C-14 - Railway Act

Section 10 Disposition versions

1994-01-01

10. Any railway company incorporated under an Act of the Legislature of Québec, or any such company incorporated outside Québec, if empowered thereto by its charter, may by authentic deed—for the purpose of securing any bonds, debentures or debenture stock which it is by law entitled to issue—hypothecate any property, movable or immovable, present or future, which it may own in Québec.

The above mentioned powers can be exercised only if authorized by a by-law, approved by a vote of the shareholders representing at least two-thirds in value of the subscribed capital stock of the company at a general meeting duly called for that purpose.

A copy of any trust deed for securing any issue of debentures or other securities of the company shall be forwarded to every holder of any such debenture or other security at his request, on payment in the case of a printed trust deed of the sum of $0.25, or such less sum as may be prescribed by by-law of the company, or, where the trust deed has not been printed, on payment of $0.10 for every 100 words required to be copied.

If such copy be refused or not forwarded upon request, the company shall be liable to a fine not exceeding $100 for such refusal or neglect, and on an application by the prosecutor which is attached to the statement of offence, to a further fine not exceeding $10 per day for each day that the offence continues; and every director, manager, secretary, or other officer of the company, who, knowingly, authorizes or permits that such transmission be not effected, shall be liable to the like penalty.

R. S. 1964, c. 290, s. 10; 1968, c. 9, s. 90; 1990, c. 4, s. 138; 1992, c. 61, s. 104; 1992, c. 57, s. 464.

1993-11-01

10. Any provision to the contrary notwithstanding, any railway company incorporated under an Act of the Legislature of Québec, or any such company incorporated outside Québec, if empowered thereto by its charter, may by authentic deed—for the purpose of securing any bonds, debentures or debenture stock which it is by law entitled to issue—hypothecate, mortgage or pledge any property, movable or immovable, present or future, which it may own in Québec.

Such hypothecation, mortgaging or pledging may be by trust deed to any trustee, and such security shall be good and valid, notwithstanding that the mortgager or pledger may be permitted by the trustee to remain in the possession and use of the property so mortgaged or pledged.

The above mentioned powers can be exercised only if authorized by a by-law, approved by a vote of the shareholders representing at least two-thirds in value of the subscribed capital stock of the company at a general meeting duly called for that purpose.

The rights which such hypothec and mortgage give upon immovables, present or future, rank immediately after the privileges upon immovables enumerated in article 2009 of the Civil Code. The manner in which they must be registered shall be governed by the provisions of the Civil Code in the title of Privileges and Hypothecs and that of Registration of Real Rights, and they shall be subject thereto.

The mortgaging and pledge of movables shall confer a privilege upon movables present and future, ranking immediately after the other privileges on movables, enumerated in articles 1994, 1994a, 1994b and 1994c of the Civil Code. Such hypothec and such privilege shall take effect only from the date of the registration of the deed by which they are constituted in the registry office of the registration division in which the company has its head office in Québec, and also in any other division in which it has a place of business.

This registration is effected by deposit.

A copy of any trust deed for securing any issue of debentures or other securities of the company shall be forwarded to every holder of any such debenture or other security at his request, on payment in the case of a printed trust deed of the sum of $0.25, or such less sum as may be prescribed by by-law of the company, or, where the trust deed has not been printed, on payment of $0.10 for every 100 words required to be copied.

If such copy be refused or not forwarded upon request, the company shall be liable to a fine not exceeding $100 for such refusal or neglect, and on an application by the prosecutor which is attached to the statement of offence, to a further fine not exceeding $10 per day for each day that the offence continues; and every director, manager, secretary, or other officer of the company, who, knowingly, authorizes or permits that such transmission be not effected, shall be liable to the like penalty.

R. S. 1964, c. 290, s. 10; 1968, c. 9, s. 90; 1990, c. 4, s. 138; 1992, c. 61, s. 104.

1990-10-01

10. Any provision to the contrary notwithstanding, any railway company incorporated under an Act of the Legislature of Québec, or any such company incorporated outside Québec, if empowered thereto by its charter, may by authentic deed—for the purpose of securing any bonds, debentures or debenture stock which it is by law entitled to issue—hypothecate, mortgage or pledge any property, moveable or immoveable, present or future, which it may own in Québec.

