|This is an unofficial archived version of The Bonnet Falls Power Company Incorporation Act|
as enacted by SM 1990-91, c. 1 on November 14, 1990.
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R.S.M. 1990, c. 14
The Bonnet Falls Power Company Incorporation Act
|Table of Contents|
WHEREAS An Act to incorporate "The Bonnet Falls Power Company" was assented to March 16, 1906;
WHEREAS the preamble to this Act when it was originally enacted provided as follows:
WHEREAS a petition has been presented, praying for the incorporation of "The Bonnet Falls Power Company," for the purposes hereinafter set forth and with the powers herein contained, and it is expedient to grant the prayer of the said petition,
AND WHEREAS it is considered advisable to continue this Act in the body of Manitoba's laws in its original form without revision;
AND WHEREAS the Minister of Justice has caused this Act to be prepared in English and French for re-enactment in accordance with a judgment dated June 13, 1985 and an order dated November 4, 1985 of the Supreme Court of Canada;
THEREFORE HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
Archibald Wright, Count Alfred Von Hammerstein and William Redford Mulock, together with such persons as become shareholders in the company hereby incorporated, are hereby constituted a body corporate under the name of "The Bonnet Falls Power Company," hereinafter called "the company".
The head office of the company shall be at the City of Winnipeg, but shareholders' or directors' meetings may be held either within or outside of the Province of Manitoba, as may be decided upon by the by-laws of the company.
The capital stock of the company shall be six million dollars, divided into sixty thousand shares of one hundred dollars each, and the company may commence business as soon as $200,000 thereof has been subscribed and 10 per cent paid thereon.
The persons named in the first section of this Act are hereby constituted the provisional directors of the company, a majority fo whom shall form a quorum, and shall have power and authority to open stock books and obtain subscriptions for stock of the company, and to proceed with the organization of the company, and shall have all the powers which are conferred upon the directors by this Act, and shall hold office until after the first election of directors as hereinafter provided for.
A general meeting of the company shall be held at the head office of the company, at such time as the provisional directors may determine, and notice of such meeting shall be given by mailing, at least ten days before the holding of such meeting, a written notice of such time and place, postage prepaid and registered, to the provisional directors or address of each shareholder of the company.
There shall be a general meeting of the company each year, but one-fourth in value of the shareholders who shall have paid all calls on the stock held by them shall have power at any time, upon giving thirty days' notice, by advertising the same in four issues of The Manitoba Gazette and in four issues of a daily newspaper published in the City of Winnipeg, stating the nature of the business to be transacted thereat, and by mailing a notice to the shareholders by registered mail, to call a special general meeting of the company, at which a majority in value of the shareholders, who shall have paid all calls on the stock held by them, shall constitute a quorum, and at such special meeting there shall not be transacted any business of the company except that which shall have been stated in the notice calling such meeting.
The affairs of the company shall be managed by a board of not less than three nor more than nine directors, as shall be decided from time to time, who shall be elected yearly by the shareholders in general meeting of the company assembled, and the directors so elected shall immediately thereafter hold a meeting and elect their officers for the current year.
If at any time an election of directors be not made or do not take effect at the proper time, the company shall not be held to be thereby dissolved; but such election may take place at any general meeting of the company, duly called for that purpose; and the retiring directors shall continue in office until their successors are elected.
