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I-IA__SZARD'S GAZETTE. APRIL 12.

LIGIILATIVI IIIIIABY.

ABSTRACT OF Till BANK BILL, as rlsun ll rue amnxx, anti. 4.

l- The Shareholders is the corporation hereby sstablishrd, and their successors. o., &c., shall be. and they are, hereby, united into a Company, and declared to be one Bod Politic and Corporate. bv ‘the same of "The resident Directors and Co y of the Bank of Prince Edward Island,” and, by that name, shall have succession and a Common Seal; arid, by that name, shall and may sue and be so , &o.. &c., c.,

9. In every suit at Law or in Equity, instituted against the "said Bank, service of Process upon the Prvsidseser Caahier,or at the Ofice of the ssi-I Bank, shall be suficient to compel the said Bank to appear and plead to such suit.

3. The Capital or Joint Stock of the said Cor- porutloe shall consist of Gold and Silver coins, to the amount. in the first instance of Thirty thou- sand Pounds, , to be divided into Fifleen hundred Shares, of Twenty Pounds each ; and Teri the ottnds. or one third part of the Capital Stock which shall be subscribed for, shall be paid within Four Months from the passin this Act, and the remaining Twenty thousand Pounds shall be paid, at such time or times, after the said first payment, as shall be agreed on and appointed by the Directors of the said Bank for that purpose, thirty days previous, notice being first given in the Royal Gazette newspaper of the time and place appointed for the payment ofauch second or other future lustalments: provided that no second or other future lnstalnient shall be re- quired to be paid until at least Forty days after the payment of the said first Instalmeut of one third part: provided also tliatif the whole Capital, or

oint Stock ofThirty Thousand Pounds, shall not be subscribed for, witliln the said Four Calendar Months, that it shall and may be lawful for the Shareholders of the said Bank, in any bye-law passed under the_ Authority of this Act for the time being to make such Orders, Rules and Regu- lations for the Payment of any Stock. which shall be subscribed for after that period, or for any part thereof or lnstalment thereon, and also all other Rules, Orders and Regulations respecting the Shareholders subscribing after the said I-‘our Cal- enilar Months shall have expired, as shall be just, reasonable, and proper, for putting such Share- holders an subsequently subscribing on a fair and equal footing with the Shareholders who shall have subscribed for any Stock within the said Four Calendar Months

4. If tiny shareholder shall neglect or refuse to pay all or any part of the share or eharea subscri- bed by him, and payable as herein directed. it shall be lawful for the Directors forthwith after such neglect or refusal to sell or dispose of the share or shares in the payment of which such default shall have been nitide to the best advan- tage ; and the said Directors shall thereupon. out ofthe moneys arising from the sale thereof, pay over to such Shareholder the amount actually paid in by him on such share or shares, deducting first therefrom Ten per cent. on the amount of liia said share or shares. to be retained by the Bank

in lieu of all expenses incurred by such default: Provided always that if any loss eliall arise in the sale of such share or shares, no greater aum shall be paid to the said Shareholder than that at which such share or shares aha so , deducting first therefrom Ten per cent as aforesaid.

5. Whenever the business of the said Bank shall be thought to require a further and additio-

nslaniouut of its Capital, it shall be lawful for the said Shareholders, at any general or special meeting to be called for that puapose, and of which due notice ofnot less than Eortydaya shall befirst given in the _ s, to increase the said Capital by the t'urther sum of y sand Pound: Currency. making the said Capital in the whole One hundred thousand rency, and no more; and] which said additional Capital may be made and added, either in gross amount, and at one time. or at two or more distinct and separate times, and in such amounts severally as shall be agreed upon at any separate an distinct trieetin s of the Shareholders as aforesaid; and all which said additional Capital shall also be divided into shares of Twenty Pounds each, and paid in Gold or Silver Coins.

6. II the said additional shares shall be sold and disposed of at public auction to the highest bidder and bidders. on such terms as the Directors shall appoint and direct; and of which said sale or sales and of the time and place thereof, public notice shall be first given in the Royal Gazette, for at least Thirty days revious to such sales: and the said shares shal not be sold in line of more than five shares each.

7. The said additional shares together with any advance or premium, at which they may be respectively sold, shall be paid into the Bank within 'rty day: next after such sale ; and the whole amount of such advance or premium, it any, firat deducting thereont the charges of such sale. shall be divided in equal proportions to and among all the shares in the Capital of the Bank. as well the additional as the original shares ; and such dividend of the said advance or premium, if any, shall, be declared and paid by the Direc- tors, at the next semi-annual dividend of the payment into the Bank of the purchase money of the said additional shares.

