said day had been fixed by the last mentioned act as that on or before which the said works should be completed, and as if all the provisions of such acts had been as they are hereby re-enacted by the legislature of this province, except that the said company abandons all claim to the public lands to which they might have had right in virtue of the said act in consideration of two million acres of other lands, which are given in the place of the old lands granted by an act passed during the present session of the legislature of this province on certain conditions therein. stipulated, and intituled, " An Act to aid in the construction of certain lines of railways therein mentioned. " opened and 2. The original share books having been either lost or New shareburnt, the company shall be bound, within the fifteen books to be days following the passing of the present act, to open new kept open for share books in its offices, and to keep them open until the a certain period every twelfth day of May, of the year one thousand eight hun-year. dred and seventy-one, and to re-open them on the twentysecond day of the said month and year, and to keep them open until the twelfth day of May of the following year, until four o'clock in the afternoon each day, and to continue so to do during every succeeding year until the capital stock of the said company shall have been fully subscribed. t inscribe . The original shareholders, establishing their titles as Original such, shall before the first day of March next, in order to share holdors continue so to be, inscribe their names in the new books, their names and shall receive credit for their paid-up instalments, both on new books, in so far as regards their right to vote at the election of credit for fordirectors as their payment of the instalments required from mer payments. time to time by the company to be paid up by subscribers for the purposes of the enterprise. and receive on which nothing has 4. All shares, which may have been taken by indivi- Former shares duals, and upon which no instalments have yet been paid, are cancelled as if they had never been subscribed; and been paid, from the date of the passing of the present act, the new share books herein before mentioned shall be the only share books of the said company. cancelled. upon deben 5. The said company may raise by way of loan upon Company may their bonds or debentures in addition to such authorized raise money capital stock which shall be of six millions of dollars, any tures, subject sum of money not exceeding the amount of their capital, to § 11, of sec.. subject to the forms and provisions of the eleventh sub- c., c. 66, and section of the ninth clause of the "railway act" contained said § shall in the consolidated statutes of Canada, chapter sixty-six, nicipal debon 9, of C. S. L. apply to mu tures. Time of election of direc tors. Of whom board of directors shall be composed. Who may be directors after Who may vote to elect directors. Election of former directors confirmed. Meeting of directors. which shall apply to such loan; and the said sub-section shall apply as far as may be to the bonds and debentures of all city, town, village, parish or county municipalities, subscribing to the stock of such company or aiding the same, anything in their special acts to the contrary notwithstanding, which municipal corporations may, in addition to their rate of interest, provide such sinking fund for the redemption of their said bonds and debentures, as such corporation may deem advisable. 6. The election of the directors of the said company, in future, shall be held at noon, on the twentieth day of May in each year, at the office of the company, in the city of Quebec. 7. From and after the twentieth day of May, one thousand eight hundred and seventy-one, inclusivily, the board of directors of the company shall be composed of twelve members, in addition to the representatives of the municipalities entitled to form part thereof. Of these twelve members, four shall be named by the lieutenantgovernor in council, eight only in future to be elected by the shareholders: but until the twentieth day of May, one thousand eight hundred and seventy-one, the said board shall consist of the present directors, the four members named by the lieutenant-governor, and the representatives of the municipalities as already stated. Until the next election of directors, the board shall not have power to fill vacancies among the directors elected. . From and after the twentieth day of May, one thousand eight hundred and seventy-one, inclusively, no person shall be elected as a director of the said company, without his having subscribed at least one thousand dollars to the capital stock, and paid up all the instalments then due. 9. No person shall be entitled to vote at the next election of directors unless he has paid up at least ten per cent on the amount of his shares. 10. The board of directors of the said company, as constituted from the formation of the said company up to the present time, is hereby declared to have been legally elected and chosen and to have had lawful power and authority for the discharge of their functions. 11. Until such time as it shall have been otherwise decided by a by-law adopted by the board of directors, the regular meetings of the said board shall be held every second Thursday in each month. already in 12. The expenses incurred by the said company and Expenses the obligations which it may have contracted up to the cured to be a passing of this act, and which may be lawfully due, shall first charge. be the firs charge thereupon. Whereas, in the year one thousand eight hundred and Preamble. fifty-three, the council of the municipality of the county of Saint Maurice did, by a by-law, which was subsequently regularly approved by the municipal electors of the said county, subscribe a sum of two hundred thousand dollars to the capital stock of the "North Shore Railway Company," since called the "North Shore Railway and St. Maurice Navigation and Land Company, "-whereas, afterwards the legislature did divide the said county of Saint Maurice into two new counties, bearing respectively the names of "county of Saint Maurice and county of Maskinongé," without determining the proportion of the said subscription to be borne by each of the said two counties, and the mode of giving effect thereto,-and whereas, it is important to determine the same in the interest of the said counties and for the speedy execution of the enterprise which it is intended to aid :— and Maski conditions, but I. Therefore, it is hereby enacted that the said counties $20,000 stock