The directors of the company shall have full power in all things to administer the affairs of the company, and to do all things necessary to carry out the objects and exercise any of the powers incident to the company, and may make or cause to be made for the company any description of contract which the company may, by law, enter into; and may from time to time make by-laws, rules, resolutions and regulations, not contrary to law nor to the provisions of this Act, for the election of the officers of the company and the duties of each, and the filling of all vacancies; for the acquirement, management and disposing of its stock, shares, properties and effects, and all its affairs and business; the issue of preference or debenture stock, the increase of the amount of its capital stock, the issue, sale and allotment of its capital stock, or any portion thereof, at such price or discount as may be decided upon by them, the making of calls thereon, the forfeiture thereof for non-payment, the disposal of forfeited stock and of the proceeds thereof, the transfer of stock, the issue and registration of certificates of stock, the declaration and payment of dividends, the increasing or reducing the number of the directors, their term of service, the entering into arrangements and contracts with any city, town, village or rural municipality, or person or corporation, as to any of the objects of the company, the appointment, functions, duties and removal of all agents, officers and servants of the company; the security to be given by them to the company, their remuneration, the fares to be received and rates and charges to be made on the said railway and vessels, and for any of the products of the company, and for the electrical, water and other powers and light and heat to be developed, manufactured, used and supplied by the company; the time at which and place where the annual meetings of the company shall be held, the calling of meetings, regular and special, of the board of directors and of the company, the quorum, the requirements as to proxies, and the procedure in all things at such meetings, the imposition and recovery of all penalties and forfeitures admiting of regulation by by-law, and the conduct in all particulars of the affairs of the company; and may from time to time repeal, amend or re-enact the same, but the powers as to preference or debenture stock, the issue of bonds, the increasing or decreasing the number of directors, and the powers conferred by sections 28 and 31 hereof, shall be exercised only when sanctioned by a vote of two-thirds of the shareholders of the company then present in person or by proxy at an annual meeting of the company, or a special general meeting called for that purpose.
No person shall be qualified to be elected as such director, except as herein provided, unless he is a shareholder in the company holding at least ten shares of stock, and unless he has paid all calls thereon.
One or more of the directors may be paid directors, and each of said directors shall be entitled to vote by proxy, such proxy being another director, and a majority of the directors who are present or represented by proxy shall form a quorum at any meeting of such board of directors.
No person shall be disqualified as a director or a provisional director of the company by reason only that the company has entered into, or may or do hereafter enter into, any contract or agreement with him for any of the purposes for which the company is hereinafter authorized to issue in payment fully paid up shares.
No stockholder in the company shall be liable to any greater extent than the amount unpaid upon any stock held by him.
No person holding stock in the company as an executor, administrator, tutor, curator, guardian or trustee shall be personally subject to liability as a shareholder; but the estate and funds in the hands of such person shall be liable in like manner, and to the same extent, as the testator or intestate, or the minor, ward or other interested person, in such trust fund, would be if competent to act and holding such stock in his own name, and no person holding such stock as collateral security shall be personally subject to such liability, but the person pledging such stock shall be considered as holding the same and shall be liable as a shareholder accordingly. All stock issued by the company shall be deemed personal estate.
Every such executor, administrator, tutor, curator, guardian or trustee shall represent the stock in his hands at all meetings of the company, and may vote accordingly as a shareholder; and every person who pledges his stock may, nevertheless, represent the same at all such meetings, and may vote accordingly as a shareholder.
