Bill 11 (Legislature 2, Session 4)

L2 S4 10614

Alberta — Bills

Preamblp Transfer confirmed Veoting all trust fund> etc. a ILL No. ~1 of 1913.

An Act Respecting "Th~ Dominion Tmst Company." (flssented to 1913.)

WHEREAS the Dominion Trust Company (hereinafter called the Company) and the ominion Trust Company, Limited, have by their petition represe ted tha.t the said company is incor porated· by Act of Parliament of Canada, being

chapter 89 of the Statutes of 1912, for the purp ses and with the powers in said Act mentioned and that by sect.io 14 of said Act, it is authorized to acquire the stock and the who e or any part of the business, rights and property of the said Do inion Trust Company Limited, in corporated by charter of the Province of British Columbia and authorized and licensed to do· usiness in the Province of Alberta; And

whereas, it is expcdic t that the transfer of the business, rights and property of the said ominion 'rrust Company, Limited, in the Province of A lherta, to the company should be ratified and conJ~nned by

an Act of the cgislature of• Alberta and that the company be given in the Pr ince of Alberta the rights, powers nnd privileges heretofore enjoy d ·by the Dominion Trust Company, Limited; Ther.efore His Majesty, by pnd with the advice and coment of the Legislative Assembly of ~he Province of Alberta, enacts as follows: 1. The transfer of the en;ire business, rights, property and undertaking; in the Provinee f Alberta of Dominion Trust Com pany, Limited, to the compan iH hereby ratified and confirmed. 2.

All trust funds, deeds, mortgages, indentures, agreement.~, appointments, and the prop rty, estate and powers described therein, and all bonds, de entures, shares of stock, bills of ex0hange, notes or other evide ec of debt, documents and all other property, whether held in tru t or otherwise, of every nature and kind held or enjoyed by t e said Dominion Trust Company, Limited, are hereby ve~ted i the company, subject, to such con ditions and trusts as the ~am were held bv the Dominion Trust Company, Limited.

And th company is"hereby empowered to deal with, call in and re-inve , sell, exchange, surrender or trans fer all such trust funds, deeds mortgages, indentures, agreements, appointments, and the pro erty, ri~hts and powers described therein, bonds, debentures, hares of stock, bills of exchange, notes or other evidence of de t, documents and all other property of every nature and kind, he d or enjoyed by the said Dominion Trust Company, Limited, wh ther in trust or otherwise in its own name as fully as the same co ld have been done by the Dominion Trust Company, Limited, if he said agreement and transfer had not been made.

Dominion 3.

It is hereby declared t at the company is the new or sub J~~1".!r~~n;r.,~Y stitute trustee, or substitute "n the office heretofore held by the Trustee Dominion Trust Company, L mited, in the place and stead of the Dominion Trust Company, imited, in every tmst deed, deed, mortgage, indenture, convey nee, will codicil, letters of adminis tratiion, order, appointment or other document wherein the Dominion '.Drust Company, imited, was named as trustee, or appointed to any office or t st, and that the powers, rights and privileges conferred by or e 1joyed under any trust deed, deed, mortgage, indenture, convey nee, will codicil, letters of adminis trlllltion, order, appointment r other document, is now vested in

Aet. ...-ufticient authority 2 the company upon the tru s or duties ·expressed in the said tru deed, deed, mortgage, inde ture, conveyance, will codicil, lette of administration, order, a pointment or other document, and a l trust deeds, deeds, mortg ges, .indentures, conveyances, wil , codicila, letters of administ ation, orders, appointments heretofo made appointing the Dom nion Trust Company, Limited, to t e office of executor, trustee, o administrator or to any office, shall e read and construed as if t e "Dominion Trust Company'' we e named therein in the pla e and stead of the Dominion 'l'ru t Dompany, Limited; and all wills and codicils in which e Dominion Trust Company Limited, is appointed executor or o any other office or trust ade before the passing of this Ac , though not y.et admitted t Probate, and although· the maker f such will or codicil shall be hen living, shall be read and constru us if" the company had beer appointed t{) such office or trust. 4.

