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The Royal Trust Corporation of Canada Act
This is an unofficial version.
If you need an official copy, use the bilingual (PDF) version.

This version is current as of March 24, 2017.
It has been in effect since November 14, 1990, when this Act came into force.
 

RSM 1990, c. 160

The Royal Trust Corporation of Canada Act

WHEREAS The Royal Trust Company, by its wholly owned subsidiary, Royal Trustco Limited, caused to be incorporated by Letters Patent dated March 19, 1976, under the Trust Companies Act (Canada) as a subsidiary of Royal Trustco Limited, wholly owned except for directors' qualifying shares, Royal Trust Corporation of Canada, for the purpose of taking over and carrying on certain of the business of The Royal Trust Company in the Province of Manitoba and other areas of Canada, with certain exceptions as herein described;

AND WHEREAS The Royal Trust Company and Royal Trust Corporation of Canada by their petition applied for special legislation for such purpose;

AND WHEREAS their prayer was granted, and resulted in the enactment of The Royal Trust Corporation of Canada Act, assented to July 20, 1978;

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:

Substitution of Royal Trust Corp. of Can. for Royal Trust Co.

1           Except as provided in section 5, Royal Trust Corporation of Canada is deemed to be substituted in the place and stead of The Royal Trust Company in or in respect of every trust, trust deed, agreement, instrument of creation, settlement, assignment, will, codicil or other testamentary document, and every letters probate, letters of administration, judgment, decree, order, direction, or appointment of any court, judge or other constituted authority, and every other document or trust howsoever created, including every incomplete or inchoate trust, wherein or whereby or of which The Royal Trust Company has heretofore been or shall hereafter be named as executor, administrator, trustee, bailee, committee, assignee, liquidator, receiver, guardian or curator, or is or shall be named to any other office or position whatsoever wherein any property, interest, possibility, or right is or shall be vested in, administered or managed by, or put in charge of The Royal Trust Company in trust for or for the benefit of any other person or purpose; and every such document or trust howsoever created shall be read, construed and given effect as if Royal Trust Corporation of Canada had been named therein in the place and stead of The Royal Trust Company.

Vesting of properties, rights etc.

2(1)        Except as provided in section 5, every property of every nature and kind, both real and personal and tangible and intangible, and every estate, lease, charge, possibility, chose in action, or right that was heretofore or is hereafter granted to, or held by, or vested in The Royal Trust Company, whether by way of security or otherwise, in trust for or for the benefit of any other person or purpose, pursuant to or in respect of any document or trust described in section 1, and whether in the form in which it was originally acquired by The Royal Trust Company or otherwise, shall be vested in Royal Trust Corporation of Canada, according to the tenor of and at the time indicated or intended by the document or trust, upon the same trusts, and with the same powers, rights, immunities, and privileges, and subject to the same obligations and duties as are thereby provided, granted, or imposed.

Registration dispensed with

2(2)        For the purposes of any Act affecting the title to property, both real and personal, it shall be sufficient to cite this Act as effecting the grant, conveyance or transfer of title from The Royal Trust Company to and the vesting of title in Royal Trust Corporation of Canada of every property affected by subsection (1), and notwithstanding any other Act of the Legislature, it shall not be necessary to register or file this Act, or any further or other instrument, document, or certificate showing the change of title in any public office whatsoever within the jurisdiction of the Province.

Continuation of actions against Royal Trust Co.

3(1)        No suit, action, appeal, application or other proceeding that has been or that shall be commenced and no power or remedy that has been or that shall be exercised by or against The Royal Trust Company in any court of Manitoba, or before any tribunal or agency of the Province, pursuant to or in respect of any document or trust described in section 1 shall be discontinued or abated on account of this Act, but may be continued in the name of Royal Trust Corporation of Canada, which shall have the same rights, shall be subject to the same liabilities, and shall pay or receive the same costs and award as if the suit, action, appeal, application, or other proceeding had been commenced or defended in the name of Royal Trust Corporation of Canada.

Actions against Royal Trust Corp. of Can.

3(2)        Any suit, action, appeal, application, or other proceeding, or any power, right, remedy or right of distress that might have been brought or exercised by or against The Royal Trust Company in any court of Manitoba or before any tribunal or agency of the Province pursuant to or in respect of any document or trust described in section 1 may be brought or exercised by or against Royal Trust Corporation of Canada, which shall have the same rights, and shall be subject to the same liabilities, in respect thereof, as those which The Royal Trust Company would have or be subject to if this Act had not been enacted.