8. In case ofdefault of payment of any of the said shares and the advance or premium at which they may have it sold. within the time so fixed for the payment thereof, it shall be lawful for the Directors, forthwith to sell and dispose of the said shares. in the payment of which default shall have been so made, at their discretion to the best advantage, and payment thereof shall be immediately made, and any advance or premium thereon shall be divided in the manner before mentioned.

9. This Section limits the amount of Real Estate which may be held by the Corporation, to flu nds : whilst, at the

time, it provides that the said Corporation may hold Real Estate, to any amounts by Mort- gage or Judgment taken as collateral security for the payment of debts due to the Corporation! Pro- vided further that the said Cor ration shall on us sccoutit lend money upon . ortgage or upon heads, or other fixed property, nor shall such purchased by the said Corporation u an prstsxt whatsoever, unless by way of additional security for Debts contracted with the said Cor- poration in the course of its dealings.

to. The Directirrs shall have power to appoint such Oflcere. Clerks, and Servants. as the msgor part of theta shall think necessary for executing the business of the Corporation. and shall allow them nation for their res ctivs services. as to them shall appear ressonsti e and

per; all which, together with the expenses _ot’ gdildings, house-rent, and all other contingencies

shall bsdsfrayed out of the funds of the Cor-

t . "ll. Not less than Iser Directors stisll csnsiltiits slleardfev the wumstioe ofbaeiesas,ofwhieli the President shall always be see, except in the case sickness, or necessary absence, in which case the Directors present may choose one of the Director and leases ofthsir being sl votes for and against any before them, the President shall have

sssting vote. ,

to. has the President and Directors slislt be setlllsd to ssshssmpsemtisa for their respective

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services, as the Stockholders and Members of the said Corporation shall eem reasonable and P

per.

18. That_nc person shall be eligible as a Direc- tor unless such person is s Stockholder and hold- ing not led than Twenty-five shares: Provided always that the Stockholdsrso otherwise quali- fied,bs nota Director in any other Banking Company.

M. Every Cashier and Clerk of the said Cor- poration, before he snlers upon the duties of his ofiice, shall give Bonds, with two or more aureliss, to be approved of by the Directors. in such sum as the Directors shall deem adequate tothetriiatsrea tivel reposed in them.

15. The num r of otes to which each Stock- holder shall be entitled, shall be in the following proportion: that is to say, for one share and not more than two shares, one vote: for every two shares above two shares, and not exceeding twelve, one vote, making six votes for twelve shares: for every three shares above twelve, and not exceeding thirty, one vote, making twelve votes for thirty shares; and, for every five shares sbovs thirty shares. one vote, provided that the number of fifteen votes shall be the greatest that any Stockholder shall be entitled to.

6. A Stockholders resident within this Island or elsewhere, may vote by proxy, provided that such proxy be a Stockholder, and do produce sufficient authority in writing from his Constituent or Constituents so to act: Provided that no sioclrliolder beentitled to hold more than three Proxies.

H. No member of said Corporation, during one month to be accounted from and after the passing of this Act shall be entitled to hold or subscribe for more than Thirty res. . ' the whole of the said Capital Stock shall not have been subscribed within one month. so to be accounted as aforsaid, that then, and in such case, it shall be lawful for any Stockholder to increase his or her subscription to such amount as he or she shall think proper.

18. 'l'hc Directors shall fill up any vacancy that shall be occasioned in the Board by the Death. Resignation, or absence from this Island for three months of any of its Members; but in case of the removal of a Director by the took- holders for misconduct or on msladiiiinintrstiott, his place shall be filled up by the said Stuck- holders; and the person so chosen by the Direc- turn or the Stockholders shall serve until the next succeeding annual meeting of the Stock- holders.

I9. The operations and business iif the Bank m.-iy cotnmence as soon as the sum of Ten thou- sand Pounds shall have been actually paid in and received on account of the Subscriptions. " shares or Capital Stock shall be assignable and transferable according to the titles and re gulatiotis that may be established in that behalf; but no assignment or transfer shall be valid or effectual. unless such assignment or transfer altall be entered and registered in a by the Directors for that purpose, nor until such person or persons so making the same shall previously discharge all debts actually due and payable tothe said Corporation; and, in no case, shall any fractional part of a share, or other than a complete share or aharea be assignable or transferable, and whenever any Stockholder shall transfer, iti man- ner aforesaid, all his Stock or shares in the said Bank to any other person or persons whatever, such Stockholder shall cease to be a Member of the Corporation.

