522 SUPREME CGURT OF CANADA XXVII

1897 CALIXTE G-UERTIN PLAINTIFF APPELLANT

McLylO ANDJune

ALEXANDIE SANSTERRE ANDOTHERS DEFENDANTS

ESPOJ\ DENTS

ON APPEAL FROM THE COURT OF QUEENS BENCH FOR

LOWER CANADA APPEAL SIDE

Building SocietiesParticipating borrowersShareholdersU

6942 43 32LiquidationExpiration of classes

Assessments on loansNotice ofInterest and bonus Usury laws

58Art 1785 U.Administrators and trnstees

Sales toPrØte-nomArt1484

applied to building society for loan of $3500 which was subse

quently advanced to him upon signing deed of obligation and

hypothec submitting to the conditions and rules applicable to

the societys method of arrying on their loaning business and

declaring that he had become subscriber for shares in the com

panys stock for an amount corresponding to the amount of the

loan namely 70 shares of the nominal value of $50 each in class

to expire after 72 monthly payments or in six years from the date

of its commencement July 1878 this term corresponding with

the term fixed for the repayment of the loan He thereby also

agreed to make monthly payments of one per cent each upon the

stock and that the loan should be repaid at the expiration of the

class when upon the liquidation of the business of that class

members would be entitled to the allotment of their shares sub

scribed as paid up partly by the monthly instalments and partly

by accumulated profits to be derived from whatever moneys had

been paid in and invested for the benefit of that class at which

time whatever he might be so entitled to receive in shares of

stock should be credited towards thereimbursernent of the loan

He further obliged himself to pay as interest and bonus the

additional sum of one percent upon the loan by similar monthly

instalments during the time it remained unpaid paid alithe

instalments by semi-annual payments of $420 each until 1st May

1884 making total of seventy monthly instalments of $70 each

PRESENT Taschereau Gwynne Sedgewick King and Giiouard

JJ

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VOL XXVII SUPREME COURT OF CANADA 523

leaving two more instalments of each kind still to become due 1897

before the date originally fixed for the termination of his class

GUERTINThe society went into liquidation under the provisions of 42 43

Vict Que ch 32 in January 1884 prior to A.s last payment SANSTERRE

and about six months before the date fixed for the expiration of

his loan In October 1884 the liquidators of the society in the

exercise of the powers vested in the directors under the deed and

the societys regulations passed resolution declaring deficit in

thej business of the class to which belonged and in order to

provide the necessary funds to meet the proportion of deficit at

tributed as his share they thereby exacted from him further

series of twenty-eight monthly payments in addition to the

seventy-two instaments contemplated at the time of the execu

tion of the deed Subsequently in 1892 the plaintiff as trans

feree of the society brought action for the two original instal

ments remaining unpaid and also for the amount of the twenty-

eight additional monthly payments upon the loan and the sub

scription of shares

Held reversing the judgment of the Court of Queens Bench that the

subscription for hares and the obligation undertaken in the deed

constituted upon the part of the borrower merely one transaction

involving loan and an agreement tO repay the amount advanced

with interest and bonuses thereon anlounting together to rate

equivalent to interest at twelve per centum per annum on the

amount of his loan

That the contract made by the building society stipulating that they

were to receive such rate of interest and bonus equivalent to

rate of twelve per centum per annum on the amount so loaned

by the society was not violation ofany laws respecting usury

in force in the province of Quebec

That the fact of the building society going into liquidation had the

effect of causing all classes of loans then current to expire at the

date when the society was placed in liquidation notwithstanding

that the various terms for which such classes may have been

established had not been fully completed

That under the provisions of the statute 42 43 Vict Que ch 32

liquidators have the same powers in regard to the determination of

the affairs of expired classes and to declare deficits therein and to

call for further payments to meet the same as the directors of

the society had while it continued in operation

That the notice required by the twenty-first section of the Act 42

43 Vict Que ch 32 does not apply to cases where liquidators

have determined loss upon the expiration of class and required

the full amount exigible upon loans to be paid by borrowers

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24 SUPREME COURT OFCANADA XXVfl

