24. Notwithstanding any thing contained in section nine of Company may "The Railway Act, 1868," the Company may, under the powers extended width acquire, and provisions in the said Act, acquire and hold such width of of roadway for land on the sides of the railway and its branches at any point of snowdrift the line as may be needed for the erection of snow-drift fences, or barriers at a sufficient distance from the track to prevent the obstruction of the line by drifting snow. fences. 25. The powers given by this Act shall be exercised by the com- Time for commencement of the said railway within two years after the coming mencement into force of this Act, and its completion within five years there- and comple from. tion. come into 26. The foregoing sections and provisions of this Act shall have This act to force and effect upon, from and after the day which be may ap-force only on pointed for that purpose by proclamation issued under an Order proclamation. of the Governor in Council, and not before. CAP. LXXVI. An Act to incorporate the Lake Superior and Manitoba Railway Company. [Assented to 14th June, 1872.] HEREAS the persons hereinafter named and others, have, by Preamble, their petition, represented that a line of railway, to be constructed from some point on Thunder Bay, on Lake Superior, to any point on the line of the Canada Pacific Railway east of the Winnipeg River, is necessary for the establishment of trading relations between the Provinces of Manitoba and Ontario; and have prayed to be incorporated as a Company for the construction, equipment, maintenance and management of such railway, and of a telegraphic line along the same; and it is expedient to grant their prayer: Therefore, Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: 1. George Laidlaw, Angus Morrison, M.P., the Honorable John Incorporation, Beverly Robinson, F. W. Cumberland, Hon. Frank Smith, James Turner, Adam Brown, William McGiverin, Thomas Dick, Charles McKenzie, S. C. Wood and K. Chisholm, Esquires, with all such other persons and corporations as shall become shareholders in the Company hereby incorporated, shall be and are hereby constituted a body corporate and politic, by the name of the "Lake Superior Corporate and Manitoba Railway Company," and shall have all the powers name and incident to railway corporations in general, and the powers and powers, privileges Power to build privileges conferred on such corporations by "The Railway Act, 1868," which is hereby incorporated with this Act, subject to the provisions hereinafter contained. 2. The said Company and their agents and servants may lay railroad within out, construct and finish a single or double line of railroad, of such certain limits. width or gauge as they may see fit, from some point on Thunder Bay, on Lake Superior, to any point on the line of the Canada Pacific Railway east of the Winnipeg River; and also construct, maintain, and operate a telegraph line upon the said line of railway. Telegraph. To own and 3. The said Company may build, acquire, charter, navigate and work vessels. maintain steam and other vessels on Lake Winnipeg, and the waters connected therewith, for carrying on trade and conveying goods and passengers, and may make contracts, and generally transact all business pertaining to such navigation. Capital stock and shares, and how to be applied. Company may receive aid in Provisional their powers. 4. The capital stock of the said Company shall not exceed, in the whole, the sum of two millions of dollars, to be divided into forty thousand shares, of fifty dollars each, which amount shall be raised by the persons hereinafter named and such other persons and corporations as may become shareholders in the said Company; and the money so raised shall be applied, in the first place, to the payment of all fees, expenses and disbursements for procuring the passing of this Act, and for making the surveys, plans and estimates connected with the railway; and all the rest and remainder of such money shall be applied towards making, completing and maintaining the said railway, and other purposes of this Act. 5. It shall be lawful for the said Company to receive, either by grant from Government, or from any individuals or corporations, municipal or otherwise, either in Canada or elsewhere, as aid in the construction of the said railway, any vacant lands in the vicinity thereof or elsewhere, or any other real or personal property, or any sums of money, either as gifts or by way of bonus, and legally to dispose of and alienate such lands or other real or personal property, for the purposes of the said Company in carrying out the provisions of this Act. 6. George Laidlaw, Angus Morrison, M.P., the Honorable John Directors and Beverly Robinson, F. W. Cumberland, Honorable Frank Smith, James Turner, Adam Brown, William McGiverin, Thomas Dick and James Michie, Esquires, shall be, and are hereby constituted a Board of Provisional Directors of the said Company, seven of whom shall form a quorum, and shall hold office as such until other Directors shall be elected under the provisions of this Act by the shareholders; and shall have power and authority to fill vacancies occurring therein; to open stock books and procure subscriptions for the undertaking, and to receive payment on account of stock subscribed, and make calls upon subscribers in respect respect of their stock, and to sue for and recover the same and to cause surveys and plans to be made and executed, and to acquire any plans and surveys now existing; and to deposit in any chartered bank of Canada any sums of money received by them on account of stock subscribed, and to withdraw the same for the purposes of the undertaking; and to receive for the Company any gift made to it in aid of the undertaking; and to enter into any agreement respecting the conditions or disposition of any gift or bonus in aid of the railway,-which agreement shall be binding upon the Company; and generally to do all such other acts as such Board, under the Railway Act may lawfully do. The said Provisional Directors are hereby empowered to take all Opening necessary steps for opening stock books for the subscription of stock books. parties desirous of becoming shareholders in the said Company, and all parties subscribing to the capital stock of the said Company shall be considered proprietors and partners in the same. holders and 7. When and so soon as fifty thousand dollars of the capital First meeting stock (which capital stock shall not be less than five hundred of sharethousand dollars), shall have been subscribed as aforesaid, and election of paid in, either in municipal debentures, granted by way of bonus directors. or otherwise, or in ordinary subscriptions by individuals to the capital stock, or partly in such municipal debentures and partly in such subscriptions, the said Directors, or a quorum of them, may call a meeting of shareholders, at such time and place as they think proper, giving at least four weeks' notice in one or more newspapers, published in the City of Toronto, and in the Town of Winnipeg; at which said general meeting, and at the annual general meetings in the following sections mentioned, the shareholders present, either in person or by proxy, shall elect not less than five, nor more than nine Directors, in the manner and qualified as hereinafter provided; which said Directors shall constitute a Board of Directors, and shall hold office until the first Wednesday Term of office. in February in the year following their election. 