20. The said Corporation may conduct the business of banking in all its branches, except as is or may be otherwise prohibited by this Act. and may lend money on cash accounts with per- sonal security only, and may generally deal in Bills of Exchange, Promissory Notes, Gold, or Silver Coin or Bullion, or in other the current moneys of this Island.

19. The holders of the Stock of the said Bank shall be chargeable in their private and individual capacity, and shall be.holden for the payment and redemption of all Bills which may lieve been issued by the said Corporation, and also for the payment of all Debts at any time due from the said Corporation, in proportion to the Stock they respectively hold: Provided, however, that in nocaae shall any one Stockholder be liable to pay a sum exceeding the amount of Stock actually then held by him: Provided nevertheless that nothing in this Act contained shall be corrstrtied to exempt the Joint Stock of the said Corporation from being also liable for and chargeable wit the Debts and Engagements of the same.

20. Every Bond, Bank Bill, or Bank Note, or other Instrument, by the terms or effect of wliiclt the said Corporation may be charged or held liable for the payment of money, shall specially declare. in such form as the Board of Directors shall pre- scribe that payment shall be made out of the joint funds of the said Corporation : Provided neverthe- less that nothing herein contained shall be con.- aimed to alter, change, or diminish the responsi- bilities and liabilities imposed on Stockholders in their individual capacities by the Section of this Act.

21. The total amount of the Debts (dc osits excepted) which the said Cor oration she I, at any time, owe, whether by Bon , Bill. or Note, or other Contract whatsoever, shall not exceed three times the amount of the Capital Stock actually paid in by the Stockholders; and, in case of any excess. the Directors under whose administration nnd mensgemet the same shall happen, shall be liable for such excess in their individual and pri- vate capacity. Provided always that the Lands. Tenants. Goods and Chattels of the said Corpora- tton shall also be liable for such excess.

99. The Directors shall make half-yearly Di- vidends of all profits,rsnts, premiums, and_intsrest of the said Cor oration, payable at pooh time and place as the irectors shall appoint, of which they shall give Thirty days’ notice in the Royal aette: Provided the said Directors shall not be compelled to make or declare any Dividend at an earlier period than one year from and after the passing of this Act, unless they shall think it expedient and advisable to make and declares Dividend at an earlier period .

93. The Books, Papers, Corrsspcnder_ice,aud Funds of the said Corporation shall, at all times. be guhject to the inspection of the Directors, but no Stockholder not a Director shall inspect the ac- count of any individual with the said Corpora-

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G is

tion.

94. All the Bills or Notes, issued b the said Corporation shall be signed by the Pros‘ out for the time being, and countersigued and attested by the Cashier, and shall be printed and made in steel plates. and all Bills and Notes. so signed and countsrsigned shall be binding on the said Cor-

iratioti. although not under their seal, which Sill or Notes shall be payable by the said Corpora- tion in Gold or Silver on demand: Notwithstand- ing any thing to the contrary contained in any Law new in force in this lsiand, it shall be law- ful for the said Corporation to melts, sign. and issue. or re-istus any Promissory Note or Notes for any sum or some of money less than Five Pounds, payable in Gold or Silver on ed.

95. In case the Oflcsrs of the and Corporation in the usual banking hours. 9! "II II” Plnlllr shall refuse or dale myment in Gold. or Silver of aeyBillorNots I ssucn ooethss ssetstl for payment, the said tarporatloe siral be so to y, on the srnouot efaeeh lot or Note

is i thereof. TWIN I" 9"‘ l'‘”''' P“

annutn from the day of sttsli refusal to the time

of £syrnent.

. The said Cor ration shall be liable to pay to any bone fide older, the original amount of any note of the said Bank which shall have been counterfcited or altered in course of its circulation to a larger amount notwithstanding such alteration.

26. The said Bank shall be ks t and estab- lished at Charlottetown aforesai , or at such other place as the Board of Directors muy think it necessary to remove the said Bank to, on ac- count of any great emergency for the security thereof.

27. All and ever the shares in the Capital Stock of the said nk and all the profits and advantages of such shares respectively shall be deemed and considered to be of the nature of, and shall be personal eamte and transmissible as such accordingly.

. The Directors shall, at the general meet- ing to be held on the first Tuesday in March in every year, lay before the Stockholders for their information an exact and particular statemeri o the amount of Debts due to and by the said Corporation, the amount of Bank Notes then in circulation, the amount of the Gold and Silver on hand, and the amount of such debts as are in their opinion bed or oubtful, also the sur- plus or rofit (if any) remaining after deduc- tion of oases and rovisions for Dividends, which statements she I be signed b the Direc- tors and attested b the Cashier, an aduplicute statement so si e and attested shall be trans- mitted to the cretary of the Island for the information of His Excellency the Lieutenant, Governor, or other Administrator of the Govern- ment for the time being an the Legislature: Pttovioun ALWAYS, that the rendering of such statement shall not extend to give any right to the Stockholders, not being Diretors, to inspect the account of any Individual or Individuals with the said Corporation.

