192099-1932-Supplementary-Advertisements — Page 6

343

Objects and Reasons.

1. This Bill is framed upon the lines which are usual in the case of institutions desiring to be converted into corporate bodies for convenience in dealing with their property and funds.

2. Clause 1 gives the short title.

3. Clause 2, which is founded upon the provisions of the document laid down by the Founders of St. Stephen's College, when it first started, states the constitution of the Council of the College and provides for the filing of the names of Members of Council with the Registrar of Companies, and for the incorporation of the Council of the College under the name of "St. Stephen's College" and includes the usual power to sue and liability to be sued and the right to use a Common Seal.

4. Clause 3 provides for the mode of appointment of the Warden and Members of Council while clauses 4 and 5 set out respectively the powers of the Corporation and the execution of deeds and documents by the Corporation.

5. Clause 6 provides for the vesting in the Corporation of properties already vested in the Council or Trustees and for the taking over by the Corporation of all existing debts and liabilities of the Council or Trustees on the coming into operation of this Ordinance.

Council to make same with the exercise of such schedule of this

6. Clause 7 of the Bill empowers the regulations and provides for the filing of Registrar of Companies. Subject to the powers the regulations contained in the Ordinance shall be in force from the commencement of this Ordinance and shall be deemed to have been made under this Ordinance.

7. Clause 8 is the usual saving clause of the rights of the Crown and of certain other persons.