|This is an unofficial archived version of The Royal Trust Company Business Authorization Act|
as enacted by SM 1990-91, c. 1 on November 14, 1990.
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R.S.M. 1990, c. 158
The Royal Trust Company Business Authorization Act
|Table of Contents|
WHEREAS The Royal Trust Company, by its petition represented that it was incorporated by an Act of the Legislature of the Province of Quebec, being Chapter 79, 1892, as amended, and prayed that it should be authorized to carry on and exercise in the Province of Manitoba the same business and powers as under the said recited Acts it was authorized to carry on and exercise in the Province of Quebec, and to the like extent;
AND WHEREAS that prayer was granted, and resulted in the enactment of An Act to Authorize the Royal Trust Company to do Business in the Province of Manitoba, assented to March 1, 1902;
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 Royal Trust Company (hereinafter referred to as "the Company") as a corporation and its authority to carry on business in Manitoba are continued.
The authority and power of the Company to accept and execute the offices of executor or administrator, or administrator de bonis non or with the will annexed, or trustee under any will, deed or instrument, or guardian of the person or estate of any minor or person, or committee of any mentally disordered person, or receiver, or assignee, or liquidator is continued; and in case the Lieutenant Governor in Council shall approve of the Company being accepted by the Court of Queen's Bench for Manitoba as a trust company, any Court or Judge in this Province having jurisdiction and authority in that behalf, may appoint the Company, with its consent, as the executor of any last will and testament, or as the administrator, or administrator de bonis non or with the will annexed, of the estate of any deceased person, or as trustee of any trust under any will, deed or instrument, or as guardian of the person or estate of any minor or person or of any mentally disordered person, or as the committee of the estate of any mentally disordered person, or as receiver, assignee or liquidator in all cases where under the laws of this Province such Court or Judge could lawfully appoint any natural person as such executor, administrator, administrator de bonis non or with the will annexed, trustee, guardian, committee, receiver, assignee or liquidator; and all proper, legal, usual and customary charges, costs and expenses shall be allowed to the Company for the care and management of the estates, persons, trusts, matters or things so committed to it; and in all such cases no bond or other security, or oath or other qualification, shall be necessary or required to enable the Company to accept the said appointments, trusts or offices; provided always that, if and whilst the Company shall be so approved by the Lieutenant Governor from time to time as aforesaid, and shall be carrying on business in Manitoba under the authority of this Act, the said Court of Queen's Bench whenever it deems necessary may 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 investigations shall be defrayed by the Company, or the said Court may if deemed necessary examine the officers or directors of the Company under oath or affirmation as to the security aforesaid; and whilst the Company shall be carrying on business in Manitoba as aforesaid it shall also be competent for the Lieutenant Governor, from time to time 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, guardian, committee, receiver, assignee or liquidator, unless the Company gives the like security for the due performance of its duty as would be required from a private person.
The Company is hereby specially authorized to act as assignee or trustee for the benefit of creditors under any Act of the Legislature of this Province, or under 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.
If so approved by the Lieutenant Governor in Council as aforesaid the bond or policy of guarantee of the Company is hereby authorized to be accepted by any Court or Judge, or by any person or corporation authorized to take security for the due performance of any duty, instead of the bond or security of one or more sureties or in addition thereto, if such Court or Judge or person or corporation sees fit to accept such bond or policy as aforesaid and approves of the conditions and terms thereof, and all the provisions in any Act of the Legislature of Manitoba relating to the security to be given by any public or other officer, servant or other person or corporation to whom any duty is committed, or his or its surety or sureties, shall apply to the bonds or policies of guarantees of the Company.
The liability of the Company to all persons interested in real or personal property held by the Company as executor, administrator, trustee, guardian, committee, receiver, assignee, liquidator or trustee for the benefit of creditors as aforesaid shall be the same as if such property had been held by any private person in the like capacity, and its powers shall be the same.
The moneys and securities of each trust shall always be kept distinct from those of the Company and in separate accounts, and so marked in the books of the Company for each particular trust as always to be distinguished from any other in the registers and other books of account kept by the Company, so that at no time shall trust moneys form part of or be mixed with the general assets of the Company.
Moneys, properties and securities received or held by the Company upon trust as or agent of any person or corporation shall not be liable for the debts or obligations of the Company.
All trust moneys received by the Company under the authority of this Act, and requiring to be invested in Manitoba, shall be invested according to the provisions of the deed, will or other instrument of trust under and in respect of which the Company shall be acting, or according to the laws of Canada or Manitoba respectively regulating investments of such trust moneys.
The Company shall prepare and annually transmit to the member of the Executive Council charged with the administration of The Corporations Act the annual return required by that Act.
NOTE: This Act replaces S.M. 1902, c. 68.