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S.M. 2005, c. 36
Bill 39, 3rd Session, 38th Legislature
The Investment Trust Unitholders' Protection Act
(Assented to June 16, 2005)
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
In this Act, "Manitoba income trust" means a trust that
(a) is created by a trust instrument governed by the laws of Manitoba, whether the trust is created before or after the coming into force of this Act; and
(b) is a reporting issuer under The Securities Act.
Despite any express or implied agreement by a beneficiary to indemnify a trustee, a beneficiary of a Manitoba income trust is not, as a beneficiary, liable for any act, default, obligation or liability of any of its trustees that arises after this Act comes into force.
Without limiting any other circumstances in which a trust instrument may be governed by the laws of a particular jurisdiction, a trust instrument is governed by the laws of the particular jurisdiction as provided in the trust instrument.
This Act does not affect any liability of a beneficiary of a trust to which this Act does not apply.
This Act may be referred to as chapter I105 of the Continuing Consolidation of the Statutes of Manitoba.
This Act comes into force on the day it receives royal assent.