8. On the said first Wednesday in February, and on the first Annual Wednesday in February in each year thereafter, at the principal general meetoffice of the said Company in the City of Toronto, there shall be purposes. held a general meeting of the shareholders of the Company; at which meeting the said shareholders shall elect a like number of not less than five, nor more than nine Directors, for the then ensuing year, in the manner and qualified as hereinafter provided; and public Notice of. notice of such annual meeting and election shall be published, for one month before the day of election, in one or more newspapers, in the City of Toronto and in the Town of Winnipeg; and the Election by election of Directors shall be by ballot; and the persons so elected ballot. shall form the Board of Directors. 9. A majority of the Directors shall form a quorum for the trans- Quorum of action of business; and the said Board of Directors, as well as the directors. Qualification. Provisional Board of Directors, may employ one or more of their number A municipality number as paid Director or Directors: Provided however, that no person shall be elected unless he shall be the owner and holder of of at least five shares of the stock of the said Company, and shall not be in arrear in respect thereof. 10. Any Municipal Council of a municipality, which has given a bonus in aid of the said railway or its branches, amounting to subscribing a certain amount not less than ten thousand dollars, shall be entitled during the to appoint a construction of the railway, but not afterwards, to appoint a person director during construction. annually to be a Director of the Company; and such person shall be a Director of the Company in addition to all the other Directors authorized by this Act, or by the general Railway Act, or any other Act; but such municipality shall incur no liability by the appointment of such Director. Calls by directors. Amount limited. Power to ac snow fences, &c. 11. The Directors may at any time call upon the shareholders for instalments upon each share which they, or any of them, may hold in the capital stock of the said Company, in such proportions as they may see fit,—no such instalment exceeding ten percent.; and the Directors shall give one month's notice of such call, in such manner as they may appoint. 12. Notwithstanding anything contained in "The Railway Act, quire land for 1868," the said Directors, may, with the permission of the Railway Committee of the Privy Council, and under the powers and provisions of the said Act, acquire and hold any width of land on the sides of the railway and its branches at any point of the line, that may be needed for the erection of snow-drift fences and barriers, at a sufficient distance from the track to prevent the obstruction of the line by drifting snow. Company may become parties notes, &c. 13. The Company may, with the consent of the owners, acquire and hold land from which to obtain supplies of gravel, stone and filling required by the Company for their works, and may sell and convey the same or any part thereof when no longer required. 14. The Company shall have power to sell, mortgage or lease any lands belonging to it not necessary for the purposes of the said railway, or received by it as a gift in aid. 15. The said Company shall have power and authority to beto promissory come parties to promissory notes and bills of exchange, for sums not less than one hundred dollars; and any such promissory note made or endorsed by the President or Vice-President of the Company and countersigned by the Secretary and Treasurer of the Company, and under the authority of a majority of a quorum of the Directors, shall be binding on the said Company; and every such promssiory note or bill of exchange so made, shall be presumed to have been made with proper authority until the contrary be shown; and in no case shall it be necessary to have the seal of the said Company affixed to such promissory note or bill of exchange; nor shall the said President or Vice-President, or the Secretary Secretary and Treasurer, be individually responsible for the same, tures charge railroad. 16. The Directors of the said Company are hereby authorized Company may and empowered to issue bonds or debentures, which shall be and issue debenform a first charge on the undertaking, lands, buildings, tolls and able on the income of the Company, or any, either, or all of them, as may be expressed by the said bonds or debentures, without the necessity for any enregistration thereof; and such bonds or debentures shall As to pay. be in such forin, and for such amount, and payable at such times chasers of land ments by purand places, as the Directors from time to time may appoint and so charged. direct; and the payment to the Treasurer of the Company or to any other person appointed for the purpose by any bona fide purchaser of any of the lands in the fifth and thirteenth sections of this Act mentioned, of the purchase money thereof, and the acquittance of such Treasurer, or other person so appointed, of such purchase money, shall operate as a discharge of such charge in respect of the lands so paid for: and, until other provisions be made therefor, the Trea- Form of bonds; surer of such Company, or other person so authorized, shall keep all limited.' moneys so received separate and apart from the ordinary funds of the Company; and the money so received shall be invested, from time to time, in government securities, or in the stock of some solvent and well established chartered bank in Canada, for the formation of a fund for the payment of the interest on such debentures as it becomes due, and for their redemption at maturity. The said bonds or debentures shall be signed by the President or VicePresident, and shall have the corporate seal of the Company affixed thereto Provided that the amount of such bonds or debentures shall not exceed fifteen thousand dollars per mile, to be issued in proportion to the length of railway under contract, or to be constructed under and by virtue of this Act, but no such debentures shall be for a less sum than one hundred dollars. amount Proviso. arrange to 17. The Directors of the said Company, elected by the share- Company may holders in accordance with the provisions of this Act, shall have connect with power and authority to enter into and conclude any arrangements therrailroads. with any other chartered railway company, for the purpose of making any branch or branches to facilitate a connection between the Company and any other chartered railway company. lease their lease that of another com 18. The Company may enter into an agreement with any other Company may chartered railway company for leasing to such company the said railroad, or railroad, or any part or branch thereof, or the use thereof at any time or times, and for any period; or for leasing or hiring from such other company any railway or any part or branch thereof, or make agree. the use thereof, at any time or times. and for any period; or for of either rail pany, and ments for use leasing way, &c. |