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^ 
 
Tl CANADIAN PACIFIC RAILWAY COIANY. 
 
 LAND BOND 
 
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 •''< 
 
 V^'A 
 
 
 INDENTURE OF MORTGAGE. 
 
 ■-**i 
 
 
 ■^ 
 
 
 THE COMPANY 
 
 TO 
 
 THE HON (xEORGE EULAS FOSTER, 
 THE HON. JOHN JOSEPH CALDWELL ABBOTT 
 
 AND 
 
 RICHARD BLAD WORTH ANGUS, Esquire, 
 
 Trustees. 
 
 cf^S, 093,700. 
 
 
 2nd JUNE, 1888. 
 
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rw;::^f^^f^^9>^rmfr^^'m9m, 
 
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m CANADIAN PACIFIC RAILWAY GOIANY. 
 
 LAND BONDS. 
 
 / \ 
 
 INDENTURE OF MORTGAGE. 
 
 THE COMPANY 
 
 •SO 
 
 THE HON. GEORGE EULAS FOSTER, 
 
 THE HON. JOHN JOSEPH CALDWELL ABBOTT 
 
 AND 
 
 ' RICHARD BLAD WORTH ANGUS, Esquire, 
 
 Trustees. 
 
 c^3, 093,700. 
 
 2ND JUNE, 1888. 
 
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'^hiS ^ntlentUVJe^ made the second day of June, 
 one thousand eight hundred and eighty. eight, between 
 the Canadian Pacific Railway Company, a body cor- 
 porate and politic, duly incorporated by Letters Patent 
 under the Great Seal of the Dominion of Canada, herein- 
 after called " The Company," and represented herein 
 by Sir Greorge Stephen, Baronet, its President, and 
 Charles Drinkwater, its Secretary, of the first part ; the 
 Honourable Greorge Eulas Foster, of the City of Ottawa, 
 Minister of Finance for the Dominion of Canada, the 
 Honourable John Joseph Caldwell Abbott, of the city 
 of Montreal, Senator, and Richard Blad worth Angus, of 
 the same place. Esquire, hereinafter called '* the Trustees," 
 of the second part, and Her Majesty the Queen, acting in 
 respect of the Dominion, of Canada, hereinafter called " the 
 Government," and represented herein by the Honourable 
 John Henry Pope, Minister of Railways and Canals, of 
 the third part ; 
 
 "WHEREAS, by virtue of an Act of the Parliament of 
 Canada, forty-fourth Victoria, chapter one, and in con- 
 sideration of the construction of its railway in pursuance 
 of the contract therein referred to, the Company has be- 
 come entitled to a grant fiom the Crown in fee simple of 
 twenty-five million acres of the public lands of Canada, 
 to be selected, located and conveyed to the Company, as 
 
stated in the said contract ; and having sold ten million 
 sixty-five thousand seven hundred and sixty-two acres 
 of such lands, is now entitled to fourteen million 
 nine hundred and thirty-four thousand two hundred and 
 thirty-eight acres, the residue thereof ; 
 
 AND WHEREAS the Company being thereto duly 
 authorized, did create a first mortgage on the said lands 
 in order to secure an issue of land grant bonds to the 
 amount of twenty-five million dollars, but has since retired 
 and paid off such of %e said laud grant bonds as were 
 sold, save and except bonds amounting to the sum of 
 three million four hundred and sixty-three thousand 
 dollars, which are still outstanding in the hands of the 
 public and unpaid. 
 
 AND WHEREAS, by an Act of the Parliament of Can- 
 ada i^assed at its last session, and entitled " An Act respect- 
 ing a certain agreement between the Government of Can- 
 ada and the Canadian Pacific Railway Company," the 
 Grovernment is authorized to guarantee the payment of in- 
 terest until maturity at three and one-half per centum per 
 annum on bonds or inscribed stock of the Company, to be 
 issued to an amount not exceeding fifteen million dollars 
 or its equivalent in sterling money, the principal to be pay- 
 able not later than fifty years from their date, and the 
 principal and interest to be secured, as herein provided 
 for, by a mortgage on said lands, subject first to the pay- 
 ment of the said outstanding land grant bonds. 
 
 AND WHEREAS, by the said last mentioned Act, the 
 Grovernment is also authorized to assume and pay the 
 principal of the said fifteen million dollars of bonds or 
 inscribed stock, provided that a fund sufficient for that 
 purpose be first created by payments to be made to the 
 Croyernciejxt put of the proceeds of the sales of the said 
 
lands or from other sources in the manner hereinafter 
 specified. 
 
 AND WHEREAS at a special general meeting of the 
 shareholders of the Company dnly called for that purpose 
 and held at Montreal on the ninth day of May, one 
 thousand eight hundred and eighty-eight, it was resolved 
 to make an issue of bonds, to the extent of fifteen million 
 dollars or its equivalent in sterling money, payable at 
 fifty years from the date of issue, v^ith interest at the rate 
 of three and one-half per centum per annum, payable 
 half-yearly, and that if the Directors should decide that it 
 was expedient to issue inscribed stock instead of bonds 
 either in whole or in part of the said amount, then that 
 might be done. 
 
 AND WHEREAS the Directors of the Company have 
 duly decided to issue bonds and inscribed stock in the 
 manner hereinafter provided, amounting in the aggregate 
 to three million ninety-three thousand seven hundred 
 pounds sterling, and have resolved to execute this 
 mortgage in order to aecure the said bonds and inscribed 
 stock so to be issued as aforesaid, the issue of such bonds 
 and inscribed stock and the creation of this mortgage 
 being authorized by the said last mentioned act. 
 
 AND WHEREAS at an adjournment of the said special 
 general meeting of the Company duly called for that pur- 
 pose and held at Montreal on the thirtieth day of May, 
 one thousand eight hundred and eighty-eight, it was re- 
 solved that the Company should avail itself of the guaran- 
 tee and undertaking of the G-overnment in respect of the 
 said bonds and inscribed stock so to be issued as afore- 
 said ; and a draft of this indenture and of the form of bond 
 hereinafter set out having been submitted to such meet- 
 ing it was duly sanctioned and adopted ; and whereas 
 
this indenture and the said form of' bond eonform in all 
 respects to the said draft. 
 
