NOTE: This consolidation is not official. Amendments have been incorporated for convenience of reference and the original statutes and regulations

Transcription

1 MONTREAL TRUST COMPANY OF CANADA c Montreal Trust Company of Canada Act being a Private Act Chapter 105 of the Statutes of Saskatchewan, (effective May 19, 1981). NOTE: This consolidation is not official. Amendments have been incorporated for convenience of reference and the original statutes and regulations should be consulted for all purposes of interpretation and application of the law. In order to preserve the integrity of the original statutes and regulations, errors that may have appeared are reproduced in this consolidation.

2 2 c. 105 MONTREAL TRUST COMPANY OF CANADA Table of Contents 1 Short title 2 Substitution of Montreal Trust Company of Canada 3 Act valid transfer without registration 4 Legal proceedings 5 Claims not affected 6 Exceptions to application of sections 2 to 5 7 Declaration in instrument binding

3 MONTREAL TRUST COMPANY OF CANADA c CHAPTER 105 An Act respecting Montreal Trust Company and Montreal Trust Company of Canada (Assented to May 19, 1981) Preamble WHEREAS Montreal Trust Company, through its wholly owned subsidiary, Montrustco Corporation, has incorporated Montreal Trust company of Canada by way of Letters Patent dated July 19, 1978 under the Trust Companies Act (Canada), as amended from time to time, to be a wholly owned subsidiary of Montrustco Corporation, except for directors qualifying shares, and to take over and carry on certain of the business of Montreal Trust Company in Saskatchewan and other areas of Canada with certain exceptions; and Whereas Montreal Trust Company and Montreal Trust Company of Canada have by their petition prayed for legislation for that purpose; and Whereas it is expedient to grant the prayer of the said petition: Therefore Her Majesty, by and with the advice and consent of the Legislative Assembly of Saskatchewan, enacts as follows: Short title 1 This Act may be cited as The Montreal Trust Company of Canada Act. Substitution of Montreal Trust Company of Canada 2(1) Montreal Trust Company of Canada is substituted for Montreal Trust Company in every document or trust, however created, in, by or of which Montreal Trust Company is named executor, administrator, trustee, bailee, committee, assignee, liquidator, receiver, guardian, curator or named to any other position or office where any property, interest, possibility or right is vested in, administered or managed by, put in the custody, care or control of, or held in trust by Montreal Trust Company for, or for the benefit of, any other person or purpose, and the document or trust shall be read, construed and given effect as if Montreal Trust Company of Canada had been named in it instead of Montreal Trust Company. (2) Without limiting the generality of subsection (1) the substitution of Montreal Trust company of Canada for Montreal Trust Company shall take place in or in respect of every trust, trust deed, agreement, instrument of creation, settlement, assignment, will, codicil or other testamentary document, letters probate, letters of administration, judgment, decree, order, direction or appointment of any court, judge or other constituted authority, conveyance, mortgage, assignment, appointment or other writing and every other document or trust, including every incomplete or inchoate trust , c.105, s.2.

4 4 c. 105 MONTREAL TRUST COMPANY OF CANADA Act valid transfer without registration 3(1) All real and personal property and every interest therein that is granted to, held by or vested in Montreal Trust Company, whether by way of security or otherwise, pursuant to or in respect of any document or trust to which section 2 applies, and whether or not in the form in which it was originally acquired by Montreal Trust Company, shall be vested in Montreal Trust Company of Canada according to the tenor of, and at the time indicated or intended by, the document or trust upon the same trust, with the same powers, rights, immunities and privileges, and subject to the same obligations and duties. (2) For the purposes of any Act affecting the title to real or personal property, it is sufficient to cite this Act as effecting the grant, conveyance or transfer of title from Montreal Trust Company to, and the vesting of title in, Montreal Trust Company of Canada of every property affected by subsection (1), and, notwithstanding any other Act, it is not necessary to register or file this Act or any other instrument, document or certificate showing the change of title in any public office in Saskatchewan , c.105, s.3. Legal proceedings 4(1) No legal proceeding being carried on and no power or remedy being exercised by or against Montreal Trust Company pursuant to or in respect of any document or trust to which section 2 applies, shall be discontinued or abated on account of this Act, but may be continued in the name of Montreal Trust Company of Canada, which shall have the same rights, be subject to the same liabilities and pay or receive the same costs and awards as if the proceeding had been commenced or defended in the name of Montreal Trust Company of Canada. (2) Any legal proceeding or any power, right or remedy that might have been brought or exercised by or against Montreal Trust Company pursuant to or in respect of any document or trust to which section 2 applies, may be brought or exercised by or against Montreal Trust Company of Canada, which shall have the same rights and be subject to the same liabilities as would have applied to Montreal Trust Company were this Act not in force , c.105, s.4. Claims not affected 5 Nothing in this Act: (a) affects the rights of any person having a claim against Montreal Trust Company in respect of any document or trust to which section 2 applies; or (b) impairs, modifies or affects the liability of Montreal Trust Company to a person described in clause (a); and rights that may be enforceable in the province against Montreal Trust Company may be asserted or enforced against Montreal Trust Company of Canada, which shall be responsible for all debts, liabilities, and obligations of Montreal Trust Company in respect of such document or trust , c.105, s.5.

