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Policies to be signed

by President, counter. signed by Secretary.

Assured to have title in fee to property insured, &c.

Statement to be made by Directors at annual meetings.

Mode of proceeding when losses by fire

occur.

Mutual members obliged to pay their portion of losses, &c.

happening to Mutual Branch of Company.

XVII. And be it enacted, That all Policies or Contracts of Insurance, issued or entered into by the said Company, shall be signed by the President and countersigned by the Secretary, or as otherwise directed by the Rules and Regulations of the Company, in case of their absence; and being so signed and countersigned, and under the Seal of the said Company, shall be deemed valid and binding upon them according to the tenor and meaning thereof.

XVIII. And be it enacted, That in all cases of Mutual Insurance, the assured shall have title in fee, unincumbered, to the building or buildings insured, and the land covered by the same; or if the assured shall have a less title therein, or if the premises be incumbered, then the true title of the assured and the incumbrances on the premises shall be expressed therein and in the application therefor, otherwise the Policy of Insurance granted thereon shall be void.

XIX. And be it enacted, That at the Annual General Meeting of the Company, and before the Members then assembled, the Board of Directors shall exhibit a full and unreserved Statement of the affairs of the Company; of the Funds, Property and Securities, shewing the amount in real estate, in Bonds and Mortgages, in Notes and the Securities thereof, in public Debt or other Stock, and the amount of debt due to and from the said Company.

XX. And be it enacted, That in case of any loss or damage by fire, happening to any property insured with the said Company, immediate notice thereof shall be given by the assured to the Secretary of the Company, or to the Agent of the Company, if there should be one acting for it in the neighbourhood of the place where such fire occurred, and shall as soon after as may be, furnish to such Agent, or otherwise to the Secretary, a full Statement of all particulars of the said fire as far as can be ascertained, together with a detailed Account of all damage done, which Statement and Account shall be verified upon oath by the parties making the same, if required; and the Directors upon a view of the same, or in such other way as they may deem proper, shall ascertain and determine the amount of such loss or damage, and if the party suffering shall not be satisfied with the determination of the Directors, the question shall then be submitted to three disinterested persons as Referees, one of whom shall be named by the suffering party, and one by the Board, and the two Referees so named shall choose a third, and the decision or award of a majority of them shall be binding; and if the award is not satisfactory, either party may sustain its case in an action at law, and if upon the trial of such action a greater sum shall be recovered than the amount determined upon by the Directors, the parties suffering shall have judgment therefor against the Company, with interest thereon from the time at which payment for such loss or damage should have been made by the terms of the Policy, had no such question or disagreement arisen, with costs of suit; but if no more shall be recovered than the amount so previously determined, or a less sum be awarded, then the Plaintiff or Plaintiffs in such suit shall not be entitled to costs against the Defendants, but the Defendants shall be entitled to costs, as in the case of a verdict for them.

XXI. And be it enacted, That every Mutual Member of the Company shall be, and is hereby bound and obliged to pay his or her portion of all losses and expenses happening or accruing in or to the Mutual Branch of the Company, during the continuance of his or her Policy of Insurance, and all the right, title, interest and estate at the time of the Insurance of the assured, of, in, or to the building insured by and with the said Company, and to the lands on which the same shall stand, and to all other lands thereto adjacent, which shall be mentioned and declared liable to the Policy of Assurance, shall stand pledged to the said Company, and the said Company shall have full power to sell, demise and mortgage the same or any part thereof, to meet the liabilities of the insured for his, her or their proportion of any losses or expenses happening or accruing to the said Company, during the continuance of his, her or their Policy; which sale, demise or mortgage shall be made in such manner as shall be specified in the Policy of the assured.

Directors to make
assessment of sums to
members where a mu-
tual member shall
&c. by fire.

be paid by mutual

have incurred a loss,

XXII. And be it enacted, That the Directors shall, after receiving notice of any loss or damage by fire sustained by any Mutual Member with account and proof thereof, and ascertaining the same, or after the recovery of any judgment as aforesaid against the Company for such loss or damage, settle and determine the sums to be paid by the several Mutual Members thereof as their respective proportions of such loss, and publish the same in such manner and form as they shall see fit or as by the By-laws shall have been prescribed; and the sum to be paid by each Mutual Member shall always be in proportion to the original amount of his, or her Deposit Note or Notes, and shall be paid to the Treasurer within thirty days next after the publication of such notice; and if any Member shall for the space of thirty days after the publication of such notice, neglect or refuse to pay the sum assessed upon him, her or them, or his, her or their proportion of any loss or damage aforesaid, in such case the Directors may sue for and recover the whole amount of his, her or their Deposit Note or Notes with costs of suit; and the money thus collected shall remain with the Treasurer of the Company, subject to the payment of such loss or expense as shall or may accrue during the continuance of his, her or their Policy, and the balance, if any remaining, shall be returned to the party from whom it was collected on demand, after thirty days from the expiration of the term for which insurance was made: Provided always, that no payment, assessment Proviso. or instalment shall be called in on the said Premium or Deposit Notes until all savings, profits or funds arising from or on account of payments made or moneys received on account of the Mutual Branch of Insurance of the said Company shall have been first applied to and expended upon the payment of losses or damage previously occurring therein.