 AND WHEREAS, the form of this Indenture has 
 also been submitted to and approved by the Governor-in- 
 Counoil, as required by the said last mentioned Act ; and 
 the Grovernor-in-Council has also sauetioned and approved 
 of the said issue being in the form of bonds and inscribed 
 stock, as hereinafter set forth ; 
 
 AND WHEREAS, it is intended that the Trustees shall, 
 pursuant to the said Act, hold their title to the said lands 
 under this Indenture as security ior the payment of the 
 principal and interest of all the bonds and inscribed stock 
 which may be issued after the execution of these presents 
 to the extent and in the manner hereinafter described, and 
 that the guarantee and undertaking of the Government 
 as contemplated by the said last mentioned Act shall 
 relate and apply to the said bonds and inscribed stock to 
 be hereafter issued, as aforesaid ; and that such gua^ antee 
 and undertaking shall be evidenced by the execution of 
 these presents by the Government ; 
 
 AND WHEREAS, the recitals hereinbefore contained 
 are made as representations and statements of fact by the 
 Company to the other parties of this Indenture ; 
 
 NOW, THEREFORE, THIS INDENTURE WITNESS- 
 ETH, that the Company, in consideration of the premises, 
 and of one dollar, to it in hand paid, the receipt whereof 
 is hereby acknowledged ; and in order to secure, as herein- 
 after provided, the payment of the principal and the inter- 
 est of the bonds and inscribed stock, so to be issued as 
 aforesaid, doth hereby grant, bargain, sell and convey 
 to the Trustees, their heirs and assigns, and to tneir suc- 
 cessors in office, all and singular, the right, title and inter- 
 est of the Company, in and to the said fourteen million 
 
nine hundred and thirty-lour thouKand two hundred and 
 thirty-eight acres of land, together with all and singular 
 the tenements, heredicaments and appurtenances, to the 
 same, or any part thereof, belonging or in anywise 
 appertaining ; and all the estate, right, title, interest, 
 property, possession, claim, and demand, whatsoever, 
 as well in law as in equity, which the Company now 
 has, or is entitled to, or shall or may hereafter acquire, 
 or become entitled to, in, to, or concerning the said lands, 
 and each and every part and parcel thereof, with the 
 appurtenances thereof; the whole, however, subject to 
 the charge created thereon, as aforesaid, by way of 
 security for the said outstanding balance of tb-- .and 
 Grant Bonds of the Company. To have and to hold unto 
 and to the use of the Trustees, their heirs and assigns, and 
 to their successor or successors in the place and stead 
 of such heirs and assigns, if such successor or successors 
 be appointed under the terms and conditions hereof. 
 
 In trust, nevertheless, to and for the use and purpose 
 of securing and enforcing payment of the iaid bonds and 
 inscribed stock, so to be issued as aforesaid, and interest 
 thereon, in the manner and according to the terms stated 
 in the following articles, and with the powers therein 
 described, that is to say : — * 
 
 Article First — The issue of bonds and inscribed stock 
 to be secured by these presents shall be in the aggregate 
 three million ninety-three thousand seyen hundred 
 pounds sterling, and may be of bonds or of inscribed 
 stock, or partly of one and partly of the other. All the 
 bonds, and, in the first instance, all the inscribed stock, 
 to be dated on the first day of July, one thousand eight 
 hundred and eighty-eight, the principal on both bonds 
 and inscribed stock wherever issued to be due and pay- 
 able on the first day of July, one thousand nine hundred 
 
8 
 
 and thirty-eight, and the interest thereon to be payable 
 until that day, at the rate aforesaid, on the first day of the 
 months of January and July in each and every year after 
 the issue thereof. 
 
 At any time or times, and from time to time after the 
 issue of the said bonds and inscribed stock to the aggre- 
 gate amount aforesaid, any part of the said issue, whether 
 bonds or inscribed stock, may be exchanged and a new 
 issue of inscribed stock to the same amount may be sub- 
 stituted therefor, in the name of the former holder or h'^ 
 assignee ; any bond so exchanged to be forthwith can- 
 celled. And in the same way any such substituted 
 inscribed stock may be exchanged, in whole or in part, 
 for new inscribed stock of the same amount, and when 
 exchanged shall be cancelled ; and on all substituted stock 
 the principal shall be payable on the first day of July, 
 A.D. 1938, and the interest thereon, from the issue thereof 
 till that day, shall be at the rate aforesaid, and payable 
 half-yearly as above mentioned. 
 
 The security created by this indenture and by the guar- 
 antee and undertaking of the Government as aforesaid, to 
 apply to all such substituted inscribed stock, as well as 
 to the original issue of bonds or inscribed stock for which 
 it may be substituted. 
 
 Article Second — If any of the said issue shall be 
 bonds, they shall be in the following form, countersigned 
 by the agents of the Co.npany in London, England, and 
 shall be payable to, and available by, the holder thereof, 
 as specified in such form ; that is to say : 
 
 ■Millii 
 
■ i 
 
 I 
 
I 
 
9 
 
 Dominion of Canada. 
 
 CANADIAN PACIFIC RAILWAY. 
 
 Land Bond. 
 
 Total Issue, £S,09S,100 Sterling. 
 
 Interest guaranteed by the Dominion of Canada. 
 
 £ No. 
 
 The Canadian Pacific Railway Company promises 
 to pay to the bearer, for value received, the sum of 
 
 pounds 
 sterling money of Great Britain, on the first day of 
 July, 1938, at the counting house of Messrs. Baring 
 Brothers & Co., in the city of London, England, with 
 interest at the rate of three and one-half per centum per 
 annum, payable at the same place on the first days of 
 January and July in each year, on the presentation and 
 surrender of the interest coupons hereto annexed, as they 
 severally become due. 
 
