Grand Trunk Railway Act, 1867

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31 Victoria, c. 19
Grand Trunk Railway Act, 1867
Source: Early Canada Online


Contents[edit]

An Act to amend "The Grand Trunk Arrangements Act, 1862," and for other purposes.

Preamble.
1. Short Title.
2. Interpretation clause.
3. Company may issue equipment mortgage bonds:, No. 2, to the amount of £500,000 Sterling.
Interest and rank of such bonds.
4. Power to re-borrow money paid to redeem such bonds.
5. Power to convert equipment mortgage bonds No. 2, into equipment mortgage stock, No. 2.
Privileges of such stock.
6. Recital.
The G. T. R. Company and the Buffalo and Lake Huron Railway Co. may vary the agreement of July, 1864.
Proviso.
Proviso.
7. Recital.
Agreement of January, 1864, with Montreal and Champlain Railway Co.
Power to vary agreement.
Proviso.
8. Meetings under this Act.
9. Recital.
Power to close books at regular intervals.




31 Victoria, c. 19 (Canada)


An Act to amend "The Grand Trunk Arrangements Act, 1862," and for other purposes


[Assented to 21st December, 1867.]


Preamble.
WHERE AS the Grand Trunk Railway Company of Canada have, by their petition, prayed that power should be granted to them to raise further money ; to authorize further arrangements with other companies, and for the other purposes hereinafter mentioned ; and whereas the bondholders and shareholders have given their assent that the power to raise further money he given to the Company : and whereas the purposes aforesaid cannot he effected without the authority of Parliament : Therefore, Her Majesty, by and with the advice and consent of the Senate and the House of Commons of Canada, enacts as follows:
Short Title
1. This Act may be cited as The Grand Trunk Railway Act, 1867.
Interpretation clause
2. In this Act, except where repugnant to or inconsistent with the context, the following words have the following meanings :

The word "Company" means the Grand Trunk Railway Company of Canada.

The words "Arrangements Act" mean The Grand Trunk Arrangements Act, 1862.

The words "Postal Bonds" mean the Postal and Military Service Bonds issued by the Company under the authority of the Arrangements Act;"

