Iderease of 1. The directors of any company, incorporated by special capital of com- statute, may, if they see fit, at any time after the whole capipanies, incorporated by tal stock of the company shall have been allotted and paid &pecial sta in, but not sooner, make a by-law for increasing the capital tote.

stock of the company to any amount which they may consider requisite in order to the due carrying out of the

objects of the company; Ny-law for 2. Such by-law shall declare the number of the that purpose shares of the new stock, and may prescribe the manwbas to con

ner in which the same shall be allotted; and in default of its so doing, the control of such allotment shall be held to rest absolutely in the directors.

2. But no by-law, for increasing the capital stock of the company, shall have any force or effect whatever, until after it shall have been sanctioned by a vote of not less than two thirds in amount of the shareholders, at a general meeting of the company duly called for considering the same, and afterwards confirmed by the lieutenant governor in council.

the commoant sanctioned effect stoc

ompany of the sharon a vote

general,

Coprimation 3. At any time, not more than six months after the of such by sanction of such by-law, the directors may petition the laws.

lieutenant governor to confirm the same. Proof bofore 2. With such petition they must produce such by-law, ibe attorney, and establish to the satisfaction of the Attorney General,

so that he may report thereon,—the due passage and sanction of such by-law, and the bona fide character of the

increase of capital thereby provided for; Power of attor. 3. And to that end the Attorney-General or his deputy

o may take and keep of record any requisite evidence in writing, under oath or affirmation, and may administer every requisite oath or affirmation.

ney-general to me swear and boar witnesses.

firmat

of

lieutenant

Effect of con- 4. Upon due proof so made, the lieutenant governor in

council may confirm the said by-law; and notice thereof hy-law by

shall be forthwith given by the secretary of the province governor.

in the Québec Official Gazette ; and thereupon, from the publications of such notice, the capital stock of the company shall be increased, to the amount, in the manner, and subject to the conditions set forth in such by-law; and the whole of the stock, as so increased, shall become subject to the provisions of its act of incorporation in like manner (so far as may be) as though every part thereof had formed part of the stock of the company originally subscribed.

Poes to be paid 5. There shall be paid, for the confirmation of such byfor confirm &- l. tion of by-law. law, the same fee as is payable on supplementary letters

patent, granted and issued under the Joint Stock Companies Incorporation Act, (31 Vict., cap. 25).

6. This act shall come into force on the day of its sanc- Act in force. tion.

CAP. XLIX.

An Act to provide for the Inspection of Provincial Insurance
Companies.

(Assented to 27th May, 1882.]

ER MAJESTY, by and with the advice and consent II of the Legislature of Quebec, enacts as follows:

1. For the more efficient administration of the Insurance Appointment business in the Province of Quebec, the Lieutenant Gor- of inspector of

insurances. ernor in Council may appoint an officer, to be called the Inspector of Insurance, who shall act under the instructions of the Provincial Treasurer and whose duty shall be His general to examine and report to the said Treasurer, from time to duties. time, upon all matters connected with insurance, as carried on by Companies subject to the legislative authority of this Province; and one of the Inspectors of Public Who may be Offices may be named as such inspector.

such inspector.

ector to ex

:

theme ho ha books of com

2. The Inspector of Insurance shall visit the Head Duty of inOffice of every such Company at least once in every year, a peine and shall carefully examine the statements of the Company ments and as to its condition and affairs, verify the same by the

"pany and rebooks of the company, and report thereon to the Provincial port to TreasTreasurer as to all matters requiring his attention and urer. decision.

2. The Inspector shall, from such examination, prepare Annual report and lay before the Provincial Treasurer an annual report of the condition of every Company's business, as ascertained by him from his personal inspection, and such report shall be made for the year ending the thirty-first of August.

anror on annual by inspector to

easurer.

xamination

3. If the Inspector, after a careful examination into the Inspector may condition and affairs of any Company, deems it necessary me

ory make further and expedient,from the annual or other statement furnished of books, &c., by such Company to the Provincial Treasurer, or pain

on upon order of

Teasurer,. O Treasurer in from any other cause, to make a further examination into certain casos. the affairs of such Company and so reports to the Treasurer, the latter may, in his discretion, instruct the Inpector to ..

visit the office of such Company, to thoroughly inspect and examine into all its affairs, and to make all such further inquiries as are necessary to ascertain its condition, and ability to meet its engagements.

cers and

Duties of offi. 4. It shall be the duty of the officers or agents of any wents of com.such Company to cause their books to be open for the pany, respect- inspection of the Inspector, and otherwise to facilitate ing inspeotor. such examination, so far as may be in their power; and

the said Inspector shall have power to examine, under oath, any officer or agent of the Company relative to its business.

to

Report of com- 5. A report of all companies, so risited by the Inspector, panies visited whe

by shall be entered by him in a book kept for that purpose, inspector, and with notes and memoranda showing the condition of each special report a to be given to vompany, and a Company, and a special written report shall be com

P Treasurer. municated to the Provincial Treasurer, stating the

Inspector's opinion of the condition and financial standing of each Company, and all other matters desirable to be made known to the Provincial Treasurer.

If it appears to thient to justiteffect insur

Special report 6. If it appears to the Inspector that the assets of any if assets are insufficient. Company are insufficient to justify its continuance of

business, or unsafe for the public to effect insurance with it, he shall make a special report on the affairs of such

Company to the Provincial Treasurer and he shall, When to be in all cases, make such report whenever the liabilities of

the company exceed their available assets by ten per cent.

made.

