“ Liabilities of new Corporation (4) And the said amalgamated corporation shall forthwith also become subject and liable to pay and discharge all of the debts, obligations, bills, promissory notes or other liabilities of each of the said amalgamated banks, and may be directly sued and proceeded against in respect thereof, as fully and effectually as if the same were. originally, and they shall be taken and construed so to be, the debts, obligations, promissory notes and liabilities of the said amalgamated corporation. ”

“ Contents An Act to amend the Act of Incorporation of the Commercial Bank of Canada, to authorize its amalgamation with any other Bank or Banks, or for its winding up.
Preamble. 1. Charter not forfeited for 90 days after passing of this Act. REDUCTION AND INCREASE OF CAPITAL. 2. Reduction of capital and how effected. Proviso. 2. Increase of stock. 3. Number of additional shares, &c., to be specified in By-law. 4. ”

“ Requisites of By-laws for increasing capital. Confirmation by shareholders. 8. Principal office. 9. Effect of Union as to shareholders. 2. Each share to give one vote. 3. Estates and assets to be voted in new Corporation. 4. Liabilities of new Corporation. 10. Obligations of sureties for debts, &c., not affected. CLAUSES AS TO WINDING UP. 11. Provision if the Bank can neither resume nor amalgamate with another. Assignment to be made to Trustee:, who shall be a Corporation : their general powers. 12. How the Trustees shall be chosen. Notice of application by creditors. ”

“ If the liabilities are then less than $500,000. 13. Provisions to be contained in the assignment: powers of Trustees. 1. Continuing business. 2. Disposing of property and assets. Sale of the whole to a Bank. 3. Executing deeds, &c. 4. Arbitrations. 5. General powers. 6. Depositing money collected. 7. Appointing accountants, &c. 8. Making balance sheets, statements, &c. 9. Declaring dividends. 10. Dividing any remainder. 11. Meetings of Trustees. ”

“ When to be paid up. 6. Right of new shareholders. 7. Votes. 8. Principal office may be removed. General meetings in such case. CLAUSES AS TO AMALGAMATION. 3. Agreement for amalgamation with another Bank ; how to be under and confirmed. 4. Directors of the other Bank empowered to agree. Confirmation by shareholders. 5. Mode of carrying out the Union and its effect. Corporate powers after union. In case of conflict of provisions of the charters of the two Banks. 6. Indenture of Union how proved. 7. United Bank may increase its capital : Limitation. ”