of the Grand Trunk Company, under a joint committee, consisting of two nominees from the Board of each Company, all matters on which they differ being referred to arbitration; and the Buffalo and Lake Huron Board shall, from time to time, nominate one of their own body, who shall ex-officio, have a seat at the Grand Trunk Board as one of that body; 7. This agreement to subsist for twenty-one years, and to be without prejudice to the provisions from time to time remaining in force or to be fulfilled of the existing agreement between the two Companies dated the fourth day of December, one thousand eight hundred and sixty-three, or so many of such provisions as the Companies may hereafter agree on, or as are not inconsistent with this agreement; 8. During the said term the said Buffalo and Lake Huron Railway and its appurtenances shall be maintained and kept in a good and efficient state as to repairs, renewals, the supply of rolling stock, and generally, and shall be delivered up in such state at the end or other sooner determination of the said term of twenty-one years; 9. All differences between the two companies relating to this agreement, and all questions as to the carrying into effect of of any of its provisious, or any thing to be done by either of the parties hereto, to be determined from time to time by arbitration as nearly as may be in the manner prescribed by the "Railway Companies Arbitration Act, 1859," or in any event by a single arbitrator to be (if not agreed on) nominated by the Board of Trade of the United Kingdom, or by the Chancellor for the time being of Upper Canada, or the Chief Justice for the time being of the Court of Queen's Bench in Lower Canada, with ample powers; 10. A more formal agreement for carrying these heads into effect, to be settled on behalf of the two companies by counsel, to be (if not agreed on) nominated by the Board of Trade of the United Kingdom, or by the said Chancellor or Chief Justice, with such details and incidental provisions as such counsel may think fit, and with such modification, if any, as the Companies mutually agree to, and to be executed under seal, and to be binding on them respectively; 11. Application shall be made to Parliament in the year one thousand eight hundred and sixty-four to sanction the foregoing agreement in so far, if at all, as the same may not be within the existing powers of the companies, and such application shall be renewed from time to time, if necessary, and may be so made or renewed by either party at the joint expense of the parties hereto (the other party hereby agreeing not in any way to oppose, but in all ways to assist and assent to the same), in any session or sessions during the said term of twenty-one years, subject to the suspensions provided for by clause three; 12. This agreement, and the formal agreement, and any Act of Parliament so applied for to be in all respects subject and without prejudice to the mortgages, bonds, securities, powers, rights and interest of the bond-creditors of the Buffalo and Lake Huron Company for the aggregate sum of five hundred thousand pounds, or thereabouts, as specified in the Schedule hereto, and the interest and arrears of interest thereon and of the mortgages, in trust for them, and due provision for them respectively to be made accordingly by the formal agreement and the Act of Parliament respectively. But except under clause five, if the option thereby given be exercised, those mortgages, bonds, securities, powers, rights and interests respectively, not to be extended so as to comprise or relate to any undertaking, railway or property, revenues, tolls, rents or profits other than the present undertaking, railway and property of the Buffalo and Lake Huron Company, and the revenues, tolls, rents and profits arising from the same. In witness whereof, the said Grand Trunk Railway Company of Canada, and the Buffalo and Lake Huron Railway Company, have hereunto affixed their respective common seals the day and year first above written. [L. S.] (Signed) J. M. GRANT, Secretary. (Signed) E. W. WATKIN, President of the Grand Trunk Railway [L. S.] (Signed) THOS. SHORT, Secretary. (Signed) PHILIP RAWSON, Chairman of the Buffalo and Lake Huron Railway Company. 7th July, 1864. SCHEDULE REFERRED TO IN THE FOREGOING AGREEMENT. Approximate Statement of Liabilities of the Buffalo and Lake Huron Railway Company. (Also Bill of Exchange for deposit on Bridge capital, five thousand one hundred and eighty-four pounds, six shillings and eight pence not yet due.) Preamble. CAP. XCIII. The Buffalo and Lake Huron Railway Company's [Assented to 15th August, 1866.] HEREAS the Buffalo and Lake Huron Railway Com pany has guaranteed preferential dividends on certain of its shares, but for a long time past profits have not been made out of which such dividends might be declared, and terms have been been provisionally settled between the holders of the said shares and the company, for the capitalization of such arrears of dividend in manner hereinafter appearing, but in order to give effect to such capitalization the aid of the Legislature is necessary: Therefore, Her Majesty, by and with