|This is an unofficial archived version of The Royal Lake of the Woods Yacht Club Incorporation Act|
as enacted by SM 1990-91, c. 1 on November 14, 1990.
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R.S.M. 1990, c. 157
The Royal Lake of the Woods Yacht Club Incorporation Act
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WHEREAS the persons hereinafter named, with a number of others in Winnipeg, associated themselves and prayed to be incorporated by the name of The Lake of the Woods Yacht Club: George F. Bryan, Montague Aldous, Thomas L. Peters, Robert W. Paterson, George F. Galt, Francis L. Patton, George W. Baker and William A Machaffie;
AND WHEREAS their prayer was granted and resulted in the enactment of An Act to incorporate "The Lake of the Woods Yacht Club", assented to March 10, 1909;
AND WHEREAS the Act was subsequently amended and the name of the corporation changed to The Royal Lake of the Woods Yacht Club;
AND WHEREAS the Minister of Justice has caused the 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:
The Royal Lake of the Woods Yacht Club (hereinafter referred to as "the club") is continued as a corporation consisting of those persons who are members on the coming into force of this Act and such other persons as shall hereafter become members of the club.
The object of the club is the encouragement of yacht building and sailing and other aquatic sports in Canadian waters.
The club is hereby authorized to acquire by lease, purchase, gift or otherwise, and to own and to hold, such property, real, personal and mixed, as may be necessary in carrying on and maintaining its objects, at such prices or upon such terms and conditions as may be agreed upon, and if deemed advisable to acquire any of such assets in exchange for paid-up stock of the club at par value, and to use and improve any of its properties by the construction of buildings, docks, wharves and other improvements, either inside or outside the property of the club, which may be necessary or conducive to any of the sports or objects above named, and any of such assets or any part thereof from time to time to sell, alienate, exchange, mortgage, lease or otherwise dispose of whensoever the club may deem it proper so to do; and the constitution, rules and regulations now in force, touching the admission and expulsion of members and the management and conduct generally of the affairs and concerns of the said association, in so far as they may not be inconsistent with the laws of this Province, shall be the constitution, rules and regulations of the club, provided always that the club may from time to time alter, repeal and change the constitution, rules and regulations of the club.
No member of the club shall be liable for any of the debts thereof beyond a sum which shall be equal to the amount of the original entrance fee, if any, and the annual or life membership subscriptions which may remain unpaid by such member, and the unpaid balance of any stock held by him, and any member of the club not being in arrear may retire therefrom and cease to be such member by giving notice to that effect in such form as may be required by the by-laws thereof, and thereafter shall be wholly free from liability for any debt or engagements of the club.
The club may issue stock to such extent as it may deem necessary, not exceeding in the aggregate the sum of $10, 000., in shares of $25. each; such stock to be subscribed for in a book to be opened for that purpose by the executive committee of the club, and to be paid up in such manner and within such time as may be determined by the said committee.
The funds arising from the sale of such stock or of life memberships or debentures shall, when collected by the club, be applied exclusively to the purposes named in subsection 1(2).
The club may pay off all or so much of the said stock from time to time as it may deem desirable; the share or shares so to be paid off to be selected by the executive committee of the club by ballot.
The club may from time to time borrow money, at such rate of interest and upon such terms as it may think proper, and may for such purposes make, execute or issue any mortgages, bonds, debentures or other instruments which shall operate as a mortgage and charge against the lands and effects of the club; provided, however, that at no time shall mortgages, bonds or debentures, together with the par value of any stock that may then be issued, exceed in all the sum of $25, 000.
The club shall have power to draw, make, accept or endorse all bills of exchange and promissory notes necessary for the purposes of the club, under the hands of its commodore and secretary, by and with the authority of the executive committee of the club, and in no case shall it be necessary that the seal of the club be affixed to any such bill or note, nor shall the commodore or secretary, or any other person or persons appointed in their place or stead, and so signing as aforesaid, be personally or individually responsible therefor; provided that nothing herein shall be construed to authorize the club to issue notes or bills of exchange, payable to bearer, or intended to be circulated as money, notes or bills of a bank.
Any such mortgage, bond, debenture or other such instrument shall be executed under the seal of the club and attested by the signature of the commodore and secretary of the club.
Note: This Act replaces S.M. 1909, c. 90.