Document Information

Date: 1900-02-15
By: Dominion of Canada (Parliament)
Citation: Bill 24, An Act respecting the Nova Scotia Steel Company, Limited, 5th Sess, 8th Parl, C, 1900.
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No. 24

5th Session, 8th Parliament, 63 Victoria, 1900

BILL

An Act respecting the Nova Scotia Steel
Company, Limited.

First reading, February 15, 1900.

(PRIVATE BILL)

MR. FRASER,
(Guysboro’.)

OTTAWA
Printed by S.E. DAWSON
Printer to the Queen’s most Excellent Majesty
1900

No. 24] BILL. [1900

An Act respecting the Nova Scotia Steel Company,
Limited.

WHEREAS the Nova Scotia Steel Company, Limited, has
by its petition, prayed that it be enacted as hereinafter
set forth, and it is expedient to grant the prayer of the said
petition: Therefore Her Majesty, by with the advice and
5 consent of the Senate and House of Commons of Canada, enacts
as follows :—

1. The Act to incorporate the Nova. Scotia Steel Company,
Limited,being chapter 117 of the statutes of 1894, as amended
by chapter 91 of the statutes of 1895 and chapter 121
10 of the statutes of 1899, is hereby further amended by adding
thereto the following sections:–

“18. The Company may lease, sell, transfer and convey the
whole or any part of its property, business, franchises, under-
takings, rights, powers, privileges and assets, or any of them,
15 and may accept in payment therefor the whole or any part of
the purchase price in cash, or in the capital stock of any other
company paid-up or partly paid-up, or in the debentures of
any other company, or otherwise as is agreed upon, or may,
upon such terms as are agreed upon between the Company
20 and any other company or companies, enter into and carry out
any arrangements for the working or carrying on by such other
company or companies of the business of the Company.

“19. In the event of the Company selling and disposing of
the whole of its property, business, franchises, undertakings,
rights, powers, privileges and assets, it shall no longer exercise
its corporate powers or make use of its corporate name for any
purpose except for the purpose of supporting and carrying
into effect the said sale and winding up of its affairs ; and after
payment of all its liabilities, any surplus remaining may be
30 divided by the directors among the shareholders according to
law without resorting to any formal proceedings for winding
up the Company.

“20. The power to lease, sell, transfer and convey the whole
of the property, business, franchises, undertakings, rights,
35 powers, privileges and assets of the Company hereinbefore
conferred upon the Company, may be exercised by the
directors therof‚ at any time, if a by-law authorizing them to
do so is passed by of a vote of a majority of all the shareholders
of the Company, given in person or by proxy, at a special
40 general meeting of the Company duly called and held for
that purpose, or at any annual meeting of the Company.
“21. Nothing in this Act shall affect or impair the rights
of the creditors of the Company.”