Question 595. - Section 114 of the Bank Act requires a return to be made annually of all dividends which have remained unpaid beyond five years. Are not such dividends, as arrears of interest, outlawed in many of the provinces under provisions respecting prescription?

Answer. - Under sections 92 and 57 (5) of the Bank Act the liability of the bank to repay moneys deposited,, with the interest, if any, and to pay dividends declared on its capital stock, is exempt from the operation of the Statute of Limitations or any law relating to prescription. These clauses are retroactive.