Such hypothecation, mortgaging or pledging may be by trust deed to any trustee, and such security shall be good and valid, notwithstanding that the mortgager or pledger may be permitted by the trustee to remain in the possession and use of the property so mortgaged or pledged.

The above mentioned powers can be exercised only if authorized by a by-law, approved by a vote of the shareholders representing at least two-thirds in value of the subscribed capital stock of the company at a general meeting duly called for that purpose.

The rights which such hypothec and mortgage give upon immoveables, present or future, rank immediately after the privileges upon immoveables enumerated in article 2009 of the Civil Code. The manner in which they must be registered shall be governed by the provisions of the Civil Code in the title of Privileges and Hypothecs and that of Registration of Real Rights, and they shall be subject thereto.

The mortgaging and pledge of moveables shall confer a privilege upon moveables present and future, ranking immediately after the other privileges on moveables, enumerated in articles 1994, 1994a, 1994b and 1994c of the Civil Code. Such hypothec and such privilege shall take effect only from the date of the registration of the deed by which they are constituted in the registry office of the registration division in which the company has its head office in Québec, and also in any other division in which it has a place of business.

This registration is effected by deposit.

A copy of any trust deed for securing any issue of debentures or other securities of the company shall be forwarded to every holder of any such debenture or other security at his request, on payment in the case of a printed trust deed of the sum of $0.25, or such less sum as may be prescribed by by-law of the company, or, where the trust deed has not been printed, on payment of $0.10 for every 100 words required to be copied.

If such copy be refused or not forwarded upon request, the company shall be liable to a fine not exceeding $100 for such refusal or neglect, and to a further fine not exceeding $10 per day for each day that the offence continues; and every director, manager, secretary, or other officer of the company, who, knowingly, authorizes or permits that such transmission be not effected, shall be liable to the like penalty.

R. S. 1964, c. 290, s. 10; 1968, c. 9, s. 90; 1990, c. 4, s. 138.

1977-12-31

10. Any provision to the contrary notwithstanding, any railway company incorporated under an act of the Legislature of Québec, or any such company incorporated outside Québec, if empowered thereto by its charter, may by authentic deed—for the purpose of securing any bonds, debentures or debenture stock which it is by law entitled to issue—hypothecate, mortgage or pledge any property, moveable or immoveable, present or future, which it may own in Québec.

Such hypothecation, mortgaging or pledging may be by trust deed to any trustee, and such security shall be good and valid, notwithstanding that the mortgager or pledger may be permitted by the trustee to remain in the possession and use of the property so mortgaged or pledged.

The above mentioned powers can be exercised only if authorized by a by-law, approved by a vote of the shareholders representing at least two-thirds in value of the subscribed capital stock of the company at a general meeting duly called for that purpose.

The rights which such hypothec and mortgage give upon immoveables, present or future, rank immediately after the privileges upon immoveables enumerated in article 2009 of the Civil Code. The manner in which they must be registered shall be governed by the provisions of the Civil Code in the title of Privileges and Hypothecs and that of Registration of Real Rights, and they shall be subject thereto.

The mortgaging and pledge of moveables shall confer a privilege upon moveables present and future, ranking immediately after the other privileges on moveables, enumerated in articles 1994, 1994a, 1994b and 1994c of the Civil Code. Such hypothec and such privilege shall take effect only from the date of the registration of the deed by which they are constituted in the registry office of the registration division in which the company has its head office in Québec, and also in any other division in which it has a place of business.

This registration is effected by deposit.

A copy of any trust deed for securing any issue of debentures or other securities of the company shall be forwarded to every holder of any such debenture or other security at his request, on payment in the case of a printed trust deed of the sum of $0.25, or such less sum as may be prescribed by by-law of the company, or, where the trust deed has not been printed, on payment of $0.10 for every 100 words required to be copied.

If such copy be refused or be not forwarded upon request, the company shall be liable to a fine not exceeding $100 for such refusal or neglect, and to a further fine not exceeding $10 for every day during which the neglect to forward a copy continues; and every director, manager, secretary, or other officer of the company, who, knowingly, authorizes or permits that such transmission be not effected, shall be liable to the like penalty.

R. S. 1964, c. 290, s. 10; 1968, c. 9, s. 90.