dated 8tln AUGUST, 1889. 
 
 THE QU’APPELLE, M& LAKE & SASKATCHEWAN 
 RAILROAD AND STEAMBOAT COMPANY, 
 
 AND 
 
 KRNKST CHARDIN, 
 
 AND 
 
 RASCOR ST. DKGRR GRRNKRDD, 
 
 Trustees. 
 
 TO SECURE BONDS AT THE RATE OF 
 
 $15,000 PER MILE. 
 
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LIBRARY 
 OF THE 
 
 UNIVERSITY OF ILLINOIS 
 
 DATED 8th AUGUST, 1889. 
 
 THE DH'APPELLE, LONG UKE E SASKATCHEWAN 
 RAILROAD AND STEAMBOAT COMPANY. 
 
 AND 
 
 ERNKST CRARIvIN, 
 
 AND 
 
 RASCOK ST. LKGKR GRKNKEIvL, 
 
 Trustees. 
 
 TO SECURE BONDS AT THE RATE OF 
 
 $15,000 PER MILE. 
 
I 
 
385 . 4 / 
 
 ^ ^IliS ^XliiClltXiVZ made the eighth day of August, 
 the year of Our Lord, one thousand eight hundred and 
 ^ eighty-nine, between the QU’APPELLE, LONO LAKE 
 AND SASKATCHEWAN KAILEOAD AND STEAM- 
 BOAT COMPANY, a body corporate and politic, duly in- 
 corporated under the Laws of the Dominion of Canada, 
 party of the first part, hereinafter called the Company, 
 and Ernest Chaplin and Pascoe St. Leger G-renfell, both 
 of the city of London, England, Esquires, parties of the 
 second part, hereinafter called the trustees 
 
 Whereas, the Company was incorporated by an Act of 
 ? the Parliament of Canada, being Chapter ^2 of the 
 , ^ Acts passed in the forty-sixth year of the reign of Her 
 ^ Majesty Queen Victoria for the purpose of constructing 
 § and operating a line of railway from a point at or near 
 ^ Eegina, the capital of Assiniboia, in the North-West 
 Territories, to some point on the North Saskatchewan 
 J Eiver, at or near the one hundred and seventh degree of 
 longitude, with power to build and operate branch lines 
 ^ of the railway and with other powers as in the said Act 
 ^ contained. 
 
 And whereas the Company has constructed the first por- 
 tion of iis railway from Eegina to Long Lake, a distance 
 t of twenty-three miles or thereabouts, and proposes to ex- 
 tend its system from near Long Lake aforesaid to a point 
 at or near where the fifty-second degree of latitude 
 
 1043 ! (9 
 
4 
 
 crosses the Riyer Saskatchewan, about one hundred and 
 thirty miles, thence to the elbow of the North Saskatche- 
 wan, about twenty-five miles, with branches to Prince 
 Albert about eighty-five miles, and to Battleford about 
 eighty-five miles, of which the extension to the Elbow of 
 the North Saskatchewan, and the branch to Battleford are 
 not intended to be proceeded with at present. 
 
 And whereas, an agreement has been made between Her 
 Majesty the Queen, in the name of the Government of 
 the Dominion of Canada of the one part, and the Company, 
 of the other part, whereby, in consideration of the agree- 
 ment on the part of the Company to complete its Railway 
 to a point on the South Saskatchewan River, at or 
 near Saskatoon, by the first day of November, one thous- 
 and eight hundred and ninety, and thence to Prince 
 Albert within two years of the completion of the railway 
 to the South Saskatchewan as aforesaid, and to carry for 
 the period of twenty years, the Government traffic there- 
 in described, the Goverfiment agreed to pay each year to the 
 Company the sum of $80,000 or its equivalent in sterling 
 if paid in England, for the period of twenty years, the sum 
 of fifty thousand dollars to be paid annually from the 
 construction of the railway to a point at or near Saska- 
 toon, and the remaining thirty thousand dollars to be 
 paid annually on the extension of the railway to Prince 
 Albert, all such payments being paid half-yearly. 
 
 And whereas, it was by the said agreement further pro- 
 vided that the Company might assign such half-yearly 
 payments composing the twenty yearly payments of 
 eighty thousand dollars each, to any Trustee or Trustees 
 who might be appointed to hold the same by way of 
 security for any bond or other securities which might be 
 issued by the Company in respect of their railway, and that 
 after due notice to the Government, of such assignment, 
 the said half-yearly payments should be made to the Trus- 
 tee or Trustees, for the benefit of such holders. 
 
5 
 
 And whereas, the interest of the Company in the said 
 agreement and in such semi-annual payments has been 
 assigned to the nominees of the Trustees to secure, as far 
 as the same will extend, the interest on the bonds secured 
 by this mortgage. 
 
 And whereas, an agreement bearing date Yth August, 1889, 
 has been entered into between the Company of the one part, 
 and the Canadian Pacific Railway Company of the other 
 part, whereby the Company undertakes to construct and 
 complete its railway to the satisfaction of the Grovern- 
 ment and the Canadian Pacific Railway to a point on the 
 South Saskatchewan River near Saskatoon, and thence to 
 Prince Albert, in such time and manner as to entitle it 
 to the Grovernment subsidy of eighty thousand dollars 
 per annum hereinbefore mentioned, and the Canadian 
 Pacific Railway Company has agreed to lease the said 
 Railway for a term expiring on the first day of February, 
 one thousand eight hundred and ninety-six, working and 
 maintaining the said Railway and fulfilling the transport 
 duties to be undertaken by the Company under the 
 agreement with the Grovernment in that behalf, through- 
 out the said term, in consideration of the receipts to be 
 derived from the said Railway other than the Grovernment 
 subsidy, and upon divers other terms and conditions as 
 will appear by the said agreement. 
 
 And whereas, by the last recited agreement it was also 
 provided that the Canadian Pacific Railway Company 
 should have an option up to the first day of February, 
 A.D. 1896, to redeem all the bonds of the Company at ten 
 per cent, premium on their face value, the Company 
 agreeing that such bonds shall not exceed in amount 
 fifteen thousand dollars per mile of its line as aforesaid, 
 and on such redemption to acquire the capital stock of 
 the Company. 
 
