IMAGE EVALUATION TEST TARGET (MT-3) // u. 1.0 !!'- IM 1.1 J.'^ la 1.8 1.25 1.4 16 ■^ 6" ^ V^ <^ iSs /a ^.. >m VI ^^^ - "^ .^^^' / a^^^v . ' ^ ///// ^m Photographic ^Sciences Lorpordtion "^^ A^ 4f 4. ^i\ye lines are laid regarding the manner in which the Company shall make its excavations and lay its pipes along or under such public roads and highways as such municipaliiV may prescribe. And the Company may also, in oi.^er to obtain an > outlet for its coal and other products fro^ii the Com- pany's mines and works at Newcastle aforesaid, either by land or water, lay out, construct and operate a line of railway of the gauge of four feet eight and one- half inches from any point on the Grand Lake, in the Parish of Newcastle, in the said County of Queens, to Gibson, in the County of York, or to Penniac or some point on the Canada Eastern Railway near Penniac, in the said last mentioned county, and the franchises hereby conferred upon the Company shall be exercised subject to the provisions of the New Brunswick Railway Act and any Acts in amendment thereof, the clauses of which Acts, so far as they may not be inconsistent with this Act and the New Bruns- wick Joint Stock Companies' Act, are iucorpoi-ated herein ; provided, however, that the said line of rail- way from Grand Lake to Gibson or Penniac, in the County of York, shall be bonafide commenced within one year from the passing of this Act, and the con- struction thereof bona fide continued so that the whole line shall be completed and open for traffic within two IT t years from the passing of this Act, and if not so cora- rnen(5ee passed at the first meeting, or the meeting for the organ- ization of the Company, or at any subsequent general meeting of the Company duly called for considering the same. (3) Such preference stock shall be entitled to the preference or preferences declared in such by-law, and the holders thereof shall have all the rights as such holders which are conferred upon the holders of preference stock under the provi- sions of the Joint Stock Companies' Act and Amending Acts. r I r 7. The Company may authorize by by-law the issue of both common and preference shares of the Company as fully paid up stock, upon such terms and conditions as may be in such by-law declared, and may, upon such terms and conditions as may in like manner be declared, and as may be deemed to be in the interest of the Company, pay and allot sucli shares in part as founders' shares, and to reimburse and compensate the promoters of the Company their costs, expenses and charges, and for their services in organ- izing the Company, and upon terms and conditions as the Board of Directors may determine, allot such shares as fully paid up shares, in payment for all lands, raining rights and leases, mines, plant, works, wharves, steamers, vessels of all kinds, easements, shares, stock and pn.^^erty of any and every kind purchased by the Company, and in payment for any- thing the Company may purchase or acquire under this Act. The stock and shares so issued and allotted as fully paid up shall, in the hands of the holders thereof, be non -assessable. 8. The Company is hereby empowered from time to time, under the authority of a majority vote of the shares, represented iij person or by proxy at any general meeting of the Company called for the pur- pose, or at any annual meeting thereof, in respect of the Company's undertaking other than the two several lines of railway hereinbefore mentioned, to issue at one or more times, or in one or more series, Wm -"■«<^'r . 10 its bonds and debentures, such bonds or debentures being in the usual form, sealed with the Company's seal and authenticated by the signature of the Presi- dent or other officer, and countersigned by the Treasurer or Secretary, and such bonds or debentures may be made payable at such times and in such places, and bear interest at such rate per annum as may be declared by by-law. The amount of such bonds or debentures so issued shall not exceed in the aggregate t'*^ amount paid upon the capital stock. The Company ly from time to time secure its said bonds or debentures, in this section mentioned, by mortgage or deed of trust upon all or any portion of rits property other than the said lines of railway and equipment, whether such property shall be real, per- sonal or mixed property, and including its leases, mining leases and mining rights, steamers, vessels, stock, shares or securities in other companies, powers, rights and franchises, including its corporate franchise, as conferred by this Act, and if such mortgage or deed of trust shall so declare, whether such property, rights and interests are owned or enjoyed by it at the date of such mortgage or deed of trust, or shall be there- after acquired, and the legal and equitable rights and titles of the Company to all property acquired sub- sequently to the date of any mortgage or deed of trust which purports to be covered and conveyed by such mortgage or deed of trusi shall vest in the said trustee or trustees for the bond holders or debenture ^^m^^ J .» \ 11 holders so soon as the same is acquired by the said Corapany, and the Company may, in and by any such mortgage or deed of trust, confer upon the holde» of such bonds or debentures, or the trustee or trustees under such mortgage or deed of trust, for the benefit of the bond holders or debenture holders, such powers, rights and remedies as mav be deemed advisable in order to enable the said bond holders or debenture holders, or such trustee or trustees in their behalf, to obtain the possession and enjoyment of, and the title to, such property, and to obtain the value thereof by sale or otherwise in case of default by the Com- pany in the performance of the condition of said mort- gage or deed of trust. P. Whenever it shall become necessary that the Company should procure or become possessed of lands for the purpose of sinking shafts for mining or quarry- ing, or upon which to erect rolling mills or milling works, or for the purpose of constructing wharves, piers or roads, and no agreement can be made for the purpose thereof, it shall be lawful for the Company to apply by petition, with a pku of the lands annexed, to a Judge of the Supreme Court of this Province setting forth the nature and situation of the lands required, the names of the owners or occupiers thereof, and praying a conveyance of the same to the Com- pany, whereupon the Judge, being satisfied that the lands are required for the purposes stated, and are not more extensive an may be reasonably necessary. 