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report of the Treasury Board, may direct that any portion of any penalty be remitted, or paid to any person, or applied in any manner deemed best adapted to attain the objects of this Act, and to secure the due administration thereof. 53 V., c. 31, s. 98.

This section dates from 1890. It does not apply to the Bank of British North America (sec. 6).

Secs. 134, 135, 141, 142, 145 to 151, impose penalties on the bank for violations of the Act.

A bank compelled to pay a penalty under this section would have its recourse against the officer whose act or neglect caused the violation. (Cf. Drake v. Bank of Toronto, 1862, 9 Gr. 116.)

The section provides that suits for penalties imposed upon a bank may be brought by and for the benefit of the Crown. It grants to the Governor in Council, on the report of the Treasury Board, discretionary powers to remit to the bank, or to pay to any person, any portion of a penalty. The power may be properly exercised so as to relieve a bank from the liability incurred by a technical, but not wilful, breach of the Act, as for instance where a bank with a large number of branches temporarily and unintentionally issues notes in excess of the authorized amount. The power may also be exercised for the purpose of rewarding an informer.

An important provision of the Act is that of sec. 131, which enacts that the amount of penalties for which the bank is liable shall not form a charge upon the assets, in case of insolvency, until all other liabilities are paid.

Sec. 158.

CHAPTER XXVI.

SCHEDULES TO THE BANK ACT.

SCHEDULE A.

1. The Bank of Montreal.

2. The Bank of New Brunswick.

3. The Quebec Bank.

4. The Bank of Nova Scotia.

5. The St. Stephen's Bank.

6. The Bank of Toronto.

7. The Molsons Bank.

8. The Eastern Townships Bank. 9. The Union Bank of Halifax.

10. The Ontario Bank.

11. La Banque Nationale.

12. The Merchants Bank of Canada.

13. La Banque Provinciale du Canada.

14. The People's Bank of New Brunswick.

15. The Union Bank of Canada.

16. The Canadian Bank of Commerce.

17. The Royal Bank of Canada.

18. The Dominion Bank.

19. The Bank of Hamilton.

20. The Standard Bank of Canada.

21. La Banque de St. Jean.

22. La Banque d'Hochelaga.
23. La Banque de St. Hyacinthe.

24. The Bank of Ottawa.

25. The Imperial Bank of Canada.

26. The Western Bank of Canada.

27. The Traders' Bank of Canada.

28. The Sovereign Bank of Canada.

29. The Metropolitan Bank.

30. The Crown Bank of Canada.

31. The Home Bank of Canada.

32. The Northern Bank.

33. The Sterling Bank of Canada.

34. The United Empire Bank of Canada. 63-64 V., c. 26, s. 4, and sch. A.

See notes to secs. 3, 4, and 5.

Schedule A.

Schedule B.

SCHEDULE B.

An Act to incorporate the

Bank.

Whereas the persons hereinafter named have, by their petition, prayed that an Act be passed for the purpose of establishing a bank in and it is expedient to grant the

prayer of the said petition:

Therefore His Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

1. The persons hereinafter named, together with such others as become shareholders in the corporation by this Act created, are hereby constituted a corporation by the name of hereinafter called the Bank.

2. The capital stock of the Bank shall be

3. The chief office of the Bank shall be at

dollars.

4.

shall be the provisional

directors of the Bank.

5. This Act shall, subject to the provisions of section sixteen of the Bank Act, remain in force until the first day of

July, in the year one thousand nine hundred and eleven.

53 V., c. 31, sch. B.; 63-64 V., c. 26, s. 45.

See notes to sec. 9.

SCHEDULE C.

In consideration of an advance of....

..dollars

made by the.....
.Bank to A. B., for which the
said Bank holds the following bills or notes: (describe the bills
or notes, if any), [or, in consideration of the discounting of
the following bills or notes by the.....

.Bank for

A. B.: (describe the bills or notes),] the goods, wares and mer-
chandise mentioned below are hereby assigned to the said Bank
as security for the payment on or before the....

day of.....
..of the said advance, together with
interest thereon at the rate of....per centum per annum from
the...... .day of.... ..(or, of the said bills or notes,
or renewals thereof, or substitutions therefor, and interest there-
on, or as the case may be).

This security is given under the provisions of section eightyeight of the Bank Act, and is subject to the provisions of the said Act.

The said goods, wares and merchandise, are now owned by , and are now in the possession of

....

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and are free from any mortgage, lien or charge thereon (or as the case may be), and are in (place or places where the goods are), and are the following (description of goods assigned).

Dated, etc.

(N.B.-The bills or notes and the goods, etc., may be set out in schedules annexed.)

63-64 V., c. 26, s. 46 and sch. C.

See notes to sec. 88.

Schedule C.

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