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 '-"-9i:~?W'*'"¥':' 
 
 AN ACT 
 
 to 
 
 INCORPORATE SUNDRY PERSONS 
 
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 CTNDKK THE UTYIiK AND TITDB 
 
 Of 
 
 Che UrcsUient, Utrcttovs, nxCtt Company 
 
 OP THE 
 
 riUEIBHO£DfiR8' BANK 
 
 OF 
 
 UPPER CANADA. 
 
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 Printed at the Patriot Office. 
 
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 SYNOPSIS 
 
 or 
 
 ACT TO IJVCORPORATE 
 
 TBB FRBXIHOLDERS' BAWB. 
 
 5*rT?o?f I. — Contains a List of nil (b»CUn»e8 relating to the Stock. 
 
 Section II — All affecting Stock takpii hv iMorig«?e of Prop«>Tty in lieu of 
 being paid for in money, with those affecting the Appraisers to ba 
 Appfinied in order to ascertain the value ol the Property. 
 
 Section III. — All affecting Commissioners, their appointment and duties. 
 
 Section IV. — All affecting the Directors, the management of the Bank, 
 the Smiling Fund, and District Banks. 
 
 Seclwn I— STOCK. 
 
 Clause 2. — The numbcv of Shares to be 40,000 ; the amount of each 
 share, £2&. 
 
 Clause 3. — No person to subscribe for less than four «hare«, to be payable 
 either m money or secured by Mortgage. 
 
 Clause 4. — A deposit of five bhillings per share to be paid on subscription, 
 to be repaid on payment of the residue, or on completion of the se- 
 curity of shares taken on Mortgnges. 
 
 Ckuse 5. — Subscribers to give notice, imrrjediately after subscription, of 
 intention to take Stock in Mortgage or in money, and to state the 
 description of security. 
 
 Clause 7. — Subscribers taking Stock in money to receive interest in addi- 
 tion to dividends. 
 
 Clause 36. — Shareholders to receive interest, beyond the dividend, on all 
 tnonies arising From sale oT redemption of tnottgaged pro^4»rty. 
 
 'Ctaurae ti — Ratio of votes allowed tt> tftopkhblders. ^ 
 
 Clause l8.— Shatea to be transferable. ■" ' ■' 
 
 Section tl MORTGAGEES AND APPRAISERS. " • 
 
 Clause 3. — May be taken as security for and in payment of stock. 
 Glauae 6.-~To consist of re&l Estate of appraised value of double th« 
 
 amount of Stock subscribed for, to he free from mcuobr^ucea and 
 
 held in fee simple. 
 Clause 81.— 'Property offered for, inaufficient ; other may be substituted. 
 Clause 22. — Form of Mortgage. 
 Clausto 23. — The covta of Registration only to be paid by the owner of th« 
 
 property. .,,.,;! 
 
 Clause 29. — Mortgaged property may be sold oi; request of the owner. 
 Clause 31. — May be redeemed on payment of the amount o(, stock aub- 
 
 scribed for. 
 Clause 38.— Trtfty be redeemed at any tfme before «ale byUommissionora, 
 
 and in bo case to be charged beyond the ammMit of wtort for#hic4 
 
 it is given as security. 
 
 J ' 
 
 h 
 
ArrRAISRRII. 
 Clauafi 34. — To be appoints] in every District to asrertain the real value of 
 
 property proposed to he inortKaged. 
 Clause 2S. — To take the oath preset iI>k<I. 
 Clause 36. — To be paid only such fees as ComtniasionirB thall fix. 
 
 Sec/ion III —COMMTSSIONERS— THEIR APPOINTMENT, 
 DUTIES, AND POWERS. 
 
 Clause 3 — To arrange the opening of Subscripiion-booki. 
 
 Clause 9. — When £500,000 subscribed, tu ciill a Meeting of Stockholuers 
 
 for election o( Directors. 
 Clause 19. — Johh Siincoe Macaulay, Willittm Botsford Jarvis, ChArlea 
 
 Coxwell Small, William (Jayley, and John Ewart, appointed. No 
 
 Commissioner to hold stock in the Hank. 
 Clauie 30.1 — Dissatisfied with security offered for stock, to give notice to 
 
 Subfscribers, and fix time for substitution of other security. 
 Clause 33. — To take Mortgage in form prescribed. 
 Clause 34.— To appoint Appraisers in every district to value property pro- 
 
 posed to be mortgaged. 
 Clause 37. — To appoint Clerk», tScr. and make By-laws for the manage- 
 
 ment of their departm-'^nt of business. 
 Clause 38. — To see that buildings be insured in their name ; in event of 
 
 accident, money to be laid out in rebuilding or payment of Mortgage 
 
 money, as the owner of the property shall direct. 
 Clause 30. — To pay taxes on default of payment by owner of property 
 
 mortgaged. 
 Clause 33. — To be Auditors of Bank. 
 
 Clause 33. — To attend once a week, and to receive a salary at the discre- 
 tion of Directors. 
 Clauie 34. — To appoint their successors. Never to he more than five. 
 Clause 35. — As soon as half the capital subscribed and securities given, 
 
 to contract Loan for Capital. 
 Clause 37. — To hold securities in trust to redeem the capital borrowed ; 
 
 and if that be unpaid for oiie year after time appointed for payment , 
 
 Securities to be sold and conveyed by Commissioners to purchasers. 
 
 Sution /v.— 1. DIRECTORS. — THEIR APPOINTMENT AND 
 
 DUTIES. 3. GENERAL MANAGEMENT OF THE 
 
 BANK. 3. SINKING FUND. 4. DISTRICT BANKS. 
 
 I. DIRECTORS. 
 
 Clause 4. — When elected, to receive Depositee on Subscription. 
 
 Clauses 9 &. 10. — To be elected on subscription of £500,000, and succcs- 
 sively on the first Monday in January by ballet, and general direc- 
 tions for election of President, cf-c. 
 
 Clause 11. — Charter not void because Election does not take place on 
 first Monday in January. 
 
 Clause 13. — To make half-yearly Dividends, and once in three years or 
 oftener if required, to make particular statement of debts due to the 
 Bank. 
 
 Clkuse 14. — 'Power to make by-laws, and appoint officers, eleike, <f-c. 
 
 Clause 30. — When shares ascertained, Directors to give notice to Share- 
 holders to pay up subscription. "' ' ■'-->,'.''.•../.' ; 
 
 11. — GENERAL MANAGEMENT OF THE BANK.'' :^ 
 ClaoM 8. — Public notice to be given of all Meetings in the U. C. Gazette. 
 Clause 15. — Debts at no time to exceed three times the amount of capital 
 aubacribed. 
 
 Clan 
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 Clau 
 
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 Clau 
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(>laiiia 16. — Nol to JMue notes under tive thilliiigii. 
 
 Clause 17. — Not to liuld renl Kstate exuept audi aa reqbtnite to carry on 
 
 buainoas, ()-c. 
 Clauae 43. — No Stockholder to be allowed Cash account beyond hall 
 
 amount of atock, without ancurity. 
 Clauae 44.^Blll8 uf Company under aeal to paaa by indorsement. 
 Clause 45 — Not to demand greater interest than 6 per cent. 
 Clause 46 — Bank to be carried on at seat uf (iovernment. 
 Clause 48. — Bank to be closed if Company reiuue to redeem their notes in 
 
 specie. 
 Clause 49 — To make Returns to Parliament. 
 Clause 60. — Charter nut forfeited if Bank not opened till January 1841. 
 
 in. SINKING FUND. • 
 
 Clause 39 — One-fifth of prolits to be set apart for Sinking Fund. 
 
 Clause 40. — Separate account to be kept thereof, and accumulated at com- 
 pound interest. 
 
 Clause 41. — No increase to be made thereto when sufficient to pay off the 
 capital borrowed; but till it can be applied for that purpose, the 
 prolits to fall mto and form part of profits of the Bank. 
 
 Clause 42 — When it cannot be otherwise more advantageously employed, 
 debentures may be purchased therewith. 
 
 IV. — DISTRICT BANKS. 
 
 Clause 46 — May be established in any district as soon as £100,000 sub- 
 scribed, and to be under management uf Directors appointed by 
 Parent Bank. 
 
 Clause 47. — Capital thereof not to exceed £100,000, and to consist of 
 notes, «fc. of Company, to be issued by Parent Bank. 
 
