CHAP. 42. An Act respecting the Grand Trunk Railway Company of Canada. [Assented to 21st May, 1897.] THEREAS the Grand Trunk Railway Company of Canada Preamble. has, by its petition, represented that its net revenue from the first day of January, one thousand eight hundred and ninety-four, has been insufficient to meet in full the interest on all the borrowed capital of the Company and the other net revenue charges, and that although the deficiency has been temporarily provided out of the general funds of the Company, it remains a charge against future revenue, and that it is expedient that the Company should be authorized to charge the same to capital account,-and that the Company, under the provisions of chapter twenty-five of the statutes of 1878, c. 25. 1878, has entered into working arrangements with the Chicago and Grand Trunk Railway Company, and is the holder of the greater part of the ordinary stock of that company, and a large proportion of its bonded indebtedness,―and that the Chicago and Grand Trunk Railway Company has not been able out of its own funds to maintain its line and works in an efficient state, and that the Company has been compelled from time to time to make to them advances for this and other purposes, and that it is anticipated that further advances may be required, and that it is expedient that the Company should have express powers to make the same to that company,-and that it is expedient that the Company should have power to increase its capital; and whereas the Company has prayed for an Act conferring the said powers and for other purposes, 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. This Act may be cited as The Grand Trunk Act, 1897. Short title. word Com 2. The expression "the Company" wherever used in this Meaning of Act, means the Grand Trunk Railway Company of Canada as now constituted. pany." Directors may charge capital account. Proviso. Advances to Company may issue consoli ture stock. 1884, c. 52; 1887, c. 57: 1888, c. 51; 1890, c. 48; 1892, c. 39; 1893. c. 47. 3. The directors may at any time after the thirtieth day of June, one thousand eight hundred and ninety-seven, charge the capital account of the Company with the sums by which the net revenue up to and inclusive of that date may have been insufficient to meet the interest to that date upon the borrowed capital of the Company and other net revenue charges; provided that the amount to be so charged to capital account and the time and manner of charging the same shall be subject to the approval of the proprietors in general meeting. 4. The directors may, in addition to the advances already made by them to the Chicago and Grand Trunk Railway Company, from time to time make further advances to that company. Any sums so advanced shall be included in the accounts of the half year in which the advances are made, and the amount thereof shall be stated in the balance sheet and accounts of the Company. 5. In addition to the amounts which the Company is authodated deben rized to borrow and raise under the several Acts following, that is to say, under the Grand Trunk Railway Acts 1874, 1882, 1884, 1887, 1888, 1890 and 1892, and the Grand Trunk Act, 1893, the Company may borrow and raise for the general purposes of the Company by the creation and issue of perpetual consolidated debenture stock, to be called Grand Trunk Consolidated Debenture Stock, bearing interest at any rate not excceding four per cent per annum, such sum as the proprietors of the Company entitled to vote in general meeting assembled shall from time to time determine; provided always that the aggregate amount of the annual interest on the debenture stock to be issued under this Act shall not exceed fifty thousand pounds sterling. Debenture stock; how to rank When Act to take effect. 6. The debenture stock by this Act authorized shall rank equally and be consolidated with the debenture stock issued or to be issued as Grand Trunk Consolidated Debenture Stock under any Act now in force and shall be subject to all conditions applicable thereto. 7. This Act shall not take effect unless and until submitted to a general meeting of the Company and accepted by a majority of the votes of the persons present at such meeting or represented by proxy entitled to vote thereat; provided that notice of the submission of this Act at such meeting has been duly given; and the certificate in writing of the chairman of such meeting shall be taken as sufficient evidence of the acceptance of this Act, and such certificate shall be filed in the office of the Secretary of State of Canada and notice thereof published in the Canada Gazette, and copies thereof certified by the Secretary of State shall be taken and accepted in all courts of law as sufficient evidence of the acceptance of this Act. OTTAWA: Printed by SAMUEL EDWARD DAWSON, Law Printer to the Queen's most Excellent Majesty. CHAP. 43. An Act respecting the Great Eastern Railway WE Company. [Assented to 29th June, 1897.] HEREAS the Great Eastern Railway Company has, by Preamble. its petition, prayed for the passing of an Act to extend the time limited for the completion of its railway and for other 1894, c. 63, s. 6. purposes, 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: tion of rail 1. The Great Eastern Railway Company, hereinafter called Time extend"the Company," shall complete its railway and the branch ed for compleauthorized by section two of this Act within three years from way. the passing of this Act, otherwise the powers granted for such construction shall cease and determine as respects so much of the said railway and branch as then remains uncompleted. 2. The Company may lay out, construct and operate a Branch line. branch line of railway not exceeding fifteen miles in length, to connect its line with the United Counties Railway or the Drummond County Railway at some point in or near the city of St. Hyacinthe. 3. The Company may, for the purpose of its railway, and Powers of in connection with its business: Company. (a.) lay out and manage parks and pleasure grounds, lease Manage the same, contract with any person or corporation for their parks, occupation and use; (b.) build, purchase, lease and manage hotels, dwelling- And hotels, houses and restaurants along its lines of railway; (c.) acquire any exclusive rights in letters patent, franchises Acquire or patent rights, for the purpose of its works and undertaking, patent rights. and again dispose of such rights. 4. The Company may enter into an agreement with the Agreements Drummond County Railway Company, the United Counties with other companies. |