CHAP. 95.

An Act to incorporate the Ross Rifle Company, Limited.

WH

[Assented to 15th May, 1902.]

WHEREAS a petition has been presented praying that it Preamble. be enacted as hereinafter set forth, and it is expedient to

grant the prayer of the said petition: Therefore His Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

1. Sir Thomas Shaughnessy of the city of Montreal, IncorporaSir Charles Henry Augustus Frederick Lockhart Ross, tion. the Honourable William Gibson, of Beamsville, the Honourable Frederick L. Beïque, of the city of Montreal, Donald D. Mann, Frederick Nicholls and Wallace Nesbitt, all of the city of Toronto, together with such persons as become shareholders in the company, are incorporated under the name of "The Ross Rifle Company, Limited," hereinafter called "the Com- Corporate pany."

name.

2. The persons named in section 1 of this Act, together Provisional with such persons, not exceeding six, as they associate with directors. them, shall be the provisional directors of the Company, a majority of whom shall be a quorum for the transaction of business, and they may forthwith open stock-books, procure Powers. subscriptions of stock for the undertaking, make calls on stock subscribed and receive payments thereon, and shall deposit in a chartered bank in Canada all moneys received by them on account of stock subscribed, or otherwise received by them on account of the Company, and shall withdraw such moneys for the purposes of the Company only, and may do generally what is necessary to organize the Company.

3. The head office of the Company shall be in the city of Head office. Ottawa, in the province of Ontario, or in such other place in

Canada as the Company determines by by-law.

4. The capital stock of the Company shall be one million Capital stock. dollars, divided into shares of one hundred dollars each.

First meeting

2. When and so soon as fifty thousand dollars of the capital of sharehold stock have been subscribed and allotted, and ten per cent has

ers.

Business of
Company.

Powers.

Lands and works.

Patent rights water powers

been paid in thereon, the provisional directors shall call a meeting of the shareholders for the election of a board of directors, for the passing or ratifying of the by-laws of the Company, and of considering and determining upon any other business specified in the notice calling such meeting.

5. The business of the Company shall be to manufacture, buy, sell and deal in guns, rifles, small arms, ammunition, ordnance, military and sporting supplies, machinery, tools, etc.

6. The Company may, in connection with its business and for the purposes of its undertaking,—

(a.) acquire lands and construct and maintain works and structures necessary or proper in connection with the carrying on of such business and all works incident thereto and dispose thereof;

(b.) acquire patent rights, letters patent of invention, proand property. cesses, options, water powers and other rights and privileges, and real and personal property, and again dispose thereof;

Foundries and shops for machinery supplies, etc.

Iron and steel manufacture.

Other

businesses.

Preferred stock.

Issue of paid up stock.

(c.) erect and operate furnaces, foundries and machine shops, and undertake and execute contracts for machinery, buildings, ships, cars or other structures or works involving the supply or use of any machinery, and carry out any ancillary or other works in connection with or for the purposes of such contracts;

(d.) manufacture, sell and deal in all classes of iron and steel products generally;

(e.) carry on any business which may be carried on in connection with the foregoing businesses, or which may be calculated to enhance the value of any of the Company's property or rights.

7. The directors may, by by-law approved at a special general meeting duly called for that purpose, or at any annual meeting of the Company, at which two-thirds in value of the shareholders of the Company who have paid all calls due upon their shares are present or represented by proxy, issue any portion of the capital stock as preferred stock, with such preferences or privileges as to dividends or otherwise as such by-law determines.

8. The directors may make and issue, as paid up stock, shares of the capital stock of the Company in payment of and for any business, franchise, undertaking, property, right, power, privilege, letters patent or any interest therein, contract, real estate, stock, assets and other property, which it may lawfully acquire, and may allot and hand over such shares to any person or company, or to its shareholders, and the Company may pay for any such property, right, power,

privilege, letters patent or interest therein, contract, real estate or assets either wholly or partly in paid-up shares or wholly or partly in bonds or debentures as to their directors may seem proper.

9. The directors, under the authority of a resolution of the Borrowing shareholders passed at any special general meeting duly called powers. for the purpose, or at any annual general meeting at which holders representing at least two-thirds in value of the issued capital stock of the Company are present or represented by proxy, may, from time to time, at their discretion borrow moneys for the purposes of the Company, and secure the repayment of such moneys in such manner and upon such terms and conditions as they see fit, and for such purpose may mortgage, pledge, hypothecate or charge the assets and property of the Company; provided that the power of the Company to issue bonds, debentures or debenture stock, and to secure them upon the assets of the Company, shall cease and determine on the first day of January, one thousand nine hundred and five, and that after that date no further or additional bonds, debentures or debenture stock shall be issued.

limited.

2. The aggregate amounts borrowed shall not at any time Amount be greater than seventy-five per cent of the actual paid up stock of the Company, but this limitation shall not apply to commercial paper discounted by the Company.

10. Section 18 of The Companies. Clauses Act shall not R.S.C., c. 118. apply to the Company.

OTTAWA Printed by SAMUEL EDWARD DAWSON, Law Printer to the King's

most Excellent Majesty.

CHAP. 97.

An Act respecting the Royal Marine Insurance

Company.

[Assented to 15th May, 1902.]

WHEREAS the Royal Marine Insurance Company, incor- Preamble.

porated by chapter 118 of the statutes of 1900, owing

to unavoidable difficulties incident to the perfecting of the 1900, c. 118. financial and other arrangements for the organization and carrying on of the business for which the Company was incorporated, has been unable to complete its organization and commence active operations; and whereas the provisional directors of the said Company have by their petition prayed that it be enacted as hereinafter set forth, and it is expedient to grant the prayer of the said petition: Therefore His Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

1. The time limited for the commencement of actual opera- Time for comtions is hereby extended for a period of twelve months, from mencement the passing of the present Act.

of operations extended.

2. Section 14 of chapter 118 of the statutes of 1900 is Present limit hereby repealed.

of time repealed.

3. Nothing in this Act shall affect any right, privilege, Rights saved. obligation or liability acquired, accrued or incurred before the date of the passing of this Act.

OTTAWA Printed by SAMUEL EDWARD DAWSON, Law Printer to the King's most Excellent Majesty.