 ^ 
 
 ' >'- p- 
 
, ' I 
 
JkK ACT 
 
 TO INCORPORATE SUNDRY PERSONS 
 I'udar thu style aad Title 
 
 She I9res(t>cnt, DCrectovs, antr OTompans 
 
 r. OF THE 
 
 / FREEHOLDERS BANK 
 
 OP UPPBR CANADA. 
 
 W&fifVtSlSy th* ealablitbment of a Bank in ibis Provitic« with a 
 Cuprtal to bn borrowed upon the aecurity of freehold property, •nd a sink- 
 ing fund adequate to the redemption thereof, will be highly conduci«« to 
 the welfare and prosperity of the agricultural and co.-nmencial interests of 
 this Province, and atford a certain and prufitahle investment for domestic 
 and foreign capital. And Whereas, James M. Strachan, Aleiaiider Diion, 
 William Stennett, Koheit Hawke, James Newbigging, James Trotter, 
 Francis I^gan, James Saxon, Thomi* D. Harris, D^vid M. Patterson, J. 
 W. Urent, (reorge Gurnett and others, by their Petition to the Legislatur* 
 have prayed for the privilege of being incorporated. 
 
 1. Be it therefore enacted, by tho King's Most p^xcellent Majesty, by, 
 and with tho advice and consent of the liegiolative Council and Assembly 
 of the Province of Upper Canada, constituted and asMnmbled by virtue pf, 
 and under the authority of an Act passed in the Parliaineot of Great 
 Britain, entitled " An Act to repeal certain parts of an Act passed in Ihn 
 fourteenth year of His Majesty's reign, entitled an Act for making more 
 •ifcctual provision for the Government of the P rovince of Quebec, in 
 North America, and to mike fuither provision for the Government of thfi 
 ■aid Province, and by the authority of the same, that the said Jamas M. 
 Strachan, Alexander Dixon, William Stennett. Robert Hawke, .^amep 
 Newbigging, Jamea Trotter, Francis Logan, Jitmes Saxon, Tbonpas D. 
 Harris, David M. Patterson, J. W'. Brent, Georgo Gurnett and all such 
 ppraons as shall hereafter hecomo Stockholders of the said Riink, shall be, 
 mhI are hereby ordaine<i, constiiuttsd and declared, to be a butly corporate 
 and politic, in fact and in name, of the President, Directors and Cnmpany 
 of tb« Freeholders' Bank of Upper (yannda, and that by that name, they 
 and their Successors shall, and may, have continued succession, and shall 
 be capable of suing and being eued ; pleading and being impleaded : answ- 
 ering and being answered ur.to; defending and being defended, in all 
 Gourtf aad places whatsoever, in all manner of actions, suits, cotnplaints, 
 matters and causes whatsoever; and that they and their Successors may 
 have a common Seal, and may change and alter the same at their pleasure ; 
 aod also that tbey and their ^uccossors, by the same name of " llio Presi- 
 dent, Directors and Company of th«' Frepholilers' Hnii\i oi Uf/p«;r Catiwda," 
 shall be ill la.w capable »>f puvchasiiiij, lioitJmg nmi conveying any estate, 
 real or personwi, for lUfl uco. of tho vov' (.?<:>nipany. 
 
 HI, 
 
\ 
 
 2. And hf. il furlhfr cnm Ird ly Iht nul/iortly afoymnul, \\\*\. a Slmr** in 
 Mip Stock of tlin HHitl Hniik, rIihII lit* twi-iii)-liv(t i'uuixln, ai>tt lh« iiunitirr 
 ul Shnrui ■hull not pxccml forty IhnuHiiiul, nnd that lioakn of mikincripiion 
 iitiall tin opeiinj Ht tlio Hniiio liiiio Ht iliii </ity of Toronto, nnd ut the Dim* 
 irict Town* in pbcIi hiuI every Diatrict of tliu Province, within two innnlht 
 )«li«r tho pfiiBingr of thlH Art, by Murli iiflmon or pprion, hikI undrr inch 
 regulntionR «« ilio ('oniiuiHHionr>r8 hi^rcinalirr iiiinit'd Khali dirrcl. 
 
 3. And be it further cnm led hy thr aitthnrUi/ afoietaid, that it tliall be 
 Uwful for any perNon ur pitrdoiiH to Buhcrriliti lor such, and ao many aharna 
 lull not |p«H than four, aa ho, r>hn, or they nhnll or inny think proper, and 
 that tho nharea so '•ubscrilied, »hn\\ l>o p.iyablH at the option of the auhacri- 
 borH, ditlu'r in money, or sIihII I)l> .sticnrdd to be paid by Mortgage of tree- 
 hold and nnincumbprcd property in tiiia Province, in the munner herein* 
 aflpr DxprwBsiy provided. 
 
 4 And be it further enacted by the authority uforenaul, that every audi 
 mibHcriber, at the time of HiibHcriliing, Mtntll pay down a depoaite of one per 
 cent, on the amount of the .SharfN Hiiliscnlieil lur ; and the depoiite money 
 «o paid, aliail bo held by the person or pi>r»oiia having the care of the aub* 
 Kcription booka, and ahall bu paid over by audi peraon or peraona receiving 
 the same, to the Direclora immediately after their eleMion, to be made u« 
 hereinafter directed, and to be lepaid previouaiy to the duciaralion of any 
 dividend upon the prolila of the oaid ]]ank, to auch of the Stockholdera 
 who shall give security for tht>ir ahaiee aa aloreaaid, and to be allowed in 
 account to auch of them aa ahall pay in money fur the aamu. — Hut in case 
 of i;un-pa)ment or non-completion of aecurity for ^harea purauant to the 
 prnvis.una of thia Act and the by laws of the said Company hareinnfler 
 provided, to be tnade, tiien auch deposile money ahall be lotfeited to, aiid 
 tor the benefit i f the aaid Company. 
 
 6. And be it fu ther enacted by the authority ajoretauf, that each cf- every 
 aubacriber shall signify in writing, at the time of subscribing for Stock, or 
 within thirty days afterwards, hir or her intention to pay tho amount aub* 
 scribe<l for, either in money or to give security for the aame, a* by thia Act 
 IS required, and shall at the same time, state in writing, the nature and 
 ilnscription of surh proposea security, and whether it consist of buildings 
 of lands, or both, and where situate, and tho prnbnble value thereof. 
 
 6. And be it further enacted by the authonly aforesaul, that in case any 
 such riubscriber ahall elect to give security lor the atock ao aubacribed, 
 auch security shall consist of houses, building, lands or tenements within 
 this Province, and the xarno shall be of the appraised value of at least 
 double the amount of Stuck subscribed for by auch aubacriber, and shatl 
 be free from all incumbrances, except the reservations contained in the 
 original grant from the Crown ; and such subscriber ahall have a pure and 
 indefensible eatate of inheritance therein, in fee aimple, in poaaeaaion and 
 not in reversion, remainder or e,\pectai)cy. 
 
 7. And he tl further enacted by the authority aforesaid, that in caae any 
 auch aubacriber or subscribers instead of giving such securities, ahall 
 pay down the whola amount of his, her or their share or aharea in money, 
 auch aubacriber or subscribers shall be entitled lu Te> eive over and above 
 his, her, or their dividend or dividends of the pronta of the said Bank, in- 
 terest on the amount so paid at the same rate of ini ' aa the Company 
 shall contract to pay for any borrowed Capital of the said Bank. 
 
