"12. Money lent under subsection 8 of this section to be entitled to the security therein referred to must be lent not later than the first day of August, 1915."

(Subsection 12 repealed by sec. 1 of 6-7 Geo. V. c. 10.)

2. This Act shall be deemed to have come into force on the fifteenth day of March, 1915.

Schedule G.

In consideration of an advance of dollars made by the Bank to A B., for which the said bank holds the following bills or notes: (describe the bills or notes, if any) [or, In consideration of the discounting of the following bills or notes by the Bank for A. B.: (describe the bills or notes)] and inasmuch as the said advance [or the said discounting, as the case may be] was made on the representation that seed grain would be purchased with the advance [or proceeds of the discounting, as the case may be] and would be sown upon land in the province of situate and being the seed grain purchased and the crop grown from the grain so sown upon the land aforesaid and the grain threshed therefrom are hereby assigned to the said bank as security for the payment, on or before the day of , of the said advance, together with interest at the rate of • per cent, per annum from the day of [or, of the said bills or notes, or renewals thereof, or substitutions therefor, and interest thereon, as the case may be].

This security is given under the provisions of subsections 8 to 12, inclusive, of section 88 of the Bank Act and is subject o the provisions of the said Act.

Dated at 6-7 George V.

Chap. 10.

An Act to amend The Bank Act.

[Assented to 18th May, 1916.]

His Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: 1. Subsection twelve of section eighty-eight of the Bank Act, as enacted by section one of chapter one of the statutes of 1915, is repealed.

2. Section eighty-eight of the Bank Act is further amended by adding thereto the following subsections: Loans upon Security of Live Stock.

"12. The bank may lend money to a farmer and to any person engaged in stock raising upon the security of his live stock. "Live stock," for the purposes of this subsection and of subsections thirteen to twenty, both inclusive, means horses and mares, bulls, cows, oxen, bullocks, steers, heifers and calves, sheep and.swine and the offspring of any of such animals.

Security.

"13. The security may, in the province in which the live stock are and in which statutes or ordinances are in force relating to bills of sale and chattel mortgages, or either of them, be taken in the form of a bill of sale or chattel mortgage, as the case may be, valid and lawful according to the laws in force in the province.

Registration.

"14. Such bill of sale or chattel mortgage shall in accordance with the said statutes or ordinances be filed or registered, as the case may be, together with or accompanied by the proper affidavit or affidavits called for in that behalf by the said statutes or ordinances.

Application of Provincial Law.

"15. Such bill of sale or chattel mortgage, and the taking of such security, and the respective rights and privileges of the bank on the one hand and the grantor or mortgagor on the other shall be subject to the provisions of the said statutes or ordinances and to all other laws affecting bills of sale or chattel mortgages and the terms and conditions thereof in force in the province in which the live stock mentioned in the bill of sale or chattel mortgage are.

"16. In any province in which there are no statutes or ordinances in force relating to bills of sale or chattel mortgages, and to their filing or registration, then in such case the security may, as respects live stock which are in that province, be taken In the form 'H" in the Schedule to this Act or In a form to the like effect.

"17. A memorandum of the security taken in the form "H" shall be published in the official Gazette of the province referred to in subsection sixteen next preceding, within thirty days after the execution thereof, and if such memorandum is not so published the security so taken shall, as against creditors of the grantor, and as against subsequent purchasers in good faith for valuable consideration, be null and void.

"18. Such memorandum shall be in the form "I" in the Schedule to this Act, or to the like effect.

Rights of Bank in Case of Default.

"19. The bank shall by virtue of the security taken under sub-section sixteen of this section have full power, right and authority, if the bills or notes therein mentioned or described or any of them are not paid according to their tenor, to enter upon the premises upon which the live stock mentioned in the security are, to take possession of or seize such live stock, and before or after such taking possession of or seizure, to sell such live stock, or such part thereof a& may be necessary to realize the amount due and payable, at public auction, not less than five days after,(a) notice of the time and place of such sale has appeared in a newspaper published in or nearest to the place where the sale is to be made, and (b) posting a notice in writing or in print of the time and place of such sale in or at the post office nearest to the place where the sale is to be made.

"20. After all necessary and reasonable expenses in connection with such seizure and sale have been deducted and prior privileges, liens or pledges existing in favour of third parties and for which claims may have been filed with the party making the sale have been satisfied, the balance of the proceeds of the sale shall be applied in payment of the said bills or notes and the surplus if any returned to the grantor."