Bill 89 (Legislature 2, Session 3)

L2 S3 10794

Alberta — Bills

BILL No .. 89 of 1911-12.

An Act to Amend The Railway Act. .(Assented to 1912.) HIS ~JE~TY, by and with the· ad"::ice and consent of the Leg1slp,tive Assembly of the Provmce of Alberta; enacts as follows: The Railway Act, hl:Jing

chapter 8 of 'the Statutes. of Alberta, 1907, is amended as follows:

Section 26: By repealing same and substitutiJ?.g therefor~!:led 26 the following: ''26.

The directors shall, at their first or at some other meet ing after the election, ~lect one of their number. to be president of the company, who,. unless otherwise provided by by-11!-w; shall always when present be the chairman of and preside at all meetings of the directors, and shall hold his offic!'l until he ceases to be a director or until ~nother president be elected in his stead, and the directors may in like manner elect one or more vice-presidents who may act as chaimmn in the absence of the president in such priority as· may. be" prescribed by by-law.

The directors at any meeting at which not less than a quorum are present shall be competent to elect a chairman from among their number to preside at such meeting in the event of· the president or a vice-president being absent.", ·

Section 24: By adding thereto the following:

Section 34 amended "In the absence or illness of the president or vice-prqsidents ' any director of the company acting under the express authority of the board may while so acting exercise the rights and, powers of the president or vice-presidents as hereinbefore set forth."

Section 62: By striking out after the word "securities'!

Section '52· in the twelfth line of subsection 1 thereof the words "signed.amended by the president or other presiding officer p,nd countersigned by the secretary, which counter signature and the signature to the coupons attached to the same .may be engrave,d.

(2) By adding to said subsection the following:: "If the securities issued are in the form of bonds such· bonds may be signed by the president or vice-president or a director and countersigned by the secretary or an assistant or local sec retary of the company; and any coupons attached to such bonds shall bear the signature of the treasurer or secretary of the company: , "Provided that the signature of the president on the bondS, and the signature of• the treasurer or secretary on· the C()Upons, may be engraved, lithographed or otherwise mechanically repro duced facsimile of such signatures respectively;' and such repro duced and all other signatures of the officers aforesaid shall, for all purposes, be valid and binding upon the company' notw th standing that at the date of the issue or certification of the bonds or coupons the persons whose signatures so appear are not the president, vice-president, director, treasurer or secretary of the.coml?any as the case may be. '

2 "(

b) If the securities are issued in the form of debenture stock, certificates for such stock may be signed in the same way as herein provided for the signature of bonds, or may be signed by the secretary or an assistant or local secretary of the company, countersigned by the registrar or an assistant or local registrar of the stock for the time being, or such other officers as the directors may designate.:' '

Section 63: By repealing subsections l, 2 and 3 thereof

Section 63 · amended, and substituting therefor the following: "63. The company may secure' such securities by one or more mortgage deeds creating such mortgages, charges or encumbrances upon the whole or any part or portions of such property, assets, rents and revenues of the company, present and future or both, as may be described therein; but such property, assets, rents and revenues shall be subject in the first instance to the payment of any penalty then or thereafter imposed upon the company for noncompliance with the require ments of this Act and next to the payment of the working expenditure of the railway, "

(2) By the said mortgage or mortgages the compal).y may grant to the holders of such securities or the trustees named in such . mortgage all or any of the powers, rights and remedies granted by this Act, in respect of the said securities and all other powers, rights and remedies not incon sistent with this Act, or. may restrict the said holders in the exercise of any' power, privilege or remedy granted by this Act as the case may be; and an· the powers, rights and remedies so provided for in any such mortgage shall be valid and binding and available to the said holders in manner and form as therein provided. "

(3) The company may except from the operation of any such mortgage, deed any assets, property, rent.<~ or revenues of the company, present or future, and may declare and pro vide therein that·such mortgage shall only apply to and affect certain sections or portions of the railway or property of the company; but where any such exception is made the company shall in such mortgage deed expressly specify and describe with sufficient particularity to identify the same and assets, property, rents or revenue of the company or the

section or por tions of the railway not intended to be included therein or con veyed thereby."

Section 64: By repealing same and substituting therefor

section 64 the following: amended "61. The securities hereby authorized shall rank upon the properties of the company described in and covered by the mortgage deed or deeds securing the same respectively (and not excepted therefrom as hereinbefore provided) after the payment o the penalties and the working expenditure of the railway as hereinbefore provided, and according to the prior ities, if any, established in respect of such securities by .such n1ortgage deed or deeds. "

(2) Each holder of the said securities shall be deemed to be a mortgagee or encumbrancee upon the mortgaged prem ises pro rata with all other holders of the same issue and in accordance with and having regard to the priorities, if any; so established; but no proceedings authorized by law or by this Act shall be taken to enforce payment of the said. securities or of the interest thereon except through the trustee or trustees appointed by or under such mortgage deed or ·deeds and in accordance with the provisions thereof."

3 6. By adding immediately after

section 80 the following: ~~~n BOa "BOa. No company shall, without the authority of the M• • l t th li f 't d 'l t' t Company not 1mster, oca e e ne o 1 s propose rai way or cons rue to obstruct the same, or any portion thereof, so as to obstruct or interfere ;'ci';,":" to aoy with or injuriously affect the working of or access to any ·mine then open or for the opening of whi~h preparations .are at the time of such location being lawfully and openly made. · "BOb.

No owner, lessee or occupier of any such mines or~d~nsob minerals lying under the railway or any of the works connected therewith or within forty pards therefrom shall work the same until leave therefor has been obtained from the Minister; and Appl!~tion upon any appijcation to the Minis~r for leave to work any such~ '::::l:';i'nes mines or mincl'ft]S the applicant shall submit a plan and profile l""der railway .of the portion of the railway to b~ affected thereby and of the mining works or plant affecting :the railway pror)psed lli be -.constructed of: operated, giving all reasonable anc!· necessary information an~ details .as to the; extent and'. character of. the same.

The Minister. may grant·'~mch applieation .. upon ·such terms an~.t:conclitions·for the proteetion and safety oHhe public ,as to the· Mini~ter seems (j}{pedient and may order· that such pther works be executed or, measures taken as under the. cir -cumstances anpear to the- Minister best. adapted to remove pr diminish tbe danger arising or likely to arise · from such mining operJ).tij:)ns."

Section 8:,t: By adding thereto the following: "

(3) The provisions of ~his

section shall extend and apply to the lands of every railway company or person having author ity to construct or operate a railway otherwise than under the legislative authority of the Province of Alberta in so far as the taking of such lands does not unreasonably interfere with the construction and operation 'of the railway or railways constructed and operated or being constructed and operated by virtue of or under such other legislative authority."

No. 89 THIRD SESSION SECOND LEGISLATURE 2- GEORGE V 1912 An-Act to Ameild"'the Railway Act. Received and read the J.4•irst time· . . . . . . . . . . . . . . . . . . . Second time ....•..•••.•....•. 'Fhird- time . . . • • . • . . . . . . . . . . . . EI>MONTON: J A :u .. ~ F. · RJCH I. R uR, G ove.rn ment Print f"r "' n 1912 Title: 1911 (2nd, 3rd) Bill 89,

An Act to Amend The Railway Act

Document details

Collection	Alberta — Bills
Citation	L2 S3 10794
Type	bill
Volume / chapter	L2 S3 10794
Language	en
Format	json
Source	PROVINCIAL
Identifier	dc18fc5fb74e1e7af6af8f4abf7ff3d5d999fc8e

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