6 
 
 And whereas it is by the said Act incorporating the 
 Company, provided as follows : — 
 
 The Directors of the Company, uoder the authority of 
 the shareholders to them given, are hereby authorized to 
 issue bonds under the seal of the Company, signed by its 
 President or other presiding officer, and countersigned by 
 its Secretary ; and such bonds shall be made payable at 
 such times and in such manner, and at such place or 
 places in Canada or elsewhere, and bearing such rate of 
 interest as the Directors shall think proper ; and the Di- 
 rectors shall have power to issue, and sell or pledge all 
 or any of the said bonds at the best price and upon the 
 best terms and conditions which at the time they may 
 be able to obtain, for the purpose of raising money for 
 prosecuting the said undertaking ; and the said bonds 
 hereby authorized to be issued shall, without registra- 
 tion or formal conveyance, be the first preferential claim 
 and charge upon the Company, and the undertaking, 
 tolls and income and real and personal property thereof, 
 now or at any time hereafter acquired, save and except 
 as is hereinafter provided for ; and each holder of the 
 said bonds shall be deemed to be a mortgagee or incum- 
 brancer upon the said securities pro rata with the other 
 bondholders, and shall have priority as such : Provided, 
 that the amount of such bonds so issued, sold or pledged 
 shall not exceed twenty thousand dollars per mile of the 
 said railway, to be issued in proportion to the length of 
 railway, constructed or under contract to be constructed : 
 
 Provided also that no such bonds shall be issued until 
 at least two hundred thousand dollars of the capital stock 
 shall have been subscribed and ten per centum of the 
 same bona fide paid thereon ; but notwithstanding any 
 thing in this Act contained the Company may secure the 
 bonds to be issued by them, by a mortgage deed creat- 
 ing such mortgages, charges and incumbrances upon the 
 
7 
 
 whole of such property, assets, rents and revenues of the 
 Company, present or future, or both, as shall be described 
 in the said deed, but such rents and revenues shall be 
 subject in the first instance to the payment of the work- 
 ing expenses of the railway ; and by the said deed the 
 Company may grant to the holders of such bonds or to 
 the trustee or trustees named in such deed, all and every 
 the powers and remedies granted by this Act, in respect 
 of the said bonds, and all other powers and remedies not 
 inconsistent with this Act, or may restrict the bondhold- 
 ers in the exercise of any power, privilege or remedy 
 granted by this Act, as the case may be ; and all such 
 powers, rights and remedies as shall be so contained in 
 such mortgage deed, shall be valid and binding and avail- 
 able to the bondholders in manner and form as therein 
 provided. 
 
 And whereas the said Company has been duly organized 
 and the amount of stock subscribed, and all other acts 
 done to enable the Directors under the provisions of the 
 Acts incorporating the said Company to issue the bonds 
 when authorized by the Shareholders. 
 
 And Whereas at a meeting of the Directors of the Com- 
 pany held on the 20th July, 1889, it was resolved that 
 this Company should issue its first mortgage bonds and 
 secure the same by a Mortgage of its Kailway from Kegi- 
 na to a point on the South Saskatchewan Kiver to or near 
 Saskatoon, and thence northward to Prince Albert, and 
 that such Mortgage should be of the nature and effect 
 following : — 
 
 1. The said bonds shall be executed under the seal of 
 the Company, signed by its President and countersigned 
 by its Secretary. 
 
 2. The total amount of such bonds shall be fifteen 
 thousand dollars, or its equivalent in sterling money of 
 
8 
 
 Grreat Britain, for each mile of the Company’s road, al- 
 ready, or hereafter to be constructed between Regina and 
 Prince Albert. 
 
 3. The said bonds shall be dated on the eighth of August, 
 1889, and the principal money secured thereby shall be 
 payable on the first day of August, 1911. 
 
 4. Interest shall be at the rate of six per centum per 
 annum, payable half yearly on the first days of February 
 and August in each year during the currency of the said 
 bonds and shall be represented by coupons. 
 
 5. The place of payment of both principal and interest 
 shall be at the banking house of Morton, Rose & Co., 
 London, England. 
 
 6. The said bonds shall contain a provision that the 
 Company may redeem the same on the first of February, 
 1896, at a premium of ten per cent, upon giving six 
 months previous notice of their intention so to do. 
 
 The mortgage securing the said bonds shall be 
 executed under the seal of the Company, and signed by 
 the President and Secretary, and shall be made in favor 
 of Ernest Chaplin and Pascoe St. Leger G-renfell, Trustees, 
 and shall form a first and preferential lien upon the 
 Company’s railway from Regina to Prince Albert, and 
 upon the rents and revenues of the Company to which it 
 may be entitled, it being however expressly understood 
 that the land grant from the Grovernment, except as it 
 forms part of the railway and station grounds, shall be 
 excepted from the operation of the mortgage, and that the 
 mortgage is not to cover the Company’s branch to Battle- 
 ford and to the Elbow of the North Saskatchewan, but is 
 to be confined to the Company’s railway between Regina 
 and Prince Albert. 
 
9 
 
 And Whereas, at a meeting of the shareholders of the 
 Company, held on the twentieth day of July, at which all 
 the shareholders were present either in person, or by 
 proxy, a resolution was passed unanimously as follows, 
 that is to say : 
 
 “ That the Directors of this Campany are author- 
 ized to issue the bonds of the Company, under the 
 provisions’ of the Statutes relating to the Company in 
 that behalf, to an amount not exceeding Fifteen thousand 
 dollars per mile of railway of the Company already con- 
 structed or hereafter to be constructed ; and that such 
 bonds be secured by a mortgage of the Company’s line 
 from E-egina to a point on the South Saskatchewan Eiver, 
 in the vicinity of Saskatoon, and thence northward to 
 Prince Albert, and that such bonds shall be in conformity 
 with the resolution of the Board of Directors now read 
 relating thereto and passed on the 20th day of July, A.D. 
 1889, and that such Eesolution and the issue of Bonds 
 thereby provided for are authorized, sanctioned and 
 approved. 
 
