|This is an unofficial archived version of The Bankers' Trust Company Act|
as enacted by SM 1990-91, c. 1 on November 14, 1990.
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R.S.M. 1990, c. 7
The Bankers' Trust Company Act
|Table of Contents|
WHEREAS The Bankers' Trust Company, a corporation duly incorporated by a private Act of the Legislative Assembly for the Province of Quebec, known as cap. 78 of 5 Edward VII, passed on May 28, 1905, as amended, by its petition prayed that it should be granted the necessary powers to enable it to carry on its business in Manitoba to the same extent as under its charter it was authorized to carry on such business in the Province of Quebec; to authorize it to act in Manitoba as executor, trustee, administrator, guardian, committee, assignee, etc.; after having obtained approval of the Lieutenant Governor in Council without the formality of furnishing of bonds as required by the statutes of this province in that behalf;
AND WHEREAS its prayer was granted, and resulted in the enactment of An Act respecting "The Bankers' Trust Company", assented to April 28, 1921;
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:
The recognition of The Bankers' Trust Company, (hereinafter referred to as "the company") as a company and its authority to carry on in Manitoba is continued.
It shall and may by lawful for any court in this province having jurisdiction of the estates and wills of deceased persons, or of estates of minors, or of mentally disordered persons, or of other persons under guardianship, after the company shall have obtained the approval of the Lieutenant Governor in Council, as hereinafter set forth, to appoint and commission the 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, or as litigation guardian, 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 company to accept such 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.
In case the Lieutenant Governor in Council shall approve of the 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 the 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.
In case of such appointment the 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 the 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 investigation shall be defrayed by the company, or the court may, if deemed necessary, examine the officers or directors of the company under oath or affirmation as to the security aforesaid.
It shall be competent for the Lieutenant Governor in Council, when he shall deem it expedient, to appoint an inspector to examine the affairs of the 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 company.
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 the company to be executor, administrator, trustee, receiver, assignee, liquidator, guardian, or committee, unless the company gives the like security for the due performance of its duty as would be required from a private person.
The company continues to be authorized to act as official guardian, official administrator and 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 of Manitoba.
The company in the execution of any trust assumed under the powers contained in this Act shall have all the powers, rights and privileges conferred upon trustees, executors and administrators of estates under the provisions of The Trustee Act and any amendments thereto.
NOTE: This Act replaces S.M. 1921, c. 150.