An Act to incorporate The Mayo Valley Railway.

WHEREAS a petition has been presented praying that it be enacted as hereinafter set forth, and it is expedient to grant the prayer of the said petition: Therefore His Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows :

1. Alexander J. Gillis of the city of Dawson, in the Yukon Territory, and Robert B. Young, William Alfred H. Mac-Brien and Norman J. Robinson, all of the city of Toronto, in the province of Ontario, and John McDougall of the city of Ottawa, in the said province, together with such persons as become shareholders in the company, are incorporated under_the name of "The Mayo Valley Railway, Limited," hereinafter called "the Company."

2. The persons named in section one of this Act are constituted provisional directors of the Company.

3. The capital stock of the Company shall be seven hundred and fifty thousand dollars.

4. (1) The Company, if previously authorized by a resolution passed by the ordinary shareholders at any annual meeting or at any special general meeting called for that purpose, at which meeting shareholders representing at least three-fourths in value of the subscribed ordinary stock of the Company are present or represented by proxy, may issue any portion of its capital stock as preference stock, and preference stock so issued shall have such preference and priority, as respects dividends or otherwise, over ordinary stock as is declared by such resolution.

(2) Holders of such preference stock shall be deemed to be shareholders within the meaning of this Act and of The Railway Act, 1919, and shall, in all respects other than the preference and priority provided by this section, possess the rights and be subject to the liabilities of such shareholders.

5. The head office of the Company shall be at the city of Dawson.

6. The annual meeting of the shareholders shall be held on the first Tuesday in July.

7. The number of directors shall be not less than five nor more than nine, one or more of whom may be paid directors.

8. The Company may lay out, construct, equip and operate a line of railway commencing from a point at or near the junction of the Mayo and Stewart Rivers in Yukon Territory, in a northerly direction, following the valley of the Mayo River to its junction with Duncan Creek, thence by the Duncan Creek Valley to its junction with Lightning Creek, thence via Lightning Creek and Crystal Valleys to the McQuesten River, thence by the most feasible route to connect with and include the valleys of the McQuesten, Ladue and Beaver Rivers; or in the alternative from a point at or near Gordon's Landing on the Stewart River via Janet Lake to the Junction of the Mayo River and Duncan Creek. And the Company may, subject to the provisions of sections one hundred and eighty-one, one hundred and eighty-two, one hundred and eighty-three and one hundred and eighty-four of The Railway Act, 1919, lay out, construct, equip and operate branch lines not exceeding in any one case ten miles in length from the said line of railway.

9. Subject to the provisions of section three hundred and sixty-nine of The Railway Act, 1919, the Company shall have power to transmit telegraph and telephone messages for the public and collect tolls therefor.

10. The Company may, for the purposes of its undertaking, construct, acquire, charter and navigate steam and other vessels and ferries, for the conveyance of passengers, goods and merchandise; and may construct, acquire, lease and dispose of terminal stations, wharfs, docks, elevators, warehouses, offices, and other structures to be used to facilitate the carrying on of business in connection therewith; and may carry on the business of warehousemen and wharfingers, and may charge wharfage and other dues for the use of any such property.

11. The securities issued by the Company shall not exceed thirty thousand dollars per mile of the railway, and may be issued only in proportion to the length of railway.

12. In addition to the securities authorized by section eleven of this Act, the directors, if previously authorized as prescribed by section one hundred and thirty-two of The Railway Act, 1919, may from time to time borrow moneys for the acquisition, construction, extension or development of any such properties, assets or works, other than the railway, as the Company is authorized to acquire, construct or operate; and to provide for the repayment of moneys so borrowed, may issue bonds, debentures, debenture stock, perpetual or terminable, or other securities; but such bonds, debentures, debenture stock or other securities shall not exceed in amount the value of the properties, assets or works in respect whereof the issue is made.

13. Subject to the provisions of sections one hundred and fifty-one, one hundred and fifty-two and one hundred and fifty-three of The Railway Act, 1919, the Company may, for any of the purposes specified in the said section, one hundred and fifty-one, enter into agreements with any other Company.