 And Whereas, a draft of this deed of mortgage and of 
 the bonds and coupons h(‘r(*in referred to and in part 
 recited, was presented to a meeting of the said Share- 
 holders on the seventh day of August, A.D. 1889, at which 
 all the Shareholders were present in i)erson, or by proxy, 
 and each of the provisions in said draft was duly approved 
 and confirmed by a further resolution passed at the said 
 meeting, and this deed and the bonds and coupons there- 
 inafter set forth, conform in all respects to the said draft. 
 
 And Whereas, at an adjournment of the last mentioned 
 meeting of Shareholders, held on the 8th day of August, 
 1889, at which all the Shareholders were present in per- 
 son or by proxy, and at which was submitted the agree- 
 ment for the construction of the extension of the said 
 
10 
 
 Eailway to Prince Albert, duly executed by the Con- 
 tractor, a resolution was passed unanimously in the words 
 and figures following, that is to say : 
 
 That bonds be now created and issued for the amount 
 mentioned in the resolutions of the Shareholders and of 
 the Directors passed at their respective meetings held on 
 the 20th July last, that is to say : 
 
 For an amount equal to fifteen thousand dollars a mile 
 of the Company’s line between Regina and Prince Albert, 
 either constructed or to be constructed, or the equivalent 
 in sterling money, such bonds to be dated on 8th August, 
 1889, payable on 1st August, 1911, with interest at six 
 per cent, per annum, payable half-yearly on the days and 
 times and at the place mentioned in the resolution of the 
 Directors passed on the said 20th July last, and in all 
 other respects according to the terms of the last mentioned 
 resolution, which, as well as that of the Shareholders 
 passed on the same day respecting the issue of the said 
 Bonds, is hereby adopted and confirmed. 
 
 And Whereas the said Company has caused the said 
 bonds so authorized to be issued as aforesaid, to be 
 signed and to be duly executed, the said bonds being in 
 the form following, that is to say : — 
 
11 
 
 DOMINION OF CANADA. 
 
 North-West Provinces. 
 
 THE QU’APPELLE, LONO LAKE & SASKATCHEWAN 
 RAILROAD AND STEAMBOAT COMPANY. 
 
 No. jeioo. 
 
 SIX FER CENT. FIRST MORTOAOE BOND. 
 
 Interest payable half-yearly, on 1st February and 1st 
 
 August. 
 
 The Qu’Appelle, Long Lake & Saskatchewan Railroad 
 and Steamboat Company, for value received, hereby pro- 
 mises to pay to the registered holder hereof, or, if not 
 registered, to the bearer, the sum of One hundred pounds 
 sterling money of G-reat Britain, on the first day of 
 August, 1911 (unless this Bond shall have been pre- 
 viously redeemed in accordance with the provisions here- 
 inafter contained), at the counting-house of Messrs. Mor- 
 ton, Rose & Co., in the City of London, England, with 
 interest thereon at the rate of Six per cent, per annum, 
 payable half-yearly at the said place, in like sterling 
 money, on the first days of February and August in each 
 year, on presentation and surrender of the Interest Cou- 
 pons hereto annexed as they severally become due. 
 
 This Bond is one of a series of Bonds of like tenor 
 and date, amounting in the aggregate to |15,000 per mile 
 of railway constructed or contracted to be constructed be- 
 tween Regina and Prince Albert, the payment of all 
 of which Bonds and the interest thereon is secured 
 by a deed of Mortgage, bearing even date here- 
 with, duly executed by the said Company to Ernest 
 Chaplin and Pascoe St. Leger Grrenfell as Trustees, 
 which conveys to the said Trustees, by way of mortgage, 
 the railway of the said Company constructed or acquired, 
 and to be hereafter constructed or acquired, between 
 Regina and Prince Albert (but excluding the extension 
 
12 
 
 to the elbow ot‘ the North Saskatchewan and the branch 
 to Battleford, and all lands now j^ranted or hereafter to 
 be granted in aid of construction), its tolls and revenues, 
 its stations, shops, buildings, plant and equipment and 
 other appurtenances, acquired and to be acquired. 
 
 This Bond may be registered in the books of the Com- 
 pany at its office in Montreal, or at the counting-house of 
 Messrs. Morton, Rose & Co., in London, aforesaid, after 
 which no transfer except upon the books will be valid ; 
 but it is not to be deemed registered until the name of 
 the holder is registered on the back of the Bond as well 
 as on the books. A transfer in favor of bearer may sub- 
 sequently be registered, after which it will be transfer- 
 able by delivery alone until again registered in the name, 
 of the holder. 
 
 The Company shall be at lil)erty, after giving six 
 months’ previous notice in that l)ehalf by advertisement 
 in the Times and one other London daily newspaper, to 
 pay off this Bond, together with all the other Bonds of 
 the same series, on the hrst day of February, 1896, at a 
 premium of 10 per cent, on the principal monies hereby 
 secured, and upon the expiration of six calendar months 
 from the giving of such notice the principal monies 
 hereby secured, together with the aforesaid premium, 
 shall be paid accordingly. 
 
 In witness whereof, the Qu’Appelle, Long Lake & k^as- 
 katchewan Railroad and Steamboat Company has caused 
 its seal to be hereunto affixed and these presents to be 
 signed by its President or Vice-President, and counter- 
 signed by its Secretary, this eighth day of August, 1889. 
 
 President. 
 
 Secretary. 
 
13 
 
 No. INTEREST COUPON. £S. 
 
 The Qu’Appelle, Long Lake & Saskatchewan Railroad 
 and Steamboat Company will pay the Bearer on the first 
 day of February, 1890, Three pounds sterling, at the 
 counting-house of Messrs. Morton, Rose & Company, in 
 London, being half-yearly interest on Bond No. 
 
 Secretary. 
 
