Bill 26 (Legislature 2, Session 1)

L2 S1 10909

Alberta — Bills

J. B 1 L L ~0 IHCOH.POlUTE ~·li:.: 11 E:i1lmll CAD .AVA FIIiB IUS li1UNCE COUP ANY,

WHEREAS tho poraona heroinetter nam6d b7 their petition prayed to be Incorporated with the poworo h~roinat tor eet forth and it io expedient to srant tho pra1or ot the uaid petition: ~HBRBrORB KIS KAJBSTYb7 an4 with the advice una concent o! tho Lu~lulativu ASBombl7 of the pro~ir.oo of Al~crt~. cana,;tt Firo Inauxunoe company, Limited; Fred :-.• Lyne, wholeonle COllmlission :!orcbant. ana xnuaa uocon:t.ok I whole sule Lenthcr ~or- obnnt, and John craig, Gentlemen. ~l of the city of calgary in the Province of Alburta, together with ouch po:-oono ao b~-;oome Bh«Jreholdors in the compunj 0 oru hereby Inoorpvrato.l ;n;'er the oall.od"the compaey". 2. !he head otfioe ot the oompa117 ahall. be 1n the o1b ot cal.;. sa17, in tho .Prov1noo of.J.lberta. and branches, ad"'18or,y boards and agencies m.llJ bo oBtftbliehed and ru:.i11t ainod alsewhero in auoh manner as tt.o directors tro' ti~ to time ~rpoint. 3. capital stock of tho company ahnll b~ on6 m!llion (1,000,000) dollurs diVided into ten thousand (lO,OOO)Iahares ot OD~ hun dred ClOO) dolluro eaoh. suuh shnree RballAand are horeby voet ed in the sevcrul persons to whom thoy ebnll be allotted, their legul repreaontati~oo nnd aaeicna, subJect to th~ provision~ ot thia Aot. ' Pro"'ided that the dirootore ma;y attar the whole ot the authori- p-:.:- cont pu1d thoroon in oush, iooreau.; tho uupita::i.

Dtu.;;:~ :fr~. tao ~~ t!~ to W1 arnount not e:.;ceod!n; one million tho hundred ~houean4 (1,500,000) dollars, but the atook shall not be 1n-

or8aaed until a resolution of the Board of J~reotore autboriz- ins euoh inoret&Be has b.:><·n first ~u't'-:Jitten, ~n: 18 confirmed b;r two-thirds in \"alue of the B11t.rt~holdera present or represented by proxy ut a sveclal gener~l meet1ns o~ the members of the co~ llnn1 duly onlled tor that ;purpotte, 0-:11 a;uch 1nc:rttt£so shall have been 8}1pl'OVed of by the f,ieuter.t.r: t GOVernl)r in council, and un amount paid to th9 Registrur of Joint stock companuea !or the PrO'Yinoe of Alberta corr!l'epo~1ng to the tees rt~ctu1re4 tor a .- - •.; . like 1noreaee un~er tho companies ordinance in ~croo in the pro~ 1noe of Alberta • .c. 'l'bc p~roono ne.mod in oootion l of this Act ~·:ull be the pro v:rional '!rectors thereof, end they or a majo~~ty of thum ~Y oftnae stock books to be opened at the chief ~lu:e of buJ in coo of the company md elaewr.ere at the C:irect1on of tb ... e aid pro'Viaion al directors; and rht,ll ron1a1n open as loJ18 vo they deem noc.;a- 8U17 ;nnd lire authorised to prOCUT6 subscriptions Of stock for the undertaking, ttlre cnlla on!" tock eubacribod and receive the r.ayment thereof; and shvll deposit in a cht.rter.:.d Bank in canade all moneye received by thoc on account of etook subecribe4 or O'therwiee received b7 ~hem on account ot the oocp&n7 and 111q ~·- • t withdraw the same tor the purposes only of the company; and may do senerall:;r Tlbatever is nocosanry to orgr.nize the corrpan:1. so soon ll8 tho Hroctora shall have been eleot~:d l18 bore1nefter pro vidQd tho powert: 1m 1 i'Uncti on~:~ of the provisional directors shall ceuse and a~termine. 5, 'i'he company may aalce ®d effect oontraote of ineurnnctt witb any person against loss or dacage by tire, cyclcna, tornado, weather or huil in or to any houses, dwellings, atores, or other buildings whatsoever, una to uny &oode, chattels, crops or pc• eona1 effeote whatso~v~r. and contractu for apridfler leakage 1nRurunce in conn•.,otio.n only v11 th fire contrllci.:.: made by tht~ (;Ol.:.}.an;,r, for such ti:r.·.c and for vuoh prec..iuma ancl cone14orations and under nuoh mocl1!1oatiOnt; and r estriotiona an<i upon euoh oon ,dit 1ona aa eare bersained end agreed upon cd eet !01'1h b;r and ~etween the company and 1neurod, and 4o aU auoh th1~t· portain 'ing thercsto or oonn6ote4 'tberewi th, aDd ae euoh have perpetual sucoeaeion, with a corporate aeal, with pa.er tro:r. timt to S1a:e ! ' to t:ake, alter, break or OhaJ2Bo the aame ana:.~all be capable in

