before repayment, the receipt of any person in whose name such deposit stands, or if it stand in the name of two persons, the receipt of one, and if in the name of more than two persons, the receipt of a majority of such persons, shall be a sufficient discharge to all concerned for the payment of any money payable in respect of such deposit, notwithstanding any trust to which such deposit may be subject, and whether or not the bank sought to be charged with such trust (and with whom the deposit may have been made) had notice thereof; and no such bank shall be bound to see to the application of the money paid upon such receipt, any law or usage to the contrary notwithstanding.

5. The following days shall be kept as close holidays (hereinafter called bank holidays) in all banks authorized by law to carry on business in this Colony, that is to say:-Sunday, New Year's Day, Good Friday, Christmas Day, the day after New Year's Day and the day after Christmas Day when New Year's Day and Christmas Day fall on Sunday, and any day appointed by proclamation of the Governor for a public holiday or for a fast or thanksgiving day in this Colony.

6. Every bank doing business within the Colony shall before the 31st day of January in each year furnish to the Minister of Finance and Customs a statement of its business in this Colony for the year ending on the previous 31st day of December in the form of the Schedule to this Chapter, containing the information in the said Schedule indicated, under a penalty of $10 for every day default shall continue to be made after the said date.

7. All banks doing business in the Colony shall pay to His Majesty for the public uses of the Colony, on the 30th day of June in each year, the following sums, namely:

The Bank of Montreal, the sum of five thousand dollars.

The Bank of Nova Scotia, the sum of three thousand dollars.

The Royal Bank of Canada, the sum of two thousand dollars. Any other bank, before entering into business, shall pay a minimum tax of two thousand dollars.

8. Every sum hereby made payable shall, as from the date when it shall become payable, constitute a debt due and payable to His Majesty from the bank; and such debt may at any time be recovered in any Court of competent jurisdiction, and shall constitute a first charge on the property, lands, goods, chattels and effects of the bank.

113

SCHEDULE.

Bank of

(1) Current loans to the public.

(2) Current loans to the Government.

(3) Mortgages on real estate and other property.

(4) Amounts of bills and notes under discount. (5) Deposits bearing interest, payable after notice. (6) Deposits not bearing interest.

(7) Deposits in Savings' Bank department.

(8) Deposits by the Treasury payable on demand. (9) Deposits by the Treasury payable after notice. (10) Amount of gold and silver in hand.

CHAPTER 210

Of Warehouse Receipts and other Securities in the
Possession of Banks.

SECTION

1. Interpretation.

2. Provisions of the Chapter of general application.

3-Banks may hold warehouse receipts, &c., as collateral.

4.-Bank may lend on security of warehouse receipts, &c.

5.-Restrictions of acceptance; penalties for misstatements, &c.

SECTION

6.--Warehouse receipt continues to cover goods when manufactured.

7.-Bank's claim to be given to unpaid vendor's lien.

8.-Bank may sell in case of default.

9. Prior rights of fishermen, sealers, &c., un-
affected.

10.-Warehouse receipts do not require regis-
tration.
Schedules.

1. In this Chapter, unless the context otherwise requires

(1) The expression "the Bank" means any bank to which this Chapter applies.

(2) The expression "products of the sea" includes fish of all kinds, lobsters, seals and whales, and their products, prepared or

in course of preparation for market by any process what

soever.

(3) The expression "products of the forest" includes logs, timber, deals, staves and sawn lumber, of every description.

(4) The expression "goods, wares and merchandize," includes all articles of commerce.

(5) The expression "warehouse receipt" means any receipt given by any person for any goods, wares or merchandize in his actual, visible and continued possession, as bailee thereof, in good faith, and not as of his own property; and includes receipts given by any person who is the owner or keeper of a harbor, cove, pond, wharf, yard, warehouse, shed, storehouse or other place for storage of goods, wares or merchandize, for goods, wares or merchandize delivered to him as a bailee, and actually in the place, or in one or more of the places owned or kept by him, whether such person is engaged in other business or not, and also includes receipts given by any person in charge of logs or timber in transit

from timber limits, or other lands, to their place of destination.

(6) The expression "bill of lading" includes all receipts for goods, wares or merchandize accompanied by an undertaking to transport the same from the place where they were received to some other place, whether by land or water, or partly by land and partly by water, and by any mode of carriage whatsoever.

(7) The word "manufacturer" includes any person who produces by hand, art, process, or mechanical means, any goods, wares or merchandize.

(8) The term "security receipt" means the security receipt referred to in section 4 of this Chapter.

2. The provisions of this Chapter apply to the several banks enumerated in Schedule A hereto, and to every bank incorporated by special Act of the Legislature after the 22nd day of April A.D., 1902, whether this Chapter is mentioned in its Act of Incorporation or not, and to any chartered bank of the United Kingdom or of the Dominion of Canada, which shall have an agency or branch establishment in this Colony, and shall be approved by the Governor in Council.

3. The bank may acquire and hold any warehouse receipt or bill of lading as collateral security for the payment of any debt incurred in its favor, or as security for any liability incurred by it for any person; and the warehouse receipt or bill of lading so acquired shall vest in the bank, from the time of the acquisition thereof, all the right and title of the previous holder or owner thereof, or if such warehouse receipt or bill of lading is made directly in favor of the bank it shall vest in the bank from the time of the acquisition thereof all the right and title of the person from whom it was received or acquired in the goods, wares and merchandize mentioned therein.

(2) If the previous holder of such warehouse receipt or bill of lading is the agent of the owner of the goods, wares and merchandize mentioned therein, the bank shall be vested with all the right and title in such goods, wares and merchandize of the owner thereof, subject to his right to have the same re-transferred to him, if the debt or liability as security for which they are held by the bank is paid.

(3) In this section the expression "agent" means any person en

trusted with the possession of goods, wares and merchandize, or to whom the same are consigned, or who is possessed of any bill of lading, receipt, order or other document used in the course of business as proof of the possession or control of goods, wares and merchandize, or authorizing or purporting to authorize, either by indorsement or by delivery, the possessor of such document to transfer or receive the goods, wares and merchandize thereby represented, and such person shall be deemed the possessor of such goods, wares and merchandize, bill of lading, receipt, order or other document, as aforesaid, as well if the same are held by any person for him, or subject to his control as if he is in actual possession thereof.

(4) The warehouse receipt may be in the form set forth in Schedule B, or to the like effect.

(5) A warehouse receipt for any product of the sea, may be in the form of Schedule C to this Chapter, or to the like effect. The receipt shall describe the goods, wares and merchandize covered thereby by value, quantity and quality, and by naming the place in which they are stored. Such receipt shall entitle the holder thereof, in addition to the rights. conferred by sub-section one of this section, to goods, wares and merchandize of the same quantity and quality, or if goods, wares and merchandize of the same quantity and quality be not obtainable, to goods, wares and merchandize of the same or less value, and substantially the same character, out of any goods, wares and merchandize in the possession of the warehouse keeper, the property of the person on whose behalf, account or interest the receipt was given. The holder of such receipt shall have and may exercise in respect of any goods, wares and merchandize to which he may be entitled hereunder, the rights conferred by this Chapter upon the holder of a warehouse receipt for the goods, wares and merchandize originally covered by such receipt; and the person giving such receipt shall be discharged of all liability thereunder, upon delivering the goods, wares and merchandize, as provided by this Chapter, to, or pursuant to, the order of the holder of such receipt.

4. The bank may lend money to any person engaged in business as