 This bond is part of an issue of bonds and inscribed 
 stock issued under an act of the Parliament of Canada, 
 passed at its session in 1888, and amounting together to 
 i)3,093,700 sterling, the bonds being of the respective de- 
 nominations of i;i,000, i;500 and .£100, the whole issue of 
 bonds and inscribed stock being secured by a deed of mort- 
 gage bearing date the second day of June, 1888, duly 
 executed by the said Company to the Honourable George 
 Eulas Foster, the Honourable John Joseph Caldwell 
 Abbott, and Richard Bladworth Angus, Esquire, and their 
 sue sors as Trustees, of all the right, title and in- 
 terest which the Company now has, or shall hereafter 
 acquire, in and to fourteen million, nine hundred and 
 thirty-four thousand, two hundred and thirty-eight acres 
 
10 
 
 I \ 
 
 of the public lands ol the Dominion of Canada, forming 
 part of the subsidy of such j)ublic lands granted by the 
 Grovernmeut of Canada, in aid of the construction of the 
 said Railway, and to which the Company is now en- 
 titled, the whole as more particularly described in the 
 said deed of mortgage ; subject to a former mortgage se- 
 curing land grant bonds to the extent of twenty-five 
 million dollars of which all the bonds sold hav3 been 
 paid and satisfied except to the amount of 3,463,000 dol- 
 lars. 
 
 Under authority of the said act the Grovernment of 
 Canada guarantees, the interest which shall become due 
 on the said issue until the principal matures at the end 
 of fifty years from the date hereof, with the further pro- 
 vision that after satisfaction of the said outstanding land 
 grant bonds, the Government shall receive, from time to 
 time, the net proceeds of the sale of the said lands, and that 
 the Company may, at its option, pay over also other 
 moneys to the Grovernment, the whole to constitute a 
 fund to be set apart and held by the Government ex- 
 clusively for the purpose of satisfying the principal of 
 the said issue of bonds and inscribed stock of which 
 this forms a part; and that as soon as the aggregate 
 amount of the said fund in the hands of the Government 
 shall equal the principal of the said issue then outstand- 
 ing, then the Company may pay into the said fund also a 
 sum sufiicient to cover the interest, if any, up to that 
 time, and thereupon the Government shall assume and 
 pay all interest which shall thereafter become due on the 
 said bonds and inscribed stock, as well as the principal 
 thereof at maturity. 
 
 This bond may be exchanged for inscribed stock by 
 surrendering it to Messrs. Baring Brothers & Co., the 
 agents of the Comp"-iy in Liondon, on which surrender 
 the bearer hereof will be entitled to a certificate of in- 
 
 ^ I ' 
 
 4 
 

 scribed stock to the same amount and bearing the same 
 rate of interest as this bond ; and on such surrender this 
 bond shall be cancelled. 
 
 Inscribed stock may be at any time e-^i'hanged in whole 
 or in part for inscribed stock to the fiame amount as that 
 surrendered, the principal of the subt'titrted stock being 
 payable on the 1st July, 1938, and the interest from the 
 date of issue till that date to be at the rate of three and 
 one-half per centum per annum and payable half-yearly 
 on the days above mentioned — all substituted inscribed 
 stock being secured as fully as the bonds and inscribed 
 stock originally issued. 
 
 IN WITNESS WHEREOF, the Canadian Pacific Rail- 
 way Company has caused to be set hereto the signatures 
 of Sir G-eorge Stephen, its President, and Charles Drink- 
 water, its Secretary, this first day of July, A.D, 1888. 
 
 Countersigned and certified by 
 
 Agents of the Company in London; 
 
 And the coupons may be in the form following, that is 
 to say : — 
 
 Interest Coupon. 
 
 THE CANADIAN PACIFIC RAILWAY COMPANY 
 
 Will pay the bearer, on the first day of 
 
 pounds sterling, at the counting house 
 
12 
 
 of Messrs. Baring Brothers & Co. in London, being 
 half-yearly interest on bond No. 
 
 Secretary. 
 
 Article Third — If any of the said issue shall be, in 
 the first instance, of inscribed stock, it shall be for such 
 respective amounts as shall be duly alloUed to applicants 
 by Messrs. Baring Brothers and Company, as agents of the 
 Company in London, England, and a certificate for each of 
 such amounts shall be issued and signed by the said firm, 
 as agents as aforesaid, on a form which shall show that 
 the principal thereof will mature and be payable on the 
 first day of July, 1938, and that until maturity the interest 
 thereon will be payable half yearly, on the first days of 
 January and July in each year, at the rate of three and 
 one-half per centum per annum, and stating that it forms 
 part of the said issue of <£3,093,*700 sterling, and there- 
 upon the inscribed stock specified in such certificate shall 
 become part of the issue of three million ninety-three 
 thousand seven hundred pounds sterling, secured by 
 these presents ; and the said agents shall keep a register 
 at their office in London of all such inscribed stock as 
 may be so allotted in the first instance, as well as of all 
 inscribed stock, which may at any time thereafter be sub- 
 stituted either for bonds or inscribed stock, as herein- 
 before provided for. 
 
 The signature of the President and of the Secretary, or 
 of either of them, or of any other official of the Com- 
 pany, to any bond or any coupon, may be either written 
 or engraved, but the signature of the said agents, either 
 on the said bonds or on certificates of inscribed stock, is 
 required to be in writing. 
 
 / 
 
 
13 
 
 Article Fourth — Except where the context requires 
 a differeut meaninfif, the word " bond " in the following 
 articieB shall be taken to include inscribed stock, and the 
 word " bondholder " shall be taken to include a holder of 
 inscribed stock. 
 
