If purporting to be the endorsement of a corporation, the name of the corporation and the official position of the person or persons signing for it, must be stated.

If purporting to be made by some one on behalf of the endorser, it must indicate by words that the person signing has been authorized to sign: ex gr., "John Smith, by his attorney, Thomas Robinson," or " Brown, Jones & Co., by Thomas Robin-son, their attorney, or Per Pro. or P. P. the Smith Brown Company Limited, Thomas Robinson."

(c) An endorsement other than a restrictive endorsement, which is not in accordance with the foregoing definition of a regular endorsement, or which is so placed or worded as to raise doubts whether it is intended as an endorsement, is an in regular endorsement within the meaning of these Conventions and Rules.

(d) Section 68, subsection 2 of the Bills of Exchange Act defines a restrictive endorsement as follows:

"An endorsement is restrictive which prohibits the further negotiation of the bill, or which expresses that it is a mere authority to deal with the bill as thereby directed, and not a transfer of the ownership thereof, as, for example, if a bill is endorsed 'pay D only,' or 'pay D for the account of X,' or 'pay D, or order, for collection.'"

The following further examples shall be treated as restrictive endorsements within the meaning of these Conventions and Rules, without prejudice, however, to their true character should the question arise in court, viz.:

"For deposit only to the credit of ......................"

"For deposit In ........................ bank to credit of ............................................................."

"Deposited in ... .............. bank for account of .............................................................."

"Credit .................... bank"

(e) All items cleared, except bank notes, shall bear the stamp of the depositing member whether the bank is the original payee or not. Such stamp shall clearly indicate the name of the member and date of clearance, and shall for all purposes be the endorsement of the depositing member, and except as hereinafter specified, no further or other endorsement shall be required.

The endorsement on all items cleared by a suburban branch of a member shall be equivalent to the endorsement of the depositing member. Such endorsement shall contain the name of the member, its branch or agency, and date of clearance by the presenting member.

(f) In the case of all items, whether restrictively, irregularly, or conditionally endorsed, sent through the exchanges by members of the Clearing House, the stamp of the member sending the item shall be deemed and held as guaranteeing the authenticity of all endorsements thereon, even if such guarantee be not express. By virtue of such guarantee and of these conventions and rules the member so bound shall return to the paying member the amount of the item so guaranteed, if, owing to the nature of any endorsement, or to its being forged, or unauthorized, it should appear that such payment was improperly made. The said stamp, however, shall not be construed as supplying or guaranteeing to supply a missing endorsement.

(g) When a letter of credit, deposit receipt, or other item not negotiable, and to which the provisions of the Bills of Exchange Act do not apply, is deposited or presented, a receipt and indemnity in the following form, or to the like effect, shall be written or stamped thereon, signed in writing by an authorized officer of the presenting or depositing member, viz.:

"Received amount of within from the within named bank, which is hereby indemnified against all claims hereunder by any person."

(h) While it is understood that in general, for convenience of the depositing or presenting member, no objection will be made to a restrictive endorsement, or to an irregular endorsement, particularly by reason of subsection (f) hereof, yet in view of the responsibility which a depositing or presenting member incurs in connection therewith, each member shall undertake to make all reasonable efforts to have all endorsements on items deposited or presented by it made regular in order that its customers and the public generally may ultimately be led to adopt a regular and uniform system.

It is also understood that endorsements regularly made within the meaning of these Conventions and Rules shall not be objected to except for special reasons to be assigned with the objection.

Chap. 1.

An Act to amend The Bank Act.

[Assented to 8th April, 1915.]

His Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: 1. The Bank Act, chapter 9 of the statutes of 1913, is amended by inserting immediately after subsection 7 of section 88 the following subsections:Loans for the Purchase of Seed Grain.

"8. The bank may lend money to the owner, tenant or occupier of land for the purchase of seed grain upon the security of any crop to be grown from such seed grain.

Form of Security.

"9. The security may be taken in the form set forth in Schedule G to this Act or in a form to the like effect.

Lien.

"10. The bank shall by virtue of such security acquire a first and preferential lien and claim for the sum secured and interest thereon upon the seed grain purchased and the crop covered by the security, as well before as after the severance of the crop from the soil, and upon the grain threshed therefrom, and the bank shall by virtue of such security acquire the same rights and powers in respect of such seed grain and of the grain so threshed as if it had acquired such rights and powers by virtue of a warehouse receipt Rights in Case of Default.

"11. The bank shall have the right, through its servants or agents. In case of default in payment of the money lent or in case of neglect to care for and harvest the crop, or in case of any attempt to dispose of the crop without the consent of the bank, or in case of the seizure of the crop under process of law, to enter upon the land upon which the crop is grown, to take possession of, care for and harvest the crop and thresh the grain therefrom.