act.

XII. The Trustees whose names are subscribed to any Bonds issued under this Act may register a memorial of such Bonds, or some of them, before offering them for sale in the form of Schedule E. to this Act annexed, by acknowledging the execution of such Bonds before the Registrar of Deeds, or on oath of the witness to such memorial; and the Registrar shall endorse on each of the Bonds mentioned in such memorial, when therefor presented to him, a memorandum of the registry thereof in the form of Schedule B. of this Act. The lien of all Bonds in any one such memorial as is mentioned in this section, shall (subject to prior mortgages, memorials and encumbrances,) rank equally on the land and hereditaments of the said Corporation.

XIII. Every bond, a memorial of which shall tration of em have been registered and endorsed, as aforesaid,

orial of Bonds.

shall, from the time of such registry and endorsement, but subject to all prior mortgages, memorials and encumbrances, be a lien on the land, hereditaments and estate of the said Corporation for the benefit of the then and each successive holder of such bond, until payment of the principal and interest thereof.

Bonds when

ceipted.

XIV. Upon full payment of any bond and interest, or of the balance due thereon, it shall paid, how rebe the duty of, and obligatory on, the person or persons holding the bond on which such payment shall have been made, to execute a receipt therefor, in the form of Schedule C. of this Act; and upon affidavit of the witness to such receipt of the execution thereof, or upon the acknowledgment of the signing thereof, it shall be the duty of the Kegistrar of Deeds, when, and as often as a receipt or receipts shall be produced for registry, if a memorial of the bond or bonds, or any of them, for which such receipt was given, shall have been registered, to register such receipt, and to make a reference thereto in Registration of red ink, in the Registry Book, across the face or on the margin of the memorial, as registered, which reference may be in the form of Schedule D. of this Act.

Receipt.

Fee for regis

XV. Previous to receiving and registering the said receipt the Registrar shall exact there- tering same. for, and for the said reference, a fee of twenty

five cents.

tration of re

XVI. The registry of the said receipt shall Effect of regiacancel and destroy the lien of the bond or bonds ceipt. mentioned in such receipt upon the land, property and estate of the said Corporation.

ceipt, how

XVII. A memorial or receipt may be proved Memorial or refor registry by oathof the witness thereto, proved for made before the Registrar of Deeds, or before a

registry.