'law ot oontraoting snd being contracted with, o! suing and bein~ aued, pleading and being impleaded in any court of law or equit~ C!!) The company may alae cnnse itself' to be :!.!:sured o~inot any risk 11. llll£1 hnve Wldertak'.ln in tl:u course of ita r·J::int.as.

C3) fhe cocpany may also undertake tho re-!n•·uranoe of' tho rieka of other companies. 6. so soon as $250,000 ot tht: anid capital stock ot th& company ~lla·re been subscribed and ton per centum of tbe amount pa14' .. into some che.rturud Bani: the provisional directors may ,by 8 written pr printed notice mailud ot least twenty d81a before the date on whioh tr.e nweting is oc.llcd addressed to th(l addresses ot the ahnrel:olders res!Jecti vely given in the took! ct tte COI~ paey, oall a meeting of the shereholdors o'! thE: company at aoe-.e plaoe to be named in the City o:: calgar:t, L,t \':hich mueting tho shareholders present or represented by proxy ~hall ~loot a board ot not less than nine nor more than ~ifteen direoto~e of whom a ma~or1t7 shall form a quorum. (2) 110 person eb&ll be a director unJ.uss he holds 1n }&is own .-... _tDA~for h18 cnrn uae at leaet t1rent7 share a ot the capital t~t~rotrthei_O.~"'Q4: li.U: ~14: ~1 aaJ.la· 4ue thereon and all·l1Ab111t1es 1nouned b:y bim to tbe company.

(3) It &hall not bo lawful tor tho compan~ ~ cocr.~nce the business of insurance until at loaat $260,000 of the c&pitnl otook shall have been eubecribod and tun pur cent of the omount so subscribed paid in and a Bonrd of Dirootors ulootod hB ~fore- O&id. (') It ahall not be lowtul to-: tbe COiilpany to apply to the ne part~<.ent of Inaurunco ot tho Dominion of canada to 'procure a li cense tor tbe purpoeo of carrying on business ot insurance un der such license until.$100,000 o! tho o~ount or the capital ~ubscribed ~~os uot !'orth in :·ui·-t:cct1on ;~ or tf:is

section ~hall hnve been paid in. 7. ~ho shares of the c~pital utoCk eubsoribod tor shall be paid b;; auoh 1nstalr:Denta and at auoh timea and places as the directors appoint. Ole ti:'at instalment ahall not bie lo81 than ten per cent, aM no subsequent 1nstal11unt shall exoee4 twent7 per oent nn4 not lees than thirtJ days• notice ot the eall of eaoh eubaeC~uont 1n8talllent shall be &1Ten. . .

..... a.

