An Act respecting The Toronto, Barrie and Orillia Railway Company.
Assented to 8th April, 1915.
Whereas The Toronto, Barrie and Orillia Railway Company has by petition represented that it was incorporated under the name of The Monarch Railway Company by an Act passed in the 10th year of the reign of His late Majesty King Edward VII., chaptered 144, with a capital stock amounting to $1,000,000; that by an Act passed in the second year of the reign of His Majesty King George V., chaptered 141, its name was changed to the Toronto, Barrie and Orillia Railway Company; that by an Act passed in the fourth year of the reign of His Majesty King George V., chaptered 126, it was required that the construction of the said railway be completed by the 30th day of April, 1919, and that fifteen per cent. of the amount of capital stock be expended by the 30th day of April, 1915; that it is desirous of having the amount of the capital stock of the railway company decreased from $1,000,000 to $200,000, and of having the time extended for the completion of the said railway and for the expenditure thereon of fifteen per cent. of the amount of the capital stock; and whereas it is expedient to grant the prayer of the said petition;
Therefore His Majesty by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:—
10 Edw. VII. c. 144, s. 4, repealed.
1. Section 4 of the said Act, passed in the tenth year of the reign of His late Majesty King Edward VII., chaptered 144, is repealed.
2. The capital stock of the company shall be $200,000.
Extension of time for completion of railway.
3. Notwithstanding anything contained in The Ontario Railway Act, or in the said Acts, the railway of the company shall be completed within five years after the passing of this Act, and if fifteen per cent. of the amount of the capital stock is not expended within two years after the passing of this Act or if the railway is not completed and put in operation within five years from the passing of this Act, then the powers granted to the company by the said Acts and by this Act shall cease and be null and void as respects so much of the railway as then remains uncompleted.
Approval of Hydro-Electric Commission to gauge, construction and voltage.
4. The gauge and style of construction of the road of the said railway, and the voltage of the electric power to be used in the operation of the railway, shall both be subject to the approval of the Hydro-Electric Power Commission of Ontario.
Hydro-Electric Commission to have right to acquire the railway.
5. The Hydro-Electric Power Commission of Ontario shall have the right to acquire the said railway and all real and personal property used in the operation thereof at any time within five years from the passing of this Act, at the actual cost thereof to the Company as may be agreed on or in default of agreement as may be determined by The Ontario Railway and Municipal Board, but in determining such cost no allowance shall be made for franchise rights or prospective profits.
Railway between Barrie and Utopia to be first completed.
6. Construction of that part of the railway lying between the Town of Barrie and a point at or near Utopia on the line of the Canadian Pacific Railway shall be completed before construction is commenced on any other part of the railway.
Date when Act to take effect.
7. This Act shall not come into force or take effect until so declared by Proclamation of the Lieutenant-Governor in Council.