This Act shall be s~icient authority to any bank, in~co - porated company or regis rar of the shares or bonds of company to transfer to an register in the name of the compan any stocks, shares, bonds o debentures registered in the name f the Doimnion Trust Corn any, Limited. sub~titution 5. In all registers in lani registry offices in the ~rovince and !1 of Company in 11 'fi f . 1 l d •. h . 'd f certificate a. cert1 cates o tit e to a m t e provmce or ot er ev1 ence title or interest the name of the company is hereby substitut d for that of Dominion Tru Company, Limited.

No security required Maybe accepted"" security In legal proceed lnlfS 6.

The company is here y authorized and empowered to act umd hold ·the office or offi s of executor, administrator, admini · trator de boni.s non, admin strator cum te-stamento annexo, truste , receiver, curator, assignee, ardian of the estate of any minor r c:ommittee of the estate of any lunatic and it shall be lawful f r any court of law or equit in Alberta or any judge thereof o appoint the company to a y of 1Jhe said offices and the accoun of the company as such ex cutor, administrator, administrator e bonis non, administrator c1 m testamento annexo, trustee, receive , curator, assignee, guardian or committee shall be regularly settl d and adjusted by the prop officers or tribunals; and all prope , legal, usual and custumar. charges, costs and expenses shall e allowed to the said compa. y for the care and management of t e estates so committed to it. 6a.

In case of any such appointment as aforesaid by any cou t or judge thereof, the said ompany shall not be reqmred to gi e any security for the due pe formance of its duties as such execu r, administrator, administrat r de bonus non, administrator cu ~ testamento annexo, truste , receiver, curator, assignee, guardi n of the estate of any min r, or committee of the estate of y lunatic, unless otherwise o dered: Provided, however, tha the Lieutenant Governor in Coun il may at any time revoke th approval given under this Act, and o eourt or judge after notic of such revocation shall appoint su h eompany to execute any. ffice or perform any duty which it is empowered to execute or perform under this Act, unless su h eompany gives the like se urity for the execution of1 such offi e or the performance of su h duties as would ·be required from a 1[)rivate person. 7.

It shall be lawful fo any court of law or equity in Albe a or any judge thereof to ecept the company as surety for a y 1axecutor adrninistra:tor,. ad inistrator de boms non, administrat r ewm testamento annexo, t ustoo, receiver, curator, assignee, gu r dian of the estate of any inor or committee of the estate of a y lunatic or in any other c e where an ordler is made for securi , either for costs or in rep evin or other proceeding in any su h eourt and the company ay be accepted as such surety eit r alone or in conjunction ith other surety or sureties.

Investigation of affairs of Company 3 8. It shall be lawful f'or the aid courts or any judge thereof to appoint the company a sole tr stee notwithstanding that but for this Act it would be neoessary to. appoint more than one trustee and to appoint the company the trustee jointly with another person; such appointment m· be made whether the trustee is required under the provision of any deed, will or document cveating a trust or 'whether t e appointment is made under the provisions of the "Trustee Act ' or otherwise. 9.

The Supreme Court if it deems necessary may from time to time appoint a suita;ble perso to investigrute the afiairs and management of the company; nd' suoh person shall report thereon to the court and regarding t e security afforded -to those by or from whom the engagements f t.he company are held; and the expenses of such investigation shall be defrayed by the company or the court may if it deems necessary, examine the officers or directors of the compally unde oath as to the ·security aforesaid. ~~~~;~~;'~11 • 10. 'l'he Lieutenan~ Gover1~ r in Co~mcil ~ay also from tim~ to council m_ay time when he deems It exped1 nt appoint an Inspector to examine ~g;,~:nrr;m• of the affairs of the company a d report to him on the security invesugawd. afforded to those by whom its engagements are held as afloresaid; and the expenses of the in estigation shall be borne by the company.