If any Bharebolders shr:.ll refuse or nesloot 'to pay any call mde upon th,. share or shares l1cld by him for thirty days after the erur.u shall hs\"e bococe peyr_ l:lo, tho Bo&rd ot Dirt~ctora 'C&Y by resolution declare t:ucb share or sharoe and &ll amounts 1X' • viouely paid th ureon to be fortei tod to theaai·.! company, an<l the snme shall thoruupon bocomo eo forfeited nni III&Y bo sold by the Directors. 1-Pro'Yided always thtlt in oaee the money rulir.od from any such sale of shares be more tl:~n sufi'ioient to pay ·1ll a rreare nrd interest: together wl'\.J: thu e:xpunses o~ such 88!9 1 the surplus ot auo)l money shall 'bEo paid on Jemnnc: ~o th£1 !'vrmcr ehareholder anc:l no nore sharea Hhull be aold than shull be l!ucosee:·:: to pay all.nrreara due by tho said aharehol~er, with •h~ inter~st hnd oxponeoo of o11lo: am in ull &ot1onr or suite tor the recovery ot auoh arreara or oalls it shall bu auf~ioient tor the company 1.o allege thnt tho defendant being the owner of aoo h shnrcs is indebted to the said company in euoh oum of rnonoy F.e the oalle in arr .. r amount to for euob blli'l eo msDY shares whereby on ao- Ua hu aoo:ne4 10 'the COIIIJI&l27 b7 "firtut o: 'th1a .tot and on the lllllt~r ··.,..:r.••.-.•Jo'o- ~. -·t.. -·- . · · · 1- ~~~·~oi-4n;-to enab11Bh a· }ir1a f'~1'e'..oaae it e»ll be "Mo- ~ ~ a ~ l · • eaaar,r to prove oDly thnt the refend&nt was o~0r ot ~he aoid shares in the company, and tl:.c.t said calls wero ru..de, t;nd that notice ~~~ Jiven '-8 direotod by thiS ACt, and 1._ cllall :not be neoeesary to prove the appointment of the directoro who mode auob oalls, or any other mntter whntsoev~r than by thie section, eree ially required, and any copy or oxtraot or eny by-la~. rule, regulations or minute or of any entry in any book of thu oo~pnny, certified to be a t..rue copy or extract under t!.-:: htllla or the .president or •ice president, and the ~nager or secretary of tne I; ~ompany, nnd eealed with tho corporate seal thereof uhall be re- coivod in toll courts ,,nd procoodinse us priz;w .:·;.ciu ovidanoe of such by-law, rule, rerulation, minute or ontry ·.·ithout nny t'urther proof thereof and Without proof of the ctf1o1&1 oheraoter or sir~ ture of the ot:tioer aiming tne same or of the corporate aeal • P• If paJment, of suob arrears, oal.le. interest u4 expeneeabe mado bofore &n7 share so forfeited shall haYe been aold euoh I ~bare shall revurt to the ownor as if tho sa~ r.a4 been duly I ;paid 'be tore :torfei 'ture thereof.

.. 5- 10. No trv.ne!er of any sbr.:re of the capital stock of the said company shhll be valid unt.l entered in the bocks of the oompani 60COrding to Btict. form as may be from ti.W to timo fixed by the by-laws; and until the whole of the sub~cribed stock of the comp any 1~ paid up it Rhall be necessary to obt~in the consent of the direotors tor the time being to such transfer being ~&de.

Provided always that no shareholder indebted to tho company oha~ bo ~rmitted to make n ~rono!er or receive a d!vidond unt!l auoh debt 1e paid or eeoured to the sat1efaot1on of the direotora, and no transfer of etook shall at any time be c:ade until all calla thereon aue up to tho time of transfer shall bavu been paid. 11.

In tho event of the property and aasetc o:' the said company bein~ insufficient to 11qu1dote all debts, 11acil1tioo and ~r.tng& r .. onts the ahareholde%1 shall bt~ liable for deficiency, l·ut to no greater extent. than the trr:ount of tho bfllfinoe recain1Di u:-:p.id 'J~ on their ~oapuctive ahnres in the capital stock. 12.

The oompuny or dirootors ohnll not be ~ound to see to the execution or any tr,:nt, eith.~r express, implied or conut:ructivo at!oot1116 o.ny chnro or eharee o! 11.u otocl:; und notw1 thstand1ng any euoh trust or any notioo thcroo~ to tho oO~aDT o.r 41reotora tho re~e1pt Of the person in 'lfb.Oee n&ZilO a'ri7' a'ha-ro··ate!nda Bbal.l bo suf'ficient diaohnrgo to the comp!iDy !or nny :.;.oney puid in re npeot of such shore or sharea. 13.

A genernl meeting of the company obal: be cr:lloCI 6nce in enoh yuar after the or~~nizntion of the oompRny and oo~no~ent of ·busin~ss nt ite bead office, ona at suer. meeting n statement of the nftairs of thu company eball b~ oubmitted; ar.d special gen eral and extraordinary t"Jeetingt; may at any time be oalled by any five direotorR or by requiaition ot any twenty ::hareholders spec ifying 1n the DOtice the object of suoh meeting.