 Now therefore this Indenture Witnesseth : — That the Com- 
 pany for and in consideration of the premises, and for the 
 purpose of securing the said bonds so issued and to be 
 issued, and the interest specified in the interest coupons 
 thereto attached, and every part of the said principal and 
 interest as the same shall become payable according to 
 the tenor of the said bonds, doth grant to the Trustees, 
 their heirs, and assigns, as joint tenants, and to their 
 successors in the trust, the Railway of the Company 
 whether now constructed or acquired or hereafter to be 
 constructed or acquired between Regina and Prince 
 Albert (but excluding the proposed extension to the 
 Elbow of the North Saskatchewan, and the branch to 
 Battleford and all lands now granted or hereafter to be 
 granted in aid of construction) its tolls and revenues, 
 its stations, shops, buildings, plant and equipment and 
 other appurtenances acquired and to be acquired, and all 
 other structures and buildings whatsoever belonging to 
 or acquired by the Company, its successors or asssigns, 
 for use in the construction, maintenance and operation 
 of and connection with the said Railway or any part 
 thereof, and all incomes, rents, issues, profits and sources 
 of money arising and to arise from the said Railway, 
 except as hereinafter provided, and also all other pri- 
 vileges, powers, immunities and all other corporate and 
 other franchises now owned, held and enjoyed by the 
 
14 
 
 Coin]);iiiy or horcMirior to bo hold, owikhI or ooulorrod 
 upon it, its suocossors and assigns, in any way oonnootod 
 with or aoquirod by tho said Eailway and proporty, snb- 
 joot however to the rights, claims and privileges of tin' 
 Canadian Pacific Kailway Company under the said re- 
 cited agreement with this Company and dated the seventh 
 day of August, A. D. 1889, to have and to hold the above 
 described property, premises, things, rights, privileges 
 and franchises acquired and to be acquired, and hereby 
 expressed to be conveyed, and intended so to be, unto 
 the Trustees, their heirs, executors, administrators and 
 assigns, according to the nature and quality thereof, as 
 joint tenants, and to their successors in the said trust. 
 
 In Trnst nevertheless to and for the uses and for the 
 purposes and (conditions hereinarter setlorth. 
 
 Article First. — The Company shall be af liberty after 
 giving at least six months’ previous notice on that behalf 
 by adverlisement in the Times, and one other London 
 daily newspaper to pay olf the bonds secured by this 
 Tndentiuv on the 1st of February, 1896, at a premium of 
 ten per cent, on the primcijial monies thereby secured, and 
 upon the expiration of six (mlendar months from the 
 giving of such notice the principal monies by the said 
 bonds s^aured, together with the said [)reminm, shall be 
 paid accordingly. 
 
 Article Second.— Until default shall be made by the 
 (■ornpany in the payment of the principal or interest of 
 the said bonds hereby secured, or of some one or more of 
 them ; or until default shall be made by the Company in 
 respect of something herein required to be done, or some 
 condition or convenant to be performed by it ; the Com- 
 pany shall be suffered and permitted to possess, manage 
 and enjoy the said line of Kailway, and the extensions 
 and branches thereof, and all other property expressed to 
 be conveyed hereby, together with the equipment and 
 appurtenances thereof, and the franchises appertaining 
 thereto, and to take and use the rents, incomes, profits, 
 tolls and issues thereof, in the same manner and with the 
 
15 
 
 same eH’eet as ii’ this deed had Jiot been mad(*, but subject 
 or to be subject nevertheless to the lieu of these presents. 
 
 Article Third. — In case default shall be made in tin' 
 payment of any interest to accrue on any of the aforesaid 
 bonds to be issued by the Company, when such interest 
 shall become payable according to the tenor of such bond 
 or the terms of any coupon thereto annexed, and such 
 default shall continue for the period of six months ; or 
 in case default shall be made in the observance or per- 
 formance of any other matter or thing in these presents 
 mentioned, and agreed or required to be observed and 
 performed by the Company, and such default shall con- 
 tinue for the period of six months ; then and from thence- 
 forth, and in either of such cases, it shall be lawful for 
 the Trustees, personally or by their or his attorneys or 
 agents, to enter into and upon all and singular the rail- 
 way and premises hereby convey('d or intended so to 
 l)e, acquire<l or constructed, and to be accpiired or con- 
 structed, or any part thereof, and thenceforth to have, 
 hold, possess and use the said Railway and premises and 
 each and every part and parc'el thereof, then subject to 
 the lien of these presents, with full power, for t lu^ ])eriod 
 of three months thereafter, and aft(‘r wards until a sale and 
 subsequent delivery of the said rail way shall have been 
 made as ’herein provided; to operate and condin l the 
 business of the said Railway by their supi'rintendents, 
 managers and servants or attorneys or agents, and to 
 make, from time to time, all re|)airs and replacements, 
 and such needful alterations, additions and improvements 
 thereto as may seem to them to be judicious, and to col- 
 led and receive all tolls, fares, freights, incomes, rents, 
 issues and prohts of the same, and of eATny part thereof; 
 and, after deducting the expenses of operating the said 
 Railway and conducting the business thereof, and of all 
 the said repairs, replacements, alterations, additions and 
 improA^ements, and all payments which may be made or 
 may be due for taxes, assessments, charges or liens, prior 
 to the lien of these presents upon the said premises, or 
 any part thereof, as well as just compensation for their 
 own services and for the services of such attorneys and 
 counsel and all other agents and persons as shall have 
 been by them employed, and all other charges and ex- 
 
16 
 
 peiises reasonably incurred in or about the execution of 
 the trusts or powers by this indenture created ; the 
 Trustees shall apply the moneys arising from such col- 
 lections and re(*eipts, as aforesaid, to the payment of inter- 
 est on the said bonds, in the order in which such interest 
 shall have become and shall become due, ratably, to the 
 persons entitled to such interest, and if, after paying in 
 full the interest which shall have accrued on the said 
 bonds, a surplus of the monies arising, as aforesaid, shall 
 remain ; and the principal of the said bonds shall not be 
 due, and such surplus or any part thereof shall not be 
 required, in the judgment of the Trustees, for the protec- 
 tion of the property, or to provide for the instalment of 
 interest next thereafter to fall due, the same shall be paid 
 over to the Company ; but in case the principal of said 
 bonds shall have become due, the surplus arising, as 
 aforesaid, shall be reserved, to be applied to the payment 
 of said bonds, upon a sale of the said Railway and pre- 
 mises as hereinafter provided ; but the provisions of this 
 clause are subject to the rights and privileges of the 
 (Canadian Pacific Railway Company under the agreement 
 above mentioned. 
 