The company is hereby authorized and empowered to carry on the business of creating, producing, buying, renting, using, developing, constructing and utilizing, leasing, selling, disposing of and dealing in, water powers, water, electricity, steam and other powers, and of creating, producing, manufacturing, buying, renting, developing, accumulating, utilizing, transmitting, supplying, selling, leasing, disposing of and dealing in, light, heat, water, electricity and power; to acquire, establish, construct, lay, equip, maintain and operate, sell, rent or lease, all necessary works, including canals, hydraulic tunnels, dams, docks, locks, poles, cables, wires, pipes, lines accumulators, lamps, pipes, subways, conduits, ducts, mains, flumes, race ways, ways, works, and appliances of every kind, necessary and advisable for any of the objects of the company at any and all points on the Winnipeg River, or on their railway, or on their transmission line or connections of the same, with the right to take lands required for, or which might suffer damage by reason of the development of, any water power, the property of the company, and the works incidental thereto without the consent of the proprietor thereof; to light streets, places and buildings, public or private, by means of electricity or otherwise, subject to any existing franchises in that behalf; to construct, erect and maintain wires, cables, poles, towers or appliances for or for connecting electric apparatus at a distance with other electric apparatus for the purpose of transmitting, supplying and distributing electric power, light or heat, in any manner which may be convenient, for all or any of the objects of the company, including the erection and construction of storage centres, with the right to take lands required for any transmission line without the consent of the proprietor thereof, not exceeding three chains in width; to lay a line of pipes or conduits from the Winnipeg River, or any other point in Manitoba, for the purpose of supplying water, but not within the City of Winnipeg; to buy and sell, acquire under license or otherwise use, sell, rent, lease on royalty, and dispose of, any invention or letters patent, or any right to use or employ any invention now or hereafter discovered, in connection with the production, manufacture or supply of water power, light, heat, electricity or water; to acquire by lease, purchase or otherwise mines, mining rights and minerals, and to operate and work the same, and to mine, smelt, reduce, manufacture, treat and refine metals, minerals and ores, and dispose of the same or the products thereof, or manufacture the same; to acquire, buy, hold, purchase, lease, operate, sell or rent any real and personal property, including franchises, buildings, works, ships, wharves and water and other rights and powers, harbors and canals, timber berths, timber licenses, hydraulic properties, buildings, docks, locks, flumes, dams, bridges, ditches, canals and similar works, townsites and park properties; to acquire, lease, erect, construct, maintain and operate, sell and rent, mills, factories, elevators and warehouses, and to buy and sell and deal in the products of the same and any article relating to any business carried on by the company, and generally carry on the business of agents, electricians, engineers, manufacturers, merchants, millers, wharfingers and warehousemen; to subscribe for or purchase stock in any other corporation; to acquire by purchase or otherwise, or to lease and take over or carry on, the business or part of the business of any person or corporation having for its or their object any of the objects of the company, and any such company is hereby empowered to sell, convey or lease the same, and to carry on any other business, whether manufacturing or otherwise, which may seem to the company capable of being conveniently carried on in connection with any of the above objects, or calculated directly or indirectly to enhance the value of or render profitable the company's property or rights; and to do all such things as are incidental or as the company may think conducive to the attainment of the objects of the company or any of them, and any of the powers authorized by this Act may, with the consent of the council of any city, town, village or rural municipality affected, be exercised in, along, under, over or upon any streets, highways or lanes.
The company shall have power to construct, maintain, equip, operate, alter and keep in repair a railway operated by electricity, steam or other power, with branches, with double or single tracks, with necessary switches, side tracks and turn-outs for the passage of cars, carriages or other vehicles, and wherever desired by the company, and crossing the lines of any other railway company, from a point outside, at or near the boundary of the City of Winnipeg to a point on the Winnipeg River and to any points northerly or easterly of the same, or to Lake Winnipeg, with a branch from such point on the Winnipeg River to the Lac du Bonnet branch of the Canadian Pacific Railway, and to acquire running powers over any existing lines; and to purchase therefor and to equip such railway with all necessary rolling stock, locomotives, engines, power houses and appliances, and to erect stations at suitable points along the said railway, and to transport and carry passengers and freight on said railway for hire, and to acquire, buy, rent, own, build, run, operate, lease and sell, steamboats and vessels of every kind upon the Winnipeg River and Lake Winnipeg and any navigable stream, and to transport and carry passengers and freight thereon for hire, and to construct and maintain such bridges as may be necessary or convenient for the use of the said railway.
The construction and maintenance of any bridges over, or the construction of any works in, any navigable river or water, must first be authorized by order of the Governor-General-in-Council.
The company shall have power to construct and operate a telegraph line or lines and a telephone line or lines along the said railway or along their transmission line for the purposes of the company only.
