or the equivalent in dollars or francs, such capital stock to be issued in whole or in part as the directors determine, and may be called up by the directors from time to time as they deem necessary, but no call subsequent to the allotment of shares shall exceed five shillings per share, nor be made at less intervals than two months.

2. Every share in the Company shall, except if issued under section six of this Act, be deemed to have been issued and to be held subject to the payment of the whole amount thereof in cash, unless it has been otherwise agreed upon or determined by a contract duly made in writing and filed with the Secretary of State at or before the issue of such shares.

created by

5. The directors may, by by-law, create and issue any part Preference of the capital stock as preference stock, giving the same such stock may be preference and priority as respects dividends and otherwise by-law. over ordinary stock, as may be declared by the by-law, but to an extent of dividend not greater than six per cent per

annum.

2. No such by-law shall have any force or effect whatever Approval of unless at a general meeting of the Company, whereat there are by-law. present or represented by proxy shareholders holding at least two-thirds of the whole issued capital stock of the Company, a majority in value of the shareholders so present or represented vote to sanction such by-law.

ence share

3. The by-law may provide that the holders of such pre- Representaference shares shall have the right to select a certain stated tion of prefer. proportion of the board of directors, or may give them such holders on other control over the affairs of the Company as may be con- board of sidered expedient.

directors.

4. Holders of such preference stock shall be shareholders Extent of and shall in all respects possess the rights and be subject to preference limited by the liabilities of shareholders, provided however that in respect by-law. of dividends and otherwise they shall, as against the original or ordinary shareholders, be entitled to the preference given by any by-law as aforesaid.

5. Nothing in this section shall affect or impair the rights Rights of of creditors of the Company.

creditors.

shares.

6. The directors may, of the first issue of shares of the Deferred Company, set aside a certain proportion, not being more than twenty-five per cent of the issue, which shall be called deferred shares, and which shares shall be entitled to share in the earnings of the Company only to such extent and in such manner as the directors at the time of issue determine.

7. The persons mentioned by name in the first section of Provisional this Act are hereby constituted the first or provisional direc

tors of the Company, five of whom shall form a quorum.

directors,

2. The first meeting of the provisional directors may be First meeting.

held at Rossland, in the province of British Columbia.

First general meeting.

Notice.

Annual

meeting.

Borrowing powers.

Issue of debentures.

Proviso.

8. At any time after the passing of this Act the provisional directors may call a general meeting of the shareholders of the Company to be held at the head office of the Company at such time as they determine, for the purpose of passing or ratifying the by-laws of the Company, electing directors, and considering and determining upon any other business specified in the notice calling such meeting; and a notice in writing signed by a majority of the provisional directors stating the date and place of holding such meeting and mailed by registered letter to the address of each shareholder not less than thirty days previous to such meeting, shall be deemed sufficient notice thereof.

9. The annual meeting of the shareholders shall be held on the first Tuesday in the month of November in each year, at the head office of the Company.

10. The directors, by resolution passed at the first general meeting of the shareholders, or at any special general meeting called for the purpose, or at any annual meeting at which shareholders representing at least two-thirds in value of the issued capital stock of the Company are present or represented by proxy, may, from time to time, at their discretion, borrow moneys for the purposes of the Company, and secure the repayment thereof in such manner and upon such terms and conditions as they see fit, and may, for such purpose, mortgage, pledge, hypothecate or charge any of the assets and property of the Company.

11. The directors, under the authority of the shareholders given at any general meeting called for the purpose,-at which meeting shareholders representing at least two-thirds in value of the issued capital stock of the Company, which shall not be less than fifty thousand pounds sterling, are present or represented by proxy,-may, from time to time, issue debentures, bearing such rate of interest as is agreed upon, for sums not less than twenty pounds sterling each, signed by the president or other presiding officer, under the seal of the Company, and countersigned by the secretary, and payable to bearer or order; and the directors may deliver the said debentures for any of the purposes set forth in section two of this Act; and the directors may sell or pledge the said debentures for the purpose of borrowing money or of paying or securing the indebtedness of the Company: Provided that the total amount of debentures at any time outstanding shall not exceed the amount of the paid-up stock of the Company; and the said debentures and interest thereon, may be secured by mortgage upon the property and assets of the Company; and such mortgage deed may give to the holders of the said debentures or to the trustee or trustees for such holders named in such mortgage deed, such powers, powers of sale, rights and remedies as are specified in such mortgage deed.

12. Section eighteen of The Companies Clauses Act shall R.S.C., c. 118. not apply to the Company, but the Company may commence When busbusiness as soon as one-half of the first issue of the capital iness may be stock has been subscribed, which shall not be less than one commenced. hundred thousand pounds sterling, and ten per cent paid thereon.

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

CHAP. 91.

An Act respecting the Yukon Mining and Transportation Company (Foreign.)

[Assented to 29th June, 1897.]

WHEREAS the Yukon Mining, Trading and Transportation Preamble. Company (Foreign) has, by its petition, alleged that under Part IV. of the "Companies Act" of the province of British Columbia, and by an Act of the Legislature of the province of British Columbia, being chapter seventy-seven of the statutes of 1897, it is authorized to build a railway of either B.C., 1897, standard or narrow gauge from a point at or near the head of c. 77. steamboat navigation on Taku Inlet to Teslin Lake, and also to construct an extension of the said railway to the northern boundary of the province of British Columbia as in the said Act is provided; and whereas the said Company has, by its petition, prayed that the said railway be declared to be a work for the general advantage of Canada, and that certain additional powers, as hereinafter set forth, be conferred upon the said Company, 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, declares and enacts as follows:

1. The said railway of the Yukon Mining, Trading and Declaratory. Transportation Company (Foreign), hereinafter called "the Company," is hereby declared to be a work for the general advantage of Canada.

2. This Act, and The Railway Act so far as it is applicable, Declaratory. shall apply to the Company and its railway, instead of the said Acts of British Columbia and the British Columbia Railway Act; provided that nothing in this section shall affect anything done, any right or privilege acquired, or any liability incurred up to and at the time of the passing of this Act, to all of which rights and privileges the Company shall continue Rights saved. to be entitled, and to all of which liabilities the Company shall continue to be subject.