12 shall make an order to that effect, from which order an appeal shall lie to the Supreme Court m banco. Should no appeal be taken from such order, or should such order be confirmed on appeal, the Judge, or any Judge of the Supreme Court, shall appoint a time and place for the consideration of such petition, and shall direct notice to be given the owners or occupiers of the lands or property sought to be obtained,'and the time of such notice and the method in which such notice shall be given and other particulars shall be in the discretion of the Judge. Where notice cannot be served or given personally, by reason of the place of residence of the party interested in the lands being unknown, or of his residing outside the Province, the . same may be given by publication in a newspaper, or otherwise, as the Judge shall direct ; and notice to be given, whether served or published, shall require such owners or occupiers to attend at such time and place as th ' Judge shall name. The Judge shall require the Company to nominate one appraiser, and such owners or parties interested, having a claim to such lands, to nominate one appraiser, and the Judge shall nominate a third. In case the parties, that is to say either the Company or the persons owning the lands or having interest therein, do not attend, or neglect or refuse to make such nomination, the Judge shall, on the proof of publication or service of the notice,* nominate an appraiser for such party, and shall by order direct the three appraisers so appointed to 13 value the lands or interest in lands so required, and the appraisers, having first made oath that they will faithfully and impartially make such appraisement, shall with all convenient speed proceed to apprais** such lands or other pro|)erty, and shall certify a return in writing under their hands, or the hands of a majority of them, with such order and certificate of the oath aforesaid, to the Judge, who may confirm, modify, alter or reject such appraisement, or direct an appraisement de novo. The Company shall pay or tender the amount of the appraised value of such lands as finally confirmed, together with such expcjnses as may be allowed by the Judge, to the owners on such appraisement, or, in case the owners or persons in interest cannot be found, shall pay the same to the Clerk of the Supreme Court in Equity, and shall register in the office of the Registrar of Deeds and Wills i'or the County where the lands lie, copies of such order, oath, appraisement and confirmation, certified to by the Clerk of the Supreme Court in Equity. 10. Upon payment or tender of the amount of the appraised value as confirmed to the person entitled to receive the same, or upon payment of the amount thereof to the Clerk of the Supreme Court as herein- before authorized, there shall, by such award, appraise- ment and confirmation thereof, vest in the Company, free from all charges, liens and encumbrances of any kind, the whole and entire title to such lands, or, 14 if an easement only is sought therein, then the right to use the same in the manner desired by the Company and authorized by such award, appraisement and confirmation, shall vest in the Company, together witli the right to take possession of the same or to do the thing for which such compensation has been awarded. 11. Compensation for any lands which maybe taken without the consent of the owner shall stand in lieu thereof, and any claim to or encumbrances upon such lands, or any portion thereof, shall as against the Company be converted into a claim to the compensation only, or a like portion thereof, as the case may be. 12. Nothing in the three next preceding sections shall authorize any interference with any mining rights, coal lands or areas, or operations owned or conducted by any other parties other than the Company. 13. The Company shall not commence operations until twenty-five per cent, of its capital stock is sub- scribed and ten per cent, of such subscription paid up. 14. The Company shall have power to draw and accept bills of exchange and promissory notes for the purpose of its business. 15. All the provisions of the New Brunswick Joint Stock Companies' Act and the amendments thereto are incorporated herein and made part of this Act so far as the same are not inconsistent with the provisions of this Act. •*■*■ f 15 16. The Company may issue bonds or deben- tures in respect of its line or lines of railway to the amount of ten thousand dollars per mile for each mile of such railway, such bonds or debentures being in the usual form, sealed with the (company's seal, authenticated by the signature of the President or other officer, countersigned by the Treasurer or Secre- tary, payable at such times or places and bearing interest at such rate per annum as may be declared by by-law- The Company may secure its bonds or debentures in this section mentioned by mortgage or deed of trust upon its line or lines of railway and equipment, but not including therein any of the property mentioned in section 8 of this Act, and such mortgage or deed of trust shall, if the same so declare, o|)erate to convey the said line or lines of railway and equipment to the grantee in such mortgage or deed of trust named as security thereupon for such bonds or debentures, and shall, if the mortgage or deed of trust so declare, include all the proi)erty being part of the said railway and equipment acquired by the Company subsequently to the date of any such mortgage or deed of trust, and such property so sub- sequently acquired shall vest in the said trustee or mortgagee for the bond holders or debenture holders so soon as the same is acquired by the Company, and may be taken possession of by such trustee or mortgagee with other property included in such mortgage.