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S.M. 2005, c. 36
Bill 39, 3rd Session, 38th Legislature
The Investment Trust Unitholders' Protection Act
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(Assented to June 16, 2005)
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
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.
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.
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.
4 This Act does not affect any liability of a beneficiary of a trust to which this Act does not apply.
5 This Act may be referred to as chapter I105 of the Continuing Consolidation of the Statutes of Manitoba.
6 This Act comes into force on the day it receives royal assent.