31. The President, Vice-President and Directors of the So- President and ciety, in their private capacity, shall be exonerated from all Directors reresponsibility in relation to the liabilities of the Society. 9 V. ponsibility. c. 90, s. 14.

lieved of res

cretary shall

32. The rules of the Society shall provide that the Trea- Rules to prosurer or other principal Officer thereof shall, once at least in vide that Seevery year, prepare a general statement of the funds and effects furnish annual of or belonging to the Society, specifying in whose custody or statement of possession, such funds or effects are then remaining, together with an account of all sums of money received or expended by or on account of the Society since the publication of the preceding periodical statement. 9 V. c. 90, s. 15.

funds.

33. Every such periodical statement shall be attested by two Secretary's or more members of the Society not being Directors, appointed statement to be attested by Auditors for that purpose, and shall be countersigned by the Auditors. Secretary or Clerk of the Society, and every member shall be entitled to receive from the Society without charge a copy of such periodical statement.

aliens, females

34. This Act shall for all purposes extend to aliens, de- Act extends to nizens and females; and co-partners and corporate bodies may and bodies corhold shares in any Society incorporated under the provisions porate. of this Act, in the same manner as single individuals; and this Act shall be construed in the most beneficial manner for promoting the ends thereby intended. 13, 14 V. c. 79, s. 4,-9 V. c. 90, s. 16.

35. The word "Society" in the foregoing sections of this Interpretation Act shall be understood to include and to mean Building So- clause. ciety and Institution established under the provisions and authority of this Act, or any former Act respecting Building Societies; the word "Rules" to include Rules, Orders, By-laws and Regulations; the words "Real Estate" shall extend and apply to immoveable estate and property generally; and the word "securities" shall extend and apply to privileges, mortgages, (equitable as well as legal,) and incumbrances upon real and immoveable estate, as well as to other rights and privileges upon personal estate and property. 9 V. c. 90, s. 16.

36. Whereas under the Act passed in the ninth year of Her Preamble. Majesty's Reign intituled, An Act to encourage the establish- 9 V. c. 90. ment of certain Societies, commonly called Building Societies, in that part of the Province of Canada formerly constituting Upper Canada, certain Building Societies have been established called Permanent Building Societies, which have in a great measure superseded those Societies called terminating Building Societies, and are conducted on more certain and equitable principles than the said terminating Building Societies, by enabling persons to become members thereof at any time for investment therein or to obtain the advance of their

shares

Permanent Societies having fulfilled certain conditions declared

to be within this Act.

And their subscribers to be members.

Evidence of membership.

be passed or amended.

shares or share by giving security therefor, and to fix and de-
termine with the said Society the time and amount which such
members shall repay such advanced share or shares and obtain
the release of the said security, without being liable to the con-
tingency of losses or profits in the business of the said Society;
And whereas doubts had arisen as to whether such Permanent
Building Societies were within the meaning and intention of the
said recited Act; Therefore, any Permanent Building Society
established under the said hereinbefore recited Act and the
amended Act thereto, or established under this Act, after this Act
takes effect, and conducted on the principle hereinbefore men-
tioned, which has fulfilled and observed or which fulfils and
observes all the conditions necessary to be fulfilled and ob-
served for the establishment of a Building Society under the
said recited Acts, or under this Act, (as the case may be) shall
be and the same is hereby declared to be and to have been a
Building Society within the meaning and intention of the said
recited Acts and of this Act, and to be and to have been en-
titled to all the powers, benefits and advantages of the said
recited Acts and of this Act; and any person or persons who
have signed the Rules and Regulations of any such Building
Society entered and recorded in a book, as in the fifth section
of the said recited Act, passed in the ninth year of Her Majes
ty's reign and in the thirteenth section of this Act is required,
and have subscribed his or their name or names
as a' share-
holder or shareholders for one or more shares, shall, from the
time of such signature and subscription, be and be deemed to
have been a member or members of such Building Society; and
the production of the book containing the rules for the mana-
gement of such Society, kept as in the fifth section of the said
Act and in the thirteenth section of this Act is required, signed
by such person and duly witnessed, shall, at all times and for
all
purposes, be sufficient evidence of membership in such
Building Society. 22 V. c. 45, s. 1, (1859.)