 Article Fifth — As soon as conveniently practicable 
 after the date hereof, the Company shall cause to be care- 
 fully valued and appraised all and singular the said lands, 
 in convenient sections, divisions or parcels, for the sale 
 thereof, and shall cause to be made in ' riplicate a full and 
 accurate list and description of said lands, containing 
 opposite each section, division or parcel, the value put 
 upon the same, which appraisement shall be subject to 
 the approval of the Government of Canada. And such 
 appraisement may, with the consent of the Grovernment, 
 be from time to time revised, altered and corrected. And 
 one of such triplicates shall be delivered to the Grovern- 
 ment, and one to the Trustees ; as also a statement of all 
 corrections made therein from time to time as hereinbe- 
 fore provided. And the Company may at any time in its 
 discretion, contract for the sale of any section, division, 
 or parcel, of the lands so appraised, at a price not less 
 chan the appraised value thereof, according to the last 
 preceding statement made, approved and deposited, as 
 aforesaid, and shall be entitled to have such section, divi- 
 sion or parcel of said lands conveyed to the person con- 
 tracting for the purchase thereof, and released from the 
 lien hereof, upon the payment to the Trustees of the pur- 
 '■ chase money of the same and interest thereon, if any shall 
 
 be payable. But until such appraisement has been made 
 and approved as aforesaid, the Company may proceed 
 with the sale of the lands hereby conveyed, or intended 
 so to be, at such prices as have already been approved by 
 the Trustees of the said land grant bonds. 
 
 Any of the lands aforesaid may be sold as above pro- 
 
^» 
 
 14 
 
 vided, wholly or partly on credit ; provided that in any 
 such case the purchaser or purchasers shall not receive a 
 conveyance until the purchase money has been paid in full 
 to the Trustees, together with interest, if any be payable ; 
 but may have a contract in evidence of his or their pur- 
 chase ; unless for any special reason it shall be expedient 
 in the judgment of the Trustees, to accept from such pur- 
 chaser or purchasers a mortgage and covenant as herein- 
 after mentioned ; in which case the Trustees may release 
 the said premises to the purchaser or purchasers, upon 
 receiving the cash portion of such purchase money, and 
 his or their personal covenant for the payment of the 
 unpaid purchase money, in instalments or otherwise, 
 within such period from the date of such purchase as the 
 Trustees shall determine, wdth interest thereon payable 
 half-yearly ; and a proper mortgage upon the premises so 
 released and conveyed to secure the performance of such 
 covenant. But, until the said outstanding land grant 
 bonds shall be paid off, the proceeds of land sales and 
 the unpaid price of all lauds heretofore sold shall be 
 applied to their redemption, and shall be received for that 
 purpose by the Trustees of the mortgage securing the 
 same ; and in that case, the Trustees hereiinder shall join 
 with the said Trustees in any release, conveyance or dis- 
 charge of the lands sold, for the purpose of releasing and 
 discharging such lands from the effect of this mortgage, 
 provided that after the said outstanding land grant bonds 
 shall have been paid off the Company shall be entitled 
 to receive from the Trustees all interest which may be 
 collected on unpaid purchase money, in order to apply 
 the same on interest as it shall mature on the bonds in- 
 tended to be secured by these presents, subject to the 
 provisions of article eighth. 
 
 Article Sixth. — For the purposes of granting, and 
 releasing from the lien of these presents, such of the 
 
 / 
 
15 
 
 / 
 
 lands and premises aforesaid, as shall be sold in con- 
 formity with ih*>se presv^nta, the Trustees, or any one 
 or more of them, as llie case may be, may appoint a 
 suitable person to act in the case of absence as their or 
 his agent and attorney ; the name of such agent and at 
 torney to be, however, submitted to, and approved by the 
 Company, except where such an appointment is made by 
 a trustee bemg a Minister of the Crown, in which case 
 the appointment shall be subject to the approval of the 
 Governor-in-Council and not to that of the Company. 
 And all instruments executed and acts done by any agent 
 and attorney, so appointed, in respect of the conveyance or 
 release of lands which shall be sold in conformity here- 
 with, shall be as valid and effectual, to all intents and pur- 
 poses, if the same be within the scope of the authority so 
 given to such agent and attorney, as if the same were 
 executed in person by the Trustee or Trustees api^ointing 
 him ; j)rovided that every such i^ower of attorney may be 
 revoked al the pleasure of the Trustee or Trustees giving 
 the same, and that any agent or attorney, so appointed, 
 may be removed at the pleasure of his principal. And 
 every deed or instrument apx^ointing or removing any 
 such agent and attorney shall be executed in dui)licate, 
 and one of such duplicates, or a duly certified copy thereof, 
 shall be registered in the office of the registrar of deeds 
 for the portion of the Province or territory embracing 
 the lands in relation to which the said agent or attorney 
 shall assume to act as such. 
 
 » ) 
 
 u- 
 
 Article Seventh. — The Trustees may allow reasonable 
 compensation to such persons, clerks and assistants as they 
 may deem it necessary to employ, and unless the Com- 
 pany is in default in respect of interest, they may also, in 
 their discretion, allow to the Company such compensa- 
 tion for clerks and assistants as they may deem it ne- 
 ressary or proper for the Company to employ, in respect 
 
16 
 
 of the sale of said lands as herein provided, and of the 
 preparation of contracts respecting them, and of releases 
 and conveyances thereof, if the interest arising from un- 
 completed sales and paid to the Company shall be in- 
 sufficient to meet the interest on the issue of bonds hereb}'^ 
 secured and the necessary compensation aforesaid, and 
 the Trustees may deduct out of the proceeds of lands so 
 sold the amount sufficient to defray such expenses ; pro- 
 vided always that the holders of the bonds hereby 
 secured shall not, nor shall the trustees, become or be in 
 any way whatever personally responsible for or in 
 respect of any such liabilities or expenditure. 
 
