the lessor, its successors or assigns, to be kept, performed and fulfilled, and also will not do or cause to be done any act, matter or thing to impair the validity of the said indentures, or whereby the said several demises, any or either of them, may be determined and cease. XVI. The lessee, its successors and assigns, duly paying the rent reserved by these presents and performing the convenants herein contained on its and their part to be performed, shall and may peaceably possess and enjoy at all times during the said term the railroads and other properties and tolls, revenues, franchises and privileges herein before demised, without any lawful interruption or disturbance from or by the lessor or its successors or any other party or parties whomsoever. XVII. The lessee shall have and is hereby given the right at its option to acquire and purchase all the said timber lands and other lands so mortgaged as aforesaid to the Central Trust Company of New York, and containing in round numbers about one million six hundred and fifty thousand acres,--except those, if any, which are herein before demised, and those, if any, which have been heretofore sold and conveyed by deed from the lessor,-at and for the sum of nine hundred and twenty-seven thousand six hundred dollars ($927,600) and interest, to be paid as hereinafter mentioned, provided such option be exercised within two years from the first day of July, A.D. 1890; and upon payment of the said purchase money within the time aforesaid, or otherwise as may be mutually agreed upon, the lessor shall execute and acknowledge all such deeds, conveyances and assurances as may be deemed requisite in order to vest the title in fee simple of all the said timber lands and other lands in the lessee,--except in so far as that may be prevented by the existence of the mortgages thereon to the said Central Trust Company hereinbefore mentioned, and subject, however, to any licenses granted by the lessor to cut logs, bark or other timber upon the said lands or any part thereof, then existing, and also any contracts of sale of any of the said lands heretofore made by the lessor and then in force,--the lessee, however, to have the benefit and advantage of, and all the interest of the lessor in the said licenses and contracts, and also subject to the proviso that the lessor, anything herein contained to the contrary notwithstanding, may, during the said period of two years, grant licenses to cut timber, logs, bark or other lumber off the said lands as heretofore accustomed. And inasmuch as the said lands are encumbered as aforesaid by the two indentures of mortgage made by the lessor, herein already mentioned, and, inasmuch as the intention of the understanding embodied in these presents is that, amongst other obligations those of the lessor to the said Central Trust Company, created by the two mortgages aforesaid shall eventually be satisfied or acquired by the issue by the lessor, under the authority of the said Act of Parliament, of consolidated debenture stock, the interest on which will be satisfied at all times out of the rentals to be paid as aforesaid by the lessee, and inasmuch as when those obligations shall be so discharged, the said lands will be freed from any incumbrance created by the said two mortgages or either of them, therefore it is hereby agreed that the conveyance to the lessee, if any, may be of the equity of redemption only in such lands and subject to the incumbrances created by the said two mortgages; and such conveyance shall be sufficient under the meaning of this clause. The said purchase money, if paid is to be paid with interest at the rate of five per cent. per annum from the first day of July, 1890,-the aggregate of the principal and interest to be reduced by such net sums, as shall be, in the meantime, received or receivable by or for account of the lessor, either from or by way of stumpage, license dues or other rents, issues and profits, growing out of and derived from the said lands or any part thereof after the said first day of July, 1890, by virtue of any contract in respect thereof, whether made before or on or after that date, and further to be reduced by such other sum or sums, if any, as shall be received as purchase money by or for account of any sales of the said lands which shall be made on or after the said first day of July, 1890. XVIII. It is hereby expressly covenanted and agreed between the parties hereto that, if any of the timber lands or other lands (other than the lands hereby demised), so encumbered as aforesaid by two mortgages from the lessor to the said Central Trust Company, such timber lands or other lands not having been purchased by the lessee under the option given by the last clause), should hereafter, at any time or times, be taken or sold or otherwise made available for the satisfaction of any of the principal or interest secured by the said two mortgages or either of them, then and in every such case consolidated debenture stock to an amount or amounts equal to the amount or amounts which shall be so satisfied, may