S.M. 2005, c. 36

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S.M. 2005, c. 36

Bill 39, 3^rd Session, 38^th Legislature

The Investment Trust Unitholders' Protection Act

Table of contents

(Assented to June 16, 2005)

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:

Definition

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.

Limited liability

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.

Governing law

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.

No effect on other trusts

This Act does not affect any liability of a beneficiary of a trust to which this Act does not apply.

C.C.S.M. reference

This Act may be referred to as chapter I105 of the Continuing Consolidation of the Statutes of Manitoba.

Coming into force

This Act comes into force on the day it receives royal assent.