 8. A7id be it further enacted by the authority uforetaid, that public no- 
 tice by advertiseivient shall be given, of the meeting next hereinafter men- 
 tioned, and of all subsequent meetings whether general or special, to be 
 holden under, or by virtue of this Act, in tho Gazette of Upper Canada, 
 and in auch, and so many newspapers which shall from time to time be 
 publisl'od in the said Province, as to the Commissioners hereinafter men- 
 tioned, as to such lirst meeting, and as to all other meetings, as a majority 
 of the said Directors fc he time being shall appoint, such advertisements 
 
in Im p'jbli-liril nl |pa«t lliiriy il.»y«, nr'l nof /nori; ihrm i 'tv 'lajb previous 
 lu llin lliii*^ ul holiliiig ill** ixiiii , iinil nit mjcli iiiuftiiiK* ^'M Uv hiiUI iit tbii 
 nr.tl ol Govcriiiiit'iil, iit mucIi iiiiii* ul th« Oit/. ''iml hi ■iic'' (tlHco hn (lutll 
 '<•■ iippoiiitfil liv tliO H.iiJ CuMiiiiiHMiuiit'iii, Hiiil l)tr#ci(iri rrA|iictivcly hm 
 iilurraiiid 
 
 U ,1«(i'<'" il/urlhiti rnitru.tl 'n/ ihf aiithtntfi/ ofiirr-tnnl, (h.iC "h toon a» 
 till) tuiii (il liM< liiihdit 'I lli'iti.* iiitl |>(mIii'U >|iii|| i,,i\f tici-n i<iiliM:ritiiiJ, it 
 hliill .iii'l imh; Ih* UaUiI lor lliti '.'iKiiiitiNjtioiiorK lo bt) ii|)|iiiit. It'll (iiirauHlit lu 
 ()i(! pr.)Miiiiiii« ul liiM Act, to call a intuliru; at miiik; |.i >cu lo lit nantt'd 
 III ili« ii!Ht of (he UDVprtnii'iiit of lliU J'uivinrf, lor tlto |iiirpo«>iol (ini 
 I'i'Ciling i<i the nlmiiiii cti die nuiiilirr ul lJiri>i lor* lu'ri iri'illrr nuiiiioniiij, 
 til, (I riicli I'll (-liiiii tilinll IjiMliiti ;uiil lliru* tituiUi U) a iiiiiioniv ul -^lhii liul- 
 il»(i* 111 iliii ("(.iciiuT liiTfiimlinr pt»'«rriln(l, in t«!»|»>cl ol ttuMiii, ill elfilion 
 • 't' ^licll DlnctorH, riii'l tlio ^'crHiilih ihtll Hliil lliiro cliORcii, m1i;i|I Im- II.i' lirsl 
 DirrctorN, Hhii l)e Crt|iiilili> ol xiivinu ■'O'l' l»(' li'»l Moiiiloy ol Juiiu.'try, in 
 lli'i yt'Hi lolluwii'i;, Mini ilit I'lrecloiii do cIiom'I), may, h« i>imiii hi itn' litpiiyit 
 iiioncy HnioiiiiHi'K lo li'ty ilioii«iiiiil luiii il:<, on ^iIh' SkhK i>o si<t>M'nl'i<l a» 
 aliironHiil, r.|iiill I'): (i.iiil id llu: mild Dicuctuiit, coui'iieiiiti lliu biimiii'HC niiit 
 uptnitiiiiiN ul the 81111I Dunk. 
 
 10. /!«</ fic i< /'iiilhcr cHitc! •</ '■(/ Ih' itiiihonli/ uj'nrf»iiid, Mmi uw. .Stock 
 prop'Tty, ntlitira, and LOi.cuiiib ul the HitKl ('(.inp.iny, »li.itl Ik iiLtimgrJ 
 Hiul coii-liicteit l>y I'lvt) Dirrclura, one ul whutn ^liaii In- the I'lrtmlent, who 
 I'Xi-epting 11(1 herfiiiititt r ^Jiovultul fjr, sliull hulil ilicir uIIIckn I< r unr vhhi, 
 winch J'l I'Ctom ^tl.lll Itc Niiickli«i|(l''r!i, ni.il ^ll.'lil Le BiilijitU of III; Mnji'H- 
 IV. rHijiling ni iln^ rroMuir, 11. d lie tliciiil ,\\. 1 n, ••img of iliH tSt'iCh 
 liojilf^rs, HI 'u' liolilfii on ilm Inst Miunl.iy in J;inuHry 111 t-vtiy vi'Hr, and 
 lliti mkI I'IcciHiti kli;ili l>t' licii! iind iiudi) liy (tuth o\ itie tiuid htui knoldvin 
 ol ihci Diid H.uik, HH mIi.iII Hlit'iid lor lliut |jnrpii:<(', in tliuir^vvvu ptopxr (icr- 
 nniiH Htid not liv prukv, and h I i'Ic-cIiuhk lur l)irrclur , ^tmll le hy bujlot, 
 and |I|H |icr«onH who infill Itiivi- tin* gic^test nuiiilii r .1 vuiiitiil itny elec- 
 tion, (<ln«li lio ihc Din I'tors t'soi'pt a.- hiTciiiiiUrr dmoici) ; und il n should 
 liapj*«;ii '»l hiiv Hlt'ciion, Hull .11. y two m more (,rrncMi.s hiivciin 1 <in:il uum- 
 \»x of voien in hikIi niiiiiicr, that a ^ttintcr iiiniit" r ol pertuns Uiun hvit 
 «li»ll, hy pluritiity of voles Hppear lo he ihoatin .is l;iii'CtijrH, tlitn tli« 6aid 
 SiocUliiilil«!r4i shall pTorii d tol;il|ot a Hicoini tiiiii', and liy phir.i'iiy 1 I voiis 
 dettTiniae wliicii ol tin) hHiii persons ho haviiifc' an tH|ii:il niimher el vole* 
 hli.ill bt' the Dii'tlnr or Ihri cuns, nj hs in i un.piiii' ihe' wliole i.iiiuhfr I'f 
 l'iv«", and tlif aaid hireiMdu, ^o soon as iniiy \w alitrtht' uaid ile< liun, »h.'«ll 
 proceed 1(1 lik«i mannt'i lo elect by Imllut. unu (d ihfir ruinhcr ly l)«i their 
 l're«idt'iii, uiid three of the Din cmrs wincli sliall I o ehoM'ii iil any year 
 (ti.xci'piiiig llie I'rosnkni.) bhall iioi be rvelected to the olliiH ol Ihrnclor 
 lor one yenr after Iht' cxpititUTi ol iho timi! !jr wiiich ihi y shall bechon'H 
 DircelDrH ; and the I'resnleiit ol li.e proi idling jiar bind, withi.i.i eleciinn, 
 l>« H l)irpclor for the year eiiMuiiin, iim) in c.k>o n.oie ilian yii" ol iliti iJi- 
 rec:o:s (exoluHivn of the I'residi'nl . ho .•.eived tor llie last yen-) nlmll bp- 
 fiear to he electeit, ihen the elertioii of l>ir< cmr 01 Uiree.lois nhove oi.c, 
 ..iid who iiliall have the tcwe«t nous, shall he cun^idtied Mmi, and such 
 olhi'r ol ll<e t>locklt^l<lei» as bha!! ho eln;il)le anil sinll \iii\e the ntxl 
 Ijreaieel nOiiRie.i of vdli'ft, fdiall hw consider* il as hIicimI in the loniii of 
 such litsl leutiou^ Jlirettni di Direi'turv, and who arc herel'y detain d in- 
 capable oi berviiijjhH ilotesaiil ; niid if .iny DiriHlor thoidd inuvo out of 
 itie F'rovince Ills c'llico aha!!' be ccnsiJemd as vacant ; .ml if any vacancy 
 or vacaiicii.':' shoniil Hi any tmio huppeu ninong the Ditcttois hy death, rc- 
 f.ignalion or lenioval froiii Mm) said I'mvinc*', Mich vacaiicv or vacancies 
 bhali bo Idled for.lhc reinaindir of the >iar in whidi they may h.ippen, by 
 il upeciHl (dfction lor tliai (iiirj'ose, lobe Inhl in the ijanio minner as In re 
 inbi'fore diiected r«>ptcling ammul ohctions : V'l'^'ded always, lliai no 
 person shall be cligille to bo a Director who bhiill iiol bo a StL>'-khuldei 10 
 (he amount of at leniit twenty gh^rcs. 
 
'<;::, 
 
 10 
 
 1 1. And he il further cnartrd hi/ the authorilij afoirsaid, that in caHc it 
 nhould ni Htiy lime tiupijon thai an filnctioi; of Direrloia should not b« made 
 on an3f rt;\y when pnrsuanl to tins Act, it ought to have beoii mtiile, the 
 6-»i(| Corporation shall luit for thiil ca\i8P lie din'med to lio dissolved ; bnl 
 tSiut It shall and may bo l.iwlul un any iihcr day, to uold and make an elec- 
 tion of Directors in ai'.rli manner as shall be rcgulaud by the by-laws and 
 oidin.mcRs of the s'lid ('ompany. 
 