Treasurer to Lieutenant Governor in council.

Report by the 7. After full consideration of the report and a reasonable

time being given to the Company to be heard, and if, after such further inquiry and investigation (if any) as he may see proper to make, the Provincial Treasurer reports to the Lieutenant Governor in Council, that he agrees with

the Inspector in the opinion expressed in his report, then, Order in Coun- an order in Council may issue, prohibiting the said thereon, oro. Company from doing any further business, and thereafter hibiting com-it shall not be lawful for such Company to do any further

comther business in Quebec, until such prohibition is removed business. by the Lieutenant Governor in Council.

cil based

b

rom

do

Gazette.

Publication of 8. Notice of the prohibition, from doing any further Duehole in business, shall be published in the Quebec Official Gazetle ;

and thereafter any person, delivering any policy of insu. rance, or collecting any premiums, or transacting any

business of insurance on tehalf of such Company, shall be Fino in case of liable to a fine of one thousand dollars, for each policy so

delivered, which penalty may be sued for and recovered, on information filed in the name of the Attorney-General of

contravention.

the Province of Quebec, and one-half of the said penalty, when recovered, shall be paid to the Crown for the benefit of the Province, and the other half of the said penalty to the informer; and in case of non-payment of such penalty and costs, within one month after said judgment, the person, 80 offending, shall be liable to imprisonment in any gaol or prison, for a period not exceeding six months in the diecretion of the Court wherein he is convicted. 9. If, within one month from the publication of such Appointment

camnon of liquidator notice of prohibition in the Official Gazette, the Company afte in default has not regulated its affairs so as to enable the time, if compaInspector of Insurance, on inquiry, to recommend the .....

not regulated. removal of the prohibition, notice of which, if granted, shall also be published in the Official Gazette, in either case at the expense of the Company, then the Inspector shall apply by petition to a Judge of the Superior Court for the appointment of a liquidator, who shall proceed with as little delay as possible to wind up the affairs of the Company, under the direction of the Inspector in the same manner as the directors are authorized to do by the act of this session, respecting mutual fire insurance companies.

ertain

sal to

10. Every company, subject to inspection under this Effect of neact, which neglects or refuses to facilitate the examination mentioned in section four, or in any other way refuses or with provisions neglects to conform to the requirements of this act, shall, on of this act. report to that effect by the inspector, be prohibited from doing any further business, in the same manner, with the same formalities and provisions, and subject to the same penalties, as are set forth in sections seven, eight and nine.

rer if oom

11. If it appears to the Inspector that any Company, Report to treawhich has not been incorporated by special Act of the

pany not inLegislature of Quebec, has assumed the name of a previous-corporated by ly established Company, or any name liable to be untairly one of confounded therewith, or otherwise on public grounds another comobjectionable, he shall make a report thereof to the Pro. pady. vincial Treasurer.

established Quebec, has "porated by

ses of inspector's

12. Towards defraying the expenses of the Inspector's Payment of office, a sum not exceeding one thousand dollars shall be in annually contributed and paid to the Provincial Trea-office. surer, by the insurance companies herein before referred to ; and this sum shall be assessed pro rala upon the gross amount of the policies of each company in force at the expiration of the preceding year, and the said Treasurer's certificate shall be conclusive as to the amount each or any Company is to pay under this section.

certificate shanno preceding year, and thy in force at the

Act not to ap- 13. The inspection, provided for by this act, shall not be ply to certain companies." obligatory upon companies organized under the act 24

Victoria, chapter 32, and its amendments ; but the services of the inspector may be availed of, in connection with the affairs of any such company, at the request of twelve per: sons interested therein.

Aot in forco.

14. This act shall come into force on the day of its sanction.

An Act to amend the act 24 Victoria, chapter 32, respect

ing Mutual Insurance Companies.

(Assented to 27th May, 1882.)

Preamble.

W HEREAS in local municipalities or parishes it is

sometimes difficult, under the law as it exists to find the required number of persons and sums necessary to establish Mutual Fire Insurance Companies; and whereas, in the interests of such local municipalities or parishes, it is expedient to amend the law so as to permit of companies of this kind being more easily formed; Therefore, Her Majesty, by and with the advice and consent of the Legislature of Quebec, enacts as follows:

free holders

ny.

24 Vict., cap. 1. Section 1 of the act of the late province of Canada, 32, sec. 1 and 24 Victoria, chapter 32, and the act of this province 42-43 42-43 Viot., cap. 40, soc. i Victoria, chapter 40, section 1, amending the same, are

ich amonds repealed and replaced by the following: it, replaced. repe Number of “1. Nine free holders, residing in any parish or

any municipality whatever in this province, being required to form an insu- provisional directors of an association formed with rance compa- the view of establishing & Mutual Fire Assurance

Company, may establish such company for the purpose of insuring the property, situated within the limits of such parish or local municipality, and also the proper. ties outside of the said limits, provided they be situated

entirely within the county in which is situated the said Name of such parish or municipality; which insurance company shall be company. known under the name of “The Mutual Fire Insurance

Company of the parish, or, of the local municipality of

(as the case may be). Act of this ses-' “ And all the provisions, contained in the act of the sion 45 Vict., nesant nosion intito

" present session intituled “ An Act respecting Mutual Fire cap. 49 to apply.

Insurance Companies," in so far as they are not contrary to this act, shall apply to such company."