 Article Fourth. — In case default shall be made in 
 the payment of interest on the said bonds, or any of them, 
 as aforesaid, and shall continue, as aforesaid, for the period 
 of six months thereafter ; or in case default shall be made 
 in ihe payment of the principal of the said bonds, or any 
 of them, or any part thereof, when the same shall respect: 
 ively become due and payable, and shall continue for a 
 ])eriod of six months thereafter, it shall be lawful for the 
 Trustees, after such entry as aforesaid, or after other 
 entry, or without entry, personally or by their attorneys 
 or agents, to sell and dispose of the said Railway, and all 
 and singular the property, rights and franchises herein- 
 before expressed to be conveyed, and which shall be then 
 subject to the lien of these presents, at public auction in 
 the City of Montreal, in the Province of Quebec, and at 
 such time as the Trustees shall appoint, having first 
 given notice of the time and place of such sale, by 
 advertisement published not less than three times a week 
 for three successive months, in one or more daily news- 
 papers published in the City of Montreal, in one or more 
 
11 
 
 daily newspapers published in the City of New York, and 
 in one or more daily newspapers published in the said 
 (hty of London. And, after such notice, it shall be lawful 
 for the Trustees to make such sale, with or under any 
 special conditions as to upset price, reserved bid, or other- 
 wise ; or as to receiving the price or consideration of such 
 sale in whole or in part in bonds secured hereunder, 
 which may be prescribed or authorized by the bond- 
 holders in the manner hereinafter provided ; also w^ith 
 power to rescind or vary any contract of sale that may 
 have been entered into thereat, and resell with or 
 under any of the powers herein. And the trustees may 
 stop, suspend or adjourn such sale from time to time, 
 in their discretion, and if so adjourning, make the 
 same, with or under any of th(‘. powers herein, after 
 one month’s notice thereof, published as hereinbefor(‘, 
 provided, at the time and i)lac.e to which the same shall 
 be so adjourned, and make and deliver to the purchaser 
 or purchasers of the^said "Railway and premises, or any 
 part thereof, good and sufhcieiit deed or deeds in the 
 law for the same, which sale, made as aforesaid, shall 
 be a perpetual bar, both in law and erpiity, against 
 the Company and its assigns, and all other persons 
 claiming the said premises or any i)art or parcel 
 thereof, by, from, through or under tln^ Company or 
 its assigns. And, after deducting from the proceeds of 
 such sale just allowances for all e:3^penses thereof, includ- 
 ing attorneys’ and counsel fees, and all other expenses, ad- 
 vances or liabilities, which may have been made or incur- 
 red by the Trustees in operating or maintaining the said 
 Railway and premises, or in managing the business thereof, 
 and all payments by them made for taxes or assessments, 
 and for charges and liens prior to the lien of these pre- 
 sents on the said premises or any part thereof, as well as 
 reasonable compensation for their own services, and any 
 other expenses or charges referred to in article third, it 
 shall be lawful for the Trustees, and it shall be their 
 duty, to apply the residue of, the moneys arising from 
 such sale to the payment of the principal and accrued and 
 unpaid interest on all the said bonds which shall then be 
 outstanding, without discrimination or preference as 
 between principal and accrued and unpaid interest, or as 
 between the holders of said bonds or of any coupons issued 
 
18 
 
 therewith, but equally and ratably and to all such bond 
 and coupon holders ; and if, after the payment and 
 satisfaction of said bonds, principal and interest, a 
 surplus of the said proceeds shall remain, to pay such 
 surplus to the Company or its assigns. And it is here- 
 by declared and agreed, that the receipt of the Trus- 
 tees shall be a sufficient discharge to the purchaser 
 or purchasers at such sale for his or their purchase 
 money ; and that after payment of such purchase money, 
 and having such receipt, such purchaser or purchasers 
 shall not be obliged to inquire into the application of such 
 purchase money upon or for the trusts or purposes of 
 these presents, or be in any manner whatsoever answer- 
 able for any loss, misapplication or non-application of 
 such purchase money, or of any part thereof, nor shall he 
 or they at any time be obliged to inquire at any time into 
 the necessity, expediency or authority of or for any such 
 sale 
 
 Article Fifth. — In case default shall be made in the 
 payment of any half yearly instalment of interest on any 
 of the said bonds, when such interest shall become pay- 
 able a(‘cording to the tenor of such bond, or of any coupon 
 thereto annexed, and such instalment of interest shall re- 
 main unpaid and in arrear for a period of six months 
 after the same shall have become payable as aforesaid, 
 and been demanded ; and such default shall continue for 
 six months thereafter, then and from thenceforth, 
 the principal sum of each of the bonds aforesaid shall, 
 upon a declaration of the Trustees to that effect, become 
 and be immediately due and payable, notwithstanding 
 that the time limited in the said bonds for the payment 
 thereof may not then have elapsed ; but a majority in in- 
 terest of the holders of all the bonds aforesaid which shall 
 then be outstanding, and upon which default in the pay- 
 ment of interest shall have been made and shall be con- 
 tinuing, shall have the power, by an instrument in wri- 
 ting under their hands and seals, or by a vote at a meet- 
 ing duly convened and held as hereinafter provided, at 
 any time before the actual payment and acceptance of the 
 interest in arrear, to instruct the Trustees to declare such 
 principal sum due ; or to cancel any declaration already 
 made to that effect ; or to waive the right so to declare ; 
 
19 
 
 on such terms and conditions as such majority in interest 
 shall prescribe : Provided always, that no act or omis- 
 sion either of the Trustees or of the bondholders in the 
 premises, shall extend to, or be taken in any manner 
 whatsoever to affect, any subsequent default, or the rights 
 resulting therefrom. 
 