 12. And he. tt furlhei enacted dy the avtkority oforctaid, that each Stock- 
 holder shall be entitled to a numbrr of voies proporiioiied to the numher 
 of shares which he or slie shall have held, and shall then continue to hold 
 in his or her own narno at least thirty days prior to the time of voting ac- 
 cordint; to the following ratios, that is to »»" : — for four sliart-, >»i.e vote ; 
 for ten shares, two voles ; for twenty stinres, thrre votes ; fur forty 3hare8, 
 four voles , for eighty shares and uj; wards, live votes an<l no more : Provi- 
 ded always, that no perso\i. copartnership, or body politic, shall be entitled 
 t> more than live votes »t. any such election, !:or shall any peison, not be- 
 ing a subject of His M.ijesly, be entitled lo vote at any such election. 
 
 13. Ar.d he iffunhrr enacted Ay Ihc authority aforesaid, that it shall be 
 the duly jf the Direcioirs to tnake half yparly dividenda ol so much jf the 
 f rhts of the said liank as lo them, or the majority of them shall appear 
 ad^isab'e, and that onof in every three ymrs, and oftener if thereunto re- 
 <)uired, by a majority of the voles of the Stockbo'ders, lo bo given ngrfe- 
 ably to the ratio hereinbefore esiahlishcd, there shall be produced at a gen- 
 eral meeting lo be calkd for that j'urpose, ^.n exact and particular state- 
 ment of the debts which 8hf\ll have remained unpad at the expiration of 
 the origiual credit, for a period of treble the t» rm of that credit, d of 
 the surplus of profits (if any) afr. r deducting losses and dividends. '^' 
 
 14. And he rt further enacted hy the uvthcrU'J of ■repaid, tliat the )')<tvc- 
 tnrs for the time being, or a niajoriiy o( ihein, shall have power to n" .a 
 and subscribe such rules and regiilutioo.s as to them shall appear n .dlul 
 an. I proper touching the »al^ries to be paid to the said Directors ; the se- 
 curity ;o he taken Imm tlic Cashier, Clerks, and other officers ol tlie said 
 Compa'iy. and thtir duties and conduct, and all such other matters as ap- 
 periain lo tlie bu;?iness of a IJank, and shall also have pn.ver to cippoint h* 
 many officer.s, clerks and scrvant.s lor carr)iug on I'^e naid tiusinets, aiid 
 with sucli salaries and allowances as lo ihein dliall Kuem ineet ; and also 
 touching the regulatiot: and management of all District B.rajn-hen to be es- 
 tablished under the piovisions hereinadi'r contained, piovided Ijiat such riles 
 and regulations be not repugnant to ttic laws of this Province, and the pro- 
 visions of tins Act. ,_ 
 
 15 And be it fuither enacted by the authortiu aforesaid, that the total 
 amount of the debts which the said 'Jompany shall a. any time, owe, whe- 
 ther by Hond, Bill, Mote or other cortract over and above the mo^ieath<>n 
 actually ileposiied in the Bank, and ttie borroweci Capital of the said Pom- 
 l>any shall net exceed three tunes ihe anioitnt ol the (.'apital S(ock sub8cri<\^(' 
 bed and actually paid into the iiank or secured upon MortgAge Rcnordui^,» 
 to the provfsioiis of this Act; and ir> case of such excess, I le Directois 
 under whose administration it shall happen, shall be liable fur the (ame in 
 their natural and private opacities , but this shall .loi be construed to ex- 
 empt the said Company or any estate, rf^l or pcrsiKial, which they may 
 hok! as a tjody corporate from being .i!ho iiaMe lor, and changeable with, 
 the said excess , but such of the taui ' ' ectors who may have been absent 
 when the said excess was conlracu^d, >r who may have dissented from the 
 Hesolutiot. or Act whereby the same was so contracted, may respectively 
 exonerate themselvep from being so lianle in their individual capacities, by 
 {;iving immediate notice of the fact, and jf their absence or dissent, to 
 '.he Stockholders at a general meeting which they shall have power to call 
 (or that purpose. . ^ -■ 
 
 16. And be it further enacted by iht authorUy aforesaid, that it shall not 
 
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 ing 
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 \>9 Uwfnl for the laid cnmpnny to isiue «ny note or bill umJcr the talne of 
 fiv'a thiflings of lawful moiioy nf tito Province of Upper Cannda. 
 
 17. And f>€ it furl/ier enacted by the authority afbresaid, that the lands 
 renementi and her«ditamont», which it shall be lawful for the said compa.iy 
 
 '!)hold, 8hali be only such as shall be requisite for its immcdiaio accom- 
 niudation in relation to the convenient transaction nf its buHineds ; or such 
 as shall have been bona tide morti^aged to it by way of security or convoy*!'! 
 to jt in satisfaction of dobts previously contracted in the coursu of its defil- 
 ings, or purchased at Sales upon judifinents which shall have been ol>t;iined 
 for such debts, and further the said company shall not«Jii«rf!yur indirectly 
 deal or tradn in buying or sellingrany goods, wares, or merchandiHe, or com- 
 roodilie^'WlfMsoever : I'rovidfMl th»t nothing herein contuinrd shall in onv 
 wise be ecfnnirued to hinder tlic said company from dealing in bonds, hills of 
 exchange, or promissory notes, or in buying or selling bullion, gold or silver, 
 or any other security for money usually traded in ny b'lhlierH. 
 
 18. jifidbe it further enacted by the authority aforesaid, thai the shares of 
 the said company shall Ln transferable and may t)e fium time to tiina 
 transferred by the respective persons so subscribing tho same, provided that 
 auch transfer be vnlered or registered in a book or booKw to be kept for that 
 purpose by th? directors. Provided always that the secuniy criginally given 
 Im retAined by the Commissioners unless the tull amount of the stock be 
 paid. 
 
 19. And be it further enacied hy the authority aforesaid, that John Simcoe 
 Macaulay, William BotsfordJarvis, Charles Coxwell Small, William Caley 
 nnd John Ewart, be Commissioners for the purposes hereinafter luentiuned, 
 whi6f '■lid Commissioners and their succeflsora to be appointed as herein- 
 atter . ,.>vided, shall be and are hereby declared and ordained to be a body 
 corft<^ftte and politic in fact and in name but fur the purposes of this act 
 onllf, >r«l shall be designated and known by the name or style of the Com- 
 misiitfifers of the Freeholders Dank of Upper Canada, and ihat by th<it 
 name ther and thrii successors shall and may have continual succession, 
 and shall be persotfd in law capable of suing and being sued ; pleading and 
 being impleaded ; answering and being answered unto : defending nnd 
 being defended in ifn courts and places whatsoever in all manner of actions, 
 suits, complaints, matters and causes whatsoever ; and that they and their 
 successors may have a ccmmon Seal and may change and may alter the 
 same at their pleasure — and also that tbey and their success >rs by this 
 same nain#of the Commissioners of the Freeholders Bank of Upper Cana- 
 da, sbal* be in kiw c:tpable of holding, conveying and releasing, any estate 
 res' or personal, conveyed or intended to be conveyed )u thetn for the pur- 
 {KTses in this art expressed, provided that no persu i being a Commissioner 
 sitall be a Stockholder or otherwise interested in the said Company 
 
 20. Ar.i be it further enacted by the authority aforesaid, that so soon as 
 the nwrn^er of shares to which any subscriber or subscribers afort said, shall 
 trtcome entitled under the provisions of tliisa^t shall have been definitively 
 Hbi&A«iT)e(!, it shaU be the duty of the board of Directors to cause every 
 'Xocb subscribe! to be duly notified of the amount and number thereof, and 
 tbereopoa, to nequirs such subscriber or subscribers f 'rthwith to pay up the 
 residue of his subscription, or to give the si-curity for the full amount of 
 the share or shares by him Jier or them subscribed for and as by this act is 
 required, and in case spch subscriber br sub;, -fibers shall elect to give the 
 security required it shall and'in.ay be lawful fur him, her and them, so to do 
 upon the terms and conditions and f|f|iject to the regulations to be imposed 
 and directed from time to time by th%sftid Commfssioners, in the name or 
 names of such subscriber or subscribers, togetlier, also with a certificate iii 
 writing under the hands of two sworn appraisers of the said Company to be 
 appoitited and sworn as by this act is provided of the present marketable 
 value or price of the said security so offered. 
 