(2) Tho .notice of eaoh meeting :'hall be sufficiently given by [l printed or wri'l.ten no'\.1ce 't.O eaob o~ tho shr.r.·holdorr r.:•·1lcd ut lcust twonty cuyo bv!oro tl~u uat.o on "hioh the meut1Jl¥ 18 oollud ~nd a4druosed to th~ addrosaoa ot tbe eharehol4ere reapeo tholy given in the books of the OOIZll&D7• 14. ~e Company in general mee'tiDC may deolare' a 41v14eD4 to bo paid out ot the prot1 te to the aharehol4en an4 nob 4h141n4

.. 6- ahall be paynble on the capital pr.id up !)n tbe snares held by them rospoot1valy, but in no case ehsll the dividend so da olarcd bo greater than that Which ia~commended bJ the diroo tors. Tho company shall have a lien on tho dividend pu::E>ble to any shareholder in respo~t of anr 1m obtedness or ~aturing obligation by or rrom suoh shareholder to the company whatao - ever and the• eamo ehall forthw1th!bei&P»l180.0."in 41aobarge of . . • I suoh indebtedneeu or matu~ing obligation. 15.

At all genernl meetings o! the shareholders of the oompan~ the president, or in hie abeanoe the vioe-preaident, or in the abeenoe of botb of them a direotor ohoaen by tho ah~T~holdor, ?hall preside, who in oaso of an equality of votes shall give tl:e nc.!lt: ng vote in :1dd 1 tion to hie vote us a shareholder. {2) Eaoh sharoboldor shnll be entitled to ens~ one vote for every share hold by him for not l~ss thar. fourteen days pr,or to tho time of voting nnd upon which nl.l calla then duo huYo buen paid. ouoh votes may be given o1thor in ))orson or b,y pro:x,y. but th~ h~lder ot auoh proZ7 .uat be 4 •barehol4er. '(S): .Ul quoetiona propose.~· :tor.'001l81U3t1'on"'f ,tbe ... ehanholw . ' : dar ~hall be determined by the majority o! votes. 16.

At tbe first ordinn17 meetin~ ~ft·~r tho regiet.ra~l on of the oompany the T<holo of tho direotors ehnll retire from offioe; and nt the first ordinary meeting in ever.1 subsequent year one-third of t 1·.e direotors for thetime being 1!" thoir n11mber is not a multiple of three t~cn the number nearest to one-third shall retire trom office. 17.

The one-third or othor noarHat number to retire during tho fir3t and eeoond years ensuing the !irst ordtnnry meeting ot tho COillp8Jl7 shall unlose the ·Iireoto re 8frec, amo~ the'l',Rel '\'('8 be <lett~rl111nl.!d by ballot; in ever;.· aubsequont yoar tho one-tUrd or otho~ nearest nQmber who have boon :on;eet in of:tioo shall retire.

_,_ 19. The compPn)' Bt the general meeting at wh1ob a~y direotora retire in manner e~oreaaid shall fill ~~ tho vnootod offices by alocting a like number ot persona. 20. AnY oasual ~nonnoy in the bozrd of directors may be ~illed up by the directors bat any poraon so chooon shall retain hi~ o~i':!.ce co long only sa the vacating director would have rote.in •4 the aame if no ~aoanoy had occurred. 21.

In oaue it ahould'at any time happen tbat en:eleotion of di:rcotora of the said company should not be IW.de Qn any dny when it should have been made under th.l.t provisiotlo of this ,Aot, the said company shall not thereby bo or bo doo~od to bave been dlssol~ed, bat it shall be lawful on any othe~ day to hold and !Dalto an el.-:ction in :~uch mnner &s may be regulated by tbe directors tor tho time boir~ and the directors in office shall ao continue until their f\Uccesooro have been duly ~>looted. 1!2, SubJoot to the provt:c.ions of this Act the directors Bh&ll have full powor and authority to meko and troo time to time to alter auoh by-laws, rules, regulations and ordinances as Bhall appear to them proper au4 Jl~t~tul., toa.ohiJis, -,;he •~1~; or4er1ng of the buaineaa of tho oompal27~· ana minifiment· lll14 ·die! position of ita stock, property, estate and offocte, ana in all thine; a to a dministor the affairs of the compan.,v and to rt'4ke or oauae to bo modo tor the oo~~:pany all c ontraot3 into whioh by law the oocpany rcay enter &.nd may from time to time make by- lnwe regulating the allotment of stook, the mbking or calls tber6• on, tho payment thereof, the iaeua ancl :rat;l~:tration of s took oer tifioaton, the forfeiture o:.t.' otook for nonp~vQont, the disposal of suoh forfeitfld stook, am tho proceeds thereof, the transfer of stook, the declaring and p~ment of di~i4enda, the appointment, ' functions, duttes and ramo~al o~ agents, officers nnd servants ot thn company, the security to bo given by them, the1r remun eration, and that, if any, of the d1reatora, the time {ll') d pla oo of annual aeet1nge of the oompan;y • the oall1ng of, mett11161 ot ' I tho boar4 ot cUreotora and _••Unss ot tho ooopa117,. the requ1rj mente a a to prox1oa. the prooeave 1D aU th1z:ge at meot1Dge, the I 1cpoo:.t1 on and reoO'Yil7 of al.l pona.l tie a and to rte1 tuna a4m1 t .. ting o'L regulation by b;y-lawa and the oon4uot and manasemont in '