1897 That notwihstanding that the liquidation proceedings deprived the

directors of the exercise of their powers as to the determinationUERTI

of the condition of the affairs of class and the exaction of

SANSTERRE further jayments when exigible in such cases on the expiration

of class the resolution of the liquidatórs determining deficit

in the borrowers class and requirin full payment of all sums

exigible under his deed of obligation was sufficient to constitute

valid right of action against the borrower for the amount of

the balance of principal money loand together with the interest

and bonus instalments remaining due thereon according to the

terms and conditions of his deed of obligation

Held further affiræing the decisions of both cOurts below that in an

action where no special demahd to that effect has been made the

court cannot declare the nullity Of- deed of transfer alleged to

have been made in cOntravention of the provisions of article 1484

of the Civil Code

APPEAL from the judgment of the Court of Queens

Bench appeal side reversing the judgment of the

Superior Court District of Montreal and dismissing

-the plaintiffs action with costs

The action was originally brought by La Compagnie

de PrŒtet Credit Foncier against Alexandre Sansterre

sr since deceased.the respondents being his executors

and the company having subsequently transferred all

its-assets to the appellant he look up the instance

statement of the principal facts andthe questions

at issue will be found in the judgment of the court

dehverect by His Lordship Mr Justice G-irouard The

following brief reference to the companys constitution

and method of carrying on its business may however

be added as explanatory

The company was building society subject under

.it Act of incorporation and an Act amending the

same to the provisions of C- ch. 69 and

amendments thereto and went into voluntary liqui

dation under 42 43 Vict Que ch 32 Its member

344 26 Vict oh 28 and 35 Vict

ch 109

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VOL XXVII SUPREME COTJRT OF CANADA 525

ship consisted Of shareholders called permanent 1897

members whose rights and obligations resembled GUERTIN

those of shareholders in ordinary joint stock corn-SANSTERRE

panies and2 Of non-permanent shareholders corn-

posed of classes each class consisting of such

persons as should become shareholders during period

of six years terminating at fixed dates Whenclass expired the shares of its members were liqui

dated and the proceeds paid to the shareholders in the

manner provided by the by-laws

Non-permanent members were subdivided into

Non-borrowing members who paid for their shares byinstalments till the expiration of their class when the

received the amount earned either in cash or permanent shares andBorrowing members who were

advanced all or part of their shares on subscribingfor them on conditions for the repayment of principal

with interest and bonus provided by the by-lawsIn the class to which the defendant belonged the

borrowers received in advance the face value of their

shares and agreed to repay the principal loaned by72 monthly instalments of per cent or 50c share

each the duration of the class being 72 months and

also to pay every month till the end of the class

interest and bonus amoanting to one per cent of the

principal loaned Borrowing members were either

Non-participating borrowers whose relations with the

company ceased after they had repaid their loans and

who did not participate in the profits or losses of

the company or participating borrowers who at the

expiration of their class shared in its profits or con

tributed to the payment of its deficits If its shares

were completely paid up by means of the 72 instal

meuts and accrued profits the balances of loans on

sMres were paid by compensation but if not fully

paid they continued to pay monthly instalments in

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526 SUPREME CCURT OF CANADA XX VJ

1897 the same way as before until the shares of the class

GIN were fully paid up

SANSTERREThe position of class at its termination and the

rights and obligations of its various members were to

be determined as sOon as possible by resolution of the

directors declaring as the case might be that the shares

had or had not been paid up in the latter case speci

fying the amount of the deficit and how much the

non-borrowing members and the participating bor

rowers should respectively pay to make up the de

ficits Such resolution was to be prima facie proof of

the truth of its contents and binding on all interested

parties

The original defendant participating borrower

became member of class formed in July 1878 by

means of deed wherein he agreed th take 70 shares

of the par value of $3500 that amount of money being

then and there advanced to him and undertook to

repay the loan at the extinction of the class according

to the rules as to participating borrowers Up to June

1st 1884 he made 70 payments of $35 each on account

of the shares and 70 payments of $35 each as interest

and bonus

In the meantime the company went into voluntary

liquidation under 42 43 Vict Que ch 32 and liqui

dators were appointed who after examining the affairs

6f the company found that no profits had been made

in the class in question but that part of the capital had

been eaten up They accordingly by resolution on

October 22nd 1884 declared that the 72 monthly payments were not sufficient to pay up the shares that

there was deficiency of more than 28 per cent of the

capital and that the shareholders should pay in

addition to the 72 instalments accrued during the ex

istence of the class 28 further instalments of one per

cent each on the amount of their shares

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VOL XXVII SUPREME COURT OF CANADA 527