For the purposes of the company it shall have full power and authority, subject to any existing franchises, to use, occupy and run along, across, upon, under or over any such parts of any streets, highways or lanes as may be required for the running of cars and carriages or the supplying of light, heat, water or power, or for the carrying on or developing of any of the objects of the company, and to construct, lay down, erect, maintain, equip and operate rails, tracks, poles, towers, wires, cables, conduits, ducts, pipes, mains, works and appliances and to connect the same with similar works, to all of which the company shall at all times, by its servants, agents and workmen, have the right of free access; provided always that the permission of the council of any city, town, village or rural municipality affected thereby shall be first had and obtained, and the council of any of the same is hereby respectively authorized to grant such permission to the said company as aforesaid within their respective limits, upon such conditions as may be agreed upon, and for such period or periods as may be agreed upon, not, however, to extend beyond thirty years from the date of the passage of this Act; provided, however, that the company shall not unduly interfere with the public right of travel upon any street or highway, and shall not fix or keep any wire which will be above ground less than twenty-two feet above the ground; provided that the company may cross any such street, highway or lane without the foregoing permission.
The council of any city, town, village or rural municipality and the said company are hereby respectively authorized and empowered to make and to enter into any agreement or covenant relating to the construction of said railway and telegraph or telephone lines or water pipes or electrical poles, towers, pipes, conduits, ducts or wires, or the laying of the same, upon, across, under, over, along or above, and for the construction, paving, repairing and grading of the streets of highways, and the construction, opening of and repairing of bridges and drains or sewers, the location of the railway and telegraph or telephone line and the water pipes and wire lines, and the particular street or highway along, upon or under or over or above which the same shall be laid, the pattern of the rails, the time and speed of running the cars, the time within which the works are to be commenced, the manner of proceeding with the same and the time for completion, and generally for the safety and convenience of the passengers and the public, the conduct of the agents and servants of the company and the manner of operating and maintaining all of such works, and the running, obstruction or impeding of the ordinary traffic.
In the event of the company and any council of any city, town, village or rural municipality failing to agree as to the terms upon which the company shall be allowed to exercise any of its franchises or rights hereby conferred, there shall be an appeal to the Lieutenant-Governor of Manitoba in-council, who shall have the right to determine any dispute and fix the conditions upon which the company may exercise such right and grant the necessary consent thereto, and the decision of the Lieutenant-Governor-in-Council in any such case shall be final and binding on all parties.
The council of any city, town, village or rural municipality is hereby authorized to pass the necessary by-laws for the purpose of carrying into effect any such agreement and covenant, and containing all necessary clauses, provisions, rules and regulations for the conduct of all parties concerned, and for the enjoining and compelling obedience thereto, and also for the facilitating the running of the company's cars and the carrying on of its business and operations, and for regulating the traffic and conduct of all persons travelling upon streets and highways through which said railway or telegraph or telephone lines may pass or such work may be carried on.
The fare shall be due and payable by every passenger on entering the car or any other conveyance of the company, and any person refusing to pay the fare when demanded by the conductor or authorized servant of the company, and refusing to quit the car or other conveyance aforesaid, shall be liable to a fine of not less than one dollar and not more than twenty dollars, besides costs, recoverable upon conviction before any justice of the peace, and, upon default of payment of said fine and cost forthwith, to imprisonment in the common gaol for a period of not more than thirty days.
Where there are buildings within any city, town, village or rural municipality, the different parts whereof belong to different proprietors or are in possession of different tenants or lessees, the company shall have power to carry pipes or wires to any part of any building so situate, passing over or through the property of one or more proprietors, or in possession of one or more tenants, to convey the electricity or water to that of another, or in possession of another, and also to break up and uplift all passages which may be a common easement to neighboring properties, and to dig or cut trenches therein for the purpose of laying down pipes or wires, or taking up or repairing the same, the said company doing as little damage as may be in the execution of the powers granted by this Act, and making satisfaction thereafter to the owners or proprietors of buildings or other property, or to any other party, for all damage sustained in or by the execution of all or any of the said powers, subject to which provisions this Act shall be sufficient to indemnify the company or their servants, or those by them employed, for what they or any of them shall do in pursuance of the powers granted by this Act.