 Article Eighth — The said lands, and the net proceeds 
 of the price thereof on any and all sales made in conform- 
 ity with the provisions of this instrument, are hereby in- 
 violably pledged to the payment of the principal of the 
 bonds hereby secured, and the redemption thereof, in the 
 manner hereinafter mentioned, subject always, however, 
 to the previous redemption and payment of the said bal- 
 ance of outstanding land grant bonds ; and, after such 
 redemi)tion and payment, the net proceeds of the sales of 
 the said lands shall from time to time be paid over to the 
 Government, and shall, together with such other sums as 
 the Company may elect to pay for that purpose, consti- 
 tute a fund to be set apart and held by the Grovernment 
 exclusively for the purpose of satisfying the principal of 
 the said bonds ; and on the money thus set apart, which 
 is not to exceed an amount sufficient to redeem the out- 
 standing bonds of the issue hereby secured, the Govern- 
 ment shall pay to the Company half yearly, on the first 
 day of the months of July and January in each year, inter- 
 est at the same rate as that carried by the said bonds, 
 namely, three and one-half per centum per annum, the 
 same to be applied towards satisfying interest ns it shall 
 mature on the said bonds. But if the Company shall at 
 
 I! 
 
It 
 
 any time make do fault in the payment of any interest 
 which may become due on any of the said bonds, then, if 
 required by the Government, th(^ Trustees shall thereafter 
 pay over to the Government all intc^rest v^rhich may bo 
 collected, under uneompleted sales, upon the pric^e of lands 
 sold, as well as the principal realized from the sales there- 
 Oi, and the Government shall allow on the amount of such 
 payments while remaining in its hands interest at the 
 said rate, and shall apply all of such additional payments 
 and the interest thereon, as well as all interest accrued on 
 the said prin(ii)al fund, towards satisfaction of the in- 
 terest on the said bonds. 
 
 kii soon as the aggregate amount of the said fund in 
 the hands of the Government shall equal the principal of 
 all bonds of the said issue then outstanding, then the 
 Company may pay into the said fund also a sum suffi- 
 cient to cover the interest, if any, up to that time, and 
 thereupon the said mortgage shall be discharged and the 
 Government shall assume and pay all interest which shall 
 thereafter become due on the said bonds, as well as the 
 principal of the said bends at maturity, and the Company 
 shall be thereafter forever freed from any liability in re- 
 spect of such principal or interest ; nothing herein con- 
 tained to be construed as making the Government liable 
 at any time to pay any part of the principal of the said 
 bonds, except in so far as the Company shall have pro- 
 vided it with a fund for that purpose in the manner 
 hereinbefore specified. 
 
 Atiticle Ninth — If the fund to be created as aforesaid 
 for the satisfaction of the principal of the said bonds be 
 insufficient for that purpose, and if after the maturity of 
 such principal any part of it be in arrear, then the Trus- 
 tees may serve a written demand on the Company, re- 
 quiring payment of whatever sum may be so in arrear, or 
 of any part thereof, within one month after the service 
 2 
 
18 
 
 of such notice, and if at the end of three months from the 
 expiration of the said one month the default mentioned 
 in the said notice shall continue in whole or in part, the 
 Trustees shall thereupon be entitled to enter forthwith 
 into possession of all or any of the said lands then re- 
 maining unsold, and to sell, lease or otherwise deal with 
 or dispose of the same or any part thereof as to them may 
 seem meet, as fully as the Company could have done if it 
 had not made such default — the Company being entitled 
 until such default to retain possession of all unsold lands 
 and of the rents, issues and profits thereof. 
 
 Article Tenth. — A sale, lease or other disposition of 
 any of the said lands by the Trustees in the manner above 
 specified shall be as effective for all purposes as if it had 
 been made by the Company and confirmed by i.'xo Trus- 
 tees according to law. And any person who shall acquire 
 from them any of the said lands by sale, lease or other- 
 wise shall not be bound to see to the application of any 
 money which he may pay for the purpose of so acquiring 
 such lands. 
 
 Article Eleventh. — The Trustees shall be entitled, 
 from time to time, and at all times, to deduct from the 
 proceeds or other the rents, issues and profits of the sale, 
 lease or other disposition of the said lands or any part 
 thereof before the application thereof to any other pur- 
 pose, all just allowances for their expenses attendir the 
 execution of the said trusts, and all payments for taxes or 
 other charges or liens on the said lands or any part there- 
 of which shall have been necessary or expedient to be 
 satisfied, as well as reasonable compensation for their own 
 services, to be fixed from time to time by the Directors of 
 the Company, subject to the approval of the Governor-in- 
 Council ; this provision for compensation for services not to 
 p,pply to the minister naiued by the G|-oyerfl.meiit as one of 
 
19 
 
 the Trustees, it being intended that he shall receive no com- 
 pensation for his services as such Trustee ; and if after 
 satisfaction of the principal of the said bonds and of the 
 accrued interest thereon under the powers given in the 
 ninth article of these presents a surplus shall remain in 
 the hands of the Trustees, they shall hand over such sur- 
 plus to the Company, unless the Company shall be then 
 indebted to the Government on account of interest paid 
 as aurety under the said guarantee, in which case the 
 Government shall be entitled to be reimbursed any such 
 outlay and interest thereon at the rate aforesaid before any 
 surplus be paid to the Company. 
 
 Article Twelfth. — The Trustees may exercise the 
 powers herein conferred upon them either in the manner 
 hereinbefore provided, or by a suit or suits in equity or 
 at law, in aid of the execution of such powers, or other- 
 wise, as they, being advised by counsel learned in the 
 law, shall deem most effectual for that purpose ; it being 
 understood, and hereby expressly declared, that the rights 
 of entry and sale hereinbefore granted are intended as 
 cumulative remedies, additional to all other remedies al- 
 lowed by law ; and that the same shall not be deemed 
 in any manner whatsoever to deprive the Trustees, or .the 
 beneficiaries under this trust, of any legal or equitable 
 remedies by judicial proceedings, consistent with the 
 provisions of these presents, according to the true intent 
 and meaning thereof. Provided always, and it is hereby 
 expressly declared and agreed, that no holder of bonds 
 secured hereby, shall have the right to institute any suit 
 or proceeding, at law or in equity, for the recovery of the 
 bonds held by him or of the interest thereon, or for the 
 foreclosure of this indenture, or the execution of the trusts 
 thereof, without first giving notice in writing to the 
 Trustees, of default having occurred, and requesting 
 them, and affording them a reasonable time, to institute 
 
•20 
 
 such suit or proceeding in their own names, or to proceed 
 to exercise the powers hereinbefore granted ; and offering 
 to them adequate indemnity against the costs and expen- 
 ses of such suit or proceeding ; and sr.ch notification, 
 request, and offer of indemnity are hereby declared to be 
 conditions precedent to any action by any bondholder 
 for any of the purposes aforesaid. And if upon the per- 
 formance of such conditions precedent, the Trustees shall 
 proceed to exercise their powers under these presents no 
 bondholder shall have the right to institute any suit or 
 proceeding for the purposes aforesaid. 
 
 Article Thirteenth.— The word Trustees, whenever 
 used in this indenture, is intended to refer to and des- 
 cribe, and the same shall in all cases be construed to mean, 
 the person or persons, who for the time being shall be 
 charged with th - ^.cution of the trusts of these presents, 
 whether such pei ns be the said parties of the second 
 part or any or either of them, or successors, or a successor, 
 under the provisions hereof, of said parties of the second 
 part, or of any or either of them ; or be composed partly 
 of the person or persons named herein, and partly of the 
 successor or successors of a person or persons named 
 herein. And it is hereby agreed that the majority of the 
 Trustees may validly do any act or thing on behalf of 
 the three Trustees provided that while a Minister of the 
 Crown is a Trustee he shall be one of the acting majority. 
 And in case of a vacancy or vacancies in the said trust, 
 the surviving or continuing Trustee or Trustees shall be 
 competent, until the appointment of a new Trustee or 
 Trustees to fill such vacancy, to exercise any and all 
 powers and authorities hereunder, herein granted to the 
 Trustees. And each of the Trustees, except as aforesaid, 
 shall be entitled to reasonable compensation for any and 
 all services which may hereafter be rendered by him in 
 said trust, to be fixed as aforesaid, which compensation 
 
 1 
 
21 
 
 the Company hereby promises and agrees to pay ; but in 
 case the Company should make default in such payment, 
 the same may be retained by the Trustees, and paid out 
 of any trust moneys coming into their hands ; and such 
 reasonable sum as shall be so retained and paid, shall, 
 unless the Trustees be then in possession of said premises, 
 become and be a lien upon the said premises, and secured 
 by the trusts of thi: indenture, to be paid by the Com- 
 pany witb interest. 
 
 Article Fourteenth. — It is further agreed that the 
 Trustees shall not be in any manner whatever, respon- 
 sible for the default or misconduct of any agent or at- 
 torney, appointed pursuant to these presents, if such agent 
 or attorney be selected with reasonable caro or for any- 
 thing whatever, in respect of the premises or of the trusts 
 hereby created, except personal misconduct or gross negli- 
 gence in the execution of said trusts. 
 
 Article Fifteenth. — It is further agreed that the 
 Trustees or any of them, may resign the trust hereby 
 created, and be discharged from all further duty there- 
 under, upon giving to the Company three months notice 
 in writing, or upon such shorter notice as the Company 
 may accept as sufficient : and also that the Trustees, named 
 by the Company, may be removed from office by a re- 
 solution of the holders of the said bonds, who shall be 
 present or represented at any meeting of bondholders 
 duly called and held as herein provided, at which a 
 majority in interest of such bondholders shall be pre- 
 sent or represented ; such removal being attested by 
 an instrument in writing, under the hands and seals of 
 the persons voting in favor of such removal. The 
 Minister holding office as a Trustee, shall cease to be a 
 Trustee upon ceasing to be a Minister of the Crown for 
 Canada, or he may be removed by the Government, and 
 
22 
 
 another may be appointed in his stead. And in case 
 at any time hereafter the Trustees, or any of them, or any 
 Trustee hereafter appointed, shall die, or resign, cease to 
 hold office, or be removed a? herein provided, or by a 
 court of competent jurisdiction, or shall become incapable 
 or unfit to act in the said trust, a successor to such Trus- 
 tee may be appointed in the same manner as that in 
 which the Trustee whom he succeeds was appointed to 
 that office. 
 
 Article Sixteenth. — In case any Trustee hereun- 
 der shall cease to hold that office from any cause what- 
 ever, all powers and authorities hereby vested in him, 
 shall, upon the appointment of his successor, by force 
 of these presents, and without any further assurance or 
 conveyance, become vested in such successor ; and such 
 successor shall be entitled to exercise any and all powers 
 and authorities which such Trustee so ceasing to hold 
 office, was vested with, or entitled to exercise at the time 
 of vacating said office ; but, nevertheless, the Trustee so 
 ceasing to hold office, shall, if competent so to do, and so 
 required by a majority in interest of the bondholders, or 
 by the new Trustee who may be appointed, execute, ac- 
 knowledge and deliver to him a good and sufficient deed 
 or other instrument, vesting in him all the powers and 
 authorities which were possessed by his predecessor in 
 said trust as aforesaid, under or by virtue of these pre- 
 sents ; provided nevertheless, that if after reasonable exer- 
 tions to procure the appointment of a new Trustee such 
 appointment shall be inconveniently or unreasonably d-i- 
 layed ; and such vacancy in the trust shall continue for 
 the period of ninety days after the existence of the same 
 shall have been made known to the Company ; it shall 
 be competent for any holder or holders of said bonds, to 
 the amount of n "^ less than one-fifth part in interest of 
 all of such bonds then outstanding, to apply to the Chief 
 
 ii 
 
28 
 
 Justice or any one of the Judges of the Supreme Court of 
 Canada, for the appointment of a new Trustee to fill 
 such vacancy, upon such reasonable notice to tiie Grovern- 
 ment and to the Company, as such Chief Justice or Judge, 
 shall prescribe. And any Trustee lawfully appointed 
 upon such application, shall become vested with the 
 same powers and authorities, and shall be subject to the 
 same responsibilities, and to the performance of the same 
 duties, as if appointed in any of the modes aforesaid. 
 