all other purtioulers of tho ~!!Alrs r! the cocpany end may trom ti~e to ti~e repeal, amen1 or re-enact 1he same; Provided always that all euoh b~laws made by the directors as a foreeaid ehali only be valid and binding until tho next snnual general meflting ot shareholders; unless they are thon nrpro'Ved by suoh meeting and ehall thoreaftor have toroa and effeot a a eo appro~e4.or ··~~itied. at~~ meeting .until amended or altered. 23• the company Rhall ha~e power to acquire and hold auoh roal estate as is required for ita actual use and occupation or euoh ae may reasonably be ra.1nired for the natural ox:pansion of it a bus- 1neaat and to eoll and dispose or tho s~o and acqu1re other property in ita pluoe us may bo dee::.cd ex:pedi(•:-Jt, and further to take, hold and acquire &ll euoh lands and tenements, real or personal estate as shall have been bona tide ~ortcased to it by way ot oocurity or conveyed to it 1n satisfaction ot debts pre •:!.ously oontraotc·: in the course of ita buein1•BB, or purohoaod at sales upon Judgments whtoh shall have boan obta1nod tor auoh debts or purcbaaed tor the purpoae o~ nvo!ding a lose to the C011pa.Jl7 1n ro1peot thereof. or· o't the: ow.ur thereo~. ;8.%14 ·-to retain the same tor a period of not exoaoo41ng tWeln yeara trom tho aoquia1t1on thereof, and the company may invest ito funde or any part thereof in any ot the :public aoourities of tho DO~in- ion of canada or any of the province& thnreot, or in the bonds or debentures of a~v incorporated oity. town or munioipel1ty authorized to iasue bonds or debentures or in r:.orts86ee or loans upon real estate, or in a~v of the invest~nto providea tor in sub- olansae (1) {11) (111) ~nd (lV) of sact1or. 59 o'! chaptor 32 Statutes of canada 1910 bo!ng"·An AOt respecting Inauranoeu :!4. ~he oompany ahall have pOifer to amalgamate wi t'h or pur- chnse tho busineaa of any other insurance ooQvar~ or to sell out or dispose of tho business o~ the oocpany to nny ol.bur such .coq)l!Df upon such terms lind oond1t1ona no rm::1 be agreed upon and ae eholl not impair the reaouroe1 or remt47 ot &ft7 ore41tor or J10l1o7 holder o-r either OO"P8Jl.V to the tranaao- l· tion: but batore the o~lation of any luoh aaalsa&at1on, pur- '

ohaoo or eole tho same must bu upproved of by two-thirds or tho votes of tho ohnreholders nt an nnnunl t;o;,r.•Jrc.l meeting or of a Rpeoial genP.rul ~eot1r.6 called tor the p~r~ose; provid&d that ouoh othor cowpvny chol.l. !lc.vu .rull power to acalgallll.lte \71 \:~. ::c :: to, or purcauso tho buuin<Jss o~, L.:r.y oth·- r cOL J!'·n:,•. 26. tho directors oh6ll uauau to bu pr~}Gred br.d sub~ittad ~o tho ebnreholdera at each ~mnual go10ural meeti~ a tull rsn6 cor Hot statement ot the aocounts or the· company, a 1eneral ab- ! atraot ot the eatiuated l1ub111t1ea and c aaets or the oompt•ny and a list of shareholders oh~ing tho amount of ~.:took huld and 'the ' ~ount unpaid thoreof reapootively. 26. one or more auditors shall be appointed b:• the alu!rel•Oldera at each Qllnual g1:ncral meeting, whose repo::-t <'hall bo o!J::bod16d in a general atutctcont o'! tha c.fta1ra ot the company enb~:~itted to tho ahf•roholdora ns providad in tho n&:xt preceding section. 27.

