Preamble. 65; 45 V., cc. 36 and 37. CHAP. 85. An Act respecting the New Brunswick and Prince [Assented to 20th March 1889.] WHEREAS a petition has been presented by the New Brunswick and Prince Edward Railway Company (a Company incorporated by an Act of the Legislature of the N.B., 37 V., e Province of New Brunswick, passed in the thirty-seventh year of Her Majesty's reign, chapter sixty-five, which Act was amended by subsequent Acts of the same Legislature, being chapters thirty-six and thirty-seven of the Acts passed in the forty-fifth year of Her Majesty's reign) praying that its railway may be declared to be a work for the general advantage of Canada and that certain additional powers, as hereinafter set forth, may be conferred on the Company; and whereas 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: Declaratory. Change of name. 1. The railway of the New Brunswick and Prince Edward Railway Company is hereby declared to be a work for the general advantage of Canada, and the name of the said Company is hereby changed to "The New Brunswick and Prince Edward Island Railway Company," hereinafter called "the Rights saved. Company;" but the powers, rights and liberties of the Company shall not be affected in any manner by such change of name, and all contracts made, powers exercised, and rights and property acquired, and liabilities incurred by the said Company under its prior corporate name shall remain valid and binding and become and be the contracts, powers, rights, property and liabilities of the New Brunswick and Prince Edward Island Railway Company. Capital stock reduced. 2. The capital stock of the Company is hereby reduced from the sum of nine hundred and fifty thousand dollars to the sum of five hundred thousand dollars, divided into declared shares of fifty dollars each; and the issue of stock heretofore Issue of stock made by the directors under the authority of the Acts of the valid. Province of New Brunswick, passed in the forty-fifth year of Her Majesty's reign, chaptered thirty-six and thirty-seven is hereby declared valid and is confirmed. bonds to be kept. 3. Notwithstanding anything contained in the third sec- Record of tion of the Act passed by the Legislature of the Province of New Brunswick in the forty-fifth year of Her Majesty's reign, chaptered thirty-seven, the directors of the Company shall cause a book to be kept in which shall be entered consecutively each and every issue of the bonds, debentures or other securities to be issued under this Act, showing the number, date, amount, rate of interest, and time of payment of each such bond, debenture or other security, which book shall, at all reasonable times, be open to the inspection of any shareholder of the Company; and it shall not be necessary to file any list of bonds or debentures in the office of the Registrar of deeds in the County of Westmoreland. 4. The Company may extend and continue its line of Line may be railway from its intersection with the Intercolonial Rail- extended. way to Wood Point in the County of Westmoreland, and to a deep water terminus on the shore of the Bay of Fundy, near the said village of Wood Point, and may exercise all the rights, powers and privileges with regard to such extension as are exercised and enjoyed by the said Company with respect to their present line: Provided however, that The Railwith respect to the extension authorized by this Act, "The way Act" to apply. Railway Act" of Canada shall apply to the expropriation of lands and all matters to which "The Railway Act" of Canada would apply if the said Company had been originally incorporated by the Parliament of Canada. 5. The issue of debentures to the extent of one hundred Issue of dethousand dollars by the New Brunswick and Prince deed of trust Edward Railway Company and the deed of trust to ratified. Thomas E. Kenny, M P., John A. Humphrey. M.P.P., and Edward Cogswell, to secure the same as set forth in the schedule to this Act, are hereby severally ratified, confirmed and declared valid. tension. 6. The said mortgage or deed of trust is hereby declared Mortgage to to extend to and include the extension of the said railway apply to exauthorized by this Act and the works and undertakings thereof, in the same manner and to the like extent as if they were expressly mentioned and described in the said mortgage or deed of trust. 7. The Company may, subject to the provisions of " The Further issue Railway Act," in addition to the debentures hereinbefore of bonds. mentioned, make a further issue of bonds, debentures or Amount limited. Priority. other securities, to an amount not exceeding three hundred thousand dollars, and the mortgage deed to secure the same, as well as any other deed of the Company, shall be valid and binding if signed by the president or vice-president and secretary and have the seal of the Company attached thereto; but the amount of bonds issued or to be issued by the Company shall not exceed in all the sum of four hundred thousand dollars, and the present mortgage deeds and issue of bonds shall have priority over any subsequent issue. SCHEDULE THIS INDENTURE, made the first day of June in the year of our Lord one thousand eight hundred and eighty-seven, between the New Brunswick and Prince Edward Railway Company, a corporation organized and existing under the laws of the Dominion of Canada and the Province of New Brunswick, of the first part, hereinafter called "The Company," and Thomas E. Kenny, of Halifax, in the Province of Nova Scotia, Esquire, a member of the Parliament of Canada; John A. Humphrey, of Moncton, in the Province of New Brunswick, mill owner, a member of the Legislature of the Province of New Brunswick, and Edward Cogswell, of Sackville, in the County of Westmoreland, Province of New Brunswick, hereinafter called "The Trustees, " of the second part: Whereas the Company is authorized and empowered to