5 MONTREAL TRUST COMPANY OF CANADA c Exceptions to application of sections 2 to 5 6(1) Sections 2 to 5 do not apply to: (a) any real or personal property granted to, held by or vested in Montreal Trust Company and any power, right, immunity, privilege or right of action that may be exercised by or against Montreal Trust Company, pursuant to or in respect of: (i) any trust indenture or indenture wherein Montreal Trust Company is named trustee and by virtue or which any bond, debenture or other evidence of indebtedness, warrant or right is issued; or (ii) any document or trust pursuant to which Montreal Trust Company acts as trustee for an employees superannuation or pension fund or plan, which has been accepted for registration under the Income Tax Act (Canada), as trust fund or unit trust the principal purpose of which is the investment of any part of the moneys from an employees superannuation or pension fund or plan; (b) any agreement or other document where Montreal Trust Company is named as registrar or transfer agent; (c) any real or personal property owned or held by, vested in or granted to Montreal Trust Company exclusively for its own use and benefit and not in trust for or for the benefit of any other person or purpose; (d) any real or personal property which is situated outside the province, and any power, right, immunity, privilege or right of action that may be exercised by or against Montreal Trust Company under any document or trust with respect to that property, but in the case of: (i) property situated outside the province for which Montreal Trust Company has been appointed, or is entitled to be appointed by a court of Saskatchewan, as personal representative of a deceased person, whether as executor, administrator or otherwise, Montreal Trust Company of Canada may, upon application to such court, be appointed personal representative in the place of Montreal Trust Company with respect to that property; and (ii) property situated outside the province, other than property described in subclause (i), and for which Her Majesty s Court of Queen s Bench for Saskatchewan has jurisdiction under section 14 of The Trustee Act to make an order for the appointment of a new trustee, Montreal Trust Company of Canada may, upon application to Her Majesty s Court of Queen s Bench for Saskatchewan, be appointed trustee in the place of Montreal Trust Company with respect to that property, and that appointment has, for all purposes of the laws of the province, the same effect as if it were made under section 14 of The Trustee Act; or (e) trusts relating to moneys received for guaranteed investment and any real or personal property held in trust with respect to that guaranteed investment. (2) An appointment made pursuant to subclause (1)(d)(i) or (ii) shall not affect any rights which may continue to be exercised by or against Montreal Trust Company , c.105, s.6.

6 6 c. 105 MONTREAL TRUST COMPANY OF CANADA Declaration in instrument binding 7 In an instrument executed subsequent to the coming into force of this Act by Montreal Trust Company or by Montreal Trust Company of Canada dealing with property granted to, held by or vested in either corporation, a declaration in the instrument that: (a) title to the property is changed by section 3; (b) (c) the property comes within an exemption provided in section 6; or this Act does not apply to the property; is binding on both corporations, and shall be accepted as conclusive proof of the facts stated therein by every public office within the jurisdiction of the province , c.105, s.7. REGINA, SASKATCHEWAN Printed by the authority of THE QUEEN S PRINTER Copyright 2000