XXIII. And be it enacted, That if it shall ever happen that the whole amount of Deposit Notes shall be insufficient to pay the loss occasioned by any one fire or fires, in such case the sufferers insured by the said Company shall receive, towards making good their respective losses, a proportionate dividend of the whole amount of such Deposit Notes, according to the sums by them respectively insured; and any Member upon payment of the whole of his or her Deposit Note, and surrendering his or her Policy before any subsequent loss or expense has been incurred, shall be discharged from the said Company.

XXIV. And be it enacted, That whenever any assessment is made on any Premium Note given to the said Company for any hazard taken by the said Company, or as consideration for any Policy of Insurance issued, or to be issued by the said Company, and an action is brought to recover such assessment, the Certificate of the Secretary of the Company, specifying such assessment and the amount due to the Company on such Note by means thereof, shall be taken and received as prima facie evidence thereof in all Courts and places whatsoever.

Provision, in case deposit notes are in

sufficient to cover

losses.

Certificate of Secretary. specifying any asmium note to be prima facie evidence

sessment on a pre

thereof.

Policy to be void on sale, &c., of building

insured.

XXV. And be it enacted, That when any house or other building shall be alienated by sale or otherwise, the Policy of Mutual Insurance shall be void, and be surrendered to the Directors of the Company to be cancelled, and upon such surrender the assured shall be entitled to receive his, her or their Deposit Note or Notes, upon payment of his, her or their proportion of all losses and expenses that have occurred prior to such surrender: Provided always, that the Grantee or Alienee having the Policy assigned to Proviso, him, her or them, may have the same ratified and conferred to him, her or them, for his, her, or their own proper use and benefit, upon application to the Directors, and with their consent, within thirty days next after such alienation, on giving proper Security to the satisfaction of the Directors for such portion of the Deposit or Premium Note as shall remain unpaid; and by such satisfaction and confirmation, the party causing the same shall be entitled to all the rights and privileges, and be subject to all the liabilities to which the original party insured was entitled and subjected under this Act. XXVI. And be it enacted, That in case any building or buildings, situated upon leased lands, and mutually insured by the Company, be destroyed by fire, in such cases the Company may retain the amount of the Premium Note given for the insurance 266* thereof,

to

Provision with respect destruction of buildleased lands.

ings situate upon

Five per cent to be

proprietary stock, on subscribing thereto.

thereof, until the time for which insurance was made shall have expired, and at the expiration thereof the assured shall have the right to demand and receive such part of the said retained sum or sums as has not been expended in losses or assessments. XXVII. And be it enacted, That five per cent. on each share of the Proprietary paid on each share of Stock shall be ready as a deposit at the time of subscribing thereto, to be called for by the Directors in such manner and as soon as they may deem expedient, and the remainder shall be paid in such instalments as the Directors for the time being shall appoint; Provided that no instalment shall exceed ten per cent. upon the Capital Stock, or be called for, or become payable in less than thirty days after public notice shall have been given, in one or more of the several newspapers published in every county, where Stock may be held, to that effect; and if any Shareholder or Shareholders refuse or neglect to pay to the said Directors the instalment due upon any share or shares held by him, her or them, at the time when required by law so to do, such Shareholder or Shareholders as aforesaid, shall forfeit such shares as aforesaid, together with the amount paid them; and the said share or shares so forfeited, it shall and may be lawful for the said Directors to sell, and the sum arising from such sale, together with the amount previously paid thereon, shall be accounted for and divided in like manner as the other moneys of the Proprietary Branch of this Corporation.

Directors may sue for amcunt of instalments instead of forfeiting stock, if they think proper.

Proprietary stock transferable, according to rules, &c, of the Board.

