CHAP. 80.

An Act respecting the Ontario Accident Insurance

Company.

[Assented to 29th June, 1897.]

WHEREAS the Ontario Accident Insurance Company has, Preamble. by its petition, prayed that its Act of incorporation be amended as hereinafter set forth, and it is expedient to grant the prayer of the said petition: Therefore Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

1. Section five of chapter eighty-three of the statutes of 1895, c. 83, 8.5, 1895 is hereby repealed, and the following substituted there- repealed. for :

contracts.

"5. The Company may make and effect contracts of insur Scope of ance with any person against any accident or casualty, of insurance whatsoever nature or from whatsoever cause arising, to individuals, whereby the insured may suffer loss or injury or be disabled, including sickness, not ending in death, or in case of death from any accident or casualty, not including sickness, securing to the representative of the person assured the payment of a certain sum of money upon such terms and conditions as are agreed upon; and in like manner may also Workmen and make and effect contracts of indemnity with any person employees. against claims and demands of the workmen and employees of such person, or of the legal representatives of such workmen and employees, with respect to accidents or casualties, of whatever nature or from whatever cause arising, whereby the insured suffers pecuniary loss or damage or incurs costs."

ness not end

2. The Company shall not make and effect contracts of Insurance insurance with any person against sickness not ending in death against sickuntil a further amount of not less than ten thousand dollars ing in death. of capital stock has been paid in cash into the funds of the Company.

OTTAWA: Printed by SAMUEL EDWARD DAWSON, Law Printer to the Queen's

most Excellent Majesty.

CHAP. 81.

An Act to incorporate the Royal Victoria Life Insurance Company.

WE

[Assented to 21st May, 1897.]

HEREAS the persons whose names are hereinafter men- Preamble. tioned have, by their petition, prayed to be incorporated

for the purposes hereinafter set forth, and it is expedient to grant the prayer of the said petition: Therefore Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows :—

tion

1. Andrew Frederick Gault and James Crathern, of Mon- Incorporatreal, Sir Joseph Adolphe Chapleau, of Quebec, the Honourable James O'Brien, Thomas G. Roddick, Robert Mackay, Jonathan Hodgson, the Honourable L. J. Forget, Samuel Finley, John Cassills and David Burke, all of Montreal, together with such persons as become shareholders in the company hereby incorporated, are hereby constituted a body corporate under the name of "The Royal Victoria Life Insur- Corporate ance Company," hereinafter called "the Company."

name.

2. The Company may effect contracts of life insurance with Business of any person, and may grant, sell or purchase annuities, grant life insurance. endowments, and generally carry on the business of life insurance in all its branches and forms.

3. The capital stock of the Company shall be one million Capital stock. dollars, divided into shares of one hundred dollars each.

their powers.

4. The persons whose names are set forth in the first section Provisional of this Act, together with such persons, not exceeding four, as directors and they associate with them, shall be the provisional directors of the Company, a majority of whom shall be a quorum for the transaction of business, and they may forthwith open stock books, procure subscriptions of stock for the undertaking, make calls on stock subscribed, and receive payments thereon, and shall deposit in a chartered bank in Canada all moneys received by them on account of the Company, and withdraw

First meeting of Company.

Election of directors.

Qualification of directors.

Cails on stock.

Commencement of business.

the same for the purposes only of the Company, and may do generally what is necessary to organize the Company.

5. So soon as three hundred and fifty thousand dollars of the capital stock of the Company have been subscribed and twenty per cent of that amount paid into some chartered bank in Canada, the provisional directors shall call a meeting of the shareholders of the Company, at some place to be named, in the city of Montreal, in the province of Quebec,at which general meeting the shareholders present or represented by proxy, who have paid not less than twenty per cent on the amount of shares subscribed for by them, shall elect a board of directors.

2. No person shall be a director unless he holds in his own name and for his own use at least fifty shares of the capital stock of the Company and has paid all calls due thereon and all liabilities incurred by him to the Company.

6. The shares of the capital stock subscribed for shall be paid by such instalments and at such times and places as the directors appoint; the first instalment shall not exceed twenty per cent, and no subsequent instalment shall exceed ten per cent, and not less than thirty days' notice of any call shall be given: Provided that the Company shall not commence the business of insurance until seventy thousand dollars of capital stock have been paid in cash into the funds of the Company to be appropriated only for the purposes of the Company under this Act: Provided further, that the amount so paid in by any to be paid in. shareholder shall not be less than ten per cent upon the amount subscribed by such shareholder.

Ten per cent

Number of directors.

Annual meet

ing.

Head office.

7. The affairs of the Company shall be managed by a board of not less than eleven nor more than twenty-five directors, of whom a majority shall be a quorum.

8. A general meeting of the Company shall be called once in each year after the organization of the Company and commencement of business, at its head office; and at such meeting a statement of the affairs of the Company shall be submitted by the directors.

9. The head office of the Company shall be in the city of Montreal, and the directors may from time to time establish Branch offices. branches or agencies either within Canada or elsewhere in such manner as the directors from time to time appoint.

Investment of funds.

10. The Company may invest its funds in or on the debentures, bonds or stocks or other securities of the Dominion of Canada, or of any province of Canada, or the securities of any municipal or school corporation in Canada, or the security of the bonds or debentures of any incor

porated building society, loan or investment company, waterworks company, gas company, street railway company, electric light or power company, electric railway company, or telegraph company incorporated in Canada, or on the security of paid-up stock of any such company, or on the security of real estate or mortgage security thereon, or on the security of leaseholds for a term of years, or other estate, or interest in real property or mortgage security thereon in any province of Canada, or in or on its life or endowment policies, or policies issued by other companies, or in the purchase of ground rents, and to change and re-invest the same as occasion from time to time requires; and to take, receive and hold all or any of such securities in the corporate name of the Company, or in the name of trustees for the Company appointed by the directors, whether for funds invested by being advanced or paid in the purchase of such securities, or loaned by the Company on the security of the said debentures, bonds, stocks, mortgages or other securities, as aforesaid; such loans to be on such terms and conditions, and in such manner and at such times and for such sums, and in such sums of repayment, whether of principal or interest, or principal and interest together, and at such interest and return, as the board of directors may from time to time determine and direct, and whether they are taken absolutely or conditionally or as collateral security, or whether such securities are taken in satisfaction of debts due to the Company or judgments recovered against any person in its behalf, or in security for the payment of the same or of any part thereof.

11. The Company may invest or deposit such portion of its Foreign funds in foreign securities as is necessary for the maintenance securities. of any foreign branch.

12. The Company may hold such real estate as is bona fide Powers as to mortgaged to it by way of security or conveyed to it in satis- real estate. faction of debts or of judgments recovered: Provided always Proviso. that all real estate so mortgaged or conveyed in security as aforesaid and acquired by the Company shall be sold and disposed of within seven years from the time of its becoming the absolute property of the Company, otherwise it shall revert to the previous owner or to his heirs or assigns.

13. The Company may also acquire, hold, alienate, convey Real estate and mortgage any real estate required in part or wholly for required for Company's the use and accommodation of the Company, but the annual use. value thereof in any province of Canada shall not exceed five thousand dollars, except in the province of Quebec, where it shall not exceed ten thousand dollars..

14. The directors may from time to time set apart such Dividends. proportion of the net profits as they shall deem safe and

proper, for distribution as dividends or bonuses to sharehold