338

SECRETARIAL PRACTICE
Companies incorporated under a private Act of the Legislature
of the Province, must deposit annually a list of shareholders on
or before the 1st Februarv in each year.

Amending Act, No. 5 of 1925 contains small amendments to
the Act of 1924 and enacts that a company shall possess as
incidental and ancillary to the powers set out in the letters patent,
a number of “general powers’ amongst which are power to carry
on a business which may conveniently be carried on in connection
with its present business or which may enhance the company’s
property and rights; to acquire the whole or a part of the business
of any person or company carrying on business which the company
itself is authorised to carry on; to enter into partnership'or any
arrangement for the union of interests, sharing of profits, etc.;
to lend money to customers or others having dealings with the
company. All these powers may be specifically withheld by the
letters patent of the company or by supplementary letters patent.

Power is also given by the Act for deeds to be executed on
behalf of the company by an attorney.

Amending Act, No. 6 of 1925 gives powers to licensed cor-
porations to apply to the Lieutenant-Governor-in-Council for a
variation of their license.

Amending Act No. 5 of 1926 enacts that directors of companies
must be shareholders and not be in arrears with their calls.
Persons, however, who hold shares in trust as executors or trustees
for an infant or cestut gue trust may be directors in virtue of
such holding.

A director absent from the Dominion, if authorised by the
py-laws of the corporation, may by an instrument in writing,
verified by affidavit, appoint a shareholder with sufficient quali-
fication to act for him in his absence. The authority must not
extend for a period longer than one year when it must be renewed
and verified as previously.

The Amending Acts of 1928, Nos. 5 and 6. contain minor amend-
ments relative to Fees.
Nova Scotia.

Company legislation in Nova Scotia was revised and consolidated
in the Nova Scotia Companies Act, No. 174 of 1923. The fol-
lowing amending Acts have been passed :—No. 70 of 1925, No. 53
of 1926 and further small amending Acts of 1927, 1928 and 1929.

The principal Act follows closely the English Consolidation
Act of 1908, with but few exceptions. It contains, however,
no provisions for winding-up or for the registration of foreign
companies which are dealt with in separate Acts.

The following provisions may be noted :—

S. 8. Any three or more persons may form a company
except a banking, loan, trust or insurance
company.

3. 83. Commission on shares may not exceed ten per cent.