 Article Sixth. — It shall be the duty of the Trustees 
 to exercise the power of entry hereby granted, or the pow- 
 er of sale hereby granted, or both, or to proceed by suit 
 or suits in equity, or at law, to enforce the rights of bond- 
 holders in the several cases of default herein specified, on 
 the part of the Company, or its assigns, in the manner, 
 and subject to the qualifications herein expressed, upon 
 the requisition of bondholders as herein prescribed, as 
 follows : 
 
 I. — In ciase default shall be made in the payment of any 
 semi-annual instalment of interest to accrue on any 
 of the said bonds to be issued as herein provided, 
 and such default shall continue as aforesaid for 
 a period of six months ; then and in every such case, 
 upon a requisition in writing signed by the holder or 
 holders of said bonds to an aggregate amount of not less 
 than one-fifth of the amount of said bonds then outstand- 
 ing, and adequate and proper indemnification of the 
 Trustees against the costs, expenses and liabilities to be 
 by them incurred, it shall be the duty of the Trustees to 
 proceed to enforce the rights of the bondholders under 
 these presents, by such proceeding authorized by these 
 presents or by law, as they shall be in such requisition 
 directed to take by the said proportion of bondholders ; 
 or, if such requisition contains no such direction, then by 
 entry, sale, or suit or suits in equity or at law, as they, 
 being advised by counsel learned in the law, shall deem 
 most expedient for the interest of the holders of said 
 bonds ; the rights of entry and sale hereinbefore granted 
 being intended as cumulative remedies, additional to all 
 other remedies allowed by law for the execution and en- 
 forcement of the trusts hereof: Provided nevertheless, 
 that it shall be lawful for a majority in interest of the 
 holders of said bonds for the time being, by an instru- 
 ment under their hands and seals, or by a vote at a meet- 
 
20 
 
 ing duly conveued and held as hereinafter provided, to 
 direct the Trustees to waive such default, upon such 
 terms as may be directed by such majority in such instru- 
 ment, or by such vote, if required under the conditions 
 hereof. And it is hereby provided and expressly agreed, 
 that no holder of bonds or coupons, secured to be paid 
 hereby, shall have the right to institute any suit or pro- 
 ceeding for the foreclosure of this indenture, or the execu- 
 tion of the trusts thereof, except upon and after the re- 
 fusal or neglect of the Trustees hereunder to proceed to 
 act in the premises, upon requisition and indemnification 
 as albresaid ; but it shall nevertheless be lawful for a 
 majority in interest of the holders of said bonds, for the 
 time being, to direct the party or parties bringing any 
 such suit or proceeding, to waive the default or defaults, 
 on which it is founded, in like manner as is hereinbefore 
 provided for a direction to the Trustees to waive default. 
 And it is hereby further declared and proAuded that no 
 action taken by the Trustees or by the bondholders under 
 this clause, shall prejudice or in any manner affect the 
 powers or rights of the Trustees, or of the bondholders, 
 in the (‘vent of any subsequent default or breach of con- 
 dition or covenant herein. 
 
 IT. — If the (Company shall make default or breach in 
 the })erformanc(‘ or observance of any other c.ondition, 
 ol)ligation or requirennmt by the said bonds or by this 
 [)resent deed im]>os(‘d upon them, then and in such case, 
 the Trustees shall, upon a requisition in manner afore- 
 said, of not h‘ss than om‘-lifth in interest of the bondhold- 
 ers, for the time being, and upon adequate and proper 
 indemnihcatioii of the Trustees against the costs, expense 
 and liabilities to l>e by them incurred, proceed to enforce 
 the rights of the bondholders under these presents in the 
 manner by the first clause of this Article proAuded, sub- 
 ject to a power in such majority at any time to direct, in 
 manner aforesaid, the Trustees to waiA^'e such default or 
 breach, upon reparation therefor to the satisfaction of 
 such majority being made. And it is hereby proAuded 
 hat no action taken by the Trustees or by the bond- 
 holders, under this clause, shall prejudice or in any man- 
 ner affect the powers or rights of the Trustees or of the 
 bondholders, in the eA^'ent of any subsequent default or 
 biA'acjh of condition or covenant herein. 
 
21 
 
 Article Seventh. — The Trustees shall at all times 
 during the continuance of the trust hereby created, have 
 power and authority, to be exercised in their own discre- 
 tion and not otherwise, to convey or release from the 
 lien and operation of these presents, to any party who 
 may be designated in writing by the Company to receive 
 the same, any portion of the lands and premises which 
 are conveyed hereby, or which are at any time acquired 
 or held by the Company for use in connection with the 
 said Railway or extension thereof, or the construction, 
 maintenance or operation thereof, but which in the judg- 
 ment of the Trustees it shall be unnecessary longer to re- 
 tain for use in connection therewith. And the Trustees 
 shall also have power and authority to allow the Com- 
 pany, from time to time, to dispose of, in its discretion, 
 such portions of the equipment, machinery and imple- 
 ments at any time acquired or held for the use of the 
 said Railway, or the extension thereof, as shall have be- 
 come unfit or unnecessary for such use. 
 
 Article Eighth. — All bonds hereby secured, shall be 
 payable to bearer, and be negotiable and pass by delivery, 
 unless registered for the time being in the name of the 
 owner thereof in the manner hereinafter provided ; and 
 the Company shall keep at its transfer office in the City 
 of Montreal, and at the counting house of Messrs. Morton, 
 Rose and Company, in the City of London, a Bond 
 Register in which every holder of a bond shall be 
 entitled to have his name and address and the number of 
 the bond held by him entered, upon presenting at either 
 of the said places a written statement of the said particu- 
 lars and verifying his title to such bond by the production 
 thereof ; and every such registration of ownership shall 
 be properly certified on the bond. After such registration 
 of ownership of any such bond, so certified thereon, no 
 transfer shall be made or shall be valid except in writing, 
 in a suitable transfer book to be kept by the Company 
 at each of the said places for such transfers, signed by the 
 party registered as the owner thereof for the time being, 
 or his legal representatives, or his or their agent or attor- 
 ney thereunto duly authorized. And the fact of every 
 such transfer shall be entered upon the said last mentioned 
 transfer book, so as to show the number of the bond 
 
22 
 
 transferred, and the name and address of the transferee, 
 unless any such transfer shall be to bearer, in which case 
 it shall be so entered ; and every such transfer shall be 
 noted on the bond, and if the last transfer be to bearer, it 
 shall restore to it transferability by delivery ; but every 
 such bond shall be subject to successive registrations and 
 transfers to bearer as aforesaid, at the option of each 
 holder. 
 