29. Any number of Stockholders, not less than Twelve, who together shall be proprietors of Three hundred shares, shall have power, at any time, by themselves or their proxies, to call a general meeting of the Stockholders for purposes relating to the business of the said Corporation. giving at least Thirty days previous notice in the

oyslGsaette, and specifying, in such notice, the time atid place of such meeting with the objects thereof; and the Directors, or any four of them. shall have the like power, at any time, upon observing the like formalities, to call a general meeting as aforesaid.

30. The Cashier, or Acting Cashier, shall, on

e each and every discount day, furtiish a true list

to the President or Chairitian of the said Bank of all delinquent promisers, endorsers. and surcties. made up to three o'clock on the day preceding the discount day, which list shall be called a Delinquent Sheet: and it shall be the duty ofthe President or Chairmen, on each and every dis- count day as aforesaid. to read the name or names contained in such Delinquent Sheet to the Board of Directors : and in case the names of any Direc- tor shall appear in such Delinqunit Sheet, either

roiniser, endorser, or surely, it is hereby declared illegal for such Director to sit at the Board, or take anygart in the management ofthe affairs ofthe said ank during the continuance of such delinquency.

31. In the want of any Director continuing a delinquent as aforesaid or ninety consecutive days, at no one time. such continued delin- quency sha I disqualify such Director from holding his seat ; and it shall the duty of the

Nc're.—'I‘his Abstract is, so far, in substance exactly as the Bill was introduced by Mr. H. Havi- i.aivn; the auicndirients made to it in Cotninittse, heiag merely the dirisoe of the int Ca ital 3|Mk of £80000, into I600 disree of£20 sec . instead of I000 shares of £80 each; the tnakin it lawful for the Corporation to increase their Ls ital or Joint Stock of Thirty thousand Pounds, ytbs farther sum of Sweaty thousand Pounds. so as to make the whole Our hundred thousand Pounds; and the providi that the general annual meeting of the rltocltholdere and Members shall be holden on the first Tuesday in March, instead of the first Tuesday

JIPHL A tor the Bill had been so far proceeded with, in Committee, the hon. and learned member, the intro- ducer, r. H. HAVILAIID, s ‘ of aecerteinio the sense of the Committee, as to the expediency o melting such an addition to the Bill. I0 would enable the Government of thin Island to trans- not business with the Bank; and, should they. at any time, find it ttsceaeury so to do, to raise money upon, or obtain payment of en Bond, Iieeogniuanc Warrant of Attcrns . or other Security or Securities in the bands of tits ' ‘reasurer, or any Ofiiccr of the Government of this Island, executed or acknowledged for the payment of Duties. and for that purpose to assign or transfer the same to the President and Directors of the said Corporation. upon such reason- able terms as might be agreed upon. The question thus raised b the hon. and learned member, was duly disco ; an —ell sgreein in opinion as to the propriety of the suggeaticn—t e progress of the Bill was suspended, to iillovr the Law Clerk time to add to the Bill the clauses necessary to carry out the resolution of the House on this subject. The requi- site clauses were accordingly duly prepared, nccordin to the instructions ofthe Ilouse, and incorporated with the former part of the Bill, as prepared by the hon. and learned rneriiber, Mr. H. HAVILAIID. They are n iriere extension, in legal or statute forrri, of I e suggestion of the hon. and learned member: and further provide that, in case ofthe insolvency of any ofthe iiidtviduals whose Bonds or other Securi- ties ntny have been transferred to the said Corporation by the Government. the Government shall be liable rind responsible, to the said Corporation, for t amount of suclt Bonds or other Securities, together with all costs and charges incurred by the said Corporation, in case they shall have sued for, and failed to recover the same.

The last clause ofthe Bill provides that the Act shall continue and be in force until the first day of May, which will be in the your of our Lord One thousand eight hundred and seventy-four.

8 -. -4

Ftttnar, April 7. PRIVATE PETITIONS. Petition from the Charlottetown Horticultural L y.

The following Petition from the Charlotte- town Horticultural Society. preeented b the Hon. the Colonial Secretary. on the 21st arch, was again taken up and read; and a motion being made, by the lion. Mr. IIAVILAND. that the said Petition be referred to the Committee of Supply, the House divided on the question 2