Debates of the Senate of the Dominion of Canada

Debates of the Senate of the Dominion of Canada

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1883 edition. Excerpt: ...either by becoming security for the due fulfilment of their contracts, or by advancing the money required as a deposit for the faithful fulfilment thereof, or for the carryingon and conipleling of any contract, and to take and enforce any assignment, security or pledge taken from any such contractors, or any corporation or person, and to com lete any suci contract, and to import, den in, and manufacture all things necessary for the construction, running and operating of railways, canals, telegraphs, telephones, bridges, warehouses, elevators, docks and other public works; the said Com any shall also have power to construct, buil and equip all such works and undertakings in conformity with such contracts and agreements for and on behalf' ofthe corporations or persons authorized by thelaws of Canada to build, construct. equi, maintain or operate the same, and un er the authority of and in conformity with such laws, in the name of the Company hereby incorporated or in the name of the corporation or person cont-acted with, _as may be agreed upon in contracts respecting the same. " Although the capital is $5,000,000. all they are required to pay up before going into operation is $75,000. It is a very small capital indeed for any one of the businesses in which they propose to engage. Then the 13th clause gives the company power to borrow on debentures to the extent of 2o per cent of their subscribed capital paid up. This is a very exceptional clause. Some of our strongest companies in the west, who issue debentures have to base them on real estate. Under this Bill the parties can issue debentures upon a capital of which only 20 per cent is paid up. It is exceedingly objectionable, especially in view of the extent to which more

Product details

  • Paperback | 462 pages
  • 189 x 246 x 24mm | 816g
  • United States
  • English
  • black & white illustrations
  • 1236820134
  • 9781236820136