DOMINION LEGISLATION—CANADA 837
A copy of the balance sheet and auditors’ report is to be delivered
to each shareholder and to the minister at least ten days
before the holding of the annual general meeting. The
managing director, manager or secretary must prepare
annually and forward to the minister a statement as to the
financial position and affairs of the company’; such state-
ment to be certified by the auditors.

All trust companies must have at least 100,000 dollars un-
impaired paid up capital before transacting business.

Amending Act, No. 22 of 1914 provides 4hat when cancellation,
revocation or surrender of Letters Patent is accidental, the
Lieutenant-Governor may permit their renewal.

[t also empowers a company to dispose of its undertaking or
any part of it for such consideration as it thinks fit including
shares of another company having similar objects, if authorised
by the votes of a majority of the shareholders holding not less than
two-thirds of the issued capital stock of the company.

Amending Act, No. 23 of 1914 makes provision for the re-issue
of redeemed shares, and exempts a by-law passed for the redemp-
tion of preference shares from being subject to confirmation by the
shareholders unless the by-law also provides for cancellation of the
shares so redeemed.

Amending Act, No. 12 of 1917 enacts that any company duly
incorporated under the law of Manitoba has the right to exercise
its powers outside the Province and to accept extra-Provincial
rights and powers.

A special Act, No. 24 of 1914 deals with companies incorporated
under private Acts of the Legislature of Manitoba, and the Com-
pany Fees Act, No. 21 of 1914, provides for increased fees on an
increase of capital.

Amending Act, No. 35 of 1924 enacts that letters patent may
provide for the issue of shares of the capital stock with no par
value except in the case of preferred stock having a preference as
to principal, in which case the letters patent shall state the
amount of such stock, its particular character and the amount of
each share thereof which shall be 5 dollars or some multiple of
5 dollars, but shall not in any case exceed 100 dollars. The Act
also gives power to form or reorganise companies with shares of
no par value.

Any two companies with the same or similar objects may,
with the approval of the Lieutenant-Governor-in-Council,
amalgamate. The agreement to so amalgamate must be passed
by a two-thirds majority of the shareholders, after which appli-
cation must be made to the Lieutenant-Governor for letters patent
which shall be published in the Manitoba Gazette.

Powers are given to sell or dispose of the undertaking of a
company provided the resolution is passed by a majority in
number of shareholders holding not less than two-thirds of the
issued capital of the companv

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