The words "working expenses" mean working expenses as defined by the Arrangements Act.
Company may issue equipment mortgage bonds:, No. 2, to the amount of £500,000 Sterling
3. The Company may, from time to time, raise by the creation and issue of bonds having not less than fifty years to run, to be called Equipment Mortgage Bonds No. 2, any sum or sums of money not exceeding in the whole five hundred thousand pounds sterling,
Interest and rank of such bonds
bearing interest not exceeding six per centum per annum, such bonds to be and become a first charge upon and over all the Company's railways, works, rolling stock, and other plant, and the net receipts arising therefrom, after paying the working expenses as hereinbefore defined, prior to all other charges, except only the Equipment Mortgage Bonds issued under the authority of the Arrangements Act, and except that the Postal Bonds shall retain their special security upon the moneys to be received by the Company for the special services defined in the first section of such last mentioned Act.
Power to re-borrow money paid to redeem such bonds
4. The Company may, from time to time, re-borrow all such moneys as may be required for paying or redeeming such Equipment Mortgage Bonds No. 2 by issuing other like bonds having the same privileges, but so that the aggregate amount of the principal money secured by Equipment Mortgage Bonds No. 2 shall not at any time exceed the sum of five hundred thousand pounds sterling.
Power to convert equipment mortgage bonds No. 2, into equipment mortgage stock, No. 2
5. If the Company, instead of raising the money hereby authorized to be raised by the creation and issue of Equipment Mortgage Bonds No. 2, or afterwards for the conversion of such bonds, so desire, they may, with the sanction of three-fourths of the votes of persons entitled to vote in that behalf at meetings of the Company, present in person, or by proxy, at a meeting of the Company specially convened for the purpose, from time to time, raise all or any part of the money which they are hereby authorized to raise by Equipment Mortgage Bonds No. 2, by the creation and issue at such times and in such amounts and manner, and on such terms, and subject to such conditions, and with such rights and privileges as the company think fit, (subject nevertheless to the priorities hereinbefore specially reserved) of mortgage stock to be called Equipment Mortgage Stock No. 2 instead of and to the same amount as the whole or any part of the money which may for the time being be owing by the Company in respect of any Equipment Mortgage Bonds No. 2 which they may have issued under the powers of this Act, or which they may have power to issue,
Privileges of such stock
and may attach to the mortgage stock so created such fixed and perpetual interest, not exceeding six per centum per annum, payable half-yearly or otherwise, and commencing at once or at any future time or times when and as the Equipment Mortgage Stock is issued, or otherwise as the Company think fit.
Recital
6. And, whereas, by an Act of the Legislature of the late Province of Canada, passed in the twenty-ninth and thirtieth years of the reign of Her present Majesty, intituled : " An Act to legalize and confirm an agreement made between the Grand Trunk Railway Company of Canada and the Buffalo and Lake Huron Railway Company," an agreement, dated the seventh day of July, one thousand eight hundred and sixty-four, made between the said Companies, and scheduled to the said Act, was confirmed, subject to the acceptance thereof by meetings of the shareholders of the respective Companies, which have been since held, and which have duly accepted the same ; and it is expedient that such companies should be enabled to vary the terms of such arrangements by mutual consent :
The G. T. R. Company and the Buffalo and Lake Huron Railway Co. may vary the agreement of July, 1864
Be it therefore enacted, that it shall be lawful for such Companies, from time to time, during the continuance of the agreement now subsisting between them, dated the seventh day of July, one thousand eight hundred and sixty-four, by agreement under their respective common seals, to alter and vary the terms and conditions of such agreement in so far as relates to all or any of the several matters in the first, second, fourth, fifth, sixth and seventh clauses of such agreement contained ;
Proviso
Provided that no such new agreement shall have any effect for any period in excess of the twenty-one years declared in the said seventh clause, nor unless and until confirmed at general meetings of the respective Companies specially convened for the purpose, at which meetings bondholders as well as stockholders and shareholders shall be entitled to vote ;
Proviso
And provided also, that nothing in this Act contained shall in any manner prejudicially affect any agreements, rights or remedies, if any such exist, of any person or persons who is or are judgment or other creditors of the Buffalo, Brantford and Goderich Railway Company, or of the Buffalo and Lake Huron Company.
Recital
7. And, whereas, by an Act of the Legislature of the late Province of Canada, passed in the twenty-seventh and twenty-eighth years of the reign of Her present Majesty, intituled : An Act to enlarge the powers of the Montreal and Champlain Railroad Company, to confirm a certain agreement entered into by the said Company, and to secure a permanent Railway City Station in Montreal,
Agreement of January, 1864, with Montreal and Champlain Railway Co
an agreement dated the first day of January, one thousand eight hundred and sixty-four, made between the Montreal and Champlain Railroad Company (therein and herein called the "Montreal Company,") and the Company was confirmed ; and by the fifth section of such Act power was given to the Montreal Company to sell, and to the Company to purchase, within five years from the passing of the Act, the entire lines and other property of the Montreal Company upon the terms therein mentioned ; and, whereas, it is expedient that such period of five years should be enlarged :
Power to vary agreement
Be it therefore enacted, That the said period of five years by the said recited Act limited, shall he and is hereby enlarged to ten years from the passing of the said recited Act :
Proviso
Provided that such extension of time shall be subject to the approval of the shareholders of the Montreal and Champlain Railroad Company, to be given at a general meeting specially convened for that purpose.
Meetings under this Act
8. For the purpose of this Act, the meetings hereby directed to be held shall be convened in manner as similar as circum- stances will permit to that prescribed in respect to the ordinary meetings of the Company convening the same.
Recital
9. And whereas the moneys payable by the Company in respect of interest due upon their bonds as well as upon their leases and obligations of and to the lines amalgamated with or leased to or worked by them fall due at varying periods, and it is expedient that the books and accounts of the Company should be closed at regular intervals :
Power to close books at regular intervals
Be it enacted, that it shall be lawful for the Company, from time to time hereafter, to appoint a period for the closing of their books, up to which time all accounts shall be taken in respect of moneys payable by the Company and closed, and from which period all future periodical payments shall be computed, a rateable proportion of any payment for any broken period being added or deducted as the case may require.



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