call such meeting,-first giving at least fifteen days' previous public notice thereof, signed by them, in two daily newspapers published in each of the cities of Montreal and Toronto. 6. Section ten of the said Act is hereby amended by Section 10 inserting after the word "Company," in the fourth line, and amended. in lieu of the words "and they," the words "or such other additional number of shares not exceeding forty as the shareholders shall, by any resolution passed at any general annual meeting or special general meeting from time to time, determine, and the said Board of Directors." CHAP. 69. An Act to reduce the Capital Stock of the Quebec Fire W [Assented to 15th May, 1879.] HEREAS the capital of the Quebec Fire Assurance Preamble. Company is one million of dollars divided into two thousand five hundred shares of four hundred dollars each, upon every share of which it has been shewn that the sum of one hundred and thirty dollars has been paid, making in the whole three hundred and twenty-five thousand dollars paid on the said capital: And whereas the Quebec Fire Assurance Company have by their petition prayed that their capital stock may be reduced from a million of dollars to five hundred thousand dollars, to be divided into five thousand shares of one hundred dollars each, 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Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: 46 repealed. 1. The third section of the Act passed in the forty-first Section 3 of year of Her Majesty's reign, chapter thirty-one, intituled 41 V., c. 31 An Act to amend and to consolidate as amended the several Acts relating to the Quebec Fire Assurance Company, whereby their capital stock is fixed at one million of dollars, divided into two thousand five hundred shares of four hundred dollars each, shall be and is hereby repealed. reduced 2. The capital stock of the said Company shall be and is Capital stock hereby declared to be five hundred thousand dollars, and shares divided into five thousand shares of one hundred dollars one-half. cach, which said shares shall be and are hereby vested in the Provision as to amount paid up. Proviso: as to existing policies or claims. the holders of shares in the capital stock of the Company, seized and possessed of the same at the time of the passing of this Act, in the proportion of two shares of the capital stock as hereby fixed and established for each share of the capital stock as fixed by the Act hereby amended, so held as aforesaid. 3. The said sum of three hundred and twenty-five thousand dollars paid up as mentioned in the preamble shall be computed as part of the said reduced capital of five hundred thousand dollars, and as paid up capital to that amount, being sixty-five dollars on each share, and the residue thereof, that is to say, one hundred and seventyfive thousand dollars, amounting to thirty-five dollars per share on each of the shares hereby reduced to one hundred dollars shall be payable according to the provisions of the Act hereby amended, made in relation to the calls on the said capital: Provided always, that the liabilities of the said Company or the shareholders thereof, for and in respect of any now existing policy of insurance, or otherwise, shall in no way be affected by this Act; but with respect to such policies or claims such liabilities shall be the same as if the amount of each share were two hundred dollars. Preamble. Name changed. CHAP. 70. An Act to amend the Acts respecting the "Isolated [Assented to 15th May, 1879]. HEREAS the Isolated Risk and Farmers' Fire Insurance Company of Canada have, by their petition, represented that they are desirous of obtaining certain amendments and changes, hereinafter mentioned, in the Acts respecting the said Company, necessary to ensure the more efficient working of the Company, and have prayed for the passing of an Act to that end, and it is expedient to grant the prayer of their 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 name and style of the said Company is hereby changed to the "Sovereign Fire Insurance Company of Canada," by which name in future the said Company shall enjoy all the franchises and privileges, and shall hold all the rights rights and assets, and shall be subject to all the liabilities heretofore held, enjoyed, or possessed by,or which have heretofore attached to the " Isolated Risk and Farmers' Fire Insurance Company of Canada;" and no suit now pending, or Suits, &c., which may be instituted after the passing of this Act in continued. relation to any matter or thing done previous to the passing of this Act, shall be abated by reason of the said change of name, but may be continued to final judgment in the name under which it shall have been, or may be commenced Provided nevertheless, that policies may con- Policies in tinue to be issued by the Company under its present name former name of the "Isolated Risk and Farmers' Fire Insurance Com- prepared. pany, ," until it shall be prepared to issue policies under the name hereby assigned to it. amended, as 2. Section eight of the Act thirty-fourth Victoria, chapter Sect. 8 of 34 fifty-five incorporating the said Company, is hereby amended V., c. 55 by striking out the following words in the sixth and seventh to votes. lines of the said section: "and no shareholder shall be entitled to give more than one hundred votes upon proxies held by him." inconsistent 3. All provisions of the Acts respecting the said Com- Repeal of pany, inconsistent with those of this Act, are hereby enactments. repealed; and the remaining provisions thereof are hereby so modified and extended, and shall be so construed and interpreted as to give effect to the provisions of this Act, according to the intent and purpose thereof. Insurance 4. The said Company shall be subject to the provisions of Company "The Insurance Acts of 1875 and 1877," and of any general subject to law that may hereafter be passed, applying to Fire Insur- Acts, 1875 ance Companies. and 1877. 