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This is an unofficial version.
This version is current as of April 22, 2014.
It has been in effect since November 14, 1990, when this Act came into force.
 

RSM 1990, c. 65

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

WHEREAS Guaranty Trust Company of Canada agreed to purchase all the business, undertaking and assets of The Equitable Trust Company under and by virtue of an agreement made between the said companies bearing date of February 21, 1958, and intended to carry on that business in conjunction with that then being carried on by it in the Province of Manitoba;

AND WHEREAS Guaranty Trust Company of Canada, by its petition prayed for special legislation in respect to the matters hereinafter set forth;

AND WHEREAS it is expedient to grant the prayer of the said petitioner;

AND WHEREAS its prayer was granted and resulted in the enactment of An Act respecting Guaranty Trust Company of Canada and The Equitable Trust Company, assented to April 10, 1958;

AND WHEREAS the Minister of Justice has caused the Act to be re-enacted in English and French 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 ratified

1           The agreement between Guaranty Trust Company of Canada and The Equitable Trust Company, a copy of which is set out in the Schedule (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 substituted for Equitable in all trusts

2(1)        On and from April 10, 1958, 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 Equitable Trust Company in or in respect of every trust deed, deed, mortgage, indenture, conveyance, will, codicil, probate, letters of administration, judgment, order or appointment or other document whatsoever, or trust document howsoever created, wherein or whereby, or of which, The Equitable Trust Company is or was named as, or became, trustee or is or was appointed to any office or trust.

Vesting of trust properties

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 Equitable 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 any such 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, were vested in Guaranty Trust Company of Canada on April 10, 1958 upon the same trusts, and with the same powers, and subject to the same obligations and duties, as were therein, thereby or in respect thereof, respectively provided or imposed.

Substitution of name of Guaranty Trust in documents

2(3)        All trust deeds, deeds, mortgages, indentures, conveyances, wills, codicils, probates, letters of administration, judgments, orders, appointments, or other documents whatsoever, made before or after April 10, 1958 naming or appointing The Equitable 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 April 10, 1958 vested in, or administered or managed by, or put in charge of The Equitable Trust Company shall be read, construed, and given effect from April 10, 1958, as if Guaranty Trust Company of Canada were and had been named therein in the place and stead of The Equitable Trust Company.

Properties of Equitable vested in Guaranty

3(1)        On April 10, 1958, 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 Equitable Trust Company were hereby 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 Equitable Trust Company had on April 10, 1958 or thereafter became or may become entitled to; and Guaranty Trust Company of Canada shall be, and is hereby, empowered to exercise all the powers, rights, and privileges, over or in respect of them, or any of them, or any of them that The Equitable Trust Company has or had or could or might have exercised.

Powers of Guaranty Trust

3(2)        Guaranty Trust Company of Canada, from April 10, 1958, may

(a) 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;

(b) execute all requisite or proper assignments, transfers, discharges, releases, deeds, grants or other conveyances, or other documents whatsoever, as occasion therefor arises;

(c) 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.

Effect of subsection (2)

3(3)        Subsection (2) does not confer on Guaranty Trust Company of Canada any rights or powers that The Equitable Trust Company could not or is not entitled to exercise.

3(4)        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 business, undertaking, and assets of The Equitable Trust Company; but from April 10, 1958 it may be continued in the name of Guaranty Trust Company of Canada; and Guaranty Trust Company of Canada shall have the same rights, and be 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(5)        From April 10, 1958, 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 Equitable Trust Company could have been or become entitled to bring, maintain or exercise.

Rights of creditors saved

4           Nothing in this Act affects the rights of any creditor of either of the said companies, or impairs, modifies or affects the liability of The Equitable Trust Company in respect of any trust or trust estate that, by or under this Act, became vested in Guaranty Trust Company of Canada, but all such rights shall be asserted against Guaranty Trust Company of Canada which shall be responsible for all debts, liabilities and obligations of The Equitable Trust Company.

 

 
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