of Saint Maurice and Maskinongé, shall, out of the said subscribed by former county sum of two hundred thousand dollars subscribed in the of St. Maurice said year one thousand eight hundred and fifty-three, by divided be tween present the said heretofore county of Saint Maurice, in favor of the counties of said North Shore Railway Company, subsequently called St. Maurice the North Shore Railway and Saint Maurice Navigation nongé. and Land Company, be considered to have and have each respectively subscribed one hundred thousand dollars to the capital stock of the said "North Shore Railway and Saint Maurice Navigation and Land Company; " and that said counties such subscription has, with regard to each of the said may impose counties, precisely the same effects in every respect, and shall be bounds subjects the said counties respectively towards the said if these are company to the same obligations in regard to their respective shares of the said subscription, as if the said by-law had been passed by the county municipal council of each of the said two counties respectively, but each of the county municipal councils of the said two counties may, as regards the county it represents and its share of the said subscription, impose upon the said company such conditions as it shall deem proper to make in resolutions by it adopted. If these conditions be not accepted by the said company, the county imposing them shall be discharged from the obligation arising out of its share of the said subscription; and such resolutions, being accepted by the said company shall, without any other fornality, have force of accepted. Width of gauge. C. S. C., c. 66, to apply to this act. Preamble. law and shall bind the said county towards the said company in the same manner as if such conditions had been stipulated in the present act. 1. The gauge of the said railway may not be narrower than four feet, eight inches and one half. 15. The provisions of the "Railway Act," contained in the consol dated statutes of Canada, shall apply to the present act, except in so far as the special provisions of this act may be inconsistent therewith. 'Whereas, on the fourth day of October, one thousand eight hundred and seventy, the council of the city of Quebec did resolve to subscribe, in the name of the corporation of the said city, a sum of one million of dollars to the stock of the North Shore Railway, and St. Maurice Navigation and Land Company, subject to the conditions that the said council might judge proper to impose on the said company; and whereas, on the twenty-eighth day of the said month, in the said year, the said council did, in regard to the said subscription of one million of dollars, impose on the said company the conditions following, to wit: 1. That the amount subscribed be paid by permanent consolidated stock certificates bearing seven per cent interest; 2. That an act be obtained from the provincial legislature, authorising the issue of the said stock and granting power to impose a rate to provide for the payment of the interest on the said amount. Proprietors to be responsible for the said tax with power to collect one half of the same from the tenants as at present; 3. Liability of the corporation to be limited to amount subscribed: 4. That in case the company find it advantageous to begin the road with subscribed stock, as being the most immediately available means, so as to give value to their bonds on the lands or on the road, the stock to be issued by the corporation shall be pro rata as the work progresses and in proportion to the whole subscribed stock, on certificates of the engineer to be named by themselves; but if the company finds it possible to obtain a contract by which their bonds are given in part payment simultaneously with the stock subscribed, then the corporation shall issue their stock as the work progresses oro rata to the total cost of the road; The stock to be issued by the corporation also as the work progresses pro rata to the whole cost of the road, in case legislation should give a substitute for the lands to the company; 5. The company, either by themselves or the contractor, to pay the interest on the stock, of the corporation to the date of the opening of the road between Montreal and Quebec, and the running of the first through train between those two cities ; 6. In the event of the company or the contractor neglecting to pay the interest on the corporation stock issued, as it becomes due, the corporation shall have a right to cease to issue bonds in favor of the company; 7. That the bonds to be issued by the company on the security of the road and lands be at a not less date than twenty years, and that on no consideration shall the bondholders have the power to assume possession or management of the road or lands; 8. The chief terminus of the city of Quebec to be in St. Peter's Ward; 9. The municipal office of the company to be in the city of Quebec, where its meetings shall be also held; 10. The corporation to be represented at the board of directors by the mayor and three other members appointed by the council; and that no contract shall be entered into with one or more contractors for the building of the road, or its appurtenances, until the four members to represent the city council of the city of Quebec do legally form part of the direction of the said board; 11. That the corporation shall be entitled to be credited with stock representing the amount of fifty thousand dollars already paid by them, over and above the one million dollars; 12. That the work of the construction of the road shall commence in the city of Quebec, and shall uninterruptedly continue until completed; 13. That no bonds of the corporation in favor of the company shall be issued, and no contract for the building of the road be made, until the company have obtained subscriptions to its capital stock to the amount of at least two million dollars, including that of the corporation of Quebec; and, in the event of the provincial legislature allowing a substitute, for the 2,700,000 acres of land secured by law to the said company, that the said substitute, in provincial securities or bonds, shall amount to act least two million dollars. 16. Therefore it is enacted, that the said corporation of Corporation of the city of Quebec, to this end is hereby authorized to Quebec may subscribe $1,subscribe, as aforesaid, forty thousand shares, of twenty 000,000 stock dollars each, making the said sum of one million of dollars subject to the in the stock of the said North Shore Railway and St. Maurice tions. Navigation and Land company, pursuant to, and in accor above condi |