An Act respecting The Bank of Nova Scotia Trust Company and National Trust Company — Private Bill PR26 (37th Parliament, 1st Session)

Bill PR26, 37-1

Ontario — Bills

(Chapter Pr12 Statutes of Ontario, 2000)

An Act respecting The Bank of Nova Scotia Trust Company and National Trust Company Mr. Mazzilli 1st Reading June 22, 2000 2nd Reading December 20, 2000 3rd Reading December 20, 2000 Royal Assent December 21, 2000 Printed by the Legislative Assembly of Ontario Bill Pr26 1ST SESSION, 37TH LEGISLATURE, ONTARIO 49 ELIZABETH II, 2000

Bill Pr26 2000

An Act respecting The Bank of Nova Scotia Trust Company and National Trust Company

Preamble National Trust Company and The Bank of Nova Scotia Trust Company have applied for special legislation to provide for the transfer of the personal trusteeship and personal agency business of National Trust Company to The Bank of Nova Scotia Trust Company. The appli- cants represent that The Bank of Nova Scotia owns, di- rectly or indirectly through a wholly-owned subsidiary, all of the voting shares of National Trustco Inc., and that National Trustco Inc. owns all of the voting shares of National Trust Company.

The applicants represent that The Bank of Nova Scotia Trust Company, a wholly- owned subsidiary of National Trustco Inc., proposes to acquire the personal trusteeship and personal agency business of National Trust Company, and for such pur- pose The Bank of Nova Scotia Trust Company must be appointed as successor trustee to National Trust Com- pany. The applicants further represent that it would be impractical, given the number of trusts and estates com- prising the personal trusteeship and personal agency business of National Trust Company to apply to the Su- perior Court of Justice under

section 5 of the Trustee Act to have The Bank of Nova Scotia Trust Company ap- pointed as successor trustee for each such trust and es- tate. It is appropriate to grant the application. Therefore, Her Majesty, by and with the advice and con- sent of the Legislative Assembly of the Province of On- tario, enacts as follows: Definition - “effective date” 1.

(1) In this Act, “effective date” means the date on which The Bank of Nova Scotia Trust Company completes the transaction to acquire the personal trusteeship and personal agency business of National Trust Company. Notice of effective date

(2) The Bank of Nova Scotia Trust Company shall file with the Clerk of the House a notice setting out the effective date and advising that the provisions of this Act take effect as of the effective date and the Clerk of the House shall cause the notice to be laid before the As- sembly as a sessional paper. Same

(3) The Bank of Nova Scotia Trust Company shall publish a notice in The Ontario Gazette setting out the effective date and advising that the provisions of this Act take effect as of the effective date. Successor trustee 2.

(1) Subject to

section 7 of this Act, on the effec- tive date National Trust Company is removed and The Bank of Nova Scotia Trust Company is appointed as successor trustee in or in respect of every personal trust, trust deed, declaration of trust, trust agreement, instru- ment of creation, deed of appointment, settlement, as- signment, will, codicil or other testamentary document, and every letters testamentary, letters probate, letters of administration, judgment, decree, order, direction, pen- sion plan, benefit plan trust, investment management account, investment administration account, agreement, contract, appointment of any court, judge or other con- stituted authority, and every other document or trust howsoever created, in each case for the benefit of or that relates to a person, including every incomplete, inchoate or bare trust, and in every conveyance, mortgage, as- signment, appointment or other writing, wherein or whereby, or of which National Trust Company is named as executor, administrator, trustee, estate trustee, per- sonal representative, bailee, escrow agent, committee, tutor, assignee, liquidator, receiver, custodian, guardian, curator, agent or other similar fiduciary, or is named to any other office or position whatsoever by virtue of which any property, interest or right is vested in, admin- istered or managed by, or put in charge of National Trust Company, in trust, or in the custody, care or control of National Trust Company, in each case for the benefit of or that relates to a person.

Same (2) Subsection (1) applies to every document and trust described in that subsection even if the real or per- sonal property held by National Trust Company under the document or trust is situate outside Ontario. Same

(3) Where an instrument specified or described in subsection (1) names National Trust Company to any office or position described in that subsection and the instrument takes effect after the effective date, The Bank of Nova Scotia Trust Company shall be deemed to be named in the instrument in the place of National Trust Company.

Real and personal property 3.

(1) Subject to

section 7, all real and personal prop- erty and every interest therein that is granted to, held by or vested in National Trust Company, whether by way of security or otherwise, in trust, or in the custody, care or control of National Trust Company, for or for the benefit of any other person or purpose, pursuant to or in respect of a document or trust to which

section 2 applies, and whether in the form in which it was originally acquired by National Trust Company or otherwise, is vested on the effective date in The Bank of Nova Scotia Trust Company, according to the tenor of and at the time indi- cated or intended by the document or trust, upon the same trusts, and with the same powers, rights, immuni- ties, and privileges, and subject to the same obligations and duties as are thereby provided, granted or imposed. Registration of Act not required

(2) Subject to

section 7, for the purposes of every Act affecting the title to property, both real and personal, the vesting of title in The Bank of Nova Scotia Trust Com- pany of every property affected by subsection (1) is ef- fective without the registration or filing of this Act, or of any other instrument, document or certificate showing the change of title, in any public office whatsoever within the jurisdiction of the Province of Ontario. Legal proceedings 4.

(1) No proceeding being carried on and no power or remedy being exercised by or against National Trust Company as executor, administrator, trustee, estate trