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

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

RSM 1990, c. 121

The National Trust Company, Limited Act

WHEREAS the National Trust Company, Limited, a Company duly incorporated by Letters Patent in the Province of Ontario, presented its petition praying that the necessary powers should be conferred upon it by the Legislature of this Province to enable it to carry on its business in Manitoba to the same extent as under its Charter it is authorized to carry on such business in Ontario; to authorize it to act in Manitoba as Executor, Trustee, Administrator, Guardian, Committee, Assignee, etc., to confirm a deed of agreement between The Manitoba Trusts Company and the said National Trust Company, Limited, which deed of agreement had been executed with the approval of the respective shareholders of the said companies; to substitute the "National Trust Company, Limited," as Executor or Trustee in any will not probated as at June 1, 1900 in lieu of "The Manitoba Trusts Company" when and in so far as said last named Company should be named as Executor or Trustee in any such will; to avoid the registration of such deed of assignment;

AND WHEREAS its prayer was granted, and resulted in the enactment of An Act Respecting the National Trust Company, Limited, assented to June 1, 1900;

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 the Province of Manitoba, enacts as follows:

Continuation

1           National Trust Company, Limited is continued as a corporation with all the rights, powers and privileges extending to corporations incorporated by the laws of this Province, and with the authority and power to carry on and transact its business in Manitoba as if the Company had been incorporated for its corporate purposes under the provisions of a statute of this Province.

May be appointed as executor, etc.

2           It shall and may be lawful for any Court in this Province having jurisdiction of the estate and wills of deceased persons, or of estates of minors, or of mentally disordered persons, or of other persons under guardianship, after the said National Trust Company, Limited shall have obtained the approval of the Lieutenant Governor in Council, as hereinafter set forth, to appoint and commission the said Company with its consent as the executor of any last will and testament, or as trustee of any trust under any will or deed, or as the administrator or administrator de bonis non or with the will annexed of the estate of any deceased person, or as guardian ad litem or otherwise of the person or estate of any minor or of any mentally disordered person or as the committee of the estate of any mentally disordered person, in all cases, where, under the laws of this Province, such Court could lawfully appoint and commission any natural person as such executor, administrator, guardian, trustee or committee, and in all such cases no bond or other security, or oath or other qualification, shall be necessary to enable the said Company to accept the appointments and trusts, and all proper, legal, usual and customary charges, costs and expenses shall be allowed to the said Company for the care and management of the estate or persons so committed to it.

Approval

3           In case the Lieutenant Governor in Council shall approve of the said Company being accepted by the Court of Queen's Bench for Manitoba, the said Court or any other Court, or any judge having authority to appoint such an officer, may, if he or they think fit, with the consent of the Company, appoint such Company to exercise any of the said offices, or perform any of the said duties in this Act referred to in respect of any estate under the authority of such Court.

Supervision by Court

4           In case of such appointment the said Company shall not be required to give any security, but such Court, if it deems necessary, may, from time to time, appoint a suitable person to investigate the affairs and management of said Company, who shall report thereon to such Court, and regarding the security afforded to those by or from whom its engagements are held, and the expenses of such investigations shall be defrayed by the said Company, or the Court may, if deemed necessary, examine the officers or directors of the said Company under oath or affirmation as to the security aforesaid. It shall also be competent for the Lieutenant Governor, from time to time, when he shall deem it expedient, to appoint an inspector to examine the affairs of the said Company and report to him on the security afforded to those by and for whom its engagements are held as aforesaid, and the expense of such investigation shall be borne by the said Company.

Revocation of approval

5           The Lieutenant Governor in Council may revoke the approval given under this Act, and no Court or Judge, after notice of such revocation, shall appoint such Company to be executor, administrator, trustee, receiver, assignee, liquidator, guardian or committee, unless such company gives the like security for the due performance of its duty as would be required from a private person.

