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This is an unofficial version.
If you need an official copy, use the bilingual (PDF) version.

This version is current as of October 17, 2014.
It has been in effect since November 14, 1990, when this Act came into force.
 

RSM 1990, c. 63

The Guaranty Trust Company of Canada Act, 1975

WHEREAS Guaranty Trust Company of Canada entered into an agreement dated December 2, 1963, with Prudential Trust Company Limited providing for the acquisition by Guaranty Trust Company of Canada of all the business, undertaking and assets of Prudential Trust Company Limited, all trusts, trust estates and appointments of every kind and description granted to or assumed or held by Prudential Trust Company Limited and all moneys received or deemed to have been received by Prudential Trust Company Limited in trust and all of the rights and powers of Prudential Trust Company Limited with respect thereto and the assumption by Guaranty Trust Company of Canada of all debts, duties, obligations and liabilities of Prudential Trust Company Limited;

AND WHEREAS Guaranty Trust Company of Canada by its petition, prayed that it be enacted as hereinafter set forth;

AND WHEREAS its prayer was granted and resulted in the enactment of An Act respecting Guaranty Trust Company of Canada, assented to June 19, 1975;

AND WHEREAS the Minister of Justice has caused the Act to be prepared in English and French for re-enactment in accordance with a judgment dated June 13, 1985 and an order dated November 4, 1985 of the Supreme Court of Canada;

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

Definitions

1           In this Act,

"fiduciary" includes trustee, bailee, executor, administrator, assignee, litigation guardian, committee, curator, receiver, liquidator, agent, registrar, transfer agent, or any other office or position of trust or agency whatsoever; and (« fiduciaire »)

"instrument" includes every will, codicil, or other testamentary document, writing, indenture, conveyance, settlement, trust deed, deed, mortgage, assignment, appointment, probate, letters of administration, Act of the Legislature, and a judgment, decree, order, direction, or appointment of any Court, Judge, or other constituted authority. (« instrument »)

Vesting

2           From June 19, 1975 all trusts, trust estates and appointments of every kind and description granted to or held by Prudential Trust Company Limited and all powers, rights, immunities, and privileges conferred upon or enjoyed by it are hereby vested in Guaranty Trust Company of Canada upon the same trusts and subject to the same obligations and duties and, without restricting the generality of the foregoing provisions of this section

(a) whenever in an instrument any estate, money or other property, or any interest, possibility or right is intended at the time or times of the publishing, making or signing of the instrument to be thereafter vested in or administered or managed by or put in the charge of Prudential Company of Canada shall be deemed to be substituted for the name of Prudential Trust Company Limited, and such instrument vests the subject matter therein described in Guaranty Trust Company of Canada according to the tenor of, and at the time indicated or intended by the instrument, and Guaranty Trust Company of Canada shall be deemed to stand in the place and stead of Prudential Trust Company Limited;

(b) where the name of Prudential Trust Company Limited appears as executor, trustee, guardian, committee, quasi committee or curator in a will or codicil, such will or codicil shall be read, construed and enforced as if Guaranty Trust Company of Canada was so named therein, and it has, in respect of the will or codicil, the same status and rights as, and in the place and stead of, Prudential Trust Company Limited; and

(c) in all probates, administrations, guardianships, curatorships, committeeships, quasi committeeships, or appointments of administrator or litigation guardian issued or made by any court in the province to Prudential Trust Company Limited from which on December 2, 1963 it had not been fully discharged, Guaranty Trust Company of Canada shall be substituted therefor.

Rights of creditors unimpaired

3           All rights of creditors and liens upon the property of Prudential Trust Company Limited are unimpaired by the transfer to and acquisition by Guaranty Trust Company of Canada of all the business, undertaking and assets of Prudential Trust Company Limited.

Assumption of duties and liabilities

4           All debts and liabilities of Prudential Trust Company Limited and all of its duties to be performed are the obligations of and attach to Guaranty Trust Company of Canada and may be enforced against it to the same extent as if the same had been incurred or contracted by it.

Continuation of actions

5(1)        No suit, action, appeal, application or other proceeding being carried on within the province, or power, right, or remedy being exercised therein by Prudential Trust Company Limited shall be discontinued on account of this Act, but may be continued in the name of and by Guaranty Trust Company of Canada and Guaranty Trust Company of Canada has the same powers, rights and remedies and is subject to the same liabilities, and shall pay or receive the like costs, as if the suit, action, appeal, application, or other proceeding had been commenced or defended by and in the name of Guaranty Trust Company of Canada.

Preservation of rights of action

5(2)        Guaranty Trust Company of Canada may bring, maintain and exercise in its name any suit, action, appeal, application or other proceeding or exercise any power, right or remedy that, but for this Act, Prudential Trust Company Limited as or could have been entitled to bring, maintain, or exercise within the province.

Act a valid grant

6(1)        This Act is and shall in all respects be treated, for the purposes of every land titles office, registry office, and other public office whatsoever in the province, and of any and all transactions therein and of the officers administering them, as a legal and valid grant, conveyance, transfer, and assignment to Guaranty Trust Company of Canada of any and all lands, interests in lands, mortgages, charges, encumbrances, or other instruments whatsoever, and of any and all other property of every description, real, personal, or mixed now or hereafter standing in the name of or vested in Prudential Trust Company Limited whether as owner, trustee, liquidator or otherwise, and whether registered or filed under The Real Property Act, The Registry Act, The Corporations Act, or any other Act of the Legislature or under any other system or form of registration.

Registrations not required

6(2)        Any such Act of the Legislature notwithstanding, it shall not be necessary under any system or form of registration to register or file this Act or any further or other instrument or to issue any certificate or to make any entry in connection with the vesting in Guaranty Trust Company of Canada of any of the said property, except in the case of any of the said lands or interests in lands under The Real Property Act memorials of such vesting shall upon the filing of a request be endorsed on certificates of title and any of the said mortgages, charges, encumbrances or other instruments other than those to be dealt with by discharge only; nor shall it be necessary in any instrument whereby Guaranty Trust Company of Canada deals with any of the said property to recite or set out the vesting of the same in Guaranty Trust Company of Canada or in the case of any of the said lands under The Real Property Act to issue certificates of title in or to transmit any of the said mortgages, charges, encumbrances or other instruments to the name of Guaranty Trust Company of Canada.

NOTE:  This Act replaces S.M. 1975, c. 54.

 

 


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