 ' . And be it further enacted by the authortiy aforesaid, that in case tJie 
 
 l." 
 
■k 
 
 •'ii<1 boanJ of (/oniinissionera shall not be satisfied with the spcuriiy offered 
 Ly any sucli Nubsr.ribtr or HubKcriberM, it shHll be ihe duty of the said board 
 of CoiniiiiRHioiiitH iDiiluvith in iuu»o notwr in wiiting to be given to such 
 hubbcribiT nt i<ub!>cril»'is nf iIih santr, uiid such biiliscriber ur bubscribrrs 
 shall thertupon have i; '! privilege vviihiii such roasunublH time as the board 
 111 Coniniissioriern shall appoint to substitute ami oll'er otiier (rpcbuld secu- 
 rity fur the consiileratiuu of the said rioatd uf (ViiitiUiSMoiiers in the ruoin uf 
 the security so icjectf)(i, ar Iho samti lime alfoKliiifj such saiisl.icinry evi- 
 lience hud proof of \.\\^ suUicii'iicy of such security as hetciuheioro ib requir- 
 ed to he given in relatiun geiicrnl!y lo such Hecuiiiies. 
 
 23. Andbeilfurl/urKnuriidhf/t/tcaullwriti/offtsaid, that when anil 
 so soon as the security ii(}eri") by any sucti subncnber or subseribers shall 
 ii.'«ve been approved and accepted by llie said board of Coaiini8.iioner8 it 
 shall Uv iliH duly uf the ^ild Coinriii.ssiunt'r>?. to teijuiie such subscriber or 
 siut)sciihers, to excciUA to them and th"ir 8nccei>tiur!i a mortgage in fee aim* 
 pie ot iho real estate comprised in such proposed securitj— which said 
 fuoripiiiie shall be duly executed l»y such subscriber or subscribers, as well 
 fis by hi.- or theii wif« or vKives where dowcr shall be required to be barred, 
 h-o iirt to convey a clear iiniiirumljerKd eeiiie in fee Hiinple to such Coinniis- 
 Ktoners and ilinr snci "ssors, Jirid such iiioriKaije shall be executi'd by the 
 ri'speciive parties in tlio .Tresmce of ami fcli ill oe atU'sted by at least two 
 ^Vilnesse^i o.ii: of'wiiom Kl.all be a justice of the jieace, or an altuiuey at 
 law, iWid shal: le iu the NilioMing furiii, or !i!> near thereto as Circuiiiataitvtit 
 will admit, 
 
 KNOW ALL ME?ii by these presents that 
 
 of in the district of 
 
 r t :<■ f f. in the Province of Upper Caiiada 
 
 ;, being n Snbscrdier for 
 
 shares m the capital SiocI of the Freeholder's Uank of Upper (^anada, 
 Hiiiouiitini; lo the sum of pounds, 
 
 ill pursuance, of ih»' provisi lis contained in the act of incorporation of the 
 hH.ld CiJinpany, passtid in if e seventh year of the reign of his Majesty King 
 William tho fourth, entitle j au act tStc. 
 
 doth by thpSR presents grant bar$rain, sell, convfly, alien, release and assure 
 iinio the Commissioners ol" the Freeholder's Bank of Upper Canailn, and 
 their successors, all and sineular the parcels or tracts of ia^.'}, meuaages, 
 teiif iiif nts, buildings, horediiMmen:s, and premises, mentioned wid dee- 
 cnbed in the «cliedule thereof hereunto annexed, together v»ith all their rigble 
 nienibei,:! am! appurtenance^^, and thi^ reversion and reversions remainder and 
 remainders r<nt issues and prohts thereof, arrd a'l the estate right title ami 
 iiilorest uf him {at IhM ) ihe said 'iiotli at 
 
 law and iu e(|uity therein, 'i'o have and to hold the said parcels or tracts of 
 land, hereditaments and premises aioresaid with their appurtenances, -uulo 
 and to the use and behoof of the said Cummlssioners anil ibeif succeseore. 
 but nevfrtholexs upon the several trusts and for the purposes in&iitiunedau<i 
 expressed in the said ttct ot ineorpoiation, and (as ^he case may be) 
 
 tiie wife of the said in con- 
 
 sideration of five shiUinus of lawful money to her paid by Ihe said Conmiis- 
 bioriers, hath .emisei), released, and lor ever relinquished and by these pre- 
 sents doth reniibP re>r.se and for ever retinquish unto the said Comrnitsion* 
 eis and their successo>s. ail, and all manner of dower and right or title to 
 dower what-soever, which she the said in the event 
 
 of surviving the said her husband miahl or 
 
 ought lo have .1 claim into or out of the said hereditaments, and till manner 
 of action and actions, writ and write o( dower whatsoever. In Wilneea &«.• 
 
 i 
 
 ■■;V» 
 
 
^'S 
 
 >m 
 
 
 # 
 
 fORM OF THE SCIIEDUJ.E TO UK ANNKXEO TO THE MOftTGAfiR. 
 
 Number of lot 
 
 Conce>8i(in 
 
 Ton iiKliip 
 
 DiNlrici 
 
 number nfacrrs 
 
 itppraised value 
 
 i1. ■ Vfl. 
 
 •?-. Ill -IP 
 
 1 ■ ■ , ; • , , , • , 
 
 . '1 ' 
 
 1 
 
 
 
 
 23. And be it further enacted by the niithority afores.iid, thai the costs 
 nf repiHlratiori only uf tveiy Mich innrtgHpe shall be defrayec'l by th<{ Share- 
 tiulder or Shareholileis r.xecutiiig ilio ».iiiie, and uhall be ciiarged to his or 
 hernccuunt v<riih the Uaiik 
 
 S4. And bu It iurllier iMiactPd by the a\ilhority aforrsaid, tiiat it shall be 
 tlie duty ot the said (Jontmi^tjiouers tu numiiialH ai'it appoint Iruin lime to 
 time, 8ucli| and so many tit and proper perauna, and at their free vvill and 
 pleasure to rt'inove and others to appoint, iin to the said Coininiasioiiers or 
 H iiiHjoriiy of them sliai! sfv.iu meet in e<ich and evi ly District in this Pro- 
 viFce, to ai-t its appraiiif rs lit leal ec-tate intended to be oH'ered as security 
 under tlie provisions uf this act, and it shall be the duty ol the said apprais- 
 ers or any two of ihcin, upon ft quest made by any Subscriber or Subscrib- 
 ers, Shareholder or fShartbolilers, to attend inspect and survey the lands, 
 tenGmeiils, buildings, and other hereditaments proposed as such security, 
 and thereupon to declare and certify in wiitinti to tiie said Commissioneis 
 what in their opinion is the tair and real value of such property and desciit> 
 iiig also any |>€cu!iar advantages or privileges that such properly may pos- 
 sess, and be calculated in the opinion ul such appiaiseis to enhance the value 
 of the s-iine ; and in case the said appraisers shall sec reason to expect that 
 any propeny winch they in ly l>e so called upon to value, shall or may be 
 reasoiiatdy expected to diiiiini>h in value, it shall also be the duly of such 
 appraisers to declare and certify in writing to the said CoiniiMssioncrs their 
 opiuion thereon lully and impartially, and the grounds thereof. 
 
 25. And be it further enacted by the authority aioresaid, that every 
 such appraiser belore he shall enter upon his said oflice, shall lake the fol- 
 lowing oath before any one of Ilis .Majesty's Justices of the Peace, who is 
 hereby fully authorised and einpuwert d to administer such oath. 
 
 I, A. B. do swear, that I will laithfully and impartially appraise and 
 value all such lands, teuemeots, buildings and property, which I may be 
 from time to time required to value by or on behalf of the Commissioners 
 of the Freeholders Uank uf Upper Canada, and that I will declare and cer- 
 tify nay judgment and opinion thereon truly and impartially according to 
 lira requisitions and provisions cutilained in a certain act of Parliament uf 
 t^is Province, made and passed in the seventh ytarof His Majesty's reign, 
 entitled *' an Act cf-c. So help me God. 
 
