|This is an unofficial archived version of The Montreal Trust Company and The Northern Trusts Company Act|
as enacted by SM 1990-91, c. 1 on November 14, 1990.
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R.S.M. 1990, c. 117
The Montreal Trust Company and The Northern Trusts Company Act
|Table of Contents||Schedule|
WHEREAS Montreal Trust Company agreed to purchase all the business, undertaking and assets of The Northern Trusts Company, as of the close of business on March 31, 1954, under and by virtue of an agreement made between the said companies dated February 15, 1954, with the intent of carrying on the said business in conjunction with that being carried on by it in the Province of Manitoba;
AND WHEREAS Montreal Trust Company, by petition, prayed for special legislation in respect to certain matters;
AND WHEREAS its prayer was granted and resulted in the enactment of An Act respecting Montreal Trust Company and The Northern Trusts Company, assented to March 25, 1954;
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:
The terms of the agreement between Montreal Trust Company and The Northern Trusts Company (hereinafter called "the agreement"), a copy of which is set out in Schedule A continue to be valid and operative to the same extent and in the same manner as if the several clauses thereof were set out and enacted as part of this Act; and subject to all statutory provisions relative thereto the power of Montreal Trust Company to carry on the combined businesses in the Province of Manitoba is continued.
As of March 25, 1954, Montreal Trust Company is substituted as executor, administrator, trustee, committee, assignee, liquidator, receiver, registrar, transfer agent, guardian, or curator, or as the case may be, in the place and stead of The Northern Trusts Company in or in respect of every trust deed, deed, mortgage, indenture, conveyance, will, codicil, probate, letters of administration, judgment, order or appointment or other document whatsoever, or trust howsoever created, wherein or whereby, or of which, The Northern Trusts Company is or was named as, or became, trustee or is or was appointed to any office or trust.
All trusts and trust estates and properties of every kind and description, including incomplete or inchoate trusts, granted to or held by The Northern Trusts Company or in respect of which it might become entitled to act, and all powers, rights, immunities, and privileges, conferred upon or enjoyed by it under any such trust deed, deed, mortgage, indenture, conveyance, will, codicil, probate, letters of administration, judgment, order, appointment, or other document whatsoever, or in respect or by virtue of any trust howsoever created, are vested in Montreal Trust Company from March 25, 1954 upon the same trusts, and with the same powers, and subject to the same obligations and duties, as are therein, thereby, or in respect thereof, respectively provided or imposed.
All trust deeds, deeds, mortgages, indentures, conveyances, wills, codicils, probates, letters of administration, judgments, orders, appointments, or other documents whatsoever, made before or after the coming into force of this Act, naming or appointing The Northern Trusts Company to the office of executor, administrator, trustee, committee, assignee, liquidator, receiver, registrar, transfer agent, guardian or curator, or to any other office or position whatsoever, or wherein any estate, money, or other property, or any interest, possibility, or right, is intended to be, before or after March 25, 1954, vested in, or administered or managed by, or put in charge of, The Northern Trusts Company shall be read, construed, and given effect to from March 25, 1954 as if Montreal Trust Company were and had been named therein in the place and stead of The Northern Trusts Company.
On March 25, 1954, all the lands, estates, leases, charges, mortgages, encumbrances, securities, assets, properties real, personal or mixed, effects, rights, credits, choses-in-action, and causes of action, of every description belonging to, or standing in the name of, or existing in The Northern Trusts Company were transferred to, and vested in, Montreal Trust Company without further act, conveyance, or other deed, to and for the use and benefit absolutely of Montreal Trust Company, its successors and assigns, for all the estate, right, title, interest, claim, and demand, which The Northern Trusts Company had on March 25, 1954 or thereafter became or becomes or may become entitled to; and Montreal Trust Company may exercise all the powers, rights, and privileges, over or in respect of them, or any of them, that The Northern Trusts Company has or had or could or might have exercised.
Montreal Trust Company may
(a) sell, release, discharge, assign, transfer, convey, dispose of, or otherwise deal with, all or any of the said lands, estates, leases, charges, mortgages, encumbrances, securities, assets, properties real, personal, or mixed, effects, rights, credits, choses-in-action, and causes of action aforesaid;
(b) execute all requisite or proper assignments, transfers, discharges, releases, deeds, grants or other conveyances, or other documents whatsoever, as occasion therefor shall arise;
(c) exercise all powers in connection therewith, or with respect thereto, in the name of Montreal Trust Company in the same manner as if they stood in the name of, or had been made to or in favour of, Montreal Trust Company;
but nothing in this subsection confers upon Montreal Trust Company any rights or powers in respect of any such lands, estates, leases, charges, mortgages, encumbrances, securities, assets, properties real, personal or mixed, effects, rights, credits, choses-in-action and causes of action except such as The Northern Trusts Company could or might have exercised in respect thereof.
No suit, action, appeal, application or other proceeding being carried on, or power or remedy being exercised, shall be discontinued or abated on account of this Act or of the purchase by Montreal Trust Company of all the business, undertaking and assets of The Northern Trusts Company, but the same may be continued in the name of Montreal Trust Company; and Montreal Trust Company shall have the same rights, and be subject to the same liabilities, and shall pay or receive the like costs, as if such suits, actions, appeals, applications, or other proceedings, had been commenced or defended in the name of Montreal Trust Company.
Montreal Trust Company may bring, maintain, and exercise in its own name any suit, action, appeal, application, or other proceeding, or exercise any power, right or remedy or right of distress that The Northern Trusts Company could have been or become entitled to bring, maintain or exercise.
Nothing in this Act affects the rights of any creditor of either of the said companies, or impairs, modifies, or affects the liability of The Northern Trusts Company in respect of any trust or trust estate which by or under this Act became vested in Montreal Trust Company, but all such rights may be asserted against Montreal Trust Company, which shall be responsible for all debts, liabilities, and obligations of The Northern Trusts Company.