 Aiiticle Ninth. — Any bond hereby secured may be 
 surrendered to the Company by the holder thereof, and 
 upon his request a registered certificate of such bond, 
 containing the description and particulars thereof, shall 
 be issued to him in its place and stead. And thereafter, 
 upon production of such certificate, he shall, from time 
 to time, receive the interest accrued upon such bond when 
 due, and the principal thereof at maturity, and shall be 
 entitled to all the rights, privileges and remedies of a 
 bondholder. And upon the surrender of such certificate 
 he shall be entitled to have such bond returned to him 
 on demand. 
 
 Article Tenth. — The Trustees, or any Trustee here- 
 under, may take such legal advice and employ such 
 assistance as may be necessary in their judgment to the 
 proper discharge of their duties, and shall be entitled to 
 reasonable compensation for any and all services which 
 may hereafter be rendered by them, or either of them, in 
 said trust, which compensation the Company hereby 
 promises and agrees to pay ; but in case the Company 
 should make default in such payment, the same may be 
 retained b^^ the Trustees out of any trust moneys coming 
 into their hands. 
 
 Article Eleventh. — The Trustees shall not, nor shall 
 any Trustee hereunder, be answerable for the default or 
 misconduct of any agent or attorney by them appointed 
 under or pursuant to these presents, if such agent or attor- 
 ney be selected with reasonable care, nor for any error or 
 mistake made by them in good faith, but only for personal 
 misconduct or gross negligence in the execution of said 
 trusts, and not the one for the other or others of them, or 
 the acts or defaults of the other or others. 
 
23 
 
 Article Twelfth. — Any one of the Trustees may re- 
 sign his trust and be discharged from all further duties 
 thereunder, or liability thereafter accruing, upon giving 
 three months’ notice in writing to the Company, if such 
 resignation takes place before any default by the Company 
 in the payment of any interest or principal, or in any of 
 the conditions hereof ; or after such default, upon giving 
 a like notice to the Company and to the bondholders, at 
 the same time calling a meeting of the bondholders to 
 accept his resignation and appoint his successor ; or upon 
 such shorter notice as the Company or the bondholders as 
 the case may be, may accept as sufficient. Any one of the 
 Trustees may be removed from office by the vote of a 
 majority in interest of such of the holders of said bonds, 
 as shall be present or represented at a meeting of the said 
 bondholders duly held, and attested by an instrument in 
 writing, under the hands and seals of the persons so 
 voting. 
 
 Article Thirteenth. — In case of the resignation, 
 death, removal from office, or incapacity to act, ot any one 
 or more of the Trustees, before any default by the Com- 
 pany in the payment of interest or principal, or in 
 any of the conditions hereof, a successor or successors 
 shall be at once appointed to fill such vacancy, by the 
 surviving or remaining Trustee or Trustees, if any, with 
 the consent of the Board of Directors of the Company, or 
 of its assigns, or, in case no Trustee survives or remains, 
 by the said Board of Directors. If such vacancy is not 
 filled within thirty days after it occurs, any competent 
 court may appoint a Trustee or Trustees to fill such 
 vacancy on the petition of any holder or holders of such 
 bonds, to the amount of not less than one-fifth part in 
 interest of all such bonds then outstanding, upon reason- 
 able notice to the Company, its successors or assigns, and 
 to the surviving Trustee or Trustees, if any ; and the per- 
 son or persons so appointed shall be a Trustee or 
 Trustees under this instrument. But if after such de- 
 fault a vacancy shall occur from any cause, in the office 
 of Trustee, such vacancy shall be filled by the bond- 
 holders, at a meeting thereof, called and held in the man- 
 ner hereinafter provided. And from thenceforth, on any 
 new appointment under this article, each person so ap- 
 
24 
 
 pointed shall be vested with the same powers, rights and 
 interests, and charged with the same duties and respon- 
 sibilities, as if he had been named among the parties of 
 the second part to this instrument, in place of the 
 Trustee to whom he succeeds, without any further assur- 
 ance, conveyance, act or deed ; but there shall be 
 immediately excuted all such conveyances or other 
 instruments as may be necessary or suitable for the 
 purpose of assuring to the new Trustee so appointed, a 
 full joint estate in the premises. 
 
 Article Fourteenth. — Meetings of the bondholders 
 under this deed of trust, may be called in such mode as 
 may be fixed by regulations prescribed or established by 
 the bondholders ; and the bondholders may vote at such 
 meeting personally or by proxy ; and the quorum may 
 be defined, and such other regulations or by-laws in 
 respect of such meetings may be from time to time 
 established, altered or repealed, by the bondholders, act- 
 ing by the majority in interest, as to them shall seem 
 expedient ; and until the bondholders shall define the 
 quorum, and make such regulations or by-laws, such 
 powers may be exercised by the Trustees. And the 
 Trustees shall have the right, at or before any meeting of 
 bondholders, to require that any act or resolution of the 
 bondholders, affectiug the duties of the Trustees, shall be 
 authenticated by the signatures of all the persons assent- 
 ing thereto, as well as by a minute of the proceedings of 
 the meeting. And whenever and as often as any con- 
 tingency shall arise, in which the action of the holders 
 of the bonds secured hereby shall be necessary, or in 
 which the said bondholders are herein declared to have 
 any discretionary voice or power, it shall be the duty of 
 the Trustees, and such Trustees shall be and are hereby 
 authorized and required, to call a meeting of the holders 
 of bonds secured hereby, to be held in the said City of 
 London and in the absence of any regulation or by-law 
 determining the notice to be given of such meeting, it shall 
 be notified to the bondholders by advertisement (the ex- 
 penses whereof shall be a liability of the Company, and 
 may be defrayed, if necessary, from the trust fund) to be 
 published three times in each week for six weeks, in at 
 least two daily newspapers of good circulation among 
 