Assignee or trustee for creditors

6           The National Trust Company, Limited is hereby authorized to act as assignee or trustee for the benefit of creditors under any Act of the Legislature of the Province of Manitoba or any deed of trust or assignment, and to receive and take the ordinary fees and charges as compensation therefor; but nothing herein contained shall be taken to appoint the Company an official assignee unless authorized and appointed by the Lieutenant Governor in Council.

Agreement with The Manitoba Trusts Co. ratified

7           The deed of agreement between The Manitoba Trusts Company and the National Trust Company, Limited set out in Schedule A to this Act, is hereby ratified and confirmed, and all the terms of the said deed of agreement are hereby legalized and declared to be valid and operative and to the same extent and in the same manner as if the several clauses of the said deed of agreement were set out and enacted as part of this Act, such deed of agreement taking effect from June 1, 1900, and each of the Companies to the said agreement is hereby declared to have had power at the date of the execution of such deed of agreement to execute the said deed of agreement on its part.

To take place of Manitoba Trusts Co.

8           In the case of any wills or codicils not probated as at June 1, 1900, whereof probate was thereafter applied for in this Province, wherever the name of "The Manitoba Trusts Company" shall appear as executor, trustee or guardian in such wills or codicils, such wills and codicils shall be read, construed and enforced as if the "National Trust Company, Limited," and not "The Manitoba Trusts Company" was in fact named therein and probate shall in respect of such wills and codicils issue to the National Trust Company, Limited, to the same extent and in the same manner as it would have issued to The Manitoba Trusts Company had this Act not been passed, and in the cases of all probates, administrations or guardianships or appointments of guardian ad litem heretofore issued or granted or made by any Court of the Province of Manitoba to The Manitoba Trusts Company which are still current and from which the said The Manitoba Trusts Company had not as at June 1, 1900 been finally discharged, the said "National Trust Company, Limited," is hereby substituted for said "Manitoba Trusts Company," and such probates, administrations, guardianships and guardianships ad litem shall thereafter be proceeded with and completed in the name of and as if originally granted to the said National Trust Company, Limited, instead of to the said The Manitoba Trusts Company.

Transfer of assets and liabilities

9           All the lands, mortgages, incumbrances, assets, real and personal property of every description now standing in the name of the said The Manitoba Trusts Company are hereby transferred to and vested in the said National Trust Company, Limited, to and for the use and benefit absolutely of the said National Trust Company, Limited, its successors and assigns, for all estate, right, title, interest, claim and demand which the said The Manitoba Trusts Company had as at June 1, 1900; and the said National Trust Company, Limited shall be and is hereby empowered to exercise all the powers, rights and privileges over or in respect of the said lands, mortgages, assets, real and personal property which the said The Manitoba Trusts Company had, and may sell or convey all or any of the said lands and execute discharges of said mortgages and incumbrances in the name of the National Trust Company, Limited, in the same manner as if the last mentioned Company had been named as the grantee of said lands or the mortgagee in said mortgages and incumbrances; and no action or proceedings being carried on or power exercised shall be discontinued or abated on account of this Act and the said Deed of Assignment, but the same shall continue in the name of the said National Trust Company, Limited, and the National Trust Company, Limited shall have the same rights and be subject to the same liabilities and shall pay and receive the like costs as if such actions, suits or proceedings had been commenced or defended in the name of the said National Trust Company.

Registration of transfer in Land Titles Office

10          The District-Registrar of any Land Titles Office now or hereafter created under the provisions of The Real Property Act is hereby authorized and directed to accept this Act as a transfer and assignment of any lands, mortgages or incumbrances or any other property of any description, or any instrument subject to and under the provisions of The Real Property Act now standing in the name of or vested in the said Manitoba Trusts Company, and it shall not be necessary to make any entry in connection with any such transfer, assignment, incumbrance or instrument under the provisions of The Real Property Act or pay any fees in connection therewith.

SCHEDULE A

THIS INDENTURE, made (in decemplicate) this          day of                               in the year of our Lord one thousand nine hundred.

