Volume 2 - ElectricCanadian.com

10 HISTORY OF THE BANKA few amendments of minor importance were made by theLegislative Assembly and accepted by the Council. OnAugust 16 the bill received the assent of the Governor-General,Sir Edmund Walker Head, Bart. 1The provisional directorswere the Hon. William Cayley, the Hon. J. C. Morrison, 2Angus Morrison, 3 the Hon. John 4Ross, William Henry Boulton 5and Frederick Cumberland. 6 All these gentlemen were prominentcitizens of Toronto and the descendants of most of themcontinued to play important parts in the city's life for manyyears. The capital of the bank was fixed at $3,000,000 inshares of $50 each, and permission was given to commencebusiness as soon as $1,000,000 was subscribed and $250,000actually paid in. The number of votes to which a shareholderwas entitled was fixed inaccordance with a graduated scale,with a maximum of twenty. It was further provided thatone-tenth of the paid-up capitalshould always be invested indebentures of the province of Canada payable within theSir Edmund Walker Head, Bart. (1805-1868), Lieutenant-Governor of NYwBrunswick from 1847 to 1854, and Governor-General of Canada from 1854 to 1861;later a Governor of the Hudson's Bay Company.2Joseph Curran Morrison (1816-85) was born in Ireland, but came to Canadawhen quite young. He was educated at Upper Canada College, and was called to thebar in 1839. He became Solicitor-General in the Hincks-Morin ministry, and heldoffice in several subsequent administrations.In 1862 he was appointed Puisne Judgeof the Court of Common Pleas, and in the following year was promoted to the Courtof Queen's Bench. In 1877 he was transferred to the Court of Appeal.'Angus Morrison, Q.C. (1824-82), was a native of Edinburgh, but came to thiscountry with his parents at the age of eight. He was educated in Belfast, Ireland,and at Upper Canada College. He studied law and was called to the bar in 1846.In 1854 he was elected to the House of Commons, and he sat in the House for twentyyears as the representative of various constituencies. From 1876 to 1878 he servedas Mayor of the City of Toronto. He was made a Queen's Counsel in 1867.4The Hon. John Ross (1818-71) was a native of Ireland, and after coming toCanada, studied law at Brockville. He married a daughter of Robert Baldwin, thewell-known leader of the struggle for responsible government. Mr. Ross was appointedto the Legislative Council in 1848 and became Solicitor-General in 1851. He filledmany important positions in succeeding administrations, and for ten years was presidentof the Grand Trunk Railway Company. At Confederation he was called to theSenate of the Dominion of Canada, and became Speaker of that body in 1869.William Henry Boulton (1812-73) was a native of Toronto, and represented thatcity in Parliament continuously from 1844 to 1853. He was also Mayor of Toronto