S.M. 2005, c. 36

Bill 39, 3^rd Session, 38^th Legislature

The Investment Trust Unitholders' Protection Act

(Assented to June 16, 2005)

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:

Definition

1           In this Act, "Manitoba income trust" means a trust that

(a) is created by a trust instrument governed by the laws of Manitoba, whether the trust is created before or after the coming into force of this Act; and

(b) is a reporting issuer under The Securities Act.

Limited liability

2           Despite any express or implied agreement by a beneficiary to indemnify a trustee, a beneficiary of a Manitoba income trust is not, as a beneficiary, liable for any act, default, obligation or liability of any of its trustees that arises after this Act comes into force.

Governing law

3           Without limiting any other circumstances in which a trust instrument may be governed by the laws of a particular jurisdiction, a trust instrument is governed by the laws of the particular jurisdiction as provided in the trust instrument.

No effect on other trusts

4           This Act does not affect any liability of a beneficiary of a trust to which this Act does not apply.

C.C.S.M. reference

5           This Act may be referred to as chapter I105 of the Continuing Consolidation of the Statutes of Manitoba.

Coming into force

6           This Act comes into force on the day it receives royal assent.