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The Guaranty Trust Company of Canada and The Western Trust Company Act
This is an unofficial version.
If you need an official copy, use the bilingual (PDF) version.

This version is current as of May 19, 2017.
It has been in effect since November 14, 1990, when this Act came into force.
 

RSM 1990, c. 64

The Guaranty Trust Company of Canada and The Western Trust Company Act

WHEREAS Guaranty Trust Company of Canada purchased all the issued and outstanding shares of The Western Trust Company and agreed to purchase all the business, rights and property of the said The Western Trust Company under and by virtue of an agreement made between the companies dated February 21, 1959;

AND WHEREAS the said Guaranty Trust Company of Canada, by petition, prayed for special legislation with respect to certain matters;

AND WHEREAS its prayer was granted and resulted in the enactment of An Act respecting Guaranty Trust Company of Canada and the Western Trust Company, assented to August 4, 1959;

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:

Agreement validated

1           The agreement between Guaranty Trust Company of Canada and The Western Trust Company, a copy of which is set out in the Schedule hereto (hereinafter called "the agreement") continues to be valid and operative to the same extent and in the same manner as if the several clauses thereof were set out and enacted as part of this Act; and each of the parties to the agreement is declared to have had power to make and execute the agreement; and subject to all statutory provisions relating thereto, Guaranty Trust Company of Canada continues to have power to carry on the combined business in the Province of Manitoba.

Guaranty Trust substituted as trustee

2(1)        Guaranty Trust Company of Canada is substituted as executor, administrator, trustee, committee, assignee, liquidator, receiver, registrar, transfer agent, guardian or curator, or as the case may be, in the place and stead of The Western Trust Company, in or in respect of every trust, trust deed, deed, mortgage, indenture, conveyance, will, codicil, probate, letters of administration, judgment, order, appointment or other document whatsoever, or trust howsoever created wherein or whereby or of which The Western Trust Company is, or was named as, or became, trustee or was appointed to any office or trust.

Vesting of trusts

2(2)        All trusts and trust estates and properties of every kind and description, including incomplete or inchoate trusts, granted to or held by The Western Trust Company, or in respect of which it might become entitled to act, and all powers, rights, immunities and privileges conferred upon or enjoyed by it under such trust, trust deed, deed, mortgage, indenture, conveyance, will, codicil, probate, letters of administration, judgment, order, appointment, or other document whatsoever, or in respect or by virtue of any trust howsoever created, are vested in Guaranty Trust Company of Canada upon the same trusts, and with the same powers, and subject to the same obligations and duties, as are therein, thereby or in respect thereof respectively provided or imposed.

Idem

2(3)        All trusts, trust deeds, deeds, mortgages, indentures, conveyances, wills, codicils, probates, letters of administration, judgments, orders, appointments or other documents whatsoever, made before or after August 4, 1959, naming or appointing The Western Trust Company to the office of executor, administrator, trustee, committee, assignee, liquidator, receiver, registrar, transfer agent, guardian or curator, or to any other office or position whatsoever, or wherein any estate, money or other property, or any interest, possibility or right is intended to be, before or after August 4, 1959, vested in or administered or managed by, or put in charge of, The Western Trust Company shall be read, construed, and given effect to as if Guaranty Trust Company of Canada were and had been named therein in the place and stead of The Western Trust Company.

Properties of Western Trust vested in Guaranty Trust

3(1)        All the lands, estates, leases, charges, mortgages, encumbrances, securities, assets, properties, real, personal or mixed, effects, rights, credits, choses-in-action and causes of action of every description belonging to, or standing in the name of, or existing in, The Western Trust Company are transferred to and vested in Guaranty Trust Company of Canada without further act, conveyance or other deed, to and for the use and benefit absolutely of Guaranty Trust Company of Canada, its successors and assigns, for all the estate, right, title, interest, claim and demand which The Western Trust Company has, or becomes, or may become entitled to.

Exercise of powers

3(2)        Guaranty Trust Company of Canada may exercise all the powers, rights and privileges over or in respect of the things and matters to which reference is made in subsection (1) or any of them, that The Western Trust Company has, or had, or could or might have exercised, and may sell, release, discharge, assign, transfer, convey, dispose of or otherwise deal with all or any of the said lands, estates, leases, charges, mortgages, encumbrances, securities, assets, properties, real, personal or mixed, effects, rights, credits, choses-in-action and causes of action aforesaid and execute all requisite or proper assignments, transfers, discharges, releases, deeds, grants or other conveyances or other documents whatsoever, as occasion therefor shall arise, and exercise all powers in connection therewith or with respect thereto in the name of Guaranty Trust Company of Canada in the same manner as if they stood in the name of, or had been made to or in favour of, Guaranty Trust Company of Canada.

Actions by Western Trust continued in Guaranty Trust

3(3)        No suit, action, appeal, application or other proceeding being carried on, or power or remedy being exercised, shall be discontinued or abated on account of this Act or of the purchase by Guaranty Trust Company of Canada of all the issued and outstanding shares of The Western Trust Company, but it may be continued in the name of Guaranty Trust Company of Canada; and Guaranty Trust Company of Canada has the same rights, 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 in the name of Guaranty Trust Company of Canada.

Right to bring action, etc.

3(4)        Guaranty Trust Company of Canada may bring, maintain, and exercise in its own name any suit, action, appeal, application or other proceeding or exercise any power, right or remedy or right of distress that The Western Trust Company could have been or become entitled to bring, maintain or exercise.

Act a valid grant without registration

4(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 or interests in lands and of any and all mortgages, charges, encumbrances, or other documents whatsoever, and of any and all other property of every description real, personal, or mixed, and whether under The Real Property Act or any other system or registration, now or hereafter standing in the name of, or vested in, The Western Trust Company, whether as owner, trustee, liquidator or otherwise.

Registrations and transmissions not requires

4(2)        Notwithstanding The Corporations Act, The Real Property Act, or any other Act of the Legislature, it is not necessary to register or file this Act or register or file or issue any further or other instrument, document, or certificate, or to make any entry showing the transmission or assignments of title from The Western Trust Company to Guaranty Trust Company of Canada of any such property, or in the case of lands under The Real Property Act, to have certificates of title issued in, or to have any mortgage, charge, encumbrance or other document whatsoever transmitted to the name of Guaranty Trust Company of Canada; nor is it necessary in any instrument or document whereby Guaranty Trust Company of Canada deals with any of the said property, to recite or set out any such transmission or assignment of title, other than the making of a memorial of such vesting on each certificate of title and each mortgage under The Real Property Act.

Fees

4(3)        The fees payable to the district registrar of any land titles office for making the memorials referred to in subsection (2) shall be equal to the fees payable upon registration of a transfer of such lands and mortgages under The Real Property Act.

Rights of creditors preserved

5           Nothing in this Act affects the rights of any creditor of, or any person having a claim against, either of the said companies, or impairs, modifies or affects the liability of The Western Trust Company in respect of any trust or trust estate that by or under this Act, becomes vested in Guaranty Trust Company of Canada; but all such rights may be asserted against Guaranty Trust Company of Canada, which shall be responsible for all debts, liabilities and obligation of The Western Trust Company.