BETWEEN,

THE MANITOBA TRUSTS COMPANY (hereinafter called "The Manitoba Company")

Of the First Part,

AND

NATIONAL TRUST COMPANY, LIMITED, (hereinafter called "The National Company"),

Of the Second Part.

WHEREAS the parties hereto have agreed that the Manitoba Company shall transfer all its business, good will and assets of whatever kind to the National Company, and that the National Company shall assume the obligations and liabilities of the Manitoba Company, so that the National Company shall to all intents and for all purposes stand in the place and stead of the Manitoba Company and carry on the business of the Manitoba Company,

NOW THEREFORE THIS INDENTURE WITNESSETH, that the said two Companies, parties hereto, do hereby agree each with the other as follows, that is to say

ARTICLE 1

This Deed shall come into effect upon the authorization, ratification and confirmation hereof by the passage of an Act in that behalf of the Legislature of the Province of Manitoba.

ARTICLE 2

For divers valuable considerations received from the National Company, the Manitoba Company hereby grants, assigns, transfers and sets over to the National Company, its successors and assigns, all and singular the business, property, real and personal, and all rights and incidents appurtenant thereto, all stock, mortgages and other securities, and all debts and obligations due on whatever account, and all choses in action of every description and kind belonging to the Manitoba Company.

ARTICLE 3

All trusts of every description, whether incomplete or inchoate, and all and every duty assumed by the Manitoba Company are hereby transferred to and vested in the National Company as fully and effectually as if the National Company had been originally named as trustee, executor, assignee, guardian, committee, executor or agent in the deed or instrument of creation, or judgment or order of any Court, and any trust or duty now vested in the said Manitoba Company is hereby transferred to and vested in the said National Company.

ARTICLE 4

Whenever in any will or by other testamentary document or in any deed, indenture or instrument of appointment or in any other way any estate, moneys or other property is intended at the time or times of the publishing, making or signing any such document thereafter to be vested in, administered or managed by or put in the charge as guardian or otherwise of the said Manitoba Company, the name of the "National Trust Company, Limited," shall be considered as substituted for the said Manitoba Company, and such will, testamentary disposition, deed, mortgage, indenture or instrument of appointment or other document shall vest the subject matter therein described in the "National Trust Company, Limited," according to the tenor and at the time indicated or intended by any such will, testamentary document, deed, mortgage, indenture or instrument of appointment or other document, the intention being that the "National Trust Company, Limited," shall be considered and taken as standing as to all such matters in the place and stead of the said Manitoba Trusts Company.

ARTICLE 5

The Manitoba Company hereby covenants and agrees with the National Company, its successors and assigns, to execute any such further assignment or transfer of the properties hereby intended to be assigned, or any of them, to the National Company as may be necessary to evidence or complete the title of the said National Company thereto.

ARTICLE 6

The National Company hereby agrees with the Manitoba Company to assume and pay all debts, obligations and liabilities owing or accruing by the Manitoba Company, and to undertake, enter into, fulfill and administer all trusts of every description as aforesaid and all and every duty transferred to the National Company as fully and effectually and to the same extent as the said Manitoba Company is now bound or obliged in connection therewith.

ARTICLE 7

All persons and corporations to which the Manitoba Company is indebted, or is under an obligation, liability, contract or duty shall have the same rights and remedies in respect thereof against the National Company direct as such persons and corporations have against the Manitoba Company.

ARTICLE 8

With respect to any indebtedness, obligation, liability, contract or duty to the Manitoba Company, which any persons or corporations are under, the National Company shall have the same rights and remedies against such persons and corporations direct as the Manitoba Company has against them.

IN WITNESS WHEREOF the Manitoba Trusts Company has caused its Corporate Seal to be affixed hereto, as witness the hands of its                             and                              , and the "National Trust Company, Limited," has caused its Corporate Seal to be affixed hereto, as witness the hands of its                            

and

NOTE:  This Act replaces S.M. 1900, c. 69.