the advice and consent of the Legislative Council and Assembly of Canada, enacts as follows: shares to be ferential divi 1. In satisfaction of all arrears of preferential dividends Nominal guaranteed by the company, up to such day as will be here- amount in after fixed by the shareholders under section four of this Act, substituted for the respective shareholders shall accept an equal nominal arrears of preamount in shares of the company of ten pounds each, carrying dends. from the said day, in lieu of all other participation in the profits of the company and guaranteed preferential dividends, interest at the fixed rate of five pounds per centum per annum, payable out of the net profits of the company, pari passu with the dividend accruing from the same day, on the shares in respect of which such arrears arose. rears are not 2. When the arrears so to be capitalized to any shareholder When the arshall not amount to an exact number of such ten pound shares, an equal numan option shall be given to him by the company, either to ber of $10 receive the next greater number on paying to the company in shares. cash the balance of their nominal amount, or to receive the next smaller number, together with a certificate entitling him, his executors or administrators, to payment of the balance of his arrears out of the net profits of the company when they shall arise, such certificates constituting a first charge thereon. issue such shares. 3. The directors of the company are hereby authorized and Directors may required to create and issue such shares as shall be necessary for the foregoing purposes in addition to all other actual or authorized capital of the company. shareholders on 4. This Act shall not take effect unless accepted by a ma- Conditions of jority consisting of two-thirds in number and amount of the acceptance by shareholders of the company, present in person or by proxy, at which this Act a meeting of such shareholders, to be held on or before the first shall take effect day of January, one thousand eight hundred and sixty-seven, in London, England, after such notice in England and Canada, as by the existing rules of the company would be sufficient for the calling of a meeting of the company, the object of such meeting being specially set forth in such notice; and the certificate in writing of the chairman of such meeting shall be taken as prima facie proof of its acceptance in manner aforesaid, such certificate to be filed in the office of the Provincial Secretary of Canada; and certified copies by the said Secre- Proof of such tary shall be taken and considered in all Courts of Law and acceptance. Equity in this Province as sufficient prima facie evidence of the contents thereof. 5. This Act shall be deemed a Public Act. 32* CAP Public Act. CAP. XCIV. Preamble. Line of the ed. An Act to amend the Acts incorporating the Canada [Assented to 15th August, 1866.] HEREAS the Canada Central Railway Company have by their petition represented, that certain defects in the provisions of the Acts incorporating and relating to the Company interfere which the beneficial operation of the said Acts, and it is expedient to provide a remedy therefor: Therefore, Her Majesty, by and with the advice and consent of the Legislative Council and Assembly of Canada, enacts as follows: 1. For the removal of doubts, it is hereby ordained and railway defin- enacted that provided the Railway which the Company is authorized to construct, touches at the points mentioned in the said Acts, the Company is authorized to locate the line of the said Railway in the manner most advantageous for its interests; provided always, that the line so located shall not, between Ottawa and Pembroke, diverge more than twenty-five miles from the Ottawa River; and provided also that the line of the railway from Vaudreuil to Ottawa, shall be as enacted by the Act incorporating the Vaudreuil Railway Company. Proviso. Proviso. Public Act. Preamble. Time for completing the Railway and works of the Company proLonged, and Acts continued. 2. This Act shall be deemed a Public Act. CAP. XCV. An Act to extend the period for the completion of the works of the North Shore Railway and St. Maurice Navigation and Land Company. W [Assented to 15th August, 1866.] HEREAS, in view of the great importance of the undertaking, it is expedient to extend the period during which the North Shore Railway and St. Maurice Navigation and Land Company may complete their works, and the said Company have, by their petition, to the Legislature prayed for such extension: Therefore, Her Majesty, by and with the advice and consent of the Legislative Council and Assembly of Canada, enacts as follows: 1. For and notwithstanding anything to the contrary in the Act twenty-fourth Victoria, chapter eighty-five, or in any other Act, or law, the said North Shore Railway and St. Maurice Navigation and Land Company may continue the construction of their Railway and other works after the thirtieth day of October in the present year, one thousand eight hundred and sixty-six, by which day they were bound to complete them under the said Act; but the Railway and works of the said Company |