C-14 - Railway Act

Section 47 Disposition versions

1977-12-31

47. (1)  Each shareholder shall be individually liable to the creditors of the company, to an amount equal to the amount unpaid on the stock held by him, for the debts and liabilities thereof, and until the whole amount of his stock has been paid up; but shall not be liable to an action therefor before an execution against the company has been returned unsatisfied, wholly or in part.

(2)  Municipal corporations, being duly empowered so to do by the laws of Québec, and subject to the limitations and restrictions by such laws prescribed, may subscribe for any number of shares in the capital stock of the company.

The mayor, warden or other head of any such corporation holding stock to the amount of $20 000 or upwards, shall be ex officio one of the directors of the company, in addition to the number of directors authorized by the charter.

When, in a parish comprising a parish municipality and a village municipality, the councils of both municipalities shall have agreed as to the subscription for shares in a railway company, which shall give the right to representation on the board of directors of such company, the mayor of each such two municipalities shall, alternately, be a director ex officio, in such company, each for one year, commencing and changing on 1 January of each year, beginning with the mayor of the parish municipality; provided that the amount of stock or shares thus owned by each of the two municipalities be at least $10 000.

(3)  Any such director shall have the same rights as directors representing municipalities which have subscribed for $20 000 of stock.

(4)  A true and complete statement of the names and residences of the shareholders shall be prepared and entered in a book to be kept for that purpose.

R. S. 1964, c. 290, s. 47.