Trust accounts 1:L. The moneys and secur ties of each trust shall be kept in ~~~~tkept separate accounts distinct fro those belonging to the company and shall be so entered in t books of the company that each particular trust shall always readily distinguishable from any others in the registers or ot er books of accounts kept by the company and at no time sha I trust moneys form part of or be mixed with the general assets of the company. i~:r~~;:;';, may 1!~.

The company shall h ·c power to guarantee by issuing loans policies of insurance or other 'ise the payment of money secured by or payable under or in r · · ect of debenture bonds, debenture stock, contracts, mortgages, b nds of indemnity, charges, obliga tions and securities of any co pany or of any aut~writy supreme, municipal, local or otherwise r any persons whomsoever whether corporate or incorporate. Liability 'If 1B.

The liability of the sai company to the person or persons ~~~~~~~~n as interested in any estate held by the ~aid company as executor, ~~~!o':.f private trustee, administrator de boni non, administrator cum testamento annexo, receiver, curator, as ignee, guardian or committee as aBoresaid, shall be the same a if the said estate had been held by any private person in such c pacities respectively and its powers shall be the same. Powers 'l'rnsts 1•1. The company is hereby authorized and empowered to carry on the following further bus1 esses and' is hereby vested with the following further powers: (

a) To accept, fulfil an execute all such trusts as may be committed to the co parry by any person or persons or by any corporation such terms as may be agreed upon or as the court shal in case of disability approve and which are not cont. ry to law and to take, receive, hold and convey all estat s and property (both real and per sonal) which may e granted, ·committed or conveyed to the company wit its assent upon such trust or trusts; (

b) To act generally agents or attorneys for the trans- actions of business the management of estates, the investment and co lection of monies, rents, interest, dividends, mortgag s, bonds, bills, notes and other securities; to act as gents' for the purpose of registering, issuing and counte igning the transfers and certificates of stocks, bonds, de entures or other obligations of the

l devo~it. age, etc. nmteeiug estments '· t>ledl{e nortgage of perty. tvt'yances, traets, etc. algamation .us ete. 1d Trustee~ act as litors estments tocks IOSitS iJUBra.ntee OS estment ncy Dominion of Ctmctdn or of ny province thereof or of any corporation, association or municipality; and to receive and manage any sin ing fund therefor on any su0h terms as may be agreed pan; (

c) To comtruct, maintain and operate or lease suitable buildings aiHl 1llructures for the reception. and storage of personal property of every nature and kmd; to act as a~ents, consigners and baile s thereof; and to take all kinds of personal property f r deposit and safe keeping on such termtl as may be agre d upon and to make loans on the same; (

d) To guarantee any investme ts made by the .company as agent or otherwise; (

e) To sell, pledge or mort gag any movtgage or other security or any otller real or personal property hold by the company from lime to li1 c and to make and execute all requisite eonveyance Hl assurances in respect thereof; (

f) To make, enter into, deliver, ccept and receive all-deeds, conveyances, assurances, tra sfers, assignments, grants and contracts necessary to c rr,y out the purpose of the said company and to promo -e the objoots and business of the said company; (g) 'l'o amalgamate with any ot er company having powers wholly or in part similar to tl e powers or this company; (h) 'l'o lend money upon such te s as are deemed expedient with power to take security for the same or any other indebtedness owing to the ompany upon real estate, ground rents, Dominion, Pr vincial, British, foreign or other public securities or pon stocks, shares,· bonds, debentures or other securitie of any municipal or other corporation or upon good& ' arehoused or pledged with the eompany or upon such o her securities or guarantees as are deemed expedient an to acquire by purchase or otherwise any of the aforesa d property or a.._~ets which may have been pledged with t.he company as security for sud1 loan or ind'ebledness a1 d to re-sell the same: Provided, however, that t 1e company shall not lend upon the security of bills f exchange or promissory notes; ('

