in the limits of the counties traversed or to be traversed by nies may take the said line of railway, duly incorporated, may, by a vote shares. of the shareholders representing at least the three-fourths in value of the shares, but not otherwise, subscribe or otherwise purchase and hold any number of shares in the capital stock of the said company, and may divest themselves thereof by transfer.

directors.

7. When and so soon as one-tenth part of the capital Meeting for stock shall have been subscribed, as aforesaid, and the election of first sum of at least five thousand dollars paid into the hands of the treasurer of the said company, it shall and may be lawful for the said directors, or a majority of them, to call a meeting of the shareholders at such time and place as they may think proper, giving at least two weeks notice in two newspapers published in the districts of Bedford and St. Francis, at which general meeting, and at the general meetings, in the following sections mentioned, the shareholders present, either in person or by proxy, shall elect nine directors, in the manner prescribed by the Quebec Railway Act, 1869, which said nine directors shall constitute a board of directors, and shall hold office until the first Monday in July, in the year following their election.

S. On the said first Monday of July, and on the first Meetings for Monday of July in each year thereafter, there shall be holden election of subsequent a general meeting of the shareholders of the said company directors. at the principal office of the said company, at which meeting the shareholders shall elect nine directors for the then ensuing year, in the manner prescribed, by the Quebec Railway Act, 1869, public notice of such annual general meeting and election shall be published one month before the day of election, in two newspapers published in the districts of Bedford and St. Francis, and the election of directors, shall be by ballot, and the persons so elected together with the ex-officio directors shall form the board of directors.

directors.

9. Five directors shall form a quorum for the transaction Quorum of of business, and the said board of directors may employ one or more of their number as paid director or directors; provided, however, that no person shall be elected director unless he shall be the holder and owner of at least ten shares of the stock of the said company, and shall have paid up all calls upon the said stock.

10. The directors may, at any time, call upon the share- Calls on shares holders for such instalments upon each share which they

Vacancies of directors how filled.

Form of conveyance of land.

or any of them may hold in the capital stock of the said company, and in such proportion as they may see fit, except that no such instalment shall exceed ten per cent. on the subscribed capital, and that one month's notice of each call shall be given in such manner as the directors shall think fit.

11. The directors or a majority of them, may supply the place or places of any of their number, from time to time, dying or declining to act as such directors, from among the several persons being subscribers for, or owning and holding shares in the said company sufficient to qualify him or them to act as directors as aforesaid.

12. All deeds and conveyances of lands to the said company for the purposes of this act, in so far as circumstances will admit, may be in the form of the schedule A, to this act subjoined, or in any other form to the like effect; and for the purpose of due enregistration of the same, all registrars, in their respective counties, are required to register in Registration their registry books such deeds and conveyances, upon the

thereof.

Power to issue bonds.

Bonds to be privileged.

production and proof of the due execution thereof without any memorial, and shall minute the enregistration or entry on such deed; and the registrar shall receive from the said company, for all fees on every such enregistration, and for a certificate of the same, fifty cents and no more, and such enregistration shall be deemed to be valid in law.

1. The directors of the said company shall have power, upon being duly authorized thereto by a vote of the majority of the shareholders in the said company, present at any annual meeting in the month of July, for the purpose of electing directors, or at any general meeting of the said shareholders, whereof notice shall have been given in the manner hereinabove provided in the case of a general annual meeting and election, and in which notice shall be stated and published the object of such meeting, to issue their bonds or debentures made and signed by the president or vice-president of the said company, and countersigned by the secretary-treasurer thereof, and under the seal of the said company, for the purpose of raising money for prosecuting the undertaking, and such bonds shall be and be considered to be privileged claims upon the property of the said company, and shall bear hypothec upon the said railway without registration, anything in article 2084 of the civil code, to the contrary notwithstanding, and such bonds or debentures shall and may be in the form contained in the schedule "B," annexed to this act, or in any other form similar thereto, and need not be executed before

a notary; provided, however, that no such bonds or de- Proviso. bentures bearing such hypothec shall be issued until after ten per cent of the whole capital stock of the said company, as provided by this act, shall have been expended in and upon the said railway; and provided, also, that the whole Proviso. amount raised by such bonds or debentures shall not exceed one half the capital stock of the company, nor be in excess of the amount actually paid up on its share capital, at the time of the issue of such bonds or debentures.

ments with

14. It shall be lawful for the said company to enter into As to agreeany agreement with any other railway company for leasing companies. the said railway or any part thereof or the use thereof, at any time or times, or for any period to such other company, or for leasing or hiring from such other company any railway or any part thereof, or the use thereof, or for the leasing or hiring of any locomotives, tenders or movable property, and generally to make any agreement or agreements with any such other company, touching the use by one or the other or by both companies, of the railway or movable property of either or both, or any part thereof, or touching any service to be rendered by the one company to the other and the compensation therefor; and any such agreement shall be valid and binding and shall be enforced by courts of law according to the terms and tenor thereof.

along the

20,000 acres.

15. The said company may, from time to time, purchase, Power to have, hold, take, receive, use and enjoy any immovable acquire lands property, not exceeding in the whole twenty thousand railway not acres, along the line of the railway or in the vicinity there- exceeding of, but separated therefrom, which it may please Her Majesty or any person, or corporation to give, grant, sell or convey unto and to the use of the said company; and the said company may cut wood and dig earth, gravel and stones on any such land, either for their own use in the construction and keeping in order and working of the railway, or for sale, and may establish stations, sidings, branches, work-shops, wood-yards and gravel pits on any such lands, and may sell fire-wood or timber cut on such lands, and may, from time to time, sell and dispose of any of such lands not required or necessary to be retained for gravel-pits, sidings, branches, wood-yards, station grounds or work-shops, or for other purposes of the said company, and may acquire others in lieu thereof.

SCHEDULE A.

DEED OF SALE.

Know all men by these presents, that I, A. B., of do hereby in consideration of

paid to me by the Missisquoi and Black Rivers

Valley Railway Company, the receipt whereof is hereby acknowledged, grant, bargain, sell and convey unto the said Missisquoi and Black Rivers Valley Railway Company, their successors and assigns, all that tract or parcel of land (describe the land,) the same having been selected and laid out by the said company for the purpose of their railway; to have and to hold the said land and premises unto the said company, their successors and assigns for

SCHEDULE B.

FORM OF DEBENTURE.

The Missisquoi and Black Rivers Valley Railway Com pany."

No.

$

This debenture witnesseth that "The Missisquoi and Black Rivers Valley Railway Company, under the authority of the provincial statute passed in the thirty-fourth year of Her Majesty's reign, intituled: "An Act to incorporate the Missisquoi and Black Rivers Valley Railway Company," have received from

the sum of

as a loan to bear interest from the date hereof, at the rate of per centum per annum, payable

half-yearly on the

and on the

which sum of

day of day of

the said company

to the said

and to pay

bind and oblige themselves to pay on the day of

or to the bearer hereof at the interest thereon half-yearly as aforesaid, on the produc tion of the coupon therefor, which now forms part of this debenture.

And for the due payment of the said sum of money and interest, the said company, under the power given to them by the said statute, do hereby mortgage and hypothecate the real estate and appurtenances hereinafter described, that is to say: The whole of the railroad from

including all the lands at the termini of the said road, and all lands of the company within these limits, and

all buildings thereon erected, and all and every the appurtenances

thereto belonging.

In testimony whereof,

president of

the said company hath hereto set and affixed his signature and the seal of the said company, at

this

day of

one thousand eight hundred and

President (L.S.)

Countersigned and entered,
Secretary.

CAP. XXVII.

An Act to incorporate the St. John's and Clarenceville
Junction Railway Company.

[Assented to 24th December, 1870.]

WHEREAS, the persons hereinafter named and others, Preamble.

have petitioned for incorporation as a company, to

construct the railway hereinafter described, and the construction of such railway would be of great benefit to the commerce and for the advantage of the district through which such railway would pass, and it is expedient to grant their prayer; Therefore, Her Majesty, by and with the advice and consent of the Legislature of Quebec, enacts as follows:

1. Robt. Maclie, John Hunter, U. M. Smith, F. M. Town- Certain persend, F. U. Derick, Wm. Chilton, H. H. Beerwort, W. M. atd. sons incorpor Macfie, A. H. Derick, C. S. Rowe, J. B. Hall, Rev. E. DuVernet, G. N. Clark, M. V. Curtis, L. D. St. Johns, H. G. Trepania, Henry Taylor, J. Lamoureux, R. Bowers, L. Roy, Robt. Wright, and L. H. Trudeau, esquires, with all such other persons and corporations as shall become shareholders in the company hereby incorporated, shall be and are hereby constituted a body corporate and politic, by the name of the "St. John's and Clarenceville Junction Railway Company."

construct a

2. The said company and their servants shall have full Power to power and authority to lay out, construct, make and finish railway on a a double or single iron railway, of such width or guage as certain line. the company sees fit, from the province line at or near Aird's Post Office, parish of St. George de Clarenceville, county of Missisquoi, in a northerly direction to St. John's, P.Q., together with the power to construct any branch or branches of the same, not exceeding ten miles in length,