Trenholme Q.C and BeIque Q.C for the appellant 1897

At the time the liquidators resolution was passed GUERTINthe defendant had made 70 payments on account of

SANSTERREthe principal of his shares and 70 payments by wayof interest and bonus If sufficient profits had been

earned two more payments on the shares and twomore on the interest and bonus would have discharged

him for every dollar received he would only have

to pay 72c But no profits having been earned only70 per cent of his debt was extinguished leaving 30

per cent still to be paid in monthly instalments of $35

each and until this was paid in full he was further

bound to pay $35 month or 12 per cent as interest

and bonus on his obligation

The contract provided that if the defendant should

at any time fail to make six consecutive monthly payments then the whole capital sum should at once

become exigible without the necessity of formal noticeand at the time of the action he was in arrears for

eight monthly instalments so the whole had becomedue and action was taken for

30 instalments of $35 on account of principal $1050.00

30 instalments of $35 interest and bonus to

date of last instalment on the capital 1050.00

$2100.0p.c

interest on said instalments since last payment 588.15 588.15

$2688.15

based 1st on the deed of obligation for the advance on

the shares 2ndl.y on the by-laws invoked by said

deed 3rdly on the resolution of the liquidators and

4thly on the statute 42 43 Vict ch 32 secs 18 19

and2l

The liquidation caused all classes to expire and at

that time balance was due upon this loan and th

company was entitled to demand both principal and

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528 SUPREME COURT OF CANADA XXVII

1897 interest accoiding to contract and by-laws and also

GIN interest at per cent since the last payments made

SANSTERR Geoff non Q.O and Roy for the respondents

The defendant opened negotiations in this matter by

simple application for loan and never intended to

he and never was member of the plaintiffs corpo

iation nevertheless the plaintiff by using equivocal

terms and expressions in the deed took advantage of

this ignorance and illiteracy and he should be treated

as non-participating borrower for nothing in the

evidence can lead to the conclusion that he was par

ticipating borrower His obligation ceased at the

expiration of the class in which plaintiff thought fit

to include him

The liquidation put an end to all classes and the

liquidators were bound without requiring further

instalments on shares which would have been con

tinuing the operations of the society to proceed

according to section 21 of 42 48 Vict ch 32 and

call in on the capital of the obligations such amounts

as they might consider necessary to place all share

holders on an equal footing at the close of the liqui

dation but only after one months notice to the

debtors This they did not do

The company being in liquidation on the 10th

January 1884 and classes all expired the special

powers in respect thereto did not pass to any one

because for such purposes the directors alone were

designated and consequently the time fixed by the

statute lapsed and the liquidators never had the

right either by law or by the by-laws of the society to

pas the resolution of October 22nd 1884 This

resolution is ultra vire and of no effect

The plaintiff cannot recover the usurious rate of

interest charged .and the by-laws charging interest

oh 58 sec

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VOL XXVII SUPREME COURT OF CANADA 529

above per cent are illegal and ultra vires Section 1897

of ch 69 does not provide method of GINcharging more than per cent on loans The only SAsTERREbonus there authorized is in the case of member

receiving his share in advance before the class to

which he belongs is realized and this bonus cannot

be anything but one fixed sum payable once and not

series of small sums forming sum equal to per

cent over and above the per cent charged as interest

The bonus in this form is usury disguised and

violation of the statute against usury with respect to

building societies

The defendant paid plaintiff from 1878 to May1884 $565.51 the sum loaned was $3500 and the

interest accrued on the capital remaining due after each

payment amounts to $630 forming together $4130which was all the plaintiff was ever entitled to receive

hut defendant has through ignorance paid $1527.51in excess of his legitimate debt and should have it

reimbursed Thus the defendant owed nothing to the

plaintiff at the time of action

The present appellant has no actual interest in the

suit but is merely the prØle-nom of one of the liqui

dators of the company who has through his inter

vention sought illegally to acquire the companys

property while trustee in contravention of article

1484 of the Civil Code

The judgment of the court was delivered by

G-IROUARD J.Cette cause dŒbarrassŒede nombreux

details de fait et de procedure qui sont plus propres

lembrouiller quà lCclaircir se rCduit peu de pointsEn 878 Alexandre Sansterre pŁre devint emprunteur

participant cest-à-dire Ia fois emprunteur et action

naire dune sociØtC de construction et comme toujours

il espŒrait que les profits rCalisŒs lui permettrai.ent de34

1897

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530 SUPREME COURT OF CANADA LV0L XXVU