If authorized nnd approved by a resolution }lllBsed by a :.ote of not luue thnn tw0-'•'11TdS in '"1al1:1_ 0~ 1he Shareholders Of ~he 'lies turn canada :?ire rnaurr~Dce company, Lirni ted, prl!sont or re- preaented b7 proJC1 at a apooial seneral meeting ot ~be said oom pon:r duly called tor the purpoae ot oone14el'1llg the1 poi'era '81"fen Ul'ldor thie Act, the Western canada Fire :tnsu-rnnce company, L1u:- 1tod shall become ~reed in tho coopuny upon a subsequent dsy to be fixed for tbo.t purJ>Ol4e l:;; the said rcso:ntion, ann notiae of ouch (·.uthor1zat1on and approval end the dnj eo fi:r.ed shall be published in the Alberta Gazette. 20. ~e offoct a merger of :Lhe Tlestern canadr. lo'iro rnsurnnce I COJt.pany, Limi'\.6<1, ?t:i.'L}. ihe Cor..:puny ]:rv-vided ~or ini the )traced- in~ purngl"uph f•!:ull 12c-- (u) !rho oherehol<lere of !i:he •:,'ot:torn Canada Fi=e Insurance company Limited ahull b~;:oo~ tlle holders reepeotivol;.• o!" ut ::::u:1y cl".r.rc~ ir. the cor:.runy &a 'l.hoy are holders rt·v:roct!.vely oi' :·r.t>ruo !n tho \,e!lt ern caoo<ia F1 re xneuranoe coa;;;j:uny:.

L:l.m:l. tod. but only 1.he ewo.o nUoh have boen or mft.1 hereafter be paid 'b7 ouch ebarehol• dora reepeot1 ve}7 on the ieeued sb&roe ot !he •••~•rD ccncda Jrire Insurance compan;r, L1aited, ehall be o~cU'te4 •• pa14 on the shares ot the coz=pa~ •.

-1o- (

b) rhe 11nbilit:.• of fJ ohre~·oldor o!' the compfll'ly upon the said ahurna in the ~J: ·l···r:~· co held l.'Y hirr. clmll w:.ount l•t~r clmre anly to t l:~ f. trfercnoe betweon the sum so pc~ d uplm euch nhare and one huncl red d ollc. ra. (

o) nothing 1n this .tot ~hall affect the linbi: 11.-y of the eht•re- holdero or Tho ?/estern canadr. !!'ire Ineurcnoe COI:lll1T.;:, Li:i\od, who have not 1)nid the culls lilrer:.cly lllllclo upon the eharcu o: ~t. ()Om~ ~o :paJ• thu eaicl O(;t.lle. {cl) nothi~e in this Aot ehcll ~ oonctrucd so ~6 tc lease~ the liability o: 1.ho sbn:-oholdora o: The western ·::enada ;·ire rnsur unoo com1~ny, Li~!tecl, to the present creditors or to t~e pres ent policy holders of that compe.n.v. provided l:OI'Iov.·,r tl:at any paywont made upon the shares o: the co~pany at.~ll reduce th& sa-d llRbility of the t!llttroholders or The 'ieStE:rn cannda piro Ineur- tmoe ::o:.~pany, J,i:;;i ted by the rcount O!" :'UOll P•J.Ymen1.. ( ~j The compuny shall be liable !or anr1 subject to an·~ ::hall puy, Clinohur!;e, O!irry out (<nti }J(Jrform all the aebtc, liabilities, obl1gtt. +..ion:' ana o ontt·ucts ot 'the We!'tern canada Fire rr.oun.noe Company Limited, end any per&on huvin~ any olu1m, d•m~nd, right, CUUIJO Of aotion Or COmplain~ againSt the :~~.,O~rll 0al84& y!'f'e Ineuranoe company, Limi~od, or to whom tho nu1d company is un d•Jr any obligution, lit<tility or contrllct, oh.ll hato the E~ame r.:.c;l:t W'!d powers in rc:-.1Jeot thereto and to tho coll.:ot:: o, 'end etl i'orcerr.ent thereof' i'rom and ngainst th€!

