Charlottetown, Prince Edward Island, June 28, 1865.

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JOHN INGS, QUEEN’S PRINTER.

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VOL. IV.-—No. 321

PRINCE EDWARD ISLAND.

C A P . X X I V. An Act to incorporate the Summerside Bank. [Passed April 3, 1865.] ‘/ HE‘REAS it is expedient for increasing and

circulating the medium of business, and for promoting a more extensive and beneficial employ- ment of resources and industry of the country, that a Bank should be established at Summerside_,lin this Island, and whereas several persons have now asso- ciated themselves for the purpose of forming such an Institution, and have applied for an Act ofincorpora- tion for the same.

LAWS OF

I. Be it therefore enacted bytlie Lieutenant Gov- ernor,Council and Assembly, as follows_:—JamesCol- ledge Pope, Jolin‘Andrew McDonald, Robert: T. Hol- man, Coliii MacLennan, James Muirhead, Richard Hunt, Dugald S. MacNutt, Finley MacNeill, William Reairsto, Robert Mac C. Stavart, James Campbell, \Villiam Richards, John P. MacLellan, Stephen MacNeill, David Rogers, John I‘Iaszard, James L. lloliiian, Charles Green, Donald H. MacDonald, Charles Compton, John Yeo, their associates, sue- cessors, or assigns, be, and the same are hereby declared to be a Body Corporate by the name of " Summerside Bank,” and that they shall be persons able and capable in law to have, get, receive, take, possess and enjoy, houses, lands, tenements, heredi- taments and rents, in fee simple, or otherwise, and also, goods and chattels, and all other things real, personal or mixed; and, also, to give, grant, let or as- sign the same, or any part thereof, and to do and exoeute all other things,iii and about the same,as they shall think necessary, for the benefit of the said Cor- poration; and, also, that they be persons able in law and capable to sue and be sued. plead and be im- ileaded, answer and be answered unto, det'end and be defended in any Couits of Law and Equity, or any other places, whatsoever, in all and all manner of actions, suits, complaints, demands, pleas, causes and matters, whatsoever, in as tall and ample a maiine ' as any other person, or persons are in law, capable of sueing and being sued, pleading and being iinpleaded, answering and of being answered unto; and also, that they shall have one common seal to serve for the cnsealing all and singular, their grants.

deeds, conveyances, contracts, bonds, articles of

agreement, assignments, powers and warrants of at-

torney; and all and singular their affairs and things touching and concerning the said Corporation; and, also, that they, the said President, Directors and Company, or the major part of them, shall, from time to time, and at all times, have full power, authority and license to constitute, ordain, make and establish such laws and ordinances, as may be thought necessary, forthe good rule and government of the said Corporation. Provided that such laws .and ordinances be not contradictory or repugnant to the laws and statutes of that part of the United Kingdom of Great Britain and ireland, called Eng- land, or repugnant, or contrary to the laws or statutes ofthis Island.

II. The Capital stock of'the said Corporation shall consist ofcurrent gold and silver coins ofthis Island, to the amount offitteen thousand pounds, the sum of five thousand pounds, one third part thereof, to be paid in current gold and silver coins ot‘tliis Island, within one year, from the passing ofthis Act; and a further sum offive thousand pounds, within two years from the passing of this Act; and the remaining five thousand pounds, within three years, from the pass~ ing of this Act, the whole amount of‘ the said stock to be divided into shares offlve pounds each, making in the whole, three thousand shares.

ill. It shall be lawful f'ortlie said Corporation ot'tlie Summerside Bank to accept and take any lands, houses, or other real, or personal estate, in satisfac- tion, liquidation, or payment of any debt absolutely and bonajide previously due to the said Corporation, and to take any mortgage,judginent, or any other like charge, as a security for any moneys so previ- ously due, as aforesaid, to the said Corporation, or for which parties may have rendered themselves liable to the said Corporation, and to hold such lands, or other property, or security thereon, for such reasonable time, only, after the said Corpora- tion shall have acquired an absolute estate therein as shall be necessary t'orselling and disposing of and converting the same into money.

IV. Whenever six hundred shares of the said capital stock shall have been subscribed, a‘geiieral meeting ot'tlie members and stockholders ot the said Corporation, or the anOl‘ part at them, shall take place, by notice, in the Royal (Risotto newspaper, fourteen days previous to such meeting, for the pur-

pose of making, ordaiiiiiig and establishng such; by-laws, ordinances and regulations for the gooe