37. Any Permanent Building Society may alter, amend, How By-laws of Permanent repeal or create any Regulation, Rule or By-law for the work Societies may ing of the said Society at a public meeting of the members of such Society, convened as is directed by the said seventeenth section of this Act, and at which public meeting one third of the members of the said Society, entitled to vote by the Rules of the said Society, and representing not less than two thirds of the unadvanced Stock of such Society, do, either in writing under their hand or by a vote at such meeting, concur in such alteration, amendment or repeal of such Regulation, Rule or By-law, or in the creation of any new Rule, Regulation or By-law. 22 V. c. 45, s. 2, (1859.)

Amount to

38. Every such Society, by its Rules, Regulations and By-laws which Socie- authorized to borrow money, shall not borrow, receive, take or retain, otherwise than in stock and shares in such Society, from any person or persons, any greater sum than three-fourths of the

tics may borrow money, limited.

amount

amount of capital actually paid in on unadvanced shares, and invested in real securities by such Society; and the paid in and subscribed capital of the Society shall be liable for the amount so borrowed, received or taken by any Society. 22 V. c. 45, 8. 3, (1859.)

paid up, may

amount.

39. When any share or shares in any Society have been Shareholder fully paid up according to the rules of the Society, or have whose share is become due and payable to the holder thereof, then and in such receive or incase the holder of such share or shares may either withdraw vest the the amount of his share or shares from the said Society, according to the rules and regulations thereof, or invest the amount of his said share or shares in the Society, and receive therefrom periodically such proportion of the profits made by such Society as may be provided for by a By-law to be passed for the purpose; and the amount of such share or shares so invested shall become fixed and permanent capital or shares in the said Society not withdrawable therefrom, but transferable in the same manner as other shares in the said Society.. 22 V. c. 45, s. 4.

40. Such Society may advance to members on the security Advances on of investing on unadvanced shares in the said Society, and may vesting on unsecurity of inreceive and take from any person or persons, or bodies corpo- advanced rate, any Real or Personal Security of any nature or kind shares. whatever as Collateral Security for any advance made to Members of the Society. 22 V. c. 45, s. 5.

41. Any Society may hold absolutely Real Estate for the Holding real purposes of its place of business, not exceeding the annual estate. value of Six Thousand Dollars. 22 V. c. 45, s. 6.

of

to trusts to

42. Such Society shall not be bound to see to the execution Society not any Trust, whether expressed, implied, or constructive, to bound to see which any share or shares of its stock may be subject; and the which its stock receipt of the party in whose name any such share or shares is subject. stand in the books of the Society, or if such share or shares stand in the name of more parties than one, the receipt of What receipts one of the parties shall, from time to time, be a sufficient dis- shall be suffi charge to the Society for any payment of any kind made in cient. respect of such share or shares, notwithstanding any Trust to which such share or shares may then be subject, and whether or not such Society has had notice of such Trust; and the Society shall not be bound to see to the application of the money paid upon such receipt. 22 V. c. 45, s. 7, (1859.)

CAP.

CAP.

by Cabe 37-1881

LIV.

заль

ry

4

Municipal Cor
porations.

Police Villages.

Heads, Officers,

continued.

An Act respecting the Municipal Institutions of Upper Canada.

ER Majesty, by and with the advice and consent of the Legislative Counci! and Assembly of Canada, enacts as follows:

EXISTING INSTITUTIONS CONTINUED.

1. The Inhabitants of every County, City, Town, Village, Township, Union of Counties and Union of Townships incorporated at the time this Act takes effect, shall continue to be a body Corporate, and every Police Village then existing shall continue to be a Police Village, with the Municipal boundaries of every such Corporation and Police Village respectively then established. 22 V. c. 99, passim.

