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May act on power of sale, &c.6. Nothing in any charter, Act or law shall be construed as ever having prevented or as preventing any such Bank from acquiring and holding an absolute title to and in any such mortgaged lands, whatever the value thereof may be, or from exercising or acting upon any power of sale contained in any mortgage given to it or held by it, authorizing or enabling it to sell or convey away any lands so mortgaged.
Banks and others may advance monies on Bills of lading, specifications, warehouse receipts &c.7. Notwithstanding any thing to the contrary in the Charter or Act of incorporation of any Bank in this Dominion, any bill of lading, any specification of timber, or any receipt given by a warehouseman, miller, wharfinger, master of a vessel, or carrier, for cereal grains, goods, wares or merchandize, stored or deposited, or to be stored or deposited in any warehouse, mill, cove, or other place in Canada, or shipped in any vessel, or delivered to any carrier for carriage from any place whatever to any part of this Dominion, or through the same, or on the waters bordering thereon, or from the same to any other place whatever, and whether such cereal grains are to be delivered upon such receipt in species or converted into flour, may, by indorsement thereon by the owner of, or person entitled to receive such cereal grains, goods, wares or merchandize, or his attorney or agent, be transferred to any incorporated or chartered Bank in this Dominion, or to any person for such Bank, or to any private person or persons, as collateral security for the due payment of any bill of exchange or note discounted by such Bank in the regular course of its banking business, or any debt due to such private person or persons, and being so indorsed shall vest in such Bank or private person from the date of such indorsement, all the right and title of the indorser to or in such cereal grains, goods, wares or merchandize, subject to the right of the indorser to have the same re-transferred to him, if such bill, note or debt be paid when due ;May sell the goods in case of non-payment of monies so advanced. And in the event of the non-payment of such bill or note or debt when due, such Bank or private person may sell the said cereal grains, goods, wares or merchandize, and retain the proceeds or so much thereof as will be equal to the amount due to the Bank or private person upon such bill or note or debt, with any interest or costs, returning the overplus, if any, to such indorser.
Period of holding the same in pledge limited.8. But no such cereal grains, goods, wares or merchandize, shall be held in pledge by such bank or private person for any period exceeding six months ; and no transfer of any such bill of lading, specification of timber or receipt, shall be made under this Act to secure the payment of any bill, note or debt, unless such bill, note or debt, be negotiated or contracted at the same time with the indorsement of such bill of lading, specification of timber or receipt ;Notice of sale to be given. and further, no sale oi any cereal grains, goods, wares or merchandize, shall take place under this Act until or unless ten days' notice of the time and place of such sale has been given by registered letter transmitted through the Post Office, to the owner of such cereal grains, goods, wares or merchandize prior to the sale thereof.9.