The company may stretch or lay any wires, pipes, branches, or other necessary apparatus, from any main or branch wire or pipe into, through or against any building for the purpose of lighting or heating the same or supplying the same with water, and may provide and set up any apparatus necessary for securing to any building a proper and complete supply of electricity, heat or water, and for measuring and ascertaining the extent of such supply, and no service pipes, wires, fittings or meters belonging to the company shall be subject to be distrained for rent due to any landlord or for taxes, rates or assessments upon the building wherein the same may be, or be seized in execution for any debt due by any person or persons to or for whose use or the use of whose house or building the same may be supplied by the company.
Any city, town, village or rural municipality, by its council, is hereby empowered to contract with the company for the delivery to it for its own use, or for the use of the citizens thereof through the said city, town, village or rural municipality, of light, heat, electricity, water or power.
If a customer of the company gives notice of his intention to discontinue the use of electricity, electric current or light, or heat or other light, or power or water, or other service furnished by the company, or if the company lawfully refuses to continue any longer to supply the same, the officers and servants of the company may at all reasonable times enter the premises in and upon which such customer was so supplied for the purpose of removing therefrom any fittings, machines, apparatus, wires, pipes, meters or other things, being the property of the company, in or upon such premises, and may remove the same, doing no unnecessary damage.
If any person, supplied by the company with electricity, light, heat or water, or other service, neglects to pay the rent, rate or charge due to the company, at any of the times fixed for the payment thereof, the company or any person acting under its authority, on giving ten days' previous notice, which may be left on the premises, may stop the supply of electricity, light, heat or power, or water or other service, from entering the premises of the person in arrear as aforesaid, by cutting off the service wires or pipes, or by such other means as the company sees fit, and may recover the rent or charge due up to such time, together with the expense of cutting off the same, as the case may be, in any competent court, notwithstanding any contract to furnish for a longer time; and in all cases in which the company may lawfully cut off and take away such supply from any house, building or premises the company, its agents and workmen, upon giving forty-eight hours' previous notice to the person in charge or the occupier, or leaving the same on the premises, may enter into the house, building or premises between the hours of nine o'clock in the forenoon and four o'clock in the afternoon, causing as little disturbance and inconvenience as possible, and may remove and take away the property belonging to the company, and any servant or person employed by the company, and duly authorized, may, after giving forty-eight hours' previous notice as aforesaid, and between the hours aforesaid, enter into any house, building or premises into which such supply has been taken, for the purpose of repairing and making good, renewing or replacing any wires, pipes, meters, fittings or apparatus belonging to the company or used for its purposes or any of them.
The company may receive, either by grant, gift or otherwise, from any government or from any corporation or person, as aid in the construction of any of the works or operations authorized by this Act, or for carrying on the same, lands, properties, franchises, sums of money or debentures as gifts, or by way of bonus or otherwise, and may dispose thereof, and may alienate the same, in promoting any of the affairs, businesses and operations of the company, and the company may receive exemptions from taxation and all other exemptions that may be granted by municipal or other authorities by by-law, resolution or otherwise.
The company may enter into an agreement with any company for the purchase of or lease of the property, rights, franchises and undertakings of or amalgamation with such company, under such name as may be agreed upon between them, or may lease or transfer by proper conveyance to any such other company, on such terms and for such price as may be agreed on, its rights, undertakings, franchises and properties, real and personal; and any other company may amalgamate with the company or may sell and convey to the company the undertakings, rights, franchises and property, real and personal, of such other company; and in case of any amalgamation or sale under this Act the amalgamated company, or the company to which such sale or conveyance is made, shall have all the rights of exercising the powers, privileges and franchises of the companies entering into such agreement or parties to such sale, lease or purchase.
The company shall have the right to subscribe for, buy or acquire, hold, pledge, hypothecate or absolutely sell or dispose of the shares, stock, bonds, mortgages or other securities of any other incorporated company, or any interest therein, or exchange its own shares, stock, bonds, mortgages or other securities for shares, stock, bonds, mortgages or other securities of such other company, when considered advisable or desirable.