2. The Trustees of every Police Village existing when this Act takes effect, shall be deemed the Trustees respectively of every such Village as continued under this Act.

3. The Head and Members of the Council, and the Officers, By-laws, &c., By-laws, Contracts, Property, Assets and Liabilities of every Municipal Corporation, and the inspecting Trustees of every Police Village existing when this Act takes effect, shall be deemed the Head and Members of the Council, and the Officers, By-laws, Contracts, Property, Assets and Liabilities of such Corporation and the Inspecting Trustees of such Police Village as continued under and subject to the provisions of

Names of Cor-
porations.

Names of Pro-
visional Cor-
porations.

The Councils

to govern.

Trustees in

this Act.

NAMES AND GOVERNING BODY.

1. CORPORATIONS.

4. The name of every Body Corporate continued, or erected under this Act, shall be The Corporation of the County, City, Town, Village, Township, or United Counties, or United Townships (as the case may be ) of (naming the same.)

5. The Inhabitants of every Junior County upon a Provisional Council being or having been appointed for the County, shall be a Body Corporate under the name of The Provisional Corporation of the County of (naming it.)

6. The powers of every Body Corporate under this Act, shall be exercised by the Council thereof.

2.-POLICE VILLAGES.

7. The Police regulations of every Police Village shall

Police Villages be enforced through the Police Trustees.

to govern.

Extension of

NEW MUNICIPALITIES.

COUNTIES AND TOWNSHIPS.

8. The Inhabitants of every County or Union of Counties Corporate Mu- erected by Proclamation into an independent County or Union

nicipalities.

of

of Counties, and of every Township or Union of Townships erected into an independent Township or Union of Townships, and of every locality erected into a City, Town or Incorporated Village, and of every County or Township separated from any Incorporated Union of Counties or Townships, and of every County or Township or of the Counties or Townships if more than one, remaining of the Union after the separation, being so erected or separated after this Act takes effect, shall be a body Corporate under this Act.

NEW POLICE VILLAGES.

9. On the Petition of any of the Inhabitants of an unin- New Police corporated Village, the Council or Councils of the County or Villages. Counties within which the village is situate, may, by By-law,

erect the same into a Police Village, and assign thereto such limits as may seem expedient.

NEW INCORPORATED VILLAGES.

by By-law in

name place for

officer.

10. When the census returns of an unincorporated Village When populawith its immediate neighbourhood, taken under the direc- tion 750, Countion of the Council or Councils of the County or Counties ty Council may in which the Village and its neighbourhood are situate, shew that corporate new the same contain over seven hundred and fifty inhabitants, Villages and and when the residences of such inhabitants are sufficiently first election, near to form an Incorporated Village, then, on petition, by not and a returning less than one hundred resident freeholders and householders of the village and neighbourhood, the Council or Councils of the County or Counties in which the Village and neighbourhood are situate shall, by By-law, erect the Village and neighbourhood into an Incorporated Village, apart from the Township or Townships in which the same are situate, by a name and with boundaries to be respectively declared in the By-law, and shall name in the By-law the place for holding the first Election, and the Returning Officer who is to hold the same.

how to be an

11. When the newly Incorporated Village lies within two or When the Vilmore Counties, the Councils of the Counties shall, by By-law, lage lies within annex the Village to one of the Counties; and if within six two counties, months after the petitions for the incorporation of the nexed to one of Village are presented, the Councils do not agree to which them by the County the Village shall be annexed, the Wardens of the Governor. Counties shall memorialize the Governor in Council, setting forth the grounds of difference between the Councils; and thereupon the Governor shall, by Proclamation, annex the Village to one of such Counties.

Councils or

12. In case the Wardens do not, within one month next when by the after the expiration of the six months, memorialize the Governor Governor. as aforesaid, then one hundred of the freeholders and householders on the census list may petition the Governor to

settle