1897 rembourser en 72 versements mensuels de $35 chaque

GUERTIN le capital empruntŒ savoir $3500 et les inthrŒts et

SANSTERREbonus au taux de 12 par cent par annŒe cest-à-dire 72

autres versements mensuels de $35 chaqueGirouardJ

entreprise ne fut pas ausi profitable que ses pro

moteurs les$raient et le 10 janvier 1884 elle demanda

sa liquidation volontaire Le 1cr mai 1884 Sansterre

complØtait ses soixante-dix versements en capital et

intŒrŒtset bonus de $70 chaque et il navait que deux

versemeuts de plus remplir pour sacquitter entiŁre

iTient envers là sociŒtŒsil nØtait survenu nell dextra

ordinaire Mais voilà que le 22 octobre 1884 les liqui

dateurs constatent conforrnØment aux rŁglements de la

sociŒtŒquil eu perte dau moms 28 par cent pour

là classe de Sansterre et ajoutant les deux versements

non payŒs le dØbiteur devait encore au moms 30 par

cent sur le capitaL De la là prŒsente action qui fut

intentŒe le 19 avril 1890 par la sociŒtŒ de construction

et reprise par lappelant comme son cessionnaire une

premiere poursuite ayant ŒtŒrejetŒesauf se pourvoir

Laction deux objets dabord le recouvrement de là

dite balatice de capital et celui de pareille somme titre

dintŒrCts et bonus en tout $2100 et $586 dintØrŒt au

taux de par cent par an La Cour SupCrieure Thit

accorda les conclusions de laction Sur appel pris

par les exŒcuteurs tØstamentaires dAlexandreSansterre

dŒcŒdŒpendant linstance là Cour dAppel les renvoya

in toto Elle fut unanime juger que la liquidation

mettait fin aux operations de là sociŒtŒ et quaucun

versement subsequent ne pouvait Œtre demandØ aux

actionnaires ce seul titre sauf pour payer les dettes

imputables là classe laquelle Sansterre appartenait

et il nen existait aucune Les juges BossØ et Blanchet

Øtaient enfin davis que lemprunteur devait payer là

balance de son obligation et que laction devait Ctre

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VOL XXVII SUPREME COURT OF CANADA 531

maintenue pour autant Nous sommes aussi de cet 1897

avis GuERTIN

Les intimŒs prØtendent que lappelant nest que leSANSTERRE

prŒte-nom dAlexandre Lapalme qui bien que liquida-Girouard

teur de la dite societe en acquis actif ROUT son profit

et particuliŁrement la dite reclamation contre lui par

linterposition de lappelant contrairement larticle

1484 du Code Civil Mais il na pas demandØ Ia nul

litØde cc transport Et puis peut-elle Œtre prononcØe

lorsque la sociŒtŒ on ses liquidateurs ne sont pas en

cause Ce moyen nest done pas fondØ et ii ØtØ rejetØ

taut par la cour SupŒrieure que par la cour dAppel

La majoritØ des juges de la cour dAppel invoque la

derniŁre partie de la section 21 de la 42 43 Vict ch 32

QuØbec qui exige un mois davis lemprunteur par

ticipant ou actionnaire avis qui na pas ØtØ donnØmais comme je us cette section cet avis nest requis

que lorsque les liquidateurs demandent le paiement partiel de cc qui reste dü en vertu de lobligation et non