 Article Seventeenth. — Whenever and as often as a 
 contingency shall arise in which the action of a majority 
 in interest of the holders of the bonds secured hereby 
 shall be necessary, or in which the bondholders are 
 herein declared to have any discretionary voice or 
 power, it shall be the duty of the Trustees, and they 
 shall be and hereby are authorized and required, to call 
 by advertisement a meeting of all the holders of bonds 
 secured hereby, to be held in the City of London (the 
 expense whereof shall be a liability of the Company 
 hereunder, and may be defrayed if necessary in the 
 first instance from the trust funds ;) and such adver- 
 tisement shall contain a description of the purpose for 
 which such meeting is called, and shall be published 
 three times in each week for six weeks, in at least two 
 daily newspapers in the said Cities of Montreal and 
 London ; or such meeting may be called in such other 
 manner as may be prescribed for the convening of meet- 
 ings of bondholders, pursuant to the provisions of this 
 instrument ; and in default of such meeting being called 
 by the Trustees or a majority of them, within thirty 
 days after notification in writing to them by any 
 bondholder, of the necessity therefor, it shall be com- 
 petent for any holder or holders of said bonds, to the 
 aggregate amount of two hundred thousand pounds, 
 to call such meeting in the manner aforesaid ; and at all 
 
24 
 
 such meetings, the holders of said bonds, present or 
 represented at such meeting, in person or by proxy, shall 
 be competent to exercise all the powers and authority 
 conferred upon the Bondholders by these presents ; pro- 
 vided that until otherwise provided, pursuant to the 
 provisions of this instrument in that behal f, a majority in 
 interest of the holders for the time being, of outstanding 
 Bonds shall be required to constitute a quorum at any 
 such meeting, and the concurrence of two-thirds in 
 interest of the bondholders present or represented at such 
 meeting, shall be necessary to give validity to any reso- 
 lution passed at such meeting. 
 
 Article Eighteenth. — Meetings of bondholders 
 for any of the purposes which they are authorized by 
 these presents to regulate by resolution, may be called in 
 the manner herein provided, or in such mode as may be 
 fixed by regulations prescribed or established by them ; 
 and such bondholders may vote at such meetings in per- 
 son or by proxy, each one hundred poands in nominal 
 value of such bonds entitling the holder thereof to one 
 vote ; and the quorum may be defined, and such other 
 regulations or bylaws in respect of such meetings, may 
 be from time to time established, altered, or repealed by 
 the bondholders, as to them shall seem expedient. But 
 no subject, matter or thing which is not mentioned in the 
 notice calling such meeting, shall be dealt with or dis- 
 posed of at such meeting. And any act or resolution of 
 the bondholders affecting the duties or position of the 
 Trustees, or of any of them, shall be authenticated by an 
 instrument signed and sealed by all the persons assent- 
 ing thereto, as well as by a minute of the proceedings of 
 the meeting, authenticated by the signatures of the Chair- 
 man and Secretary thereof. 
 
 Article Nineteenth. — In the event of default being 
 

 - < 
 
 
 
 
 
 > 
 
 
 
 
 
 
 ' 
 
 ,_-_-L-, 
 
 — ----- 
 
 
 
 
 
 
t 
 
25 
 
 made by the Company in the payment of any interest of any 
 bond whon due, and of the Government paying the same 
 as guarantor thereof : the Government shall hold, possess, 
 and exercise all the rights and remedies in respect of such 
 interest as any holder of the bond or bonds in respect of 
 which such interest became due would have had in case it 
 had remained in his hands unpaid. 
 
 Article Twentieth.— The Company shall hereafter 
 keep at the office of its said agents, in the city of 
 London, an appropriate book for the enrogistration of 
 bonds hereby secured, and every holder of such bonds 
 shall be entitled to have his name and address and the 
 numbers of any of the bonds held by him entered 
 in such register, upon presenting at the said office 
 a written statement of the said particulars signed by 
 himself, or by his duly authorized agent, and producing 
 the bonds. The registration of the name and address of 
 each bondholder and the number of the bonds by him 
 held, upon such book, shall be evidence of the right 
 of such person so registered to vote as a bondholder, 
 or to do any other act which by these presents a bondholder 
 is entitled to do, in respect of the bonds so registered ; 
 and every registration of the ownership of any bond shall 
 be properly certified on such bond. The trustees shall 
 have free access at all reasonable hours and times to such 
 bond registry, and on their request in writing, from time 
 to time, not exceeding once in each year, they shall be 
 furnished by the Company with a copy thereof. 
 
 Article Twenty-first. — The Company shall at all 
 times keep at its principal office, a record of all the sales of 
 lands which shall be made as aforesaid, and of the price 
 paid for the same, and the manner in which the purchase 
 money shall have been paid or secured, which record 
 shall at all reasonable hours and times be open to the in- 
 
26 
 
 spection of the trustees, with the right to make a copy 
 therefrom. And it shall be the duty of the Trustees to 
 deposit from time to time all sums of money coming into 
 their hands, possession, or control, under the provisions 
 herein contained, in some chartered bank of the Dom'nion 
 of Canada pending the disposition thereof according to 
 the terms hereof. 
 
 Article Twenty-second. — If the Company shall well 
 and truly pay the principal of each and every of the 
 bonds secured by this instrument, when the same shall 
 become payable, and all interest thereon, as such interest 
 shall from time to time mature, and all interest in default, 
 as hereinbefore provided ; and shall well and truly do 
 and observe every other matter and th mg provided for or 
 mentioned in these presents, to be by it done and ob- 
 served ; or if at any time by the proceeds of the sale of 
 lands or otherwise, the fund in the hands of the Govern- 
 ment for the payment of the said bonds shall be sufficient 
 to pay the sante in full, in capital and of interest up to 
 that time : then and in either of such cases all the estate, 
 right, title and interest of the Trustees, shall cease, deter- 
 mine, and become void, otherwise the same shall remain 
 in full force and virtue. And upon any such determin- 
 ation of such interest, the Trustees shall execute such re- 
 conveyance and re-assignment of the premises as may be 
 necessary or expedient. 
 