i) To act as trustee in respec of any debentures, bond, mortgage, hypothec or othe securities issued according to law by any municipal or other corporation incorpor ated in Alberta or elsewh e or by any province of Canada or by the Dominion f Canada; (

j) To examine, report upon an audi't the books, accounts, condition and standing of co porations, partnerships and individuals; ( k) 'l'o buy, sell and invest in t e stock, bonds, debentures, or obligations of municipal o other corporations, whether in stocks or secured by m rtgage or otherwise or in Dominion, provincial, Briti h, foreign or other public securities; (

l) To receive money on depo 't and to allow interest on th1a same; (

m) To guarantee any person r persons against loss or damage by reason of the ailure on the part of any person or perj!ons to make d 1e payment of the whole or any part of any loan, ad ance, mortgage or claim, (hypothecary or otherwise) or the interest thereon and to issue its guarantee certific tes or policies in such forms as it may determine and f r such remuneration as it may fix; (

n) To act as an agency or ass ciation for or on behalf of others who entrust it with oney for loan or investment and also to secure the rep yment of the principal or paymen~ ofl the interest orb th, of any moneys entrusted

Promoters. guarantors, liquidators, etc. Acquiring undertakings Acquiring shares in other compsnies Acquiring and de,.llng with property Acquiring and alienrLting land Remunera.tiou Supplementary powers 5 with nle company for investment and for the purpose oi securing the com any against loss upon any guarante or obligation or ot er advance made by the company; t receive and dispo of any description of asset or securit which is conveyed pledged, morgtaged or assigned to o warehoused with e company in connection with sue guarantee, obligaf n, advance or investment; (

o) To promote or as · st in promoting any other com pan and for such pu ose to subscribe for, buy and sel debentures, mortg ge debentures, and such security o such other compa y and otherwise to employ the mone or credit of the pany in any manner deemed ex pedient for such urposes; and to act as agents for th purpose of collect ng and converting into money sue securities and pro erties pledged and to close and win up the busine.'ls of estates, persons, partnerships, associa ti:ons or corporate odies and to do such incidental act and things as are ecessary for such purposes; (

p) To acquire and u dert.ake the whole or any part of th business, property, and liabilities of any person or com parry carrying on any business which this company i authorized to carr on; (

q) To take or othe ise acquire and hold shares in an other company h ving Oibjects altogether or in par similar to those of this company; (

r) To purchase, take n lease or in exchange, hire or other wise acquire any eal and parsonal property and an rights or privileg which the company may thin necessary or conve ient for the purposes of its bnsine<.<: ·

(8) To acquire, hold, lienate, eonvey, mortgage and hypo thecate any real e tate for its own use, accommodation or by way of secu "ty or investment; (

t) And for such serv· e, dutie.'l and trust to charge, collec~ and receive all p per remuneration, legal, usual andl cust<>mary costs, c arges and expenses; (

u) To do all such oth r things as are incidental or conducive!. to the exercise oft above powers or any of them. 15. The company shall, ibject to the provision of its charter anrl this Act and of "The oreign Companies Act" have all the righta, powers, and privileg by the "Companies Act" granted to and conferred upon compa ies incorporated thereunder, as nnd from the date of said regist tion. 16. This Act may be citejl as "The Dominion TrU8t CompanY! Act} 1912.''

No. 11 FOURTH SESSION SECOND LEG~LATURE 3 GEORGE V 1913 BILL

An Act Respecting '' The Dominion Trust Company.'' Received and read the First tin1.e .................... . Second time ............•...... Third tin1e . .................. . EDMONTON: J. W. )KJPPJUlY, Govermnent Printer A.D. 1913 Title: 1913 (2nd, 4th) Bill 11,

An Act Respecting "The Dominion Trust Company"

Document details

Collection	Alberta — Bills
Citation	L2 S4 10614
Type	bill
Volume / chapter	L2 S4 10614
Language	en
Format	json
Source	PROVINCIAL
Identifier	0914ac9474f3e96d0fa6706dec21c8961a566192

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