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The Montreal Trust Company Act, 1974
This is an unofficial version.
If you need an official copy, use the bilingual (PDF) version.

This version is current as of July 20, 2017.
It has been in effect since November 14, 1990, when this Act came into force.
 

RSM 1990, c. 115

The Montreal Trust Company Act, 1974

WHEREAS Montreal Trust Company entered into an agreement dated March 15, 1974, with Investors Trust Company providing for the acquisition by Montreal Trust Company of all the business, undertaking and assets of Investors Trust Company, all trusts, trust estates and appointments of every kind and description granted to or assumed or held by Investors Trust Company and all moneys received or deemed to have been received by Investors Trust Company in trust and all of the rights and powers of Investors Trust Company with respect thereto and the assumption by Montreal Trust Company of all debts, duties, obligations and liabilities of Investors Trust Company;

AND WHEREAS Montreal Trust Company, by its petition, prayed for special legislation in respect to certain matters;

AND WHEREAS that prayer was granted, and resulted in the enactment of The Montreal Trust Company Act, 1974, assented to June 10, 1974;

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, quasi committee, curator, receiver, liquidator, agent, registrar, transfer agent, or any other office or position of trust or agency whatsoever; (« 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           All trusts, trust estates and appointments of every kind and description granted to or held by Investors Trust Company and all powers, rights, immunities, and privileges conferred upon or enjoyed by it shall be and are hereby vested in Montreal Trust Company 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 Investors Trust Company as the fiduciary, the name of Montreal Trust Company shall be deemed to be substituted for the name of Investors Trust Company, and such instrument vests the subject matter therein described in Montreal Trust Company according to the tenor of, and at the time indicated or intended by the instrument, and Montreal Trust Company shall be deemed to stand in the place and stead of Investors Trust Company;

(b) where the name of Investors Trust Company 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 Montreal Trust Company 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, Investors Trust Company; 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 Investors Trust Company from which on March 31, 1974 it had not been fully discharged, Montreal Trust Company shall be substituted therefor.

Rights of creditors unimpaired

3           All rights of creditors and liens upon the property of Investors Trust Company shall be unimpaired by the transfer to and acquisition by Montreal Trust Company of all the business, undertaking and assets of Investors Trust Company.

Assumption of duties and liabilities

4           All debts and liabilities of Investors Trust Company and all of its duties to be performed shall be the obligations of and attach to Montreal Trust Company 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 Investors Trust Company shall be discontinued on account of this Act, but may be continued in the name of and by Montreal Trust Company, and Montreal Trust Company 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 Montreal Trust Company.

Preservation of rights of action

5(2)        Montreal Trust Company 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, Investors Trust Company was or could have been entitled to bring, maintain, or exercise within the province.

Act a valid grant

6(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 Montreal Trust Company 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 Investors Trust Company 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 Montreal Trust Company 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 Montreal Trust Company deals with any of the said property to recite or set out the vesting of the same in Montreal Trust Company 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 Montreal Trust Company.

Agreement validated

7           The said agreement between Investors Trust Company and Montreal Trust Company, a copy of which is set out in Schedule "A" hereto, is hereby ratified and confirmed, and all the terms thereof are hereby legalized and declared 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 said agreement is declared to have had power to make and execute the same; and subject to all statutory provisions relating thereto, Montreal Trust Company shall have power to carry on the combined business in the province.