No transferred share or stock to enable

XXVIII. And be it enacted, That in case the said Directors shall think it more expedient in any case to enforce the payment of any instalment or instalments of Proprietary Stock in the said Company, held by any person or persons, and called in and unpaid, than to forfeit the same, it shall and may be lawful for the said Company to sue for and recover of and from such person or persons such instalment or instalments as aforesaid, which shall be so called in, and which shall be unpaid at the time or times when the same shall be due or payable, which said instalments shall be sued for and recovered, with interest thereon, in any action or actions of debt in any Court having jurisdiction in civil cases to the amount; and in any such action, it shall not be necessary to set forth the special matter in the declaration, but it shall be sufficient to allege that the defendant is the holder of one or more shares (stating the number) in the Stock, and is indebted to the Company in the sum to which the calls in arrear may amount; and in any such action, it shall be sufficient to maintain the same, that the signature of the defendant to some Book or Paper by which it shall appear that such defendant subscribed for a share or a certain number of shares of the Stock of the said Company, be proved by one witness, whether in the employment of or interested in the Company or not, and that the number of calls in arrear have been made.

XXIX. And be it enacted, That the Proprietary Stock of the said Company shall be assignable and transferable, according to such Rules as the Board of Directors shall make and establish; and no Stockholder indebted to the Company shall be permitted to make or transfer, or receive a dividend, until such debt be paid, or security for its being paid be given, to the satisfaction of the Directors.

XXX. And be it enacted, That no Transferred Share or Stock shall enable the transferce to vote un- Transferee to vote, until the expiration of thirty days from such transfer.

til 30 days expire.

Double insurances void, unless with

consent of Directors.

Officers of Company competent witnesses in actions of Company.

XXXI. And be it enacted, That if any Insurance on any house or building shall be and subsist in the said Company, and in any other office, or from or by any other person or persons at the same time, the Insurance made in and by this Company shall be deemed and become void, unless such double insurance subsist with the consent of the Directors, signified by indorsement on the Policy, signed by the President, and countersigned by the Secretary, or otherwise, as directed by the By-laws and Regulations of the Company.

XXXII. And be it enacted, That in all actions, suits and prosecutions, in which the said Company may be engaged at any time, the Secretary or other Officer of the said Company shall be a competent witness, notwithstanding any interest he may have therein.

XXXIII.

XXXIII. And be it enacted, That the said Company shall, when required by either Statement to Legisof the three Branches of the Legislature, make a full and unreserved Statement of the lature. affairs of the Company, of the Funds, Property and Securities, shewing the amount in Real Estate, in Bonds and Mortgages, in Notes, and the Securities thereof, in Public Debt or other Stock, and the amount of Debt due to and from the said Company, and

also a list of the Stockholders and of the Directors of the Company.

XXXIV. And be it enacted, That this Act shall be deemed a Public Act, and shall Public Act. extend to all Courts of Law or Equity in this Province, and be judicially taken notice

of as such by all Judges, Justices, and other persons whatsoever, without the same

being specially shewn or pleaded.

XXXV. And be it enacted, That it shall at all times hereafter be lawful for the It may be repealed, Legislature of this Province to repeal, alter or amend this Act.

CAP. CLXIV.

An Act to incorporate the Marine Mutual Insurance Company of Montreal.

[30th August, 1851.]

&c.

THEREAS the formation and establishment of Marine and Inland Insurance Preamble.

W Companies in this Province is of great public utility, And whereas the several

persons hereinafter named are willing and desirous to establish and maintain such a Company with mutual division of profits between the Shareholders and the Insured, but the same cannot be effected with advantage without the aid and authority of the Legislature: Be it enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and of the Legislative Assembly of the Province of Canada, constituted and assembled by virtue of and under the authority of an Act passed in the Parliament of the United Kingdom of Great Britain and Ireland, and intituled, An Act to re-unite the Provinces of Upper and Lower Canada, and for the Government of Canada, and it is hereby enacted by the authority of the same, That the Honorable George Moffatt, John Gordon Mackenzie, John Young, James B. Incorporation of ComGreenshields, Hugh Allan, L. H. Holton, Henry Starnes, John Glennon, Haviland L. pany. Routh, William Muir, Henry M'Kay, J. O. Moffatt, James Law, Maurice Cuvillier, Wm. Edmonstone, James Burns, A. Gilmour, Edward Maitland, and every other person who shall hereafter become a Shareholder of the said Company, shall be and are hereby united into a Company for effecting and making Inland Navigation and Marine Insurance, according to the Rules, Orders and Directions hereinafter mentioned, and for that purpose shall be one Body Corporate until the first day of January, one thousand nine hundred and fifty, under the name of " The Marine Mutual Insurance Company of Montreal."

goes, &c.

