of moneys of 14. The Company may invest any moneys forming part of Investment its own capital or reserve or accumulated profit thereon in any Company. of the securities mentioned in section 11 of this Act, or on the security of real estate in Canada, or any interest in such real estate, or on the security of the debentures, bonds, stock and other securities of any chartered bank or company incorporated by or under the authority of the Parliament of Canada, or of the legislature of any province, as the directors deem expedient. 15. Nothing in this Act shall be construed to authorize the Note issue prohibited. Company to issue any note payable to bearer, or any promissory note intended to be circulated as money or as the note of a bank, or to engage in the business of banking or of insurance. Banking prohibited. laws. 16. The powers and authority hereby granted to the Com- Provincial pany shall be exercised in any province subject to the laws of such province in that behalf, and shall not have any force or effect in any province in any respect in which they are inconsistent with the laws of that province. statement to Finance. 17. The Company shall prepare, and annually transmit to Annual the Minister of Finance, a statement in duplicate, verified by be given to the oath of the president or vice-president and of the manager Minister of or secretary, setting forth the capital stock of the Company, the proportion thereof paid up, the assets and liabilities of the Company, the trust property held by it, and such other details as the Minister requires, and such statement shall be made up to the thirty-first day of December in each year. 18. The Second Part of The Companies Act, except sections R. S., c. 79. 125, 141 and 165 thereof, shall apply to the Company. non-user. 19. The powers granted by this Act shall expire and this Forfeiture for Act shall cease to be in force at the end of two years from the passing thereof, unless the Company goes into actual operation within such two years. OTTAWA: Printed by SAMUEL EDWARD DAWSON, Law Printer to the King's most Excellent Majesty. CHAP. 114. An Act respecting the Ontario, Hudson's Bay and [Assented to 27th April, 1907.] WHEREAS the Ontario, Hudson's Bay and Western Rail- Preamble. ways Company has by its petition prayed that it be enacted as hereinafter set forth and it is expedient to grant the 1901, c. 78; 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: 1905, c. 138. construction. 1. The construction of the railway of the Ontario, Hudson's Extension of Bay and Western Railways Company may be commenced, and time for fifteen per cent of the amount of its capital stock be expended thereon, within two years after the passing of this Act, and 1905, c. 138, the railway may be completed and put into operation within s. 1. five years after the passing of this Act; and if the railway is not so commenced and such expenditure is not made, or if the railway is not completed and put into operation, within the said respective periods, the powers for the construction thereof granted by Parliament shall cease and be null and void as respects so much of the railway as then remains uncompleted. of time 2. Section 1 of chapter 138 of the statutes of 1905 is hereby Former limit repealed. repealed. agreements 3. Subject to the provisions of sections 361, 362 and 363 of Power for The Railway Act, the Ontario, Hudson's Bay and Western with other Railways Company may enter into agreements with all or any companies. of the companies hereinafter named for any of the purposes specified in the said section 361, such companies being the Algoma Central and Hudson Bay Railway Company, the Manitoulin and North Shore Railway Company, the Canadian Capital stock. (Ontario) 1890, c. 124; 1899, c. 101 (Ontario) 1901, c. 78, new s. 5. Annual meeting. 1901, c. 78, Northern Railway Company, the Grand Trunk Pacific Railway Company, the Pacific and Atlantic Railway Company, and the Canada Central Railway Company. 4. Notwithstanding anything contained in the Acts of the legislature of the province of Ontario relating to the Sault Ste. Marie and Hudson Bay Railway Company or to the Ontario, Hudson's Bay and Western Railways Company, the capital stock of the Company shall be one million dollars, and may be called up by the directors from time to time as they deem necessary, but no one call shall exceed ten per cent on the shares subscribed. 5. Section 5 of chapter 78 of the statutes of 1901 is hereby repealed and the following is substituted therefor: "5. The annual meeting of the shareholders shall be held on the third Wednesday in September." 6. Section 7 of the said chapter 78 is hereby amended by striking out the words "or some other point on James Bay in the province of Ontario," in lines 6 and 7 of the said section. OTTAWA: Printed by SAMUEL EDWARD DAWSON, Law Printer to the King's most Excellent Majesty. CHAP. 115. An Act respecting the Orford Mountain Railway Company. [Assented to 22nd March, 1907.] WHEREAS the Orford Mountain Railway Company has by Preamble. Que., 1888, C. its petition prayed that it be enacted as hereinafter set forth, and it is expedient to grant the prayer of the said petition: 98 Therefore His Majesty, by and with the advice and consent of Can., 1901, the Senate and House of Commons of Canada, enacts as follows:- c. 79; 1902, c. 87. construction 1. The Orford Mountain Railway Company may, subject to Time for the provisions of The Railway Act, within five years from the extended. passing of this Act, construct the railway authorized by its Act of incorporation; provided that as to so much thereof as is not constructed within the said period the powers of the said Company shall cease and determine. 2. Chapter 87 of the statutes of 1902 is repealed. OTTAWA: Printed by SAMUEL EDWARD DAWSON, Law Printer to the King's most Excellent Majesty. 1902, c. 87 repealed. |