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

This version is current as of December 11, 2017.
It has been in effect since November 14, 1990, when this Act came into force.
 

RSM 1990, c. 124

The North Canadian Trust Company Incorporation Act

WHEREAS the persons hereinafter named, by their petition, prayed that The North Canadian Trust Company should be incorporated:  Gerhard Hiebert, Alfred Joseph Andrews, Robert Wyatt, Clarence Day Shepard, Max Krolik and John G. Hargrave, all of the City of Winnipeg, in Manitoba;

AND WHEREAS their prayer was granted, and resulted in the enactment of An Act to incorporate "The North Canadian Trust Company", assented to February 15, 1913;

AND WHEREAS the Act was subsequently amended and the name of the corporation changed to North Canadian Trust Company;

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:

Continuation

1           North Canadian Trust Company, (hereinafter referred to as "the company") is continued as a corporation consisting of those persons who are shareholders in the company on the coming into force of this Act together with such other persons as may hereafter become shareholders in the company.

Capital stock

2           The capital stock of the company shall be $2,000,000., divided into 200,000 shares of a par value of $10. each.

Head office

3           The head office of the company shall be in the City of Winnipeg, or such other place in Manitoba as the directors may from time to time by by-law determine, but the company may establish branch offices of business elsewhere.

Powers of the company

4           The company may exercise all the functions of an incorporated company with the powers and privileges, and subject to the provisions and restrictions applicable thereto set forth in The Corporations Act and more particularly Part XXIV thereof, the company may

(a) take, receive, hold and administer estates and property that are granted, committed, transferred or conveyed to the company with its consent, upon any trust whatsoever not contrary to law, at any time, by any person, or by any court;

(b) take and receive as trustee or as bailee, upon such terms and for such remuneration as is agreed upon, deeds, wills, policies of insurance, securities or other valuable papers or securities for money, jewellery, plate or other chattel property of any kind, and guarantee the safekeeping thereof;

(c) accept and execute the offices of executor, administrator, trustee, receiver, liquidator, official guardian, official administrator, assignee for the benefit of creditors, custodian or trustee in cases relating to insolvency or under the Bankruptcy Act (Canada), guardian of the person or estate of any minor, or committee of the person or estate of any lunatic; and accept the duty of, and act generally in, the winding-up of estates, partnerships, companies and corporations;

(d) receive deposits of money repayable upon demand or after notice and receive money for the purpose of its being invested by the company;

(e) act generally as attorney or agent for the transaction of business, the management of estates, and the collection of loans, rents, interest, dividends, debts and securities for money;

(f) act as agent for the purpose of issuing or countersigning certificates of shares, bonds or other obligations of any association or municipal or other corporation, and receive, invest and manage any sinking fund therefor on such terms as are agreed upon;

(g) guarantee repayment of the principal or payment of the interest, or both, of any moneys entrusted to the company for investment, on such terms and conditions as are agreed upon;

(h) sell, exchange, pledge, or mortgage any mortgage or other security, or any property held by the company, and make and execute all requisite conveyances and assurances in respect thereof;

(i) make, enter into, deliver, accept and receive, all deeds, conveyances, assurances, transfers, assignments, grants and contracts, necessary to carry out the purposes of the company and to promote its objects;

(j) hold real estate which, having been mortgaged or hypothecated to it, is acquired by it for the protection of its investments, and from time to time sell, mortgage, lease or otherwise dispose thereof; and

(k) for all such services, duties and trusts, charge, collect and receive all proper remuneration, legal, usual and customary costs, charges and expenses.

Preferred shares by-laws

5(1)        The directors may make by-laws for creating and issuing any part of the capital stock of the company as preference stock, which preference stock may be preferred in any respect and deferred in any other respect; and without limiting the generality of the foregoing, the preference stock may be either preferred or deferred in matters of the division of profits, payment of dividends and bonuses, election of directors, voting at meetings, rank with respect to capital, and in winding-up proceedings and in such other matters and respects as may be deemed advisable and as any such by-law may provide.

Effect of by-laws

5(2)        No such by-law has any force or effect whatever until

(a) it has been sanctioned by the affirmative vote of shareholders representing two-thirds of the subscribed and issued stock of the company present in person or represented by proxy at a general meeting of the company called for considering the by-law or it has been duly sanctioned in writing by all the shareholders of the company; and

(b) it has been approved by the member of the Executive Council charged with the administration of The Corporations Act who shall not give his approval if the Superintendent referred to in Part XXIV of that Act objects.

NOTE:  This Act replaces S.M. 1913, c. 121.