CHAP. 87. An Act to incorporate the General Animals Insurance W [Assented to 27th April, 1907.] HEREAS the persons hereinafter mentioned have prayed Preamble by their petition that it be enacted as follows, and it is expedient to grant the prayer of the said petition: Therefore His Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: tion. 1. Richard A. Kuhnelt, Albert Frigon, Fernand J. Brousseau, IncorporaAlfred d'Amour and Arthur Laramée, all of the city of Montreal, together with such persons as become shareholders in the Company hereby incorporated, are hereby incorporated under the name of "The General Animals Insurance Company of Canada," name hereinafter called "the Company." " Corporate directors 2. The persons named in section 1 of this Act shall be the Provisional provisional directors of the Company, a majority of whom shall and their be a quorum, and they may forthwith open stock books, procure powers. subscriptions of stock for the undertaking, make calls on stock subscribed, and receive payments thereon, and shall deposit in a chartered bank in Canada all moneys received by them on account of stock subscribed or otherwise received by them on account of the Company, and may withdraw the same for the purposes of the Company only, and may do generally whatever is necessary to organize the Company. Organization. 3. The capital stock of the Company shall be five hundred Capital thousand dollars divided into shares of one hundred dollars stock. each. 2. The directors may, after the whole capital stock has been Increase of subscribed and fifty per cent paid thereon in cash, increase the capital. amount of the capital stock from time to time to an amount Calls. Commencement of business. Head office. Sub-boards and agencies. First general meeting. Board of directors. Qualification of directors. Business of insurauce. not exceeding one million dollars; but the capital stock shall not be increased until a resolution of the board of directors authorizing such increase has been first submitted to and confirmed by two-thirds in value of the shareholders present or represented by proxy at a special general meeting of the shareholders duly called for that purpose. 3. The shares of the capital stock subscribed for shall be paid as follows: twenty-five per cent thereof at the time of subscription, and the remainder in such instalments as the directors may prescribe, and at intervals of not less than four months; and no subsequent instalment shall exceed twenty-five per cent; and thirty days' notice of each call shall be given by letter, postpaid and registered, mailed to the last known address of each shareholder. 4. The Company shall not commence the business of insurance authorized by this Act until one hundred thousand dollars of the capital stock have been subscribed and there has been paid thereon in cash into the funds of the Company, to be used only for the purposes of the Company under this Act, the sum of twenty-five thousand dollars: Provided that the sum paid by any shareholder shall not be less than ten per cent of the amount subscribed by him. 5. The head office of the Company shall be in the city of Montreal, in the province of Quebec. 2. The directors may establish local advisory sub-boards or agencies, either within Canada or elsewhere. 6. So soon as one hundred thousand dollars of the capital stock have been subscribed, and ten per cent of that amount has been paid into some chartered bank in Canada, the provisional directors shall call a general meeting of the shareholders at some place to be named in the city of Montreal, giving at least ten days' notice of the hour and place of such meeting by registered letter, post-paid to the last known address of each shareholder. 2. At such meeting, and at each annual meeting thereafter, the shareholders present, or represented by proxy, who have paid at least ten per cent on the amount of the shares subscribed for by them, shall elect a board of directors of not less than five or more than seven directors, a majority of whom shall be a quorum. 3. No person shall be a director unless he holds, in his own name and for his own use, at least fifty shares of the capital stock, and has paid all calls due thereon and all liabilities to the Company incurred by him. 7. The Company may (a) effect insurance against the death of, accident to, or sickness of animals used by man; (b) take care of such animals, at the cost of the Company, in case of sickness; (c) insure mares and cows in respect of their gestation, both against the consequences of gestation and against the loss of offspring. securities. 8. The Company may invest or deposit such portion of its Foreign funds in foreign securities as is necessary for the maintenance of any foreign branch. 9. The Company may acquire and hold all such real prop- Holding of real property. erty as in the discretion of the directors is required for the use and accommodation of the Company and for the carrying out of the purposes for which the Company is incorporated, and may sell or mortgage the same; but the annual value thereof shall not exceed five thousand dollars. fund. 10. The Company shall set aside every year twenty-five per Reserve cent of its net profits as a reserve fund, up to the amount of fifty per cent of the authorized capital. of R.S., c. 79. 11. Notwithstanding anything contained therein, Part II. of Application The Companies Act, except sections 125, 141, 158 and 165 thereof, shall apply to the Company in so far as it is not inconsistent with The Insurance Act or with this Act. OTTAWA; Printed by SAMUEL EDWARD DAWSON, Law Printer to the King's most Excellent Majesty. CHAP. 88. An Act respecting the Georgian Bay and Seaboard WH [Assented to 22nd March, 1907.] WHEREAS the Georgian Bay and Seaboard Railway Com- Preamble. pany has by its petition prayed that it be enacted as hereinafter set forth, and it is expedient to grant the prayer of 1905, c. 95. the said petition: Therefore His Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: of railway 1. The Georgian Bay and Seaboard Railway Company may Time for commence the construction of its railway, and expend fifteen construction per cent of the amount of its capital stock thereon, within two extended. years after the passing of this Act, and may complete its railway and put it in operation within five years after the passing of this Act; and if the said railway is not so commenced and such expenditure is not so made, or if the said railway is not completed and put in operation within the said periods respectively, the powers of construction conferred upon the said Company shall cease and be null and void as respects so much of the said railway as then remains uncompleted. OTTAWA: Printed by SAMUEL EDWARD DAWSON, Law Printer to the King's most Excellent Majesty. |