5. This Act shall not affect the rights which any in- Certain rights dividual shareholder may now have, before the passing of saved. this Act. CHAP. 71. An Act to amend the Act incorporating The Canada Life WE Assurance Company. [Assented to 15th May, 1879.] HEREAS The Canada Life Assurance Company have, Preamble. by their petition, represented that in carrying on their business heretofore the Directors have allotted and divided among the persons assured upon the participation scale, seventy-five New allot fits author ized. seventy-five per cent of all the profits realized from the entire business of the Company, and that in view of the increasing business of the Company, it is or may be desirable to vary the relative proportions in which such profits should be allotted and divided as between the shareholders and such persons assured, and have prayed for an amendment to their Act of incorporation as to the mode of allotment and division of profits 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. The Directors of the said Company, instead of continument of pro- ing to allot the profits realized in the business of the Company as heretofore in the proportions in the preamble mentioned, are hereby authorized in their discretion to make such new allotment and division of such profits among the persons assured on the participation scale and the shareholders of the Company, at such times and in such manner as they may think fit, and also from time to time to alter or vary the relative proportions in which such profits shall be allotted and divided as between such assured and the shareholders Provided always, that the proportion of such profits allotted to such assured shall not be less than ninety per cent. thereof and the proportion to the shareholders shall not exceed ten per cent. thereof. Proviso. Annual general meeting. Notice. Part of sect. 2. The annual general meeting of the Company shall be holden at the City of Hamilton at such time and place as the Directors shall appoint, and notice of such meeting, as well as of any extraordinary meeting of the Company, shall be given as provided for in the said Act of incorporation. 3 The proviso to the seventh section of the Act incorpo7 of 12 V., c. rating the said Company is hereby repealed. 168 repealed. Section 19 amended. Further powers as to appointment 4 The nineteenth section of the said Act is hereby amended by declaring that all policies, contracts, securities, deeds and writings touching or concerning the business of the said Company shall hereafter be signed and executed by the President or Vice-President, or in case of the absence or death of both, by a Director of the said Company, and also by the Secretary or such other chief executive officer of the Company for the time being, as the Directors may, from time to time, appoint. 5. The Directors may, from time to time, establish agencies or branches within the Dominion of Canada or elsewhere, of agencies, and, in addition to the powers in that behalf contained in the Act of incorporation, may invest the funds thereof in any of the public securities of the Dominion of Canada, or of any of the Provinces thereof, or of Great Britain and Ireland, investment of funds. or or of any foreign state or country; but no greater amount shall be invested in the securities of Great Britain and Ireland or of any foreign state or country, than may be required for the purpose of complying with the requirements of such country or foreign state for carrying on the business of the Company through their agencies, which have been or may be established therein. directors may 6. The Directors of the said Company are hereby autho- Number of rized to reduce, by resolution from time to time to be passed, be reduced. the number of Directors of the Company to a number not less than twelve: Provided always, that such resolu- Proviso. tion shall have no force or effect unless and until confirmed by a majority of the shareholders at any annual general meeting or at any extraordinary meeting specially called for the purpose: Provided further, that until the number of Proviso. Directors shall have been so reduced to twelve it shall not be incumbent on the shareholders to elect a new Director in place of any Director who may have died, resigned or become disqualified or incompetent to act as a Director; and that upon the number of Directors being so reduced, then at the annual general meetings the three Directors whose names stand first on the roll or list of Directors shall be held to vacate their seats and three shareholders shall be elected to serve as Directors for the ensuing four years; and Section 5 the fifth section of the said Act of incorporation is hereby amended accordingly. amended. CHAP. 72. An Act to amend the Act of Incorporation of the "Confederation Life Association." [Assented to 15th May, 1879.] WHEREAS the "Confederation Life Association" have Preamble. by their petition prayed that certain amendments should be made to their Act of Incorporation, thirty- 34 V, c c. 54. fourth Victoria, chapter fifty-four and the Act thirty-seventh 37 V., c. 88. Victoria, chapter eighty-eight, amending the same, 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: of section 13 1. Subsection five of section thirteen of the said Act Sub-section 5 firstly cited, intituled "An Act to incorporate the Confederation of 34 V., c. 54 Life Association" is hereby repealed, and the following repealed, inserted in lieu thereof: |