be issued under the said Act of Parliament (53rd Victoria), bearing interest at the rate of four per centum per annum ; and the proceeds thereof shall be taken by the lessor and its assigns as and for its own and their own uses, instead of being applied towards the improvement of the properties hereby demised as above mentioned,-the interest thereon to be nevertheless paid as aforesaid by the lessee by way of rent in the same manner and to the same extent as if the proceeds were to be applied towards such improvement: Provided, however, that the lessee shall, in every such case, have the option of paying in cash either in whole or in part the amount or amounts which shall be so satisfied as aforesaid by any of the said timber lands or other lands, or the proceeds thereof, and, if any amount or amounts be so paid in cash by the lessee under such option, then consolidated debenture stock shall be issued for the same amount or amounts, and the proceeds of it shall be applied towards the improvement of the demised properties as provided for in clause VII of these presents, instead of being taken by the lessor and its assigns as above mentioned; but nothing herein contained shall be held to affect or abridge the right of the lessor to issue additional consolidated debenture stock in respect of so much of the obligations created by the said two mortgages or either of them as shall be so satisfied to the extent to which it may be authorized under the provisions of the said Act of Parliament (53rd Victoria), or any subsequent or amending Act or Acts. XIX. And it is hereby mutually agreed between the parties hereto, that they shall join in procuring the requisite legislation, if any be needed, to ratify and confirm this indenture of lease and all the terms hereof and to enable each of the parties hereto to do whatever may be necessary to give effect to the substance and intention of these presents; and the parties hereto hereby agree to share equally the expense of procuring such legislation. In witness whereof, each of the said parties hath caused to be set hereto its corporate seal and the signatures of its President and its Secretary. THE SCHEDULE REFERRED TO IN THE ANNEXED INDENTURE SHOWING THE DEMISED LINES OF RAILWAY. Distinguishing Letter. LOCATION, &c. From Gibson on east bank of River St. John opposite Fredericton northerly to Newburg, about 57 miles. From Newburg south-westerly (crossing River St. John) to Woodstock, about 6 miles. From Newburg along the east bank of River St. John to Perth, thence across the river to Andover, thence to Grand Falls, thence (crossing the river again to the east bank) to Edmundston, about 1063 miles. From Aroostook westerly to a point on the boundary line between New Brunswick and the State of Maine, about 4 miles. From St. Andrew's, in New Brunswick, to a point on the boundary line between New Brunswick and Maine, near the town of Houlton, about 88 miles. From St. Stephen to Watt Junction on the said line between St. Andrew's (Vanceboro' Branch.) From McAdam Junction, a point on the said line From Debec Junction to Woodstock aforesaid, about 11 miles. From Cariboo to Presqu'Isle, in the State of Maine, about 14 miles. OTTAWA: Printed by BROWN CHAMBERLIN, Law Printer to the Queen's Most Excellent Majesty. CHAP. 75. An Act respecting the Victoria, Saanich and New [Assented to 10th July, 1891.] HEREAS by an Act of the Parliament of Canada, cer- Preamble. tain persons were incorporated under the name of the Victoria, Saanich and New Westminster Railway Company; 52 V., c. 48. and whereas from unavoidable circumstances it was impossible to commence the building of the said railway within the period fixed by "The Railway Act," to wit: within two years after the passing of the said Act of incorporation; and whereas the Honourable Amor DeCosmos and others have by their petition prayed that an Act be passed incorporating anew the said company; and it is expedient to incorporate a Company as hereinafter set forth: Therefore IIer Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: 1. The Honourable Amor DeCosmos, A. A. Green, Richard IncorporaHall, Thomas Shotbolt, George L. Milne, M.D., M.P.P., Alex- tion. ander Wilson, Charles E. Redfern, L. Goodacre, M. Young, H. Saunders, A. Bornstein, J. C. Clarihue, Alex. Clarihue, John Teague, Skeene Lowe, J. Sehl, J. Loewen, Francis Page, Hon. J. II. Turner, M.P.P., James S. Yates, A. J. McLellan, II. Kingham, and B. W. Pearse, C E., all of the city of Victoria, in the Province of British Columbia, together with such other persons as become shareholders in the Company hereby incorporated, are hereby constituted a body corporate under the name of "The Victoria, Saanich and New Westminster Rail- Corporate way Company," hereinafter called the Company. name. 2. The head office of the Company shall be in the city of Head office. Victoria aforesaid. 3. The Company may lay out, construct, equip and operate Line of raila line of railway of the gauge of four feet eight and one-half way. inches, from a point in or near the said city of Victoria to a |