cipal money

of payment of which is undefined, or which is appointed to be due to the paid on the extinction of any class, shall continue to become society under obligations. payable according to the terms of the obligation itself, and of the by-laws of the society; the liquidators may, moreover, from time to time, exact, on account of the principal moneys of such obligations, the payment of such amounts as may be necessary for the purpose of placing the shareholders on a footing of equality with respect to the final result of the liquidation; but such amounts shall not become payable until after a month's notice to the debtors. 42-43 V., c. 32, s. 21.

Provisions

when appropriations to members are

payable by

terms without interest.

Computation of interest.

Duties of liquidators when interest calculated.

Maximum

payable by debtor.

As to amount paid as

5463. In any society where the appropriations obtained by members are repayable in payments extending over a term of years without interest, the members having obtained any such appropriation, and being bound by obligation or otherwise so to repay the same, shall repay to the liquidators, in addition to the principal sum so received by each of them, a sum of money which shall be equivalent to interest at the rate of interest authorized by the Act of the Parliament of the Dominion of Canada, 42 Victoria, chapter 48, for the time which each of them shall have had the use of the said principal sum.

The amount so to be payable by the members for interest shall be computed from the time each received the principal sum of each appropriation, up to the time that he shall have repaid it in full, and in such manner that he shall pay interest for the length of time he shall have had the said sum and each or any portion thereof on the said sum, and on the portion or portions thereof he shall have had and not repaid as the case may be.

The total amount of the interest having been so ascertained, the liquidators shall credit, on account thereof, the said debtor with the amount of weekly subscriptions paid in by him upon the subscription-book on which he has obtained any such appropriation, up to the date of the liquidation of such society, and shall apportion the balance into payments to be made at such times as they may fix, during and beyond the term granted for the repayment of the principal sum of the said appropriation.

The said debtor shall not in any case be obliged to pay in any one year, as such interest, any larger sum than the amount which, had the society continued in operation, he would have been bound to pay to it in such year as subscriptions on the subscription-book, on which he obtained such appropriation.

No sum paid by a member as premium or bonus to obtain premiums for an appropriation shall be carried to the credit of the debtor, or deducted from the amount on which he shall have to pay interest under the foregoing provisions. 42-43 V., c. 32,

appropriations.

Liquidators

to give security to obey

s. 22.

5464. The liquidators shall give such security and shall receive such remuneration as may be determined upon at a meeting of the shareholders; and they shall be at all times

bound to obey orders given to them by resolutions adopted at orders from a regular meeting of the members, in so far as such orders may meetings, be consistent with the law and the by-laws.

missed.

They may be dismissed at any such meeting, and may be May be disreplaced by others, and on their dismissal they shall hand over all the assets of the society, as well as all its books and papers, To hand over to their successors, or to any person appointed by such meeting, funds afterunder a penalty of fifty dollars for every day of retention of Penalty. any such assets, books and papers.

wards, &c.

Any member of the society may recover such penalty by Suit therefor. civil action as a debt, which shall be enforceable by imprisonment until paid.

In case of a vacancy arising through death or refusal to act, Vacancies. such vacancy shall be filled by the shareholders at a general meeting, and, until such vacancy be filled, the liquidators remaining in office shall continue to exercise the same powers; but it shall be their duty to convene, without delay, a meeting of the shareholders for the purpose of filling such vacancy. 4243 V., c. 32, s. 23.

rize division

5465. The shareholders, in general meeting assembled, may Shareholders authorize the division in kind of the whole or a part of the may authoproperty of the society, and also the payment in kind of the in kind of the proportional amount accruing to any shareholder in respect of property of the society. his shares.

They may also authorize the sale in one lot of all the assets Sale in one of the society on such terms as they may see fit.

lot.

ciety.

They may also authorize the liquidators to purchase, for the Purchase in benefit of the society, the rights of any shareholder, and to pay interest of sofor the same either in money or in kind out of the property of the society. 42-43 V., c. 32, s. 24.

5466. The liquidators shall not be subject to any greater Responsibi responsibility than the directors of the society are subject lity of liquito by law and by the by-laws of the society. 42-43 V., c. 32. s. 25.

dators.

5467. The liquidators shall make a report of the state of Annual rethe society's affairs to the shareholders, at each annual general ports, &c. meeting and at such other meetings as the shareholders may determine upon for that purpose.

On the occasion of the final liquidation, the liquidators shall Final report. make a report to a final meeting of the shareholders called for that purpose, which report shall be subject to the approval of

the meeting.

Such meeting shall then have power to dissolve the society Surrender of and to surrender its charter, which shall thereupon expire and charter.

become null and void.

At such final meeting, the shareholders may make such Books of soorders as they think fit with respect to the custody of the ciety. books, papers and records of the society.

If there remain debts to be paid to unknown creditors, or to Deposit of uncreditors to whom payment cannot be made, the liquidators, paid claims.

Cessation of fines.

this section.

before such final meeting, shall deposit the amount in the hands of the Provincial Treasurer, under section nineteenth of chapter fifth of title fourth of these Revised Statutes, respecting judicial and other deposits, and the charter shall not be surrendered until after such deposit has been made. 42-43 V., c. 32, s. 26.

