Hon. W. T. WHITE (Minister of Finance):
There are six amendments in all, none of them being of serious consequence. The first is an amendment to subsection 2 of section 3, which doee not in any way change the meaning of the subsection but makes it more clear. The name of the Bill is changed from the 'Loan Companies Act' to the 'Loan Companies Act of 1914.' Section 16, which relates to the election of
directors, is modified so as to provide that, in the event of an election of its directors not taking place at the proper time, the company shall not be held to be thereby dissolved, but that such election may take place at any general meeting of the company duly called for that purpose, and the retiring directors shall continue in office until their successors are elected. That is not an unusual clause in company legislation. iSection 30 is changed so as to provide that, in the event of a forfeiture of shares through a failure of a shareholder to pay any call or instalment, the holder of such shares at the time of the forfeiture shall continue liable to the creditors of the company at such time for the full payment payable on the shares at the time of forfeiture, less any sums which are subsequently received by the company in respect thereof. There is also a verbal amendment to section 68, which makes the intention of the section more clear. Section 90 is also amended by changing the word 'the' to 'this.' On the whole, I see no objection to the amendments proposed by the Senate, and move that the House do concur therein.
S:r WILFRID LAURIER: -Has any
change been made with regard to the retroactivity of this Bill?
Subtopic: LOAN COMPANIES.