The directors of the company may, in addition to the powers herein conferred, borrow money for any of the purposes of the company, and may secure the repayment of any moneys so borrowed, or any other moneys owing by the company, in such manner and upon such terms and conditions as the directors see fit, and particularly by the mortgage, pledge or hypothecation of all or any of the assets, property, powers or franchises of the company, subject, however, to the rights of the bondholders of the company, if any, as hereinafter provided.
The directors of the company shall have the absolute control of the allotment, issue and sale of stock, and they may make and issue fully paid up and non-assessable stock shares in the company, whether subscribed for or not, and allot and hand over such stock in payment for any property, real or personal, or for franchises, rights, powers, privileges, letters patent of invention, or for plant, or for assets or stock of any other company or for equipment, plant, or material, or for right-of-way or for land, and also for the services of contractors or engineers, solicitors, agents or employees of the company, or for services heretofore or hereafter to be rendered to the company by any person or corporation, and such issue and allotment of stock shall be binding on the company, and the same shall not be assessable for calls.
The directors may sell or dispose of either by public auction or private sale, and in such manner and on such terms, and for such price or discount or premium, and free from or subject to call, and in such manner as to them may seem meet, any unissued shares, or may pledge any such unissued shares for the payment of loans or advances made or to be made thereon, or for payment of any sums of money borrowed or advanced to the company, and interest thereon.
The directors of the company may from time to time issue bonds, debentures or other securities, signed by the president or a vice-president, and countersigned by the secretary, which counter-signature and signature to the coupons attached to the same may be engraved; and such bonds, debentures or other securities may be made payable at such times and in such manner, and at such place or places in Canada or elsewhere, and may bear such rate of interest, not exceeding six per cent per annum, as the directors think proper.
The directors may issue and sell or pledge all or any of the said bonds, debentures or other securities, at the best price and on the best terms and conditions which at the time they may be able to obtain, for the purpose of raising money for prosecuting all or any of the undertakings of the company, or they may use the same in payment for any property, or for any of the purposes for which the company are authorized to issue in payment fully paid up and non-assessable stock.
No such bond, debenture or other security shall be for a less sum than one hundred dollars.
The power of issuing bonds conferred upon the company shall not be construed as being exhausted by any issue, but such powers may be exercised from time to time as the directors may deem necessary for all or any of the purposes of the company.
The company may secure such bonds, debentures or other securities by mortgage deeds, creating such mortgages, charges and incumbrances upon the whole or any portion of the property and undertakings and franchises, tolls and income, rents and revenues of the company, present or future, or both, as are described in the said deed, but such rents and revenues shall be first subject to the payment of the working expenses of the company, and by the said deed the company may grant to the holders of such bonds, debentures or other securities, or to the trustees named in such deeds, all and every the powers, rights and remedies granted by this Act in respect of the said bonds, debentures or other securities and all other powers, rights and remedies not inconsistent with this Act, or may restrict the holders in the exercise of any power, privilege or remedy granted by this Act, as the case may be, and all the powers, rights and remedies so provided for in such deeds shall be valid and binding and available to the said holders in manner and form as therein provided.
The bonds, debentures or other securities hereby authorized shall be taken and considered to be the first preferential claim and charge upon the company and its franchises, undertakings, tolls and income, rents and revenues, except as aforesaid, and the real and personal property thereof at any time acquired, unless otherwise provided in such deed.
Each holder of any of said bonds, debentures or other securities shall be deemed to be a mortgagee or incumbrancee upon the said securities pro rata with all other holders, and no proceedings authorized by law or by this Act shall be taken to enforce payment of the said bonds, debentures or other securities, or of the interest thereon, except through the trustee or trustees appointed by or under such deed.
