way Act, and also for a like period in one newspaper in each of the electoral districts through which the railway of the Company runs and in which a newspaper is published. be filed with 3. A duplicate of the agreement referred to in subsection 1 Agreement to of this section shall, within thirty days after its execution, be Secretary of filed in the office of the Secretary of State of Canada, and notice State. thereof shall be given by the Company in The Canada Gazette, and the production of The Canada Gazette containing such notice shall be prima facie evidence of the requirements of this Act having been complied with. telephone 11. The Company may construct and maintain a telegraph Telegraph and line and telephone lines along the whole line of its railway lines. and branches, and may establish offices for the transmission of messages for the public; and for the purpose of erecting and working such telegraph and telephone lines the Company may enter into a contract with any other company. 2. The Company may enter into arrangements with any Arrangements with telegraph telegraph or telephone company for the exchange and trans- and telephone mission of messages, or for the working in whole or in part companies. of the lines of the Company. 3. No rates or charges shall be demanded or taken from Rates to be any person for the transmission of any message by telegraph approved. or telephone, or for leasing or using the telegraph or telephones of the Company until such rates or charges have been approved of by the Governor in Council, and such rates and charges shall be subject to revision from time to time by the Governor in Council. 4. The Electric Telegraph Companies Act shall apply to the R.S.C., c. 132. telegraphic business of the Company. construction 12. If the construction of the railway is not commenced Time for and fifteen per cent of the amount of the capital stock is not limited. expended thereon within two years after the passing of this Act, or if the railway is not finished and put in operation within five years after the passing of this Act, the powers of construction conferred upon the Company by Parliament shall cease and be null and void as respects so much of the railway as then remains uncompleted. OTTAWA: Printed by SAMUEL EDWARD DAWSON, Law Printer to the King's most Excellent Majesty. CHAP. 40. An Act respecting the Bay of Quinté Railway [Assented to 15th May, 1902.] WHEREAS the Bay of Quinté Railway Company has, by Preamble its 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: confirmed. 1. The agreement dated the eleventh day of February, one Agreement thousand nine hundred and two, made between the Rathbun in schedule Company of the first part and the Bay of Quinté Railway Company, hereafter called "the Company," of the second part, a copy of which agreement is set out in the schedule to this Act, is confirmed, and the parties thereto are hereby authorized to carry out the said agreement. 2. The Company may increase its capital stock and divide Increase of it into preferred and common stock as provided for in the said capital. agreement; provided that the total capital stock of the Compary shall not be increased under the provisions of this Act to a greater amount than one million five hundred thousand dollars. 3. The Company may construct and operate a line of rail- Extensions way from a point on its line in or near Deseronto to any point of railway. on the northerly or westerly shore of the Bay of Quinté, within the townships of Tyendinaga or Thurlow, thence from a point on such line, across the Bay of Quinté and through Prince Edward County, to the town of Picton, and thence to the Sand Banks on Lake Ontario. 4. The Act respecting certain works constructed in or over R.S.C., c. 92. navigable waters, chapter 92 of the Revised Statutes, and the amendments thereof, shall apply to the works and bridge carrying the said line across the Bay of Quinté. Time for construction limited. 5. The Company's lines of railway, branches and extensions heretofore authorized and not constructed, and those hereby authorized shall be commenced within two years and completed within five years from the passing of this Act, otherwise the powers granted for the construction thereof shall cease and be null and void with respect to so much of the said lines as then remains uncompleted. SCHEDULE. This agreement made the eleventh day of February, A.D. 1902, between the Rathbun Company, of the first part, and the Bay of Quinté Railway Company (hereinafter called the "Railway Company ") of the second part. Whereas the Rathbun Company are the holders of second mortgage bonds made by the Railway Company to the amount of $830,500.00; And whereas the authorized capital stock of the Railway Company is now the sum of $1,250,000 of which the sum of $144,500 has been issued and fully paid; And whereas the Railway Company has requested the Rathbun Company to exchange its said second mortgage bonds for preference and common stock in the capital of the Company to be created and issued as hereinafter mentioned, and the Rathbun Company is willing to comply with such request upon the terms hereof: Now this agreement witnesseth : 1. The parties hereto will join in applying to the Parliament of Canada at its next session for an Act confirming this agreement and authorizing the parties to carry out the same: 2. The Railway Company will increase its capital stock to such sum as may be determined upon and authorized by the said Act, not less than $1,500,000 and will divide the same into preferred and common stock in the proportions of onethird of preferred stock and two-thirds of common stock. The preferred stock to be preferred both as to capital and dividends and to bear non-cumulative dividends at the rate of six per cent per annum. The $144,500 of stock now outstanding to form part of the common stock: 3. In exchange for the said second mortgage bonds to the said amount of $830,500.00, the Railway Company will so soon as the said Act has been passed issue and deliver to the Rathbun Company $325,000.00 par value of preferred stock, fully paid, and free from calls or other liability thereon, and $505500.00 par value of common stock, fully paid, and free from calls or other liability thereon, and the Rathbun Company will accept such stock in exchange for said bonds and will deliver to the Railway Company the said bonds which shall then be cancelled and the mortgage securing them shall be discharged. |