CHAP. 123. An Act respecting La Banque du Peuple. [Assented to 11th August, 1899.] HEREAS La Banque du Peuple has, by its petition, re- Preamble. presented that by chapter 75 of the statutes of 1897 a 1897, c. 75. further extension of two years, dating from the first day of May, one thousand eight hundred and ninety-seven, was granted to the directors of the said bank by those concerned, to pay the instalments due them, namely, fifty per cent, being the balance of their claims, the said payments to be made by instalments of ten per cent, and according as the securities should be realized; and whereas certain directors of the said bank, namely James Grenier, Charles Lacaille, Toussaint Préfontaine, William Francis and George S. Brush have given security upon their private, movable and immovable property in order to make good any deficiency which may exist after the winding-up of the affairs of the said bank; and whereas the said directors have offered to pay forty-five cents on the dollar upon the balance due at the time of the said offer; and whereas it is represented that the said offer is in excess of what could be realized by a liquidation of the assets of the said bank, including therein the securities given by certain of the directors; and whereas, after considering the offer of the said directors at a meeting of the creditors and depositors of the said bank, held on the twenty-fifth day of January, one thousand eight hundred and ninety-nine, it was resolved to grant to the said directors a full discharge from their obligations to the said bank, its shareholders, creditors and depositors upon payment of the sum of forty-five cents on the dollar upon the balance then due, and to transfer to the said directors all the assets of the said bank of whatsoever nature, in order to allow them to pay the said amount, as appears by the resolution in the schedule to this Act; and whereas the above named directors and the liquidators of the said bank have agreed to the said resolution, and since it passed have paid an instalment to the creditors and depositors of the said bank on account of the said sum of forty-five Schedule confirmed. Terms of release of directors. Distribution of surplus. Suspension of rights of shareholders, etc. cents on the dollar; and whereas the said bank has, by its petition, prayed that an Act be passed ratifying and confirming the said resolution, 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, declares and enacts as follows: 1. The resolution contained in the schedule to this Act is hereby ratified and confirmed, and declared to be valid and binding, notwithstanding anything to the contrary in the Act incorporating La Banque du Peuple, hereinafter called "the Bank," or in any Act amending the said Act, or in The Bank Act or The Winding Up Act. 2. In order to avail themselves of the provisions of this Act, the directors shall, within ninety days after the passing thereof, deliver to the persons representing the depositors and creditors, or their heirs, the sum of forty-five cents on the dollar upon the balance due on the twenty-fifth day of January, one thousand eight hundred and ninety-nine, the date of the passing of the resolution in the schedule to this Act, less any sum paid since the said date, and the above named James Grenier, Charles Lacaille, Toussaint Préfontaine, William Francis, and George S. Brush or such other directors as make the above mentioned payments shall enter into immediate possession, in virtue of their ownership, of all the assets of the Bank of whatsoever nature. 2. If on the liquidation of the present remaining assets it is found that the same, together with the security above referred to given by the said directors, has realized more than sufficient to pay the said forty-five cents, any surplus remaining shall be divided among the shareholders of the said Bank, and the said directors shall be bound to keep a strict account of said liquidation and to produce the same in detail before each meeting of the creditors and shareholders to be called every six months after the passing of this Act, and for the purpose of administering such assets the Honourable Alphonse Desjardins shall be named as associate with the directors at such remuneration as may be agreed on, and on his refusal some other person to be named by the court on application of the directors. 3. The rights of the shareholders, creditors and depositors of the Bank shall be suspended, not only as against the Bank, but also as against the directors personally during the whole period of the extension granted by this Act to the directors to make payment of the said amount of forty-five cents on the dollar due at the time of the passing of the resolution in the schedule hereto, and if the said directors comply with the said resolution, and with the provisions of this Act, during the extension of ninety days hereby granted, they shall be finally freed and discharged from every claim or action which the shareholders, depositors and other creditors of the Bank might have against them. 4. This Act shall apply to suits pending and judgments Application rendered, but nothing in this Act shall affect any security held of Act. at the time of the passing of this Act by any judgment creditor of the Bank. SCHEDULE. Extracts of the minutes of a meeting of the creditors and depositors of "La Banque du Peuple," held at Montreal on the twenty-fifth of January, eighteen hundred and ninety-nine. It was proposed by Honourable Arthur Boyer and Reverend Messire F. L. Adam, seconded by A. P. Ritchot and J. B. Coallier, and carried unanimously: Whereas, at a meeting of the creditors and depositors of La Banque du Peuple, held on the 26th of November last, it was resolved unanimously to grant to the directors as liquidators of this Bank, under the law passed at the last session of the Parliament of Canada, a further delay of two years from the first of May next, on condition that they pay over cash and without delay the amount of guarantee given by them to the Bank: Whereas although willing to pay and to satisfy in good faith all the obligations, some of the directors who have given such guarantee are unable to realize on the same without getting a full and complete discharge from their liabilities, according to law, towards the Bank and its creditors : Whereas, after due consideration, the said directors have come to the conclusion to offer in settlement of all their liabili ties towards the creditors and depositors of the Bank as soon as a bill passed by the Parliament of Canada will have ratified such arrangement a sum of 45 cents in the dollar in cash on the balance in capital due to said creditors to-day, any partial payments that may be made in the meantime by way of dividends or otherwise to be considered as so much paid on account of said 45 cents in the dollar : Whereas it is in the interest of the said creditors and depositors of said Bank that said offer should be accepted: It is hereby resolved to grant to the directors of said Bank a full and complete discharge of their liabilities towards the Bank and themselves on payment of said sum of 45 cents in the dollar as above stated, on the balance yet due, and to transfer to said directors all the assets of said Bank of whatever nature they may be, in order to afford them the means of paying said amount. There being no other affairs before the meeting, and no other propositions being offered it was closed. J. GRENIER, President. OVIDE DUFRESNE, Jr., OTTAWA: Printed by SAMUEL EDWARD DAWSON, Law Printer to the Queen's most Excellent Majesty. CHAP. 124. An Act respecting the Roman Catholic Episcopal [Assented to 10th July, 1899. HEREAS the Right Reverend Narcisse Zéphirin Lorrain, Preamble, Bishop of the Diocese of Pembroke, has, by his petition, prayed that it be enacted as hereinafter set forth, 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 name of the Roman Catholic Episcopal Corporation Name of Pontiac is hereby changed to "The Roman Catholic Epis- changed. copal Corporation of Pembroke," and the said Right Reverend Narcisse Zéphirin Lorrain and his successors, being bishops of the said diocese for the time being in communion with the Church of Rome, shall be deemed to be and to constitute the said "The Roman Catholic Episcopal Corporation of Pembroke," and shall have and possess under the said corporate Powers of new name all the powers, rights and privileges mentioned in chapter 105 of the statutes of 1884, and be subject to the same 1884, c. 105. restrictions and limitations as are contained therein, and shall have and hold all the property, real and personal, held and Property. enjoyed by the said the Roman Catholic Episcopal Corporation of Pontiac at the time of the passing of this Act, subject, however, to all claims, charges and liabilities then attaching thereto. corporation. 2. The said Act is hereby further amended by substituting 1884, c. 105 the words "Diocese of Pembroke" for the words "Vicariate amended. Apostolic of Pontiac" or the word "Vicariate" wherever the same occur in the said Act; and by substituting the words Bishop of Pembroke" for the words "Vicar Apostolic of Pontiac" or "Vicar Apostolic" wherever the same occur in the said Act. 66 OTTAWA: Printed by SAMUEL EDWARD DAWSON, Law Printer to the Queen's most Excellent Majesty. |