5468. No fine shall be incurred after the day on which liquidation is resolved upon. 42-43 V., c. 32, s. 27.

Limitation of 5469. Articles 5455 and following shall not apply to application of permanent shares of building societies, when such shares shall have been paid up in full, and converted into irredeemable capital, unless three-fourths of the members, present at a meeting called to consider the liquidation, decide upon liquidation. 42-43 V., c. 32, s. 30.

per cent. per annum, payable half yearly upon presentation of the coupon prepared for that purpose hereunto annexed, namely,

the

day of

Dated at

and the the

day of

18

issued by the

18

for $100 at

being the half yearly

on debenture

Building Society on

annum, payable at the office of the society at

C. D.,

Secretary-Treasurer.

42-43 V., c. 32, Schedule A.

per cent. per

A. B.,

President.

and invest

5470. Any institution or corporation or loan and investment Licenses to society, duly incorporated under the laws of the Parliament of certain loan Great Britain and Ireland, or of the Dominion of Canada, for ment societhe purpose of lending or investing moneys, and authorized by ties, &c. statute, charter, or instrument of incorporation to lend money in this Province may receive a license from the Provincial Secretary authorizing it to carry on business therein.

2. The fee to be paid by the corporation, institution or society Fee for the on the issuing of such license shall be such as may be fixed by license. the Lieutenant-Governor in Council. 49-50 V., c. 39, ss. 1 and 7.

license.

5471. Every corporation, institution or society obtaining a Notice of oblicense under this section shall forthwith give notice thereof taining for the space of one calendar month, in the Quebec Official Gazette and in at least one newspaper in the county, city, town or place where the principal manager or agent of the corporation, institution or society transacts the business thereof. A similar notice shall be given whenever such corporation, Notice of disinstitution or society shall cease, or notify that it has ceased, continuing carrying on business within the Province. 49-50 V., c. 39, s. 5.

business.

vincial Secre

corpo- ed.

ed.

5472. The Provincial Secretary may, if he see fit, issue such Power of Prolicense on being furnished such evidence of the due incorpo- tary to issue ration, under the laws of the Imperial Parliament of Great license upon Britain and Ireland or of the Dominion of Canada, of the proof furnishration, institution, or society, applying for such license. Such evidence shall consist in the production of a certified Proof requircopy of the statute, charter or instrument of incorporation of the corporation, institution, or society, and of a power of attorney from such corporation, institution or society, to the person appointed as its principal agent or manager within the Province, under the seal of the corporation, institution or society, and signed by the president or managing director and secretary thereof, and verified by the oath of an attesting witness, expressly authorizing such agent or manager to apply for such license. 49-50 V., c. 39, s. 6.

§ 2-Operations of the Society.

5473. After having obtained such license the institution, Power of institution after corporation or society may : receiving

1. Transact any loaning and investment business of any license. description whatever within the Province, in its corporate name, except the business of banking;

2. Take and hold any mortgages on real estate, and any railway, municipal, or other bonds of any kind whatsoever, on

Proviso.

Procedure to be followed before com

siness.

the security of which it may lend its money, whether the said bonds form a charge on real estate within the Province or not; 3. Hold such mortgages in its corporate name and sell and transfer the same, at pleasure; and

4. In all respects have and enjoy the same powers and privileges with regard to lending its moneys and transacting its business as a private individual might have and enjoy.

Provided, every such corporation, institution or society shall sell or dispose of any real estate which it may so acquire, by sale en justice or by deed from the borrower, or subsequent holder, in satisfaction of the loan, or under any agreement with the borrower or subsequent holder, within ten years from the date of such acquisition. 49-50 V., c. 39, s. 1.

§ 3--Proceedings before beginning Business.

5474. Every such corporation, institution or society, obtaining a license under this act, shall, before the commencemencing bu- ment of such business, fyle in the office of the Provincial Secretary a certified copy of the statute, charter, or instrument of incorporation, and also a power of attorney to its principal agent or manager in the Province, signed by the president or managing director and secretary thereof, and verified as to its authenticity by the statutory declaration of its principal agent or manager, or of any person cognizant of the facts.

Contents of power of attorney.

Service upon

Such power of attorney must expressly authorize such agent or manager, as far as respects business done as such, to accept process in all suits and proceedings in the Province against such corporation, institution or society, for any liabilities incurred therein, and must further declare that service of process on such agent or manager, for such liabilities, shall be legal and binding on such company, institution or society to all intents and purposes whatever, and waive all claims of error by reason of such service. 49-50 V., c. 39, s. 2.

§4.-Miscellaneous.

5475. After such certified copy of the statute, charter or company, &c. instrument of incorporation and such power of attorney are filed as aforesaid, any document in any suit or proceeding against such corporation, institution or society for any liability incurred in the Province, requiring to be served, may be served upon such manager or agent in the same manner as it may be served upon the proper officer of any company incorporated in this Province.

Subsequent proceedings.

License need

All proceedings may be had thereupon to judgment and execution in the same manner as in proceedings in any civil suit. 49-50 V., c. 39. s. 3.

5476. It is not necessary to produce such license in any duced in suits. suits or the actions instituted by corporation, institution or

not be pro