ers and holders of participating policies, ascertaining the part thereof which has been derived from participating policies, and distinguishing such part from participating policies, and distinguishing such part from the profits derived from other sources; and the holders of participating policies shall be entitled to share in that portion of the profits so set apart, which has been so distinguished as having been derived from participating policies, to the extent of not less than ninety per cent thereof; but no dividend or bonus shall at any time be declared or paid out of estimated profits, and the portion of such profits which remains undivided upon the declaration of a dividend, shall never be less than one-fifth of the dividend declared.

15. Whenever any holder of a policy, other than a term or natural premium policy, shall have paid three or more annual premiums thereon, and shall fail to pay any further premium, or shall desire to surrender the policy, the premiums paid shall not be forfeited but he shall be entitled to receive a paid-up commuted policy for such sum as the directors may determine, such sum to be ascertained upon principles to be adopted by by-laws, or the directors may pay a sum as a cash surrender value in lieu of such paid-up commuted policy, provided he shall demand such paid-up commuted policy while the original is in force or within six months after his failure to pay a premium thereon.

16. The Company may agree to give to holders of participating policies the right to attend and vote in person at all general meetings of the Company; and if the Company so determines then all persons who are actual holders of policies from the Company, whether such persons are shareholders of the Company or not, and who are by the terms of their policies entitled to participate in profits and are referred to in this Act as holders of participating policies, shall be members of the Company and be entitled to attend and vote in person at all general meetings of the Company, except at those called for the purpose of increasing the capital stock of the Company (and shall not be entitled to vote by way of confirmation or against the confirmation of any by-law for the increase, issue, allotment or sale of capital stock of the Company); and every holder of a participating policy of the Company for a sum not less than one thousand dollars shall be entitled to one vote for each one thousand dollars in his policy.

2. A husband or father holding a participating policy on his life for the benefit of his wife or children shall be deemed a member of the Company.

17. This Act and the Company hereby incorporated and the exercise of the powers hereby conferred, shall be subject to the provisions of The Insurance Act.

18. Notwithstanding anything contained therein or in any R.S.C., c. 118. other Act, The Companies Clauses Act, except sections eighteen and thirty-nine thereof, shall extend and apply to the Company hereby incorporated, and shall be incorporated with and form part of this Act in so far as it is not inconsistent with any of the provisions herein before contained.

OTTAWA: Printed by SAMUEL EDWARD DAWSON, Law Printer to the Queen's most Excellent Majesty.

CHAP. 82.

An Act respecting the Sun Life Assurance Company of Canada.

[Assented to 29th June, 1897.]

W

HEREAS the Sun Life Assurance Company of Canada Preamble. has, by its petition, prayed that an Act be passed to 1865, c. 43. extend its powers of investment, as hereinafter set forth, 1882, c. 100. and it is expedient to grant the prayer of the said petition: Therefore Her Majesty, by and with the advice and consent

of the Senate and House of Commons of Canada, enacts as follows:

1. The Sun Life Assurance Company of Canada, hereinafter Investments called "the Company," may, in addition to the powers hereto- authorized. fore conferred upon the Company, invest its funds in ground rents on real estate or mortgage security thereon, in any province of Canada, and in or upon any bonds or debentures of In Canada, any state of the United States, or of any municipality in the In the United United States, or in mortgage on real estate therein; but the States. amount so invested in the United States shall not at any time Proviso. exceed the reserve upon all outstanding policies in force in the United States; and such reserve shall be calculated upon the R.S.C., c. 124. basis prescribed by The Insurance Act.

real estate,

2. The Company may hold, alienate, convey and mortgage Power to hold real estate required in part or wholly for the use and accommodation of the Company in the province of Ontario to the In Ontario, annual value of twenty thousand dollars, in the province of Quebec to the annual value of forty thousand dollars, and in In Quebec, each of the other provinces of Canada to the annual value of In other ten thousand dollars.

provinces.

OTTAWA: Printed by SAMUEL EDWARD DAWSON, Law Printer to the Queen's)

most Excellent Majesty.