Members may be paid by transfer of claims. Effect of ransfer. As to payment of principal under obligagins. so long as the other shareholders shall not have been reimbursed in full for the payment of those calls which he shall have neglected to pay; and every shareholder, so in arrear, shall be charged with interest at the rate of six: per centum per annum, on the amount of his calls due and unpaid, and such interest shall diminish in proportion to the amount which shall be reimbursed to the other shareholders in respect of the same calls. 20. In case it should be resolved to pay some of the members by means of transfers of claims or moneys due to the Society, it shall be lawful for the Liquidators to divide such claims or debts due to the Society into several parts, and to transfer a part or parts to different members The debtors of whose debts such transfers may be made shall suffer such division and pay to the creditors so delegated :-no debt shall be divided into more than four parts, and the debtor shall not be bound to pay elsewhere than at his domicile, if he has any, in the place where the debt was contracted; and if he has no domicile, then he shall be bound to pay at the domicile or elected domicile of the creditors in the place where the debt was contracted. 21. The principal money due under every obligation executed by any shareholder in favor of the Society, the money due to day of payment of which is undefined, or which is the society appointed to be paid on the extinction of any class, shall continue to become payable according to the terms of the obligation itself, and of the by-laws of the Society; but moreover, the Liquidators may from time to time, exact, on account of the principal moneys of such obligations, the payment of such amounts as may be necessary for the purpose of placing the shareholders on a footing of equality with respect to the final result of the liquidation; but such amounts shall not become payable until after a month's notice to the debtors. Provisions tions to terms with pay 22. In any Society where the appropriations obtained when appria- by members are repayable in payments extending over a members are term of years without interest, the members having payable by obtained any such appropriation, and being bound by obliout interest. gation or otherwise so to repay the same, shall to the said liquidators in addition to the principal sum so received by each of them, a sum of money which shall be equivalent to interest at the rate of interest authorized by the Act of the Parliament of the Dominion of Canada. (42 Vict., chap. 48, for the time for which each of them shall have had the use of the said principal sum, and the said amount so to be payable for interest shall be computed from the time each of such members received the princi- No sum paid by a member as premium or bonus, to As to amount paid as obtain an appropriation, shall be carried to the credit of premiums for the debtor or deducted from the amount which he shall appropriahave to pay for interest under the foregoing provisions. tions. on dismissal. 23. The Liquidators shall give such security and shall Liquidators, receive such remuneration as may be determined upon orders from to obey at a meeting of the shareholders, and shall be at all times meetings, bound to obey orders given to them by resolutions and pay over adopted at a regular meeting of the members, in so far as such orders may be consistent with law and the by-laws; they may be dismissed at any such meeting, may be replaced by others, and on their dismissal they shall hand over all the assets of the Society, as well as all its books and papers, to their successors, or to any person appointed by such meeting, under a penalty of fifty dollars for every day of retention of any such assets, books and papers, which penalty may be recovered by any member of the Society by civil action as a debt, and shall be enforceable by imprisonment until paid. In case of a vacancy arising through death or refusal to act, such vacancy shall be filled by the shareholders at a general meeting, and until such vacancy be filled, the Liquidators remaining in office, shall continue to exercise the same powers; but it shall be their duty to convene without delay, a meeting of the shareholders for the purpose of filling such vacancy. Shareholders may autho 24. The shareholders, in general meeting assembled, rize division may authorize the division in kind of the whole or a part in kind of the of the property of the Society, and also the payment property of in kind of the proportional amount accruing to any the society. shareholder in respect of his shares; they may also Responsibi lity. Interim and and dissolu- authorize the sale in one lot of all the assets of the Society on such terms as they may see fit. They may also authorize the Liquidators to purchase for the benefit of the Society, the rights of any shareholder, and to pay for the same either in money or in kind, that is to say, with the property of the Society. 25. The Liquidators shall not be subject to any greater responsibility than the Directors of the Society are subject to by law and by the by-laws of the Society. 26. The Liquidators shall make a report of the state final report of of the Society's affairs to the shareholders, at each annual liquidators to meetings of general meeting, and at such other meetings as the shareholders, shareholders may determine upon for that purpose; and on the occasion of the final liquidation, the liquidators shall make a report to a final meeting of the shareholders called for that purpose, which report shall be subject to the approval of the meeting; and such meeting shall then have power to dissolve the Society and to surrender its charter, which shall thereupon expire and become null and void; and at such final meeting, the shareholders may make such orders as they think fit with respect to the custody of the books, papers and records of the Society; provided always that, if there remain debts to be paid to unknown creditors, or to creditors to whom payment cannot be made, the Liquidators before such final meeting shall deposit the amount in the hands of the Treasurer of the Province of Quebec, under the Quebec, 35 authority of the act 35 Vict, chap. 5, intituled: "An Act V. ch. 5, respecting Judicial and other Deposits," and of the Acts cited. amending the same, and shall, in so doing, comply with the formalities prescribed by the said act and its amendments; and the charter shall not be surrendered until after such deposit has been made. Act of Cessation of fines. Address of shareholders to be left at domicile. 27. No fine shall be incurred after the day on which liquidation is resolved upon. : 28. Every shareholder shall leave his address, in writing, at the Society's office; and every special notice required shall be sent to such address and in case any shareholder neglects to conform to the above requirement, such notice shall be addressed to him at his last known place of residence, and if there is none such, then at the place where the Society has its principal office or place of business. 29. Any fifteen Shareholders of any Building Society Power to shall have power to call a special general meeting of the any 15 Shareholders thereof, to propose the liquidation of its to call a affairs, by giving public notice thereof in conformity with special meetthe fifteenth section of this Act. shareholders ing for the purpose of this act. of this act. 30. Section 15 and following sections of the present Limitation of act shall not apply to permanent shares of Building application Societies, when such shares shall have been paid up in full, and converted into irredeemable capital, unless three fourths of the members present at a meeting called to consider the liquidation, decide upon liquidation. Inconsistent 31. All the provisions of chap. 69 of the Consolidated provisions of Statutes for Lower Canada, intituled: "An Act respect- ch. 69, C.S.L. ing Building Societies," which may be inconsistent with C., repealed. the present act, are repealed. 32. This act shall come into force on the day of its sanction. Act in force. SCHEDULE A. Under the Authority of the Act of the Legislature of Quebec Schedule. 42-43 Vict., Chap. 32. per cent per annum, payable half yearly upon presentation of the coupon prepared for that purpose hereunto annexed, namely the and the day of C. D. Secretary-Treasurer. Certain proceedings, declared valid. Pending CAP. XXXIII. An act to ratify the proceedings on liquidation of certain building societies. H [Assented to 31st October, 1879.] ER MAJESTY, by and with the advice and consent of the Legislature of Quebec, enacts as follows: 1. Every proceeding adopted by any building society before the passing of this act, for its putting into liquidation, and adopted in conformity with the act of the Parliament of the Dominion of Canada, 42 Vict., chap 48, intituled: "An Act to provide for the liquidation of the affairs of the Building Societies, in the Province of Quebec, is declared valid, and all proceedings to be hereafter taken, shall be made in conformity with the act passed in the present session, intituled: "An Act establishing further provisions relative to Building Societies in the Province of Quebec and providing for the liquidation of their affairs, chap. 32, " of which all the provisions shall apply to such societies. 2 This act shall not affect pending cases, and shall Act in force, come into force on the day of its sanction. cases. Preamble. CAP. XXXIV. An act to permit certain corporations, to employ more profitably, the real estate in their possession. [Assented to 31st October, 1879.] WHEREAS there are in the Province of Quebec, a certain number of corporations acknowledged by |