borrow money, under the provisions of an Act of the Legislature of New Brunswick, not exceeding ten thousand dollars per mile, and at a meeting of stockholders the directors thereof were directed to borrow the sum of one hundred thousand dollars upon such terms and conditions as they should deem advisable; And whereas at a meeting of the directors held on the twenty-sixth day of April last, the following resolution. was passed "Resolved that the sum of $100,000 be borrowed by the Company under the provisions of 45 Victoria, chapter 37, and that debentures be issued for the sum of $500 each, payable ten years after the first day of June, A.D. 1887, the interest to be payable at six per cent. half yearly, on the first days of December and June in each year, at the Merchants' Bank of Halifax, or at their branches in St. John, N.B., or Sackville, N.B., the debenture to be in such form as settled by counsel, and to be executed with coupons attached as required by the said Act, and further that the said debentures be secured to the holders thereof by a mortgage to Thomas E. Kenny, Esquire, of Halifax, John A. Humphrey, Esquire, of Moncton, N.B., and Edward Cogswell. Esquire, of Sackville, as trustees of the railway, under takings and other assets, rights, and profits of the Company, and that counsel be directed to prepare a mortgage in accordance with this resolution;" And whereas in pursuance of the said resolution the said Company has had prepared a form of debenture, which is as follows: $500. DOMINION OF CANADA. $500. No. PROVINCE OF NEW BRUNSWICK. First Mortgage Bond Issued by the New Brunswick and Prince Edward Railway Company, a corporation duly organized and existing under the laws of the Province of New Brunswick and Dominion of Canada. The New Brunswick and Prince Edward Railway Com pany, for value received, hereby promises to pay to the bearer or registered holder thereof, on the first day of June, A.D. 1897, the sum of five hundred dollars, Canadian currency, at the office of the Company, in Sackville, New Brunswick, with interest thereon at the rate of six per cent. per annum, payable semi-annually on the first days of December and June in each year, at the Merchants' Bank, Halifax, N.S., or its agencies in St. John, N.B., or Sackville, N.B., at the option of the holder, on presentation and surrender of the interest warrants and coupons hereto annexed, as they severally become due. This bond is a series of two hundred bonds of like amount, tenor and date, numbered from one to two hundred inclusive and amounting in the aggregate to one hundred thousand dollars, all equally secured by a first mortgage or deed of trust executed by the said Company to Thomas E. Kenny, John A. Humphrey and Edward Cogswell, Esquires, as trustees, covering the entire railway of the said Company, and all its lands and territories, rolling stock, equipments, rights, franchises, easements, privileges and appurtenances. This bond shall pass by delivery, unless registered in the name of the owner on the books of the Company at its office in Sackville, N.B. After a registration of ownership, certified hereon by the transfer agent or officer of the Company, no transfer, except on the books of the Company, shall be valid unless the last preceding transfer shall have been to bearer, which shall restore transferability by delivery, but this bond shall continue subject to successive registrations and transfers to bearer as aforesaid at the option of each holder This bond shall not become valid or obligatory until authorized by a certificate indorsed thereon signed by two of the said trustees. In witness whereof the said New Brunswick and Prince Edward Railway Company has caused its corporate seal to be hereto affixed, and these presents to be signed by its president and countersigned by its treasurer the first day of June, A.D). 1887. The New Brunswick and Prince Edward Railway Company will pay the bearer fifteen dollars at the Merchants' Bank, Halifax, N.S., or its agencies in St. John N. B., or Sackville, N. B., on the first day of A.D. 18 being six months' interest on its first mortgage bond No. President. Treasurer. TRUSTEES' CERTIFICATE. We hereby certify that the above bond is one of the series of two hundred bonds all of the same amount, tenor and date, the payment of which is secured by the mortgage or deed of trust within mentioned, duly executed and delivered to us and duly recorded in the records of the County of Westmoreland, in the Province of New Brunswick. Trustees. Now this INDENTURE WITNESSETH that the said New Brunswick and Prince Edward Railway Company in consideration of the premises and the sum of one dollar lawful money of Canada to it in hand well and truly paid before the ensealing and delivery of these presents, the receipt whereof is hereby acknowledged, and in order to secure the payment of the said two hundred mortgage bonds and interest thereon as aforesaid has granted, bargained, sold, conveyed and transferred and by these presents does grant, bargain, sell, convey and transfer unto the said Thomas E. Kenny, John A. Humphrey and Edward Cogswell, trustees as aforesaid, their heirs, executors, administrators and assigns as joint tenants and not as tenants in common, all the railway of the Company, being from Sackville Station, on the Intercolonial Railway, to Cape Tormentine, in the County of Westmoreland aforesaid, and the right of way over which the same is built and constructed and located as above set forth, and also all the lands, tenements and hereditaments of the Company now owned or hereafter acquired by it. and also all the railways, ways, rights of way, main lines, branch lines, sidings, tracks, superstructures, depots, depot grounds, station houses, engine houses, car houses, freight houses, wood houses, sheds, watering places, workshops, machine shops, buildings, bridges, viaducts, culverts, fences, |