 Article Twenty-third. — And the Company in con- 
 sideration of the premises, and of one dollar to it duly 
 paid by the Trustees, the receipt whereof is hereby ac- 
 knowledged, hereby covenants and agrees to and with 
 the Trustees, that whenever and as often at the Company, 
 its successors or assigns, shall hereafter receive any con- 
 veyance from the Government of Canada, of any lands 
 forming a part of the said land grant, the Company shall 
 
 r 
 
21 
 
 and will acquire, possess, and hold the same, and every 
 part and parcel thereof, upon and subject to the trusts of 
 this indenture, until conveyance thereof in pursuance 
 of the covenant next hereinafter contained, shall be duly 
 made and delivered to the Trustees ; and will duly pay 
 all taxes and assessments which shall become lawfully 
 due and payable thereon while such land shall remain in 
 its possession, to the entire exoneration and discharge of 
 the Trustees. 
 
 Article Twenty-fourth.— And the Company hereby 
 covenants and agrees to and with the Trustees, that the 
 Company shall and will, from time to time, and at all 
 times hereafter, and as often as thereunto requested by 
 the Trustees under this indenture, execute, deliver, and 
 acknowledge all such further deeds, conveyances, and 
 assurances in the law, for the better assuring unto such 
 Trustees, upon the trusts herein expressed, the lands 
 hereby granted or conveyed, or agreed to be granted or 
 conveyed to the Trustees, as by them or their counsel 
 learned in the law, shall be reasonably advised, devised 
 or required. 
 
 Article Twenty-fifth. — The Trustees do hereby ac- 
 cept the trust herein contained, and do hereby undertake 
 and agree to fulfil all the duties and obligations hereby 
 imposed upon them, in accordance with the true intent 
 and meaning of these presents. 
 
 AND THE GOVERNMENT hereby covenants to and 
 with the other parties hereto and with each of them that it 
 will guarantee, and it does hereby guarantee, the payment 
 of the interest on the said bonds and inscribed stock up to 
 the first day of July, A.D. 1938 ; and unless such interest 
 be punctually paid by the Company, the Government 
 will pay the same ; and, further, that as soon as the aggre- 
 gate amount of the fund herein before referred to in 
 
28 
 
 Article eighth as oiu^ to be constituted for that purpose 
 iu the hands of the Gov^ernment shall equal the princi- 
 pal of all bonds and insi^ribed stock of the said issue 
 then outstanding, the Governmiuit will thereupon as- 
 sume and will pay at maturity the principal of the said 
 bonds and inscribed stock. 
 
 And it is hereby further mutually agreed betw^een the 
 parties hereto that, notwithstanding the provision in 
 Article eighth, if, after full payment of principal and in- 
 terest to bondholders as aforesaid, there shall be any in- 
 debtedness from the Company to the Government on 
 account of interest paid by the Government under the 
 said guarantee, the Company shall forthwith reimburse 
 the Government all amounts so paid, together with the 
 interest thereon, at the rate of three and one-half per 
 centum per annum, from the respective times at which 
 the G^overnment shall have paid th«^ same, and that the 
 Trustees shall thereafter hold the title to the said lands 
 by virtue of these presents as Trustees for the security of 
 the Governr.'ient in respect of such indebtedness and the 
 interest the; eon as aforesaid ; and in addition to any 
 other remed.ies allowed by law to the Government, the 
 Trustees are hereby empowered for the enforcement of 
 such security to proceed in the manner specified in 
 Article ninth of these presents, and to take all such pro- 
 ceedings for the satisfaction of such indebtedness to the 
 Govermeni as they could have taken under that article 
 in case any portion of the principal of the said bonds and 
 inscribed stock had remained unpaid to the holders 
 thereof ; and the Company shall not be entitled to a re- 
 conveyance of the said lands or any part thereof from the 
 Trustees until the Company shall have satisfied in full 
 the principal and interest of the said bondsi and inscribed 
 stock as it became due as aforesaid, or, if any part of such 
 interest shall have been paid by the Government, until it 
 
29 
 
 r 
 
 Khali also have leimbuiHcKl tho same to tho Government, 
 with interest thereon as aforesaid. 
 
 And the Company hereby covenants with tho Govern- 
 ment to reimburs(^ any surh. sums as the Government 
 shall at any time pay as surety as aforesaid, with interest 
 thereon as above mentioned. 
 
 IN WITNESS WHEREOF, the Company bus caused to 
 be set hereto its corporate seal and the signatures of Sir 
 George Stephen, its President, and of Charles Drinkwater, 
 its Secretary ; and the Trustees have hereunto set their 
 respective hands and seals,aud the Govianmcnt has caused 
 to be set hereto the seal of the Department of Railways 
 and Canals and the signature of the Honorable John 
 Henry Pope, the Minister thereof. 
 
 (Signed) GEO. STEPHEN, 
 
 President. 
 C. DRINKWATER, 
 
 Sifjned sealed and de- Secretary. 
 
 liverod in proseiico 
 of 
 (Sd.) 
 
 Geo. M. Ci.AHK 
 
 As to execution by 
 tlio Company, tho 
 Government and 
 Messrs. Aubott and 
 Angus, 
 
 And in presence of 
 (Sd. 
 
 C. Drinkwatbk, 
 
 As to the signature 
 
 of 
 
 Hon. Geo. E. Fosteir. 
 
 (( 
 
 GEO. E. FOSTER 
 
 J. J. 0. ABBOTT. 
 
 R. B. ANGUS. 
 
 (i 
 
 J. H. POPE.