Claims against Royal Trust Co. not affected

4(1)        Nothing in this Act affects the rights of any person having a claim against The Royal Trust Company in respect of any document or trust described in section 1, or impairs, modifies, or affects the liability of The Royal Trust Company to any such person, and any such right as may be enforceable in Manitoba may be asserted or enforced against Royal Trust Corporation of Canada, which shall be responsible for all debts, liabilities, and obligations of The Royal Trust Company in respect of any such document or trust.

Enforcement of judgments against Royal Trust Corporation of Canada

4(2)        Notwithstanding the provisions of section 3 or subsection (1) of this section, any judgment obtained against Royal Trust Corporation of Canada in any matter that, but for this Act, would have been against The Royal Trust Company may be enforced against either Royal Trust Corporation of Canada or The Royal Trust Company.

Exceptions to transfer, substitution etc.

5           Sections 1, 2, 3 and 4 of this Act do not apply to

(a) any real and personal property heretofore or hereafter granted to, or held by, or vested in The Royal Trust Company, and any power, right, immunity, privilege or right of action that may be exercised by or against The Royal Trust Company, pursuant to or in respect of,

(i) any trust indenture wherein The Royal Trust Company is or shall be Trustee and by virtue of which any bond, debenture or other evidence of indebtedness, warrant, or right has been, or shall be issued,

(ii) any mutual fund, pooled fund, pension plan, employee benefit plan, unit trust, Registered Retirement Savings Plan and Registered Home Ownership Savings Plan of which The Royal Trust Company is or shall be Trustee, or

(iii) any document or trust described in section 1 which, at July 20, 1978 or at the date any property is first acquired by The Royal Trust Company pursuant to or in respect of such document or trust, whichever is later, is being administered outside the Province of Manitoba;

(b) any agreement or other document described in section 1 whereby The Royal Trust Company is or shall be named as agent, registrar, or transfer agent;

(c) any real property and any interest or estate in land which is or which shall be held by The Royal Trust Company as owner, grantee or mortgagee under any deed, certificate of title or mortgage wherein the owner, grantee or mortgagee is described as "The Royal Trust Company" without further qualification, and which is or which shall be held by The Royal Trust Company pursuant to or in respect of any document or trust described in section 1, and any power, right, immunity, privilege, or right of action that may be exercised by or against The Royal Trust Company under such document or trust with respect to that property;

(d) any real and personal property heretofore or hereafter owned or held by, vested in, or granted to The Royal Trust Company, and which is or which shall be held by The Royal Trust Company exclusively for its own use and benefit, and not in trust for or for the benefit of any other person or purpose; or

(e) any real and personal property which is or which shall be held by The Royal Trust Company under any document or trust described in section 1, and which at July 20, 1978 or at the date such property is first acquired by The Royal Trust Company, whichever is later, is situate outside the Province of Manitoba, and any power, right, immunity, privilege, or right of action that may be exercised by or against The Royal Trust Company under any such document or trust with respect to that property, but

(i) for all property situate outside Manitoba for which The Royal Trust Company has been appointed, or is or shall be entitled to be appointed, by a court of Manitoba, personal representative of a deceased person, whether as executor, administrator or otherwise, Royal Trust Corporation of Canada may, upon application to such court, be appointed personal representative in the place and stead of The Royal Trust Company with respect to that property, and

(ii) for all property situate outside Manitoba not coming within subclause (i) hereof, but held by The Royal Trust Company under any document or trust described in section 1 for which the Court of Queen's Bench has jurisdiction under section 9 of The Trustee Act to make an order for the appointment of a new trustee, Royal Trust Corporation of Canada may, upon application to the Court of Queen's Bench, be appointed trustee in the place and stead of The Royal Trust Company with respect to that property, and such appointment shall be to the same effect as if made under section 9 of The Trustee Act,

but any appointment made pursuant to subclause (i) or (ii) shall not affect any rights which may continue to be exercised by or against The Royal Trust Company.

Effect of declaration respecting application of Act

6           For every instrument executed on or after July 20, 1978 by The Royal Trust Company or by Royal Trust Corporation of Canada dealing with any property heretofore or hereafter granted to, or held by, or vested in either corporation, a declaration in such instrument that title to such property is changed by section 2 of this Act, or that such property comes within any exemption provided by section 5 of this Act, or that this Act does not apply to such property, shall be binding on both corporations, and shall be accepted as conclusive by every public office whatsoever within the jurisdiction of the Province.

NOTE:  This Act replaces S.M. 1978, c. 57.