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Charlottetown, Prince Edward Island, July 4, 1866.

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JOIIN INGS, QUEEN’S PRINTER.

VOL. VIII.—-—No. 375

“LAWS OF PRINCE EDWARD ISLAND.

CAP. XXV.

An Act to Incorporate the Western Bank.

[Passed May 11, 1866.]

HEREAS 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 Alberton in this Island; and whereas several persons have now associated themselves for the purpose of forming such an Insti- tution, and have applied for an Act of Incorporation for the same :

I. Be it therefore enacted by the Lieutenant Gov- ernor, Council and Assembly as follows : James Warburton, James Yeo, George W. Howlan, Benja- min Rogers, Richard B. Reid, Donald McIntyre, Thomas Kieffe, James Forsyth, Patrick Doyle, Nicholas Conroy, Herbert Bell, John Clark, Michael Kilbride, Thomas McNeill, Alexander Matthewson, Edmond Wallace, John D. Hubbard, Richard Dawson, Martin Foley, Neil VVoodside, and William Wells, their associates, successors or assigns, be, and the same are hereby declared to be a Body Corporate, by the name of “Western Bank,” and that they shall be persons able and capable in law to have, get, receive, take, possess and enjoy houses, lands, tenements, hereditaments and rents, in fee simple or otherwisQand also goods and chattels and all other things real, personal or mixed, and also to give, grant, let or assign the same, or any part thereof, and to do and execute all other things in and about the same as they shall think necessary for the benefit of the said Corporation; and also that they be persons able in law and capable to sue and be sued, plead and be impleaded, answer and be answered unto, defend and be defended in any Courts 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 full and ample a manner as any other person or persons are, in law, capable ofsuing and being sued, pleading and being impleaded, an- swering and being answered unto ; and, also, that they shall have one common seal to serve for the en- sealing all and singular, their grants, deeds, con- v-eyances, contracts, bonds, articles of agreement, assignments, powers and warrants of attorney; and all and singular their affairs and things touching and

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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 for the good rule and government of the said Corporation : Provided that such laws and ordinances be not con- trary or repugnant to the laws and statutes of that part of the United Kingdom of Great Britain and Ireland, called England, or repugnant, or con- trary to the laWS or statutes of this Island.

II. The Capital Stock 01 the said .Corporation shall consist of current gold and silver coins of this Island, to the amount of seven thousand five hundred pounds, the sum of two thousand five hundred pounds, one third part thereof, to be paid in current gold and silver coins of this Island, within one year, from the passing of this Act ; and a further sum of two thousand five hundred pounds, within two years from the passing of this Act; and the remaining two thousand five hundred pounds, within three years from the passing of this Act, and the whole amount of the said stock to be divided into shares of two pounds ten shillings each, making in the whole three thousand shares.

III. It shall be lawful for the said Corporation of the Western 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 bona fide previously due to the said Corporation, and to take any mortgage, judgment, or any other like charge, as a security for any moneys so'prc- viously 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 for selling and disposing of and converting the same into money.

IV. Whenever six hundred shares bf “the said capital stock shall have been subscribed, a general meeting of the members and stockholders of the said Corporation, or the major part of them, shall take place, by notice, in the Royal Gazette, newspaper, fourteen days previous to such meeting, for the purpose of making, ordaining and establish- ing such bye—laws, ordinances and regulations for the good government of the affairs ot the said Cor-