COClptlliY and its shsre holdora r.a such person has lleoi:wt tba west~rn canada lo'ire rr.su~ ance CotGpany, Lir.'li tct1, nnd it a oh&raholdera, Proviao~l howevcr thnt nn:r person who recovers froc any llhe.reholder in r-.:spect of uny obnl"e:: in the cor.:.}mr.:1 shall be held to han, abandoned pro tanto his right to recover in respect o~ the corresponding Rharee in the Weetern canada Fire Insurance Company, Limited. (

f) Al'!. tho assets, rights, oredita, ot'tc:oto r.::~ pro1>er1.ius lfJel personal and mixed o~ whatcoov~r kind and wher~soevor ~11.unte belonging to the western cannda ;rire xneuranoe company, Limited. or to whiob it 1e or may be or mq beoome ent1tlecS shall be .,..t~ 1n the co~p~ upon clue exeoution ot tbe Indenture in the sohe dule to tho Aot. but shall remain eub~eot to tho oxioting mort-

-ll- gages or lions, if any, and the cocpany shall have ~ull power n~ authority to institute any proceeding judiciol or othur- •,:ise to rooover t.he S&mt.: or on~oroe ony rigl1t in connuotion thorer.i tr .• (') In tho event of no directors hving buon elected us herein before provided for and no o!tioors huving boon appointed, the president, •rioe-pree14~nt~ana· 41re~tora ot the wea'tern canada Fire Insurance Company, Limited shall continue to be ouch in the comp&ny until their oucooaaora are oleoted, and tho ~utiea end powe~s ot thu provisional directors nhall cenee, ond all bywlaws, rul~a and regulations of the western canada Fire rr.- sttrance company, Licited, r.hall bo tr.e by-laws, rules ond regul- utipns of the company until nll'lt•nried or repealed in pureuance o= thu provisionu ot this AC~. (

h) If at the tiroo of the merger not has than $250,000 o~ tho 08}J~tal ct.ock 0:' T}iO 'YOPtorn cmnda :'ire znsu:anoe COtt.ptmy, Lir~itod, shall ht~.vu beun su'bRcr1bur1 and not lc.-ae 1.ht&n ten per oontum ot the ~unt eo eubeori bed shall han b&en paid and the aet eaaote ot ~o western canada :r1re In&u:rea.~o comp~;t.1'Ci1't-ed' ••• ·,-· f§lo". • are not leas than tho said ten per oobtum the :-oqu1rementa of

section oi:x and the '·arious s·J.l-:Jeotiona theruo! Ahnll bo dao;.;ed to he.vo been complied ?tith, and it ah&ll be lbwtul tor tho co~ pnny to ooz:nr:oonce buA1neus provided th·it other condi t1ons preoecJ. ent roqu1red by -..i:1s Act have been cottplie4 w'i th. ( 1) The company ehsll bo subject to e.ll tho proviaiomJ ot the Cocpa.n1e8 Ordinance of tho !loT'th W<JBteTerritorieB nnci 6lllenoments thereto now in toroe in the Province o! Alberta, relating to the right of inapcotion o! t-ho Lieutenant Governor 1n council and the tiling of annual returns with the Re~istrar o!

Joint stock ~Ot!lpaniee ~<nd ot.her cociionu o:· tho cottpanies ,;,ct, wh.!.oh ~i ve tl:le Lieutenont GOVt#rnor in counoil or tho R•&iotrar o: COitpanies the 110Wor to compel a proper d1Boloeure bJ tho company ot the exaot oond 1-tion ot ita affaire to Whioh the western canada r1re Inearanoe COf:IP8D7e Lb1te4 1a at tho t111o ot .the )lai11DI ot thie ~ot aubJoot. 29. fhe company before 1t OOIIIDitnoo• 'to 4o. b•1ne .. t.n 'the I

Province ot Alberta shell dopoai t with tho Pro"f'i:noial Treasurer th(J autn o! five thou~and 6ollr,rs in cuah,by d;;poa!.t receipts, or Hecuri tieo to bo &J>proved ot by tho said Provincial Treasurer to be J,::l:l for the benefit of tho policy holuora of tho company so long as any polioioa are outstanding in Alberta. 29. ~his Act and the oo~pany hereby inoorpora~ed and the e~ eroiao of t~e powers ~~reby conferred shall be ~ubJeot to an7 .l~t·a whither -oi tho parl1a~ent of ca~a or -'or .the :Legislature of Alberta that mlJ.1 be at present in force, or that may hereaf ter be enacted ruapeoting insurance companies: and in any ro S!:not in which any provision o:.' tltis Act is !::ccn:Jistont with those Acts the providons Ulllda by thoao Aote shall .ropvail.