 26. And be it further enacted by the authority aforesaid, that every such 
 Surveyor miking such appiaisenient on actual Survey as aforesaid, shall be 
 enlitled to charge and receive fioin the person or persons to whom such ap- 
 praised property shall belong, such fues and charges as by the said Com- 
 missioners, shall be tixej and appointed, and thai every such appraiser shall 
 hold bis ofliuo during pleasure only uf the said Commissioners, and shall and 
 may be removed by them and another or others appointed in their room and 
 stead at the discretion of the said Commissioners. 
 
 27. And be it further enacted by the authority aforesaid, that the said 
 Commissioiicrs shall have power to appoint such and so many otlicers, 
 clerks, and servants far carrying on their department of the said business, 
 and with such sal.aties aud allowances to be paid out of the profits of tho 
 
 ■1 
 
 ii 
 
 i 
 
 t ' 
 
^ I 
 
 14 
 
 flaiJ Bank as to thnni sDi.ll aeem tnHet, and to make such rules and rego* 
 lations for the conduct and management of such ofHcerfi, clerks and aer- 
 vants, and of the business in ;heir department as tw them shall appear 
 necessary. 
 
 S8. And be it further enacted by the authority aforesaid, that all houses 
 buildings, and erections, which shall or may form any part of the security, 
 in morrgflge to the said Commistiioners as uforesaid, shall be annually 
 insured at the expense of the party or parties making or executing such 
 mortgage in the names of the s-iiil boinmissioners, and for such amount as 
 the said Commisoioiiers shall think proper, and in such Office or Offices of 
 Insurance against loss or damage by fire, either in this Province or in the 
 United Kingdom of GtfHt Britain and Ireland, or elsewhere, as the said 
 Commissioners shall think proper ; and in case of loss or damage by tirn 
 the amount due and payable by virtue of such insurance shall upon receipt 
 thereof by the said Coinmifsioners and at the option of the mortgagor or 
 mortgagors be laid out and pxpend»d under tite direction of the said Cum- 
 missioneis either in rebuilding or repairing the said premises, buildings, and 
 erections, or in or towards the piiymenl of so much of the Capital Stock of 
 the said Company as such mortgagor or murtg tgors shall have dubscribed 
 for and shall still be standine in his, her, ur tlieir name or naiiies. and in 
 respect of I'^e oaid premises which shall be so destioyed or damaged by tiru 
 and the surplus of such amount (if any) shult be paid to the iri.t- 
 gagor or mortgagors, his, her, or their executors, administrators or 
 assigns. 
 
 29. And be il farther enacted by the auih(r>ly ofi,reaaid, that in esse any 
 shareholder or shareholders shall be desirous at any time after having 
 executed any mortgage or mortgages under the provisions of this Act to 
 sell and dispose of any part of the property so mortgaged, it shall and may 
 be lawful for the said Commifsioners for the time being, upon every rea- 
 sonable application to be made for this purpose, to release and convey to 
 the purchaser or purchasers any pprt ur portion of the said murtgaced 
 premises, lot being less than one whole lot, if consis-ting of land in any 
 Township and not within the precincts of any Town ur City ; or of a town 
 lot and dwelling house thereon if situated within any town or city : provided 
 that the purchase money be not less than the actual amount of Stuck held 
 in respect of such premises, and of any accmulatcd charge thereon by way 
 of insurance or otherwise, and provided also fliat the purchaser or purchas- 
 ers of the same do pay so much of such purchase money or purchase 
 monies into the hands of the said Commissioners as shall redeem the Stock 
 and such accumulated charges held due in respect of such premises to 
 be applied and accounted fur by the said Commissioners in the manner 
 provided by this Act. 
 
 30. And be it further enacted by the authority aforesaid, that every soch 
 shareholder or shareholders in the said Stock ul the said liank shall annu- 
 ally at his or their own costs and charges pay up and discharge all arrears 
 of taxes, charges rates or assessments which now are or at any time hereaf* 
 ter shall be taxed, charged, rated,*assessed,or imposed upon the lands and 
 premises expressed in any mortgage or mortgages executed under the 
 provisions of this Act by virtue of any law now or hereafter to be in force, 
 imposing upon and charging or rendering liable to be charged such inort- 
 gaged premises or any part thereof with the payment of such taxes, charges, 
 rates or assessments aforesaid so as to keep the same free from incum- 
 brances and prevent the liability of such mortgaged premises or any part 
 thereof to be sold under any law in force in relation thereto. And in case of 
 his, her or their neglect or refusal so to do, it shall be the duty of the Board 
 ef Commissioners to direct the payment of such taxes, charges, rat^s or 
 assessments by and out of the profits of the said Bank and the » ^ '^spou- 
 thereof so paid shall be charged to the account of such shareholder dl "^*^ 
 shareholders who shall neglect or refuse to pay the same. 
 
15 
 
 ratfs or 
 ^ or .espou- 
 
 31. And be tt further cnaclfd btf Ike authority aforesaid, Ihnt in cann 
 any ahiireholder or shnreholders shall bo desirous ol redenming his, her or 
 their mortgaged Estate in the hands of the 8<id commissioners or any part 
 thereof (not being less than a whole lot or a Town lot as afoiesaid) it shall 
 and may be lawful for him, her or them so to do at any time upon paying 
 the full amount of the Stock by him subscribed tor, or the balance thereof 
 duo and owing by him and lor which such Estate, or in case of redemption 
 of a part of such Estate only, then upon paying the amount of the Stock 
 or the balance thereof due and owmg by him in respect of such part a* 
 snail have been so moitgHged into the hands of the said Commissionera 
 and upon payment of such money the said CommissioHers shall give a cer- 
 tificHte thereof in writing specifying the lands and premises which h'ave 
 been so redeemed, and which certificate shall be in the following form or 
 to the following effect. 
 
 FORM OF THE COMMISSIONERS' CERTIFICATE OF 
 REDEMPTION. 
 
 To all to fvkom these presents shall c^me Greeting : 
 
 These arc to certify tnat the Lands and premises comprised in ih« 
 Schedule hereunto annexed have been fully redeemed, and are now released 
 and discharged from all claims and demands wbaisoever in respect of any 
 mortit'age, debt, or security, given to the Commissioners of the Freeholders' 
 Bank of Upper Canada. In testimony whereof the said Commissionerv 
 have caused their common Seal to be hereunto affixed this daj 
 
 of One Thousand Eight Hundred and 
 
 (Schedule referred to in this certificate the same form as the Schedule to 
 
 the Mortgage.) 
 
 Which certificate of redemption under the common Seal of the aaid 
 Commissioners shatl at law as well as in equity operate as a reconveyance 
 from the said Commissioners of the said moitgaged premises or such part 
 thereof as shall be specified in such certilicate to such shareholder or share- 
 holders or other person or persons entitled to redeem and actually redeem- 
 ing (he same and to his, her or their heirs and assigns as fully and effectu- 
 ally as if an actual reconveyance of the same had been made or executed 
 by the said Commissioners to him, her or thorn accordingly. 
 
 32. And be it further enacted by the authority aforesaid, that the affaira 
 of the Bank shall be at alt times open to the inspection of the Commia- 
 sioners who shKll have full power to require the production before them of 
 the hooks and papers of the said Company and the said Commisaitmera 
 shall aleo be auditors of the accounts of the said Company and subscribe 
 together with the other principal officers of the said establishment an annaal 
 statement of its aflfairs to be laid before Parliament as hereinafter ia 
 provided. 
 
 33. And be it further enacted by the authority aforesaid, that the aaid 
 Commissioners shall attend once a week at the least at the office of the 
 Banking establishment at the Seat of Government and shall be paid by and 
 out of the profits of the said Bat ' '<in annual salary or stipend at the dia- 
 cretion of the Directora for their services and (except in case of death, 
 resigi^ation, absence from the Province or incapacity) shall be removeable 
 from office only by some manifest, wilful, or fraudulent abuse or neglect of 
 office. 
 
