CHAP. 63. An Act respecting the Hudson's Bay and North-west [Assented to 15th May, 1902.] WHEREAS the Hudson's Bay and North-west Railways Preamble. Company has, by 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 1897, c. 46; advice and consent of the Senate and House of Commons of Canada, enacts as follows :- 1899, c. 70. limited. 1. If the construction of the railway of the Hudson's Bay Time for and North-west Railways Company is not commenced and construction fifteen per cent on the amount of the capital stock is not 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 granted by the Acts relating to the said company or by The Railway Act 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. 64. An Act to incorporate the Indian River Railway Company. [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, declares and enacts as follows: 1. Michael Patrick Davis, Robert J. Devlin, William P. IncorporaDavis and John W. Thompson, all of the city of Ottawa, in tion. the province of Ontario, and H. G. Harrison, of the city of Montreal, in the province of Quebec, 'together with such persons as become shareholders in the company, are incorporated under the name of the "Indian River Railway Company," Corporate hereinafter called "the Company." name. 2. The undertaking of the Company is declared to be a Declaratory. work for the general advantage of Canada. 3. The persons named in section 1 of this Act are constituted Provisional provisional directors of the Company. directors. 4. The capital stock of the Company shall be two hundred Capital stock. thousand dollars, and may be called up by the directors from time to time as they deem necessary, but no one call shall exceed ten per cent on the shares subscribed. 5. The head office of the Company shall be in the city of Head office. Quebec, or in such other place in Canada as the Company determines by by-law. 6. The annual meeting of the shareholders shall be held on Annual the first Wednesday in September in each year. meeting. 7. At such meeting the shareholders for the capital stock Election of assembled who have paid all calls due on their shares shall directors. choose five persons to be directors of the Company, one or more of whom may be paid directors. Line of railway described. Bond issue limited. Time for construction limited. Agreement with another company. 8. The Company may lay out, construct and operate a railway of the gauge of four feet eight and one-half inches from a point of junction with the existing railway lines at or near the north end of Lake Megantic, in the counties of Beauce and Compton, in the province of Quebec, thence southerly along the said lake through the said counties to a point on the International boundary line at or near Rivière Morte. 9. The Company may issue bonds, debentures or other securities to the extent of twenty thousand dollars per mile of the railway, and such bonds, debentures or other securities may be issued only in proportion to the length of railway constructed or under contract to be constructed. 10. If the construction of the railway is not commenced and fifteen per cent of the amount of the capital stock is not expended thereon within two years from the passing of this Act, or if the railway is not finished and put in operation within five years from the passing of this Act, the powers conferred upon the Company by Parliament shall cease and be null and void as respects so much of the railway as then remains uncompleted. 11. The Company may enter into an agreement with the Canadian Pacific Railway Company, the Rumford Falls and Rangeley Lakes Railway Company, the Portland and Rumford Falls Railway Company, or the Quebec Central Railway Company, for conveying or leasing to any such company the railway of the Company, in whole or in part, or any rights or powers acquired under this Act, as also the franchises, surveys, plans, works, plant, material, machinery and other property to it belonging, or for an amalgamation with auch company, on such terms and conditions as are agreed upon, and subject to such restrictions as to the directors seem fit; provided that shareholders such agreement has been first approved by two-thirds of the and Governor votes at a special general meeting of the shareholders duly called for the purpose of considering it, at which meeting shareholders representing at least two thirds in value of the stock are present or represented by proxy,-and that such agreement has also received the sanction of the Governor in Council. Approval of in Council. Notice of application for sanction. Agreement to be filed with 2. Such sanction shall not be signified until after notice of the proposed application therefor has been published in the manner and for the time set forth in section 239 of The Railway Act, and also for a like period in one newspaper in each of the counties (or electoral districts) through which the railway of the Company runs, and in which a newspaper is published. 3. A duplicate of the agreement referred to in subsection 1 Secretary of of this section, shall, within thirty days after its execution, be filed in the office of the Secretary of State of Canada, and notice thereof shall be given by the Company in The Canada State. |