SC~DUIE. day of A.D. 191 :Between tht: 'llestt~rn canada ._.ire roourance company, Limited, inoorporat~~ under the cocpanies ord:~~nco o~ thu north '9/aat 'lerritoriea 1901 e~nd amendments thereto, o! tba :t1ret part ~~z:•~aftll.r oalled the Limited compa.ny &D4 tht weatom -~ Fire IDaurance company, incorporated bT.

chapter ot the Statutes of Alberta 1910 o~ the second purt he~oinaftor c~lled tho o ompany: \'IREREAS the ehareholdern of tho tir-1ted compuny have uccop~ cd and approved of tho co~panY•d said Aot of Incorporation 1n tituled An AOt to Incorpo~~ ~he We&t8rn canedu Fire Insurance ComJH121Y und by tht resolution of th•' shn~holdere duly passed in that behalf the day of 191 was fixed ae the date froru whtch th~ said Aot should take ettect: JJID WH::RJI'JlS by the said Act the company h authorited to ·CC'l\l1rt1 all the nasots. !"ights. oredito. ei'foota and prov rty, rct.l • :H.:rson.al und misod. of t.ho L1r .. 1 ted compan:~: AND 'IIH:-.P.::.AS th& Lildted COII)PWlY has ._road to COD' ey and aaaign the same to tho company: liO'ii 1BIS DIDmtJRE WIB!:JlSlml that. in cODBideraUo:n ot the eaid .lOt and of tho aharee 1n the oapital etook ot the

company which are heroby vested in the shareholderP or the Limited company nnd 1n co~~ideration of the covenants by the company horoinaftor contained the Limited co~pany hereby grnnts, v.saisns, transfers f.nd seta ovor unto the Co1r.pany, its suooeasoru and assigns !'orO\'or all the ussete, right~', credi ta effects and propurty, ~~1, personal ODd mixed or WhC1.ROOVGr kind aM whereaotrv&r situate bt:l>ng1ng to the Limited company or to.··wliioli 1t·1e or may be oruay.beoome.entitled: ~o haw tuX! !l'o hold u1~to the company, i tssucc ossors ann a eatgna to and tor its sole and only use forever: and the Liu.ited company covenants ·:.-1 tb the cocpe.ny to execute and celivor f~:t the e: x pense o:: the cor::.pur.y all such f'urther ut~d other separate ond .. formal nesurances, nscignments. t:-ur.o:tcrs cncl conweyanoea ' for resiatration purposes or otherwise as may be required to vest in the cot~puny, its sucoesaora and ass ~r.s t.ilu full, legul,aquitnble and beneficial title ttnd !.nt(.rtJat lr; and to tho snid aoaota, right::, cncHts, CJ!'!ecta and proporty, Anci in oonoidert<tion of tho forogoing, the cor:.p&ny oo~enante with the Li1.1ted company, ita cucoeseora and esaigna, that . it' ~ball abd will be liable. tor and eubjeot. ~0 an~ ~hall!a~ will pay. cUochnrge end oarr::y out md pertt>nn all d•bte, liab- 111tiea, obligat~ona enf contracts !'or or 1n ruBJl•-·ct o! which th 1 Limited company 1:: now liable or to which it 1:: subject or which it chould pay, di~oharge, carry out o~ perform, pnd the cou:.p8lcy' 1:1hall on;i will indemnify Wld save harmloes the L1C111.ed Company in rd:pect. tboreot; Title: 1910 (2nd, 1st) Bill 26,

An Act to Incorporate the Western Canada Fire Insurance Company

Document details

Collection	Alberta — Bills
Citation	L2 S1 10909
Type	bill
Volume / chapter	L2 S1 10909
Language	en
Format	json
Source	PROVINCIAL
Identifier	bf586afe3e1b60d144ecf1f3a6832158501862ca

Source file is stored in the law ingest library (json).