 34. And be it further enacted by the authority aforesaid, that in case cf 
 the death, resignation or absence from the Pro«ince for the space of 8i& 
 months at any one time; or in case of the neglect or refusal to act, or the 
 incapacitv or removal from office of any of the Commissioneia to be 
 
 Xiiitru'am 
 othsnKk: 
 
 :in> 
 
 .nder the provisions of this Act, it shall be lawful for 
 Qg or cbntinuing Commissioner or Comitiissionera from time to 
 
 time aa often as occasion may require, to nominate aud appoint one or more 
 
,».*^'tfMi^... >."Vm 
 
 mmmmmmm 
 
 16 
 
 CominiKi^iiirn'r ur Cutiiiniiitiiuudrs in llio room and hIouiI oI the <^MI^llj!t' 
 tiiuncr or CiiitMiia^iijiii)ri> tut (lyiiii; ur rcdii^iiiiii;, or duin^ alituiit Iroiii thu 
 J'rovioce. or ii»Kl»;ciiiig or relimiog lo act, or boiiia iiicapilili) to act, or being • 
 ruinoveil troiii olliue m iilorti!taiJ ; piuvi<ii-(l alwaya thai iioiiiios III llim Act 
 coiilaiiiud ttliall be coasirunl tu autlionse tli« appoiiiiiiiuol and uoiili nuance 
 ill uflicH o( iiioru Ihaii live CoinrnlsHionurtt at any oo« iiiiir. 
 
 35 And t>H it lunlur enacted l>y llie autiioriiy aloienaiil, that so auun 
 H8 a iiioiHty ol lh»i c<i|iilal Stjcliol the said Cooipany »huil have bueii sutt- 
 •cnbed lor, and iiiong.t^e ■licoriiiui given to iliunaid CoiniiiisaioDKrti in the 
 liianner hereinbulore (jrovidud. it shall and iniy be lawful for the HHid Cotn- 
 itiiasioners to coo:r:iut with any pcriton or peidons who ahall be willing lu 
 ailvancp the saniH lor the advance and loan of so innch ol the said capital 
 8tock ot the vaid Company as itball remain unpaid and be required by tiie 
 said coriip my. and tlie capital so to be lent and advanced shall be repaid bf 
 the said Coiiijiany at the lime to be agreed on, and shall bear interest in 
 the meantime, ptyai>le hall-yearly, at the rate or respective rates which the 
 said OoiiimisKioii r:< shall contract to pay tor the same , Provided always 
 that such iiitt-rosi slitll not excted the rale ot Six per cent per annum, and 
 the capital so borro\ved Ity the said Company «liall be secured to the person 
 or peisons advancing the same, together with the initrest thereon payable 
 at the rate and in manner aforesaid, as well by the inurttiaged real 
 estate in the hands of the said Commissioners, as al<o by such other obli- 
 gations and securities binding upon ttie said Company, their properly nnd 
 ctTects as shall be reasonably requited by ur on behalf of the said person or 
 persons. 
 
 36. And be it further enacted by the authority afutpssid. that in case of 
 any sale or redeinpuon of anv part of )htt premises in iiioitga^e to thu said 
 Commissioners as aforesaid under any ot the pruvisioii:) ol this Act thu 
 shareholder or sharcliolders whose property shall be so sold ur redeemed 
 shall be entitled to receive in his, lier or tli> ir account with the iianln 
 over and above his, her ur their dividend or dividends interest upon all 
 monies arising from such sale or redunipiion from the lime of payment tu 
 the said Coininissiuners at the same ralu ilie Company bh.ill be liable tu 
 )itfy upon ilieir boirowed capital. 
 
 37. And be it larther enacted by the authority aforesaid, that the said 
 Commissioners and their successois sli-ill iiold the said mortgage securi- 
 ties and premises and all monies ihil shall come into their hands under 
 any ol the provisions conlainoil in this Act in trust lo secure the repay- 
 ment of the capital lo be eo borrowed by the said Company at the liiue and 
 lo manner aforesaid, together with interest iher<>o>i, at Uie raie and (u ths 
 manner aforesaid, and in case the said Company shall fail to jiay the iiiter- 
 eat fur the time beiim due and uwinj upon such borrowed capital and bucli 
 interest or any part thereof shall happen to be in arrtar and unpaid lor the 
 space of one whole >ear ; or in case the &aid Company shall IhiI to pay the 
 principal of the said capiul eo borrowed and remaiuing <lue ; in either of 
 such cases it shall be the duVv of the aaid Cominis^ionerb and their suci 
 cessors, and ih^y are hereby required after any such dofftult from time to 
 time to sell aijd disfose of all or any part or parts of the premises so reinam- 
 ing in mortga^ . ^as aforesaid either by public sale or private contract aiyl 
 in such ipts, parts, !:liarcs and proportions, an^ upuu such terms and cou- 
 ditioi)8 and fox such price or pri(;e8 as the said Couiinit^siuners lor the fnne 
 being, shall think proper ; and upon receipt of the purchase money or 
 purcli4se monies arising Irom any such sale ur sales the said Commissioners 
 shall ponvey hy an instrument ur instruments in writing under their com- 
 toon Seal lo such purchdseror purchasers ihe premises by him, heir or them 
 reepectively purchased, and to his, her or their heirs and assigns , and 
 such purchaser or purchasers shall not afteiwards be held liable jr .espou- 
 sibie for the purchase money or the application thereof, hut Bhali»4?/Lraay 
 bold the pret^nises so conveyed tg him, her ur them free fioui ail trust, 
 
• C nil iiis- 
 t Iruiii thti 
 ct, or being ' 
 111 litis Act 
 Dim nuance 
 
 lat 80 suun 
 I bueii itun- 
 jiiKrs ill tliu 
 I MHid Cum- 
 a willing lo 
 aaiil capiial 
 uiriU by ilie 
 be r»'|)Hid by 
 ' iiiierest in 
 3s whicii the 
 ideil always 
 aiiiiuiu, and 
 u tlie pursun 
 leuii payable 
 riyaged real 
 h oilier obli- 
 iroperty and 
 M person or 
 
 iHl in casfi of 
 e lu tliu said 
 ilii» Act iliu 
 ur rtideeiiied 
 I the Uaiiln 
 tml upon a!i 
 f payment lo 
 1 be iidt.'Je to 
 
 llial tliu said 
 ((•age stvuri- 
 
 haiids under 
 re the fppay- 
 
 ihe liine and 
 tib and ui UiS 
 pay llie intor- 
 piial and tiucli 
 jiipiiid lor tbo 
 iHil to pay lite 
 i lu either of 
 ud their suci 
 
 from Uine to 
 SBS so reinaiii- 
 e contract &(yl 
 nm» ami coii- 
 rs lor the t'Uie 
 DSC money or 
 commissioners 
 der their coiii' 
 u, heir or them 
 
 assigns, and 
 ihlek .espou- 
 Bhali!»wLmay 
 :ioui all ,i.r^«t, 
 
 m 
 
 KtpcruibilUy, power, and equity of redemption, any law, statute, or rule of 
 iHw ur equity lo the contrary notwithstanding. 
 
 33. Provided always nevertheless, and b« it farther enacted by the 
 authority aforesaid, that the mortgagor or naortgagors of any such mort- 
 gaged premisea shall be entitled to redeem the same at any lime before- 
 such sale upon tendering the full amount of the share or shares mentioned 
 or eipressed in the mortgage deed. And provided alw i that the premi- 
 ses comprised- in any such mortgage or mortgages shall he charged and 
 chargeable only with the particular amount of Stock intended to be thereby 
 secured and not with or for the Stock mentioned or eipressed in any other 
 mortgage. 
 
 39. And be it further enacted by the authority aforesaid, that in order 
 lo the redemption of 'he capital to he borrowed by the said Company in the 
 manner aforesaid, and for payment of the interest theieon no dividend of 
 profits of the said Briiiking business «hall be made among the Stockholders 
 until the jnterest upon the borrowed capital shall be first provided for and 
 paid, and a sum equal to one-fiflh part of the clear net gains and prnnts of 
 the said Company after payment of all expences shall be appropriated on 
 account of a deposile fund to be called the sinking fund which shall be under 
 the minagemcot of the said Directors, but the funds thereof shall not be 
 abstracted from the capital of the said Bank, but shall be united therewith 
 and shall participate in the profits thereof, and the principal of the said fund 
 shall bear interest at the rate of Six pounds per centum. 
 
