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The Investors Syndicate Limited Act, 1980
This is an unofficial version.
If you need an official copy, use the bilingual (PDF) version.

This version is current as of August 17, 2017.
It has been in effect since November 14, 1990, when this Act came into force.
 

RSM 1990, c. 76

The Investors Syndicate Limited Act, 1980

WHEREAS Investors Syndicate Limited, The Western Savings and Loan Association and The Provident Investment Company Inc., under agreements dated April 1, 1980, agreed to merge and amalgamate and to continue as one corporate entity under the name: "Investors Syndicate Limited";

AND WHEREAS Investors Syndicate Limited has by its petition prayed that certain provisions should be enacted;

AND WHEREAS its prayer was granted, and resulted in the enactment of The Investors Syndicate Limited Act, 1980, assented to July 9, 1980;

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:

Assets on amalgamation

1(1)        On, from and after August 1, 1980, all the lands, estate, 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 in the name of or existing in, Investors Syndicate Limited, The Western Savings and Loan Association or The Provident Investment Company Inc., and all investment contracts entered into by Investors Syndicate Limited, The Western Savings and Loan Association and The Provident Investment Company Inc., were transferred to and vested in, Investors Syndicate Limited without further act, conveyance, or other deed, to and for the use and benefit absolutely of Investors Syndicate Limited, its successors and assigns, for all the estate, right, title, interest, claim and demand which on that date or thereafter Investors Syndicate Limited, The Western Savings and Loan Association or The Provident Investment Company Inc., has, or become, or may become entitled to.

Exercise of rights, etc.

1(2)        On, from and after August 1, 1980, Investors Syndicate Limited 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 Investors Syndicate Limited, The Western Savings and Loan Association and The Provident Investment Company Inc., 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 Investors Syndicate Limited in the same manner as if they stood in the name of, or had been made to or in favour of Investors Syndicate Limited.

Suits, etc., to be continued

1(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 amalgamation of Investors Syndicate Limited, The Western Savings and Loan Association and The Provident Investment Company Inc., but it may be continued in the name of Investors Syndicate Limited and Investors Syndicate Limited has the same rights, and it 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 Investors Syndicate Limited.

Right to bring suits, etc.

1(4)        Investors Syndicate Limited 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 Investors Syndicate Limited, The Western Savings and Loan Association or The Provident Investment Company Inc., could have been or become entitled to bring, maintain or exercise.

Liabilities under investment contracts

2           In consideration of the transfer to and vesting in Investors Syndicate Limited of all powers, rights, and privileges over or in respect of the things and matters to which reference is made in section 1 or any of them, Investors Syndicate Limited, on August 1, 1980, assumes and shall pay and discharge all debts, liabilities and obligations of the said Investors Syndicate Limited, The Western Savings and Loan Association and The Provident Investment Company Inc., in respect of all investment contracts in force on that date and the holders of all such investment contracts shall look to Investors Syndicate Limited for satisfaction of their rights under such investment contracts.

Act stands as transfer, etc.

3(1)        This Act shall be, 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 Investors Syndicate Limited of any and all lands or interest 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 Act, or under any other system or form of registration, standing in the name of, or vested in, Investors Syndicate Limited, The Western Savings and Loan Association or The Provident Investment Company Inc., whether as owner, trustee, liquidator or otherwise.

Further registrations not required

3(2)        Notwithstanding The Personal Property Security Act, The Corporations Act or The Real Property Act or The Registry 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 Investors Syndicate Limited, The Western Savings and Loan Association or The Provident Investment Company Inc., to Investors Syndicate Limited of any such property other than the making of a memorial of such vesting

(a) on each certificate of title under The Real Property Act certifying the Investors Syndicate Limited, The Western Savings and Loan Association or The Provident Investment Company Inc., as the owners or one of the owners of the land described in the certificate of title; and

(b) on each mortgage or encumbrance under The Real Property Act in the name of Investors Syndicate Limited, The Western Savings and Loan Association or The Provident Investment Company Inc., that is about to be transferred or dealt with otherwise than by discharge thereof.

Claims against companies not affected

4           Nothing in this Act affects the rights of any creditor of, or of any person having a claim against, Investors Syndicate Limited, The Western Savings and Loan Association or The Provident Investment Company Inc., but all such rights may be asserted against Investors Syndicate Limited, which is responsible for all debts, liabilities and obligations of Investors Syndicate Limited, The Western Savings and Loan Association and The Provident Investment Company Inc.

Status of Provident Investment Co., Inc.

5           Notwithstanding that The Provident Investment Company Inc., was not incorporated by special Act of the Legislature, the amalgamated corporation, Investors Syndicate Limited, shall, for all purposes, be deemed to be a corporation incorporated by special Act.

Regulating statute

6           The Investors Syndicate Limited Incorporation Act, as amended by any other Act hereinafter enacted, applies to and is the regulating statute of the amalgamated corporation, Investors Syndicate Limited.

NOTE:  This Act replaces S.M. 1980, c. 92, s. 1 to 6.