Bondholders after default of interest or principal, to have rights of shareholders
(a) If the company makes default in paying the principal of or interest on any of the bonds, debentures or other securities hereby authorized, at the time when the same by the terms of the bond, debenture or other security becomes due and payable, then, at the next annual meeting of the company, and at all subsequent meetings while such default continues, all holders of bonds, debentures or other securities shall in respect thereof have and possess the same rights and privileges and qualifications for being elected directors and for voting at general meetings as would attach to them as shareholders if they held fully paid up shares of the company of a corresponding amount.
If so provided in the mortgage and bonds have been registered
(b) The rights given by this section shall not be exercised by any such holder unless it is so provided by the mortgage deed, nor unless the bond, debenture or other security, in respect of which he claims to exercise such rights, has been registered in his name, in the same manner as shares of the company are registered, at least ten days before he attempts to exercise the right of voting thereon, and the company shall be bound on demand to register such bonds, debentures or other securities, and thereafter any transfer thereof may be made in the same manner as shares or transfers of shares are made.
Other rights remain
(c) The exercise of the rights given in this section shall not take away, limit or restrain any of the rights or remedies to which the holders of the said bonds, debentures or other securities shall be entitled under the provisions of such mortgage deed.
All bonds, debentures or other securities hereby authorized may be made payable to bearer, and shall in that case be transferable by delivery until registration thereof as hereinbefore provided, and while so registered they shall be transferable by written transfers, registered in the same manner as the transfer of shares.
The company may become party to promissory notes and bills of exchange, and every note or bill made, drawn, accepted or indorsed by the president or vice-president of the company, or other officer authorized by the by-laws of the company, and countersigned by the secretary or other officer of the company authorized by by-law, shall be binding on the company, and every such note or bill of exchange so made, drawn, accepted or indorsed shall be presumed to have been made, drawn, accepted or indorsed with proper authority until the contrary is shown, and in no case shall it be necessary to have the seal of the company affixed to such promissory note or bill of exchange, nor shall the president or vice-president, or secretary or other officer so authorized, be individually responsible for the same unless such promissory note or bill of exchange has been issued without proper authority; but nothing in this section shall be construed to authorize the company to issue any note or bill of exchange payable to bearer or intended to be circulated as money or as the note or bill of a bank.
It shall not be necessary, in order to preserve the priority, lien, charge, mortgage or privilege purporting to appertain to or be created by any mortgage deed executed under the provisions of this Act, that such deed should be registered or filed in any manner or in any place other than in the office of the Provincial Secretary, of which filing notice shall be given in The Manitoba Gazette.
In addition to the amounts which the company may from time to time borrow, secured or not secured as aforesaid, the company may borrow on current account, or otherwise, such further sums as the directors may decide are required or necessary for the operations of the company or for the acquisition of any property, right, power or privilege.
None of the sections of this Act shall apply to the City of Winnipeg nor to the Town of St. Boniface without the consent of the city or town, to be signified by by-law.
The several clauses of The Manitoba Railway Act and of The Manitoba Expropriation Act shall be, and the same are hereby, incorporated with and shall be deemed to be a part of this Act, and shall apply to the said company and to their water power and railway and transmission line, and the expression "this Act" when used in this Act shall be understood to apply to and include the clauses of The Manitoba Railway Act and The Manitoba Expropriation Act in so far as they can be made applicable, and except in so far as they may be inconsistent with the express enactments hereof.
Nothing in this Act contained shall affect or in any way prejudice or infringe on any of the rights or privileges of The Winnipeg Electric Street Railway Company, under its contract with the City of Winnipeg or its Act of incorporation.
The works authorized to be constructed under this Act shall be commenced within three years from the time of the passage of this Act, and fully completed within ten years from the time of the passage of this Act.
The maximum rates or charges for the carriage of freight or passengers by the company on or upon any lines of railway operated under the provisions of this Act shall, before being put into operation and effect, receive the approval of the Lieutenant-Governor-in-Council.
This Act shall come into force on being assented to.
NOTE: This Act replaces S.M. 1906, c. 101.