Bill 28 (Legislature 11, Session 4)

L11 S4 6939

Alberta — Bills

Bill No. 28 of 1951. A BILL TO AMEND THE TRUST COMPANIES ACT. NOTE. This Bill amends The Trust c.om]Ja,nies Act, being

chapter 241 of the Revised Statutes of Alberta, 1942. This Act presently does not contain any provisions dealing with the amalgamation of trust companies. This Bill adds the necessary sections in this connection which are similar to provisions that have been enacted in The Loan and Trust Corporations Act of the, province of Ontario, and The Trust Companies Act of the province of Nova Scotia. Some other provinces are· also giving consideration to introducing these provisions 'at the forthcoming sessions of their Legislatures. Four new sections are added immediately after

section 23. The new

section 23a provides that whenever a trust company acquires the business, property and assets of another trust company all trusts and duties binding upon the selling company are vested in and are binding upon the purchasing company. The name of the purchasing company is substituted for the name of the selling company in all instruments, documents, wills, codicils, probates, adminis trations, guardianships, etc. The new

section 23b provides that a certified copy of each instrument transferring the assets of the selling com pany to the purchasing company shall be filed in the office of the Minister. The Minister is empowered to issue a certificate certifying that the instrument of transfer has been filed in his office.

Section 23c provides that the Minister's certific'ate may be filed in any Land Titles Office.

Section 23d provides that a certified copy of the instru ment of transfer is admissible in evidence in all courts. The Bill comes into force on the 1st day of July, 1951. KENNETH A. McKENZIE, Legislative Counsel. (This note does not form any part of the Bill but is offered in explanation of its provisions.)

New sections 23a" 23b, 230 and 23d Inter pretation "fiduciary" "instrulnent" Assets vested in purchasing company BILL Bill No. 28 of 1951.

An Act to amend The Trust Companies Act. (Assented to , 1951.) HIS MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. The Trust C01npanies Act, being

chapter 241 of the Revised Statutes of Alberta, 1942, is hereby amended. 2. The following new heading and sections 23a" 23b, 23c and 23d are added immediately after

section 23: "Amalgamation of Trust Companies. "23a.

(1) In this section,- "(a) 'fiduciary' includes trustee, bailee, executor, ad ministrator, assignee, guardian, committee, receiver, liquidator or agent; " (b) 'instrument' includes a will, codicil or other testa mentary document, settlement, instrument of crea tion, deed, mortgage, assignment, statute and a judgment, decree, order, direction and appointment of a court, judge or other constituted authority. "

(2) Whenever a trust company that is registered under this Act acquires the business, property and assets of an other trust company,- " (

a) on and after the date upon which the acquisition takes place, all trusts of every kind and description, including incomplete or inchoate trusts, and every duty assumed by or binding upon the selling com pany shall be vested in and bind and may be en forced against the purchasing company as fully and effectually as if it had been originally named as the fiduciary in the instrument; "(

b) whenever in an instrument any estate, money or other property, or any interest, possibility or right is intended at the time or times of the publishing, making or signing of the instrument to be there after vested in or administered or managed by or put in the charge of the selling company as the fiduciary, the name of the purchasing company shall be deemed to be substituted for the name of the selling company and the instrument shall vest the subject matter therein described in the purchasing company according to the tenor of, and at the time indicated or intended by, the instrument and the

2 purchasing cDmpany shall be deemed to stand in the place and stead .of the selling CQmpany; " (

c) where the name .of the selling cDmpany appears as executor, trustee, guardian or curator in a will 0.1' cDdicil, the will .or c·odicil shall be read, cQnstrued and enfo.rced as if the purchasing company was SQ named therein, and the purchasing company shall have ~he same status and rights as the selling con1- pany In respect o.f the will 0.1' codicil ; "(

d) in al~ probates, administrations, guardianships, commItteeships .or apPQintments of administrat.or Dr guardian ad litem issued or made by a court to. the selling co.mpany from which at the date UP.on which the a'cquisition becomes effective it had not been finally discharged, the purchasing company, ipso facto, shall be substituted theref.or; " (e) .on and after the date upon which the acquisition becDmes effective, the assetsi acquired shall bec.ome vested in the purchasing company in acco.rdance with and subject to. the terms .of any agreement made with respect thereto. and withQut any further co.nveyance, and the selling c.ompany, subject to the terms of any such agreement, shall execute such fo.rmal and separate conveyances, assignments and assurances f.or registratio.n purpo.ses o.r otherwise as may reasonably be required to confirm Dr evidence the vesting in the purchasing company o.f the full title and ownership Df the assets acquired, "23b (1) t'f' d f h' t t t f ' Instrument • a cer I Ie copy 0. eac Ins rumen rans errIng transferring the assets .of the selling company t.o the purchasing c.ompany :i~~~t~i\~ be shall be filed in the .office .of the Minister.

Minister "

(2) The Minister, upon being satisfied that the purchas- Ce.rtific~te . " d d the At' eVIdencmg Ing trust company IS regIstere un er IS c, may Issue a filing certificate under his hand and seal certifying that a certified copy .of the instrument transferring the assets of the selling company to the purchasing co.mpany has been filed in his .office, "23c.

A certificate of the Minister given under sectio.n ~e~~~\w~~~~ 23b .or a Co.Py thereof certified under seal by a notary public !Fkan8ffice to be a true copy may be registered in any Land Titles I es Office without proof .of the signature or the seal o.f the person signing and sealing the same or purporting to have signed and sealed the same. "23d.

A copy of an instrumen~ transferringf,tlhde ~sstehts ;o~;if~fd .ofa selling company to a purchasIng company 1 e In e instrum~t office of the Minister, when certified as a true copy under ~~~~::errmg the seal .of the Minister and under his hand o.r the hand of ~dmis~dible th D M' , , 'bl' 'd 'II t" In eVI ence . e eputy InIster, is admlssl e IneVI ence In a c.our s, , 3. This Act shall come int.o force on the first day .of July, ~~~irJi.ce 1951.

No. 28. FOURTH SESSION ELEVENTH LEGISLATURE 15 GEORGE VI 1951 BILL

An Act to. amend The Trust Co.mpanies Act. Received and read the First time ...................... . Second time ..... Third time HON. MR. GERHART. Title: 1951 (11th, 4th) Bill 28,

An Act to amend The Trust Companies Act

Document details

Collection	Alberta — Bills
Citation	L11 S4 6939
Type	bill
Volume / chapter	L11 S4 6939
Language	en
Format	json
Source	PROVINCIAL
Identifier	231eb6cc6e4b24681b06a2bf186bd5a48397be55

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