 40. And be it farther enacted by the authority aforesaid, that a separate 
 account shall be kept by the said Company to shew distinctly the operati<^n 
 of the sinking fund, and the amount and increase thereof ftom time to 
 time, as well by the additions thereto at one-tifth part of the profits of the 
 'aid Bank, as also by the addition of interest on the principal a' the rate 
 aforesaid, to be taken by half-yearly rests up to the same time that the divi- 
 dend become due, and the interest so from time to time due on account of 
 the sinking fund, shall at each half-yearly rest, be added to the principal of 
 such sinking fund, so that the same shall accumulate by the way or in the 
 nature of compound interest, and shall thenceforward bear interest at the 
 rate aforesaid, until by the opeiation of the same a capital shall have been 
 created sufficient to pay off and discbarge the whole of the remaining 
 borrowed capital of the said Bank. 
 
 41. Provided always : And he it further enacted by the authority afore- 
 said, that if at any time before such borrowed capital shall become due and 
 payable, it shall so happen and be found that the amount of capital created 
 by the opeiaiion of the sinkinf fund by the ways and means aforesaid shall 
 be equal to the borrowed Capital so due and owing as afbreeaid, that then 
 and from thenceforward, no further increase or addition shall be made to 
 the capital of such sinking fund either of principal or interest, but the 
 interest and profits thereof shall fall into ."^9 form part of the general pro 
 fits of the said Bank. 
 
 42. And be it further enacted by the authority aforesaid, that when, 
 and so soon as the capital of the sinking fund shall havexmounted to the 
 capital borrowed and due, or owin^ by the Bank, if it s^ • so happen that 
 the sinking fund cannot, from an excess of capital, be [Sofita^'y employed 
 in the business of the said Bank, it shall be the duty of ^^^' Directors to 
 purchase Government debentures therewith, or with so iy,i](.|] 'hereof as it 
 may be deemed advisable so to expend, such debentures, b^ji^ip„ an interest 
 not ' i&s than the interest payable on the borrowed capital i^f ^(^^ said Bank, 
 and every purchase of Government debentures so made Sj,^]] ^^^ duly cre- 
 dited and accounted for on the debit side of the sinking n^^j ace?""'' ^''^ 
 otherwise appear plainly arid explicitly expressed in the uL^|^ ^^^^unts. 
 
 43. And be it further enacted by the au'hority aforesSjd jjj^^ j* shall 
 not be lawful for the Directors of the said Bank to credit iLy stockh''''^^'^ 
 
 a .! • \ «« S 
 
 \ 
 
■*^ 
 
 ! 
 
 18 
 
 with any open cash account beyond half the amount of hi* Stock, without 
 taking the same security aa would be exacted from any other individual. 
 
 44. And be it further enacted by the authority aforesaid, that the Bill* 
 obligatory, and of credit under the Seal of the Company, which shall be 
 made to any person or persons shall be assignable by indorsement there- 
 upon, under ibe hand or hands uf such person or persons, and of his, her, or 
 their Assignee or Assignees, and so as absolutely to transfer and vest the 
 property thereof in each and every Assignee or Assignees successively, and 
 10 enable such Assignee or Assignees to bring and maintain an action 
 thereupon, in his, her, or their own nnme or names, and bills or notes which 
 may be issued by order of the said Company, signed by the President and 
 countersigned by the principal Cashier or Treasurer, promising the pay- 
 ment of money to any person or persons, his, her, or their order, or to 
 bearer, though nut under the Seal of the said Company, shall be binding 
 and obligatory upon the same in like manner, and with the like force and 
 effect as upon any private person or persons if issued by him, her. or them, 
 in his, her or their private or natural capacity or capacities, and shall be 
 assignable or negotiable in like manner as if they were so issued by such 
 private person or persons. 
 
 45. And be it further enacted by the authority aforesaid, that the said 
 Company shall not demand any greater interest on any loan or discount 
 than at the rate of six per cent, per annum. 
 
 46. And be it further enacted by the authority aforesaid, that the said 
 Bank shall be established, and the buildings necessary for the accommoda- 
 tion thereof erected, purchased or leased, and the business thereof at ail 
 times hereafter trans icted at such place at the seat of Government of this 
 Province, as the Directors or a majority of them may appoint : Provided 
 always, that so soon as the shares subscribed for in any one District 
 shall amount to the sum of one hundred thousand pounds and such amount 
 shall be either paid or secured by Mortgage of real estate in that District, 
 pursuant to the provisioi s of this Act, such District shall be entitled to 
 have a branch bank,which shall be under the management of three Direc- 
 tors, to be chosen and nominated annually by the Board of Directors at the 
 seat of Government, and shall be subject in all respects to the control and 
 direction of the Board of Directors of the parent Bank, and shall be mana- 
 ged under stich by-laws as they shall from time to time make for the con- 
 ducting and regulating of District Banks. 
 
 47. And he it further enacted by the authority arore8aid,that the capital 
 of every such branch bank shall be limited to, and shall not exceed the sum 
 of one hundred thousand pounds, and the precise amount thereof, shall be 
 determined by the Board of Directors of the Parent Bank, and the Com- 
 missioners aforesaid, and shall consist of the notes or obligations of the 
 said Company, and be issued from, and supplied by the Parei?t Bank. 
 
 48. And be it further enacted by the authority aforesaid, that if at any 
 time after the passing of this Act, the said President, Directors and Com- 
 pany should refuse on demand being made at their B<:nking House at the 
 seat of Government during the regular hours of doing business, to redeem 
 in specie or other lawful money of this Province, their said 13ill8, Notes 
 or other evidenc^ of debt issued by the said Company, the same being ac- 
 tually due anilfji Ji)le to be demanded, the said President, Directors, and 
 Company sh^ gU pain of forfeiture of their Charter, wholly discontinue 
 and close tha^' ^ id banking operations either by way of discount or other- 
 wise, until Jtch"^'""® *' ^^^ President, Directors, and Company shall 
 resume the ■^(je^iption of their Bills, Notes or other evidences of debt in- 
 specie or (m^^j jawful money of this Province. 
 
 49. A|^ ^g |t further enacted by the authority aforesaid, that the Pres- 
 ident anji Qygijier of the said Bank for the time being shall make a return 
 under g^|j ^^ |he Provincial Parliament, once in each year if required, 
 either^y ^^^ j^^gislative Council or House of Assembly, which retuin shall 
 '^*"'!^n a full ar^^ '^^^ account of the funds and property of the said Bank, 
 
 ^mmgwy^^^ji '- 
 
 / 
 
ck, without 
 idividual. 
 at the Bills 
 ich khall be 
 nent there- 
 his, her, or 
 md vest the 
 issively, and 
 1 an action 
 notes which 
 resident and 
 ng the pay- 
 order, ur to 
 I be binding 
 ke force and 
 ler. or them, 
 and shall be 
 ued by such 
 
 hat the said 
 or discount 
 
 19 
 
 the amount of its capital Stock subscrilied and paid, the amount of debts duo 
 to and from the said Dank, the amount of liills and Notes issued by the said 
 Bank in circulation, the state and condition of the sinking fuiid, and the 
 amount uf Specie in the said Bank a( the time of making such return ; and 
 the said return having been first submitted to and approved of by the said 
 Commissioners, shall likewise be subscribed by them before the same shall 
 be presented to Parliament. 
 
 51). And bo it further enacted by iho authority aforesaid, that this 
 present act of incorporation shall in no wIno be forfeited by any ion-user at 
 any time before the tirst Monday of January one Thousand Eight Hundred 
 anil Koriy-oiie. 
 
 AIICHD. MiLEAN, 
 
 Spca/;rr. 
 t'ommons Houso of Assembly, 
 yihday.of February, 1837. 
 
 JNO. H. UOBINSON, 
 Speaker. 
 Legislative Council Chamber, 
 23rd day of February, 1837. 
 
 hat the said 
 
 accommoda- 
 
 thereof at all 
 
 iment of this 
 
 nt : Provided 
 
 one District 
 
 such amount 
 
 that District, 
 
 le entitled to 
 
 three Direc- 
 
 ectors at the 
 
 control and 
 
 lall be mana- 
 
 for the con- 
 
 lat the capital 
 seed the sum 
 Ireof, shall be 
 ]nd the Com- 
 itions of the 
 Bank. 
 Ihat if at any 
 Irs and Cum- 
 [ouse at the 
 ), to redeem 
 Bills, Notes 
 |me being ac- 
 Irectors, and 
 discontinue 
 mt or other- 
 rmpany shall 
 >a of debt in° 
 
 bat the Pres- 
 
 iake a return 
 
 if required, 
 
 retuin shall 
 
 le said Bank,