25 
 
 the business community in said City, and also for a like 
 number of times in two daily newspapers in like circula- 
 tion in the said City of Montreal ; and in default of such 
 meeting being called by the Trustees within thirty days 
 after notification to them in writing by any bondholder, 
 of the necessity therefor, or in case the trust shall be 
 wholly vacant, it shall be competent for any holder or 
 holders of said bonds, to the aggregate amount of at least 
 one-fifth of the entire outstanding bonds of the Company, 
 to call such meeting ; and at such meeting so convened, 
 the holders of the said bonds shall be competent to 
 exercise in person, or by proxy, by the vote of the 
 majority in interest of those present or represented at 
 such meeting, all the powers and authority conferred 
 upon them by these presents. But, until otherwise pro- 
 vided, pursuant to the provisions of this instrument in 
 that behalf, a majority in interest of the holders of the 
 outstanding bonds for the time being, shall be required 
 to constitute a quorum at any such meeting. 
 
 Article Fifteenth. — The word “ Trustees,” wherever 
 used in this Indenture, shall in all cases be construed to 
 mean any one person or more persons, who for the 
 time being shall be Trustee or Trustees, whether such 
 person or persons be the said parties of the second part, 
 or any successor or successors of said parties of the second 
 part appointed hereunder. In case of a vacancy in said 
 trust, the surviving or continuing Trustees or Trustee, 
 if there be any, shall be competent to exercise, until the 
 appointment of new co-Trustees or a new co-Trustee, any 
 and all powers and authorities herein granted to the said 
 parties ot the second part. 
 
 Article Sixteenth. — If the Company, or its assigns, 
 shall pay the principal of each and every of the bonds 
 secured by this instrument, when the same shall become 
 payable, and all interest coupons thereon, as they shall 
 from time to time mature, according to the tenor of such 
 bonds and coupons, respectively, and shall well and truly 
 do and observe every other matter and thing provided or 
 mentioned in these presents, to be by it or them done and 
 observed, then and in that case, all the estate, right, title 
 and interest of the Trustees by these presents created. 
 
26 
 
 shall cease, determine, and become void ; otherwise the 
 same shall remain in full force and virtue. And upon 
 any such determination of such interest, the Trustees 
 shall execute such reconveyance and reassignment of the 
 premises, as may be necessary or expedient. 
 
 Article Seventeenth. — The Company, in considera- 
 tion of the premises, hereby covenants and agrees to and 
 with the Trustees, and their successors in trust created 
 by these presents, that whenever and as often as the Com- 
 pany shall hereafter acquire any additional property, 
 rights, franchises or things whatsoever, pertaining to, or 
 for use upon, the said Eail^vay, hereinbefore conveyed, or 
 upon any part thereof, the Company and its assigns, shall 
 and will acquire, possess and hold the same, and every 
 part and parcel thereof, upon and subject to the trusts of 
 this indenture, until conveyance thereof, in pursuance of 
 the covenants herein contained, shall be duly made and 
 delivered to the Trustees, for the benefit of the trust by 
 these presents created. 
 
 Article Eighteenth.— And the Company, for itself 
 and its assigns, hereby covenants and agrees to and wdth 
 the Trustees, and their successors in the trust created by 
 these presents, that the bonds hereby secured or intended 
 so to be, shall be issued only at such times and in such 
 amounts as hereinbefore limited ; that the Company will, 
 in each and every year ensuing the date hereof, faithfully 
 use and apply the net earnings and income to be from 
 time to time derived from said Railway, branches and 
 extensions, or from any part thereof (after discharging 
 its obligations upon or with respect to prior liens there- 
 on), or so much of such net earnings and income as may 
 be necessary for that purpose, to the payment of the 
 interest accruing in such year, on said bonds, when the 
 same shall become due, until all the said bonds shall be 
 fully paid and satisfied ; and that it will seasonably, in 
 each and every year, pay and discharge all taxes and 
 assessments of every sort and description w^hich may be 
 lawfully imposed, levied or assessed upon all or any part 
 of the franchises or other property herein and hereby con- 
 veyed; or intended or contemplated so to be, so as to keep 
 the mortgaged premises free and clear from any incum- 
 
21 
 
 brance by reason thereof ; and that it will, from time to 
 time, and at all times hereafter, and as often as thereunto 
 requested by the Trustees under this indenture, execute, 
 deliver and acknowledge all such further deeds, convey- 
 ances and assurances in the law, tor the better assuring 
 unto the Trustees, upon the trusts herein expressed, the 
 Railway aforesaid, acquired or to be acquired, construct- 
 ed or to be constructed, together with their equipments, 
 appurtenances and franchises, and all and singular the 
 lands property and things, hereinbefore mentioned or 
 described, acquired and to be acquired, and granted or 
 conveyed, or agreed or intended or contemplated to be 
 granted or conveyed, to the Trustees, or their successors 
 in the trust created by these presents, as by the Trustees, 
 or by their counsel learned in the law, shall be reasona- 
 bly advised, devised or required. 
 
 In Witness Whereof, the Company has caused its 
 corporate seal to be hereunto affixed, and these presents 
 to be signed by its President, and by its Secretary ; and 
 the said Trustees to evidence their acceptance of the said 
 trust, have likewise signed and sealed these presents. 
 
 The Qu’Appelle Long Lake and Saskatchewan Railroad 
 and Steamboat Company, by 
 
 (Signed) H. C. HAMMOND, 
 
 (Signed) R. A. SMITH, 
 
 President. 
 
 Secretary. 
 
 Witnesses : 
 
 Trustee. 
 
 Trustee. 
 
i 
 
 7,' i' 
 
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 \