II. That the said Company shall have power and authority to make with any person, Powers and authority all and every Insurance connected with Marine Risks and Risks of Navigation and to insure vessels, carTransportation by Water, against loss or damage of or to any Vessel, Steamer, Boat or other Craft, either sea-going or navigating upon the lakes, rivers or navigable waters of this Province or elsewhere, and of and to any Cargo, Goods, Wares and Merchandize, Specie, Bullion, Jewels, Bank Notes, Bills of Exchange and other evidences of debt conveyed therein, and of and to any Timber or other property of every description borne or carried by water, and of and to any Freight, Profit, Cominission, Bottomry or Respondentia Interest, and to cause themselves to be re-insured, when deemed expedient, against any loss or risk upon which they have made or may make Insurance, and generally to do and perform all other necessary matters and things relating to such objects.

Power to hold real

III. That the said Company shall have power and authority to purchase, have and hold to them and their successors, any real or immoveable estate, lands and tenements, estate limited, and which shall not at any time exceed the value of Five Thousand Pounds, and which shall be necessary for their immediate accommodation in relation to the convenient transaction

to take same as secu

rity.

of

Company may invest funds in real estate,

bonds, &c.

Proviso.

Proviso.

Capital Stock divided into Shares.

Management by a
Board of Directors.

Election by ballot.

of their business, and the same to sell and dispose of and others to acquire; and to take and hold any real estate bona fide mortgaged and hypothecated to the said Company by way of Security, or conveyed to them in satisfaction or payment of any debt previously contracted in the course of their dealings, or purchased at any sale under any Judgment, Order or Decree of any competent Court, which may have been obtained for such debt or by virtue of any proceeding at law, and to hold the said real estate for a period not exceeding two years, during which time the said Company shall be bound to sell or dispose of and convert the same into money or personal property.

IV. That it shall be lawful for the said Company to invest their Funds or any part thereof in Loans on real estate, or Bond and Mortgage, or Mortgage Hypothèque on real estate worth fifty per cent. more than the sum loaned thereon, and the same to call in and re-loan, as occasion may render expedient, and in the purchase of any of the public Securities of this Province, the Stocks of any Chartered Bank or other Chartered Company, the Bonds and Debentures of the Government of Canada, or of either of the heretofore Provinces of Upper Canada or Lower Canada, or of any Incorporate City or Town, or Municipality in the said Province, and to sell and transfer the same: Provided always, that the Company shall not deal in any goods, wares or merchandizes, in the way of traffic, but nothing herein contained shall prevent the said Company from selling any goods, wares or merchandizes or other effects, of what nature or kind soever of which they may become possessed or which may be abandoned to them by the Insured in virtue of any Policy of Insurance on such goods, wares or merchandizes or other effects: And provided further, that the said Company shall not invest any part of their said Funds in any Bottomry or Respondentia Bonds, excepting upon vessels which shall be insured by the said Company at the time of taking such Bonds, to an amount equal to the sum secured to be paid by the condition of such Bond; nor shall any such bond be made payable at a time subsequent to the time at which the Policy of such Insurance shall expire.

V. That the Capital Stock of the said Company shall be formed of the sum of Twenty-Five Thousand Pounds, divided into Shares of Twenty-Five Pounds each, which shall be paid in cash, or secured by the hypothecation of the Stocks or Public Securities mentioned in the previous Section, and being worth, at least ten per cent. more than the amount for which they shall be hypothecated; and the said Capital Stock, with the property of the Company and the Premiums reserved, shall be held liable for the payment of all engagements, loss or damage, that may from time to time occur and be justly claimed from or charged upon the said Company; and the said Capital Stock may be increased to a sum not exceeding One Hundred Thousand Pounds, as a majority of the Shareholders, at a meeting expressly convened for the purpose, shall agree; which said increase shall be divided into Shares of similar amount, and be paid, invested and secured, and be liable for the debts of the Company in the same manner as the Original Stock; and the Shares of the Increased Stock shall entitle to vote at any election, and be assignable and transferable, and be subject to the same Rules and Regulations from time to time established and made by the Directors, in the same manner as the said Original Stock.

VI. That the Corporate powers, property and business of the Company shall be conducted and managed by a Board of five Directors, which Board, in the first instance and until the first General Annual Meeting of the Company as hereinafter provided, and until others may be chosen and appointed thereafter as herein provided, shall consist of the said Honorable George Moffatt, John Gordon Mackenzie, Hugh Allan, John Young, and L. H. Holton, named in the first section of this Act, but who shall nevertheless be eligible for re-election at the said first or any other Annual Meeting, and thereafter the Directors shall be elected annually at the said General Annual Meeting, and be eligible for re-election as aforesaid; and all elections of Directors shall be by ballot, and shall be held at a General Meeting of the Company by the Members thereof, present in person or by proxy, and in case of a failure to elect from an equality in the number of votes for more than five Directors, a new election shall be

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