pas lorsquils ont dØcidØ comme us lont fait dans les

pŁce que lobligation recevrait sa pleine execution et

que lemprunteur doit payer cent centins par piastre

Cette section 21 en effet se lit comme suit

Le capital de toute obligation consentie par un actionnaire Ia

sociØØ et dont lØpoque du remboursement est indØtermiriØe ou fixØe

lextinction durie classe continuera deveitir exigible aux termes de

lobligation rnŒrne et des rŁglernents de la sociØtØ raais de plus les

liquidateurs pourront de temps autre exiger stri le capital de ces

obligations tels montants qui seront jugØs par eux nØcessaires pour

placer les actionnaires sur un pied dØgalitØ darts le rØsultat final de la

liquidation mais tels moritants ne deviendront exigibles quaprŁs un

mois davis aux dØbiteurs

Le paiement des 100 versements ØtØ ordonnØ par

une resolution des liquidateurs passØe le 22 octobre

1884 de laquelle je dØtache le passage suivant

ConsidØrant en outre quil est rØsultØ de ces pertes tin deficit pour

chacune des dites classes excØdant vingt-huit pour cent sur leur capital

34

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532 SUPREME COURT OF CANADA XXVII

1597 respectif ii est maintenant rØsolu queles actionnaires de ces classes au

nombre desquelles Øtait la clase de Sansterre auront payer en outre

DERTINdes soixante-douze verseineiits mensuels Øchus pendant la durØe des

SANSTERRE dites casses vingt-huit autres versements aussi mensuels de un pour

cent chacun sui le niontant de leurs actions cest--dire quils devront

Gizouard

payer en tout cent versements mensuels de un pour cent ou le mon

tant entier dii capital souscrit par chacun deux

Le jugernent de la cour dAppel declare cette rØso

lution ultra vires Mais les liquidateurs nont fait que

cc quun premier jugement de la cour dAppel prØ

sidŒe par Sir Dorion C.J entre les mŒmes parties

et au sujet du recouvrement de Ia mŒmeobligation les

autorisait de faire La cour en effet dØclarØ dans ses

considØrants que la misc en liquidation avait Cteint

toutes les classes de la sociCtC et

qua compter dii 10 jauvier 1884 les actionnaires ne pouvaiert Œtre

appelØs fournir de nouveaux versements quen vertu dune dØclara

tion des liquidateurs cet effet tel que re1uis par larticle section

des rŁglements de la sociØtØ

Cejugement me paralt chose jugØe entre les parties et

sil ne lest pas ii constitue an moms une forte

autoritØ en faveur de lappelant que la resolution du

22 octobre 1884 est intra vires et lØgale et je crois qucette conclusion est bien fondØe

La section 18 de la 42 43 Vict ch 32 dit queles liquidateurs auront tous les pouvoirs confØrØs et seroiit soumis

envers les actionnaires toutes les obligations imposØes aux directeurs

par Ia loi et parles rŁglements de la sociØtØ

Lon concede que la resolution aurait pu Øtre adoptØc

par ies directeurs pendant la durØe de la sociØtØ mais

lon pØtend quelle ue pouvait lŒtre par les liqui

dateurs Le savant juge en chef Lacoste observe que

la section 18 ajoute que

la sociØtd ne pourra pas faire clautres operations que celles requises

pour parvenir Ia liquidation

Mais en ordonnant le paiement entier des obligations

consenties en faveur de la soiØtØ les liquidateurs loiu

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VOL XXVII SUPREME COURT OF CANADA 533

de faire de nouvelles operations liquidaient celles qui 1897

avaient ØtØ commencees par la sociØtØ et qui nØtaient GUERTIN

pas terminØesSANSTERRE

Jecrois enfin que lacte dobligation contient uneGirouardJ

stipulation qui suffit pour determiner echeance et

lexigibilite du capital de la dite obligation et cest la

suivante

Et le dit sieur Sansterre reprØsentØcomme susdit soblige de rembourser et payer la dite somme capitale la dite Compagnie de PrŒtet

Credit Foncier ce acceptant lextinction de la dite classe savoir

lØpoque oil conformCment aux lois rØgissant la constitution de la dite

compagnie et ses rŁglements les affaires de Ia classe de membres

dont le dit dØbiteur fait partie raison des dites soixante et dix parts

serorit liquidØes et oil les membres seront en droit den toucher leurs

actions on parts cet-à-dire lorsque les profits accumulØs joints au

capital payØ sur les parts formeront un montant Øgal an montant

nominal des dites parts

La classe laquefle appartenait Sansterre expirait

naturellement le ler juillet 1884 mais ii est admis

quelle expira et devint Œteinte par le seul fait de la

mise en liquidation le 10 janvier 1884

Lappelant soutient que cest lemprunteur

dØmontrer que

les profits accumulØs joints au capital payØ sur lea parts forment un

montant Øgal an montant nominal des dites parts

cest-a-dire au m.ontant capital de lobligation 11

fait plus ii prouvØ quil avait perte ou deficit au

montant de 28 par cent et ajoutant les deux versements

dus en juin et juillet 1884 et nØcessaires pour former

les T2 paiements payables tous ØyØnementsil ajoute

quil est en droit de demander les 30 versements Cette

preuve rØsulte de Ia resolution du 22 octobre 1884 que

Sansterre en signant les rŁglements de la sociØtØ sest

eiigagØ daccepter comme preuve primÆfacie Voici ce

que disent lesrŁglements de la societe art par et6

Aussitôt possible aprØs lexpiration dune classe le Bureau de

Direction dØclarera par resolution enregistrØe dans son Livre de Deli

bØrations si daprŁs les livres de Ia sociØtØ les parts ou actions de

1897

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534 SUPREME COURT OF CANADA XXV1I

1897 cette classe sont seulement remplies OU si elles sont remplies avec un

surplus de profits OU Si elles ne sont pas remplies quel et le deficit

GUERTINet combien les membres non-em prunteurs et les membres participants

SANSTERRE auront encore payerla sociØtØ pour remplir cc deficit

GirouardEt toute telle declaration fra preuve prima facie et jusquà

preuvedu coritraire de Ia vØritØ de son contenu et sera obligatoire

pour tous les intØressØs sans quil soit besuin de produire les livres ou

un Øiat des livres de la sociØt ou aucune autre preuve quelconque

Reste æne derniŁre objection Lappelant par son

action ne demande pas nommØment une balance due

sur lobligation de Sansterre mais seulement ce quil

dolt sur ses actions Je crois que la souscription des

actions par Sansterre et son obligation ne forment

quune seule et mŒme transaction et que comme en

vertu de Ia convention des parties les versements sur

les actions devaient Øteindre et ont Øteint lobligation

dautant daprŁs laveu de tous ii nest que juste de

considØrer cette partie de laction qui demande $1050

sur les actions comme ayant pour objet le recouvre

ment de la balance du capital de lobligation aux termes

de la section 21 de la 42 43 lTict ch 32 Oest dailleurs

ainsi que les parties ont considØrØ la nature de leur

contrat Dans son cinquiŁme plaidoyer le dØfendeur

admet quil empruntØ de la demanderesse la somme

de $3500 et quil sagit de cet emprunt dans cette cause

puisque pour des raisons quil allŁgue et que nous ne

pouvons pas accepter ii demande quil soit dØclarØ quil

eu compensatioii Cependant si lappelant le juge

nØcŁssaire nous mi permettons damender sa dØclara

tion de maniŁre faire concorder sa demande avec la

preuve

11 en serait autrement si nous accordions les autres

$1050 titre dintØrŒt et bonus qui formaient sa

mise dans le fonds social de Ia sociØtŒ etla source de ses

espØrances de profits nous admettrions par là mŒrne

que la sociØtØ pent rØaliser des profits quelle est encOre

en operation que les actions nont pas ØtØ Øteintes par

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VOL XXVII SUPREME COURT OF CANADA 535

la liquidation et enfin que lemprunteur est redevable 1897

comme actionnaire pur et simple sans savoir sil GUERTIN

des crŒanciers satisfaire ou non ou plutôt sachantSANSTERRE

quil ny en pas Ce serait là un appel un membre

de la sociØtŒ comme simple actionnaire tandis quiciGirouard

la demande ne lui est faite que comme dØbiteur ou

eniprunteur Yoilà pourquoi les sections 19 et 21 du

mŒmestatut mettent fin lintØrŒtet bonus et dØcla

rent que lintØrºt que les liquidateurs pourront exiger

sur ses arrØrages cest-a-dire sur la ba1nce de

obligation sera non pas au taux de 12 par cent mais

celui de par cent par an Lappelant ne demande

que cc taux dintŒrŒt sur les 30 versements dus et non

payØs

Ii nest que juste que lemprunteur reinbourse le

montant de son obligation avec lintØrŒtau taux de 12

par cent quil sest oblig de payer et quil de fait

payØspendant que la sociØtØ Øtait en operation et au

taux de par cent sur Ia balance qui restait non payee

lorsquelle fut misc en liquidation et cela aux ØchØan

ces fixŒes par le dit acte dobligation et la resolution

du 22 octobre 1884

Enfin la classe laquelle Sansterre appartenait

expirant le 10 janvier 184 date de la misc en liqui

dation Sansterre se trouve avoir payØ quatre verse

ments de $35 dintØrŒts et bonus quil ne devait passavoir ceux dus les icr fØvrier mars avril et mai 1884

en tout $140 qui doivent Ctre portØes àson credit

AprŁs müre dØlibØration nous sommes arrives la

conclusion suivante Sansterre reçu $3500 de la

sociØtØ de construction quil promit rembourser avec

intØrŒtet bonus au taux de 12 par cent par an DaprŁsla jurisprudence de toutes les provinces et la decision

de toutes les cours dans la prØsente cause cc taux pouvait Œtre stipule sans violer les lois contre lusure

eb 69 ss et ii

1897

Can

LII 6

7 (S

CC

)

536 SUPREME COURT OF CANADA XXVII

1897 Lorsque la sociØtØ tomba en liquidation lemprunteur

GtYERTIN avait payØ $2450 sur sŁs parts on le capital de son

obligation et pareille somme titre dintØrŒt et bonusSANSTERRE

et par consequent il restait du tous ØvØnements

hrouard une balance de $1050 sur le capital savoir 30 verse-

ments mensuels de $35 chaque dont deux sont deve

nus Øchus avant la resolution du 22 octobre 1884

savoir le icr juin et le ler juillet 1884 tel que porte

en lacte dobligation et les vingthuit autres verse

ments aprŁs la dite resolution commencer le Icr

dCcembre 1884 et ainsi de suite le premier de chaque

mois suivant jusquà ce que la dite somme de $1050

soit complØtØesoit le icr mars 1887 avec lintØrŒt

sur chaque versement Øchu aprŁs le 19 avril 1885 cinq

ans avant laction an taux de par cent par annØe

jusquà parfait paiement conformØment la section 19

dela42 43 Vict.ch 32

Nous nallouons que cinq annØes dintØrŒtaccrues

avant linstitution de laction les intØrŒtsantØrieurs

an 19 avril 1885 Øtant prescrits aux termes des articles

2250 et 2267 du Code Civil

Ii faudra dØduire les $140 payØes aprŁs la declaration

en liquidation titre dintØrŒt et bonus ainsi quil est

dit plus haut Cette somme compense les quatre pre

iniers versements Øchus les icr juin juillet dØcembre

1884 et janvier 1885 Il reste donc non payØs vingt

six versements dont le Icr est devenu echu le icr

fØvrier 1885 et ainsi de suite le premier de ch aque

mois avec intØrØt au taux dØ par cent par annØe

compter de chaque echeance arrivant aprŁs le 19 avril

1885

Jugement doit Œtre rendu contre les intimØs en

faveur de lappelant sur cette base cest-a-dire pour

vingt-six versements formant la somme capitale de

neuf cent dix piastres et les intØrŒtsan taux de six

par cent par anne compter de lØchØance de chaque

1897

Can

LII 6

7 (S

CC

)

VOL XXVII SUPREME COURT OF CANADA 537

versement mensuel do trente-cinq piastres comme susdit 1897

lesquels intØrŒtsle jour do linstitution de laction 19 QINavril 1890 formaient la somme totale de $195.54 et

SANSTERRE

avec intØrŒtau mŒmetaux sur la dite somme do $910Girouard

compter du jour de institution de action le tout

avec dØpens dune action excØdant mule piastres tant

devant cette cour que devant la cour dAppel et Ia

cour SupØrieure

Appeal allowed uith costs

Solicitors for the appellant BØIque Lafonlaine Tur

geon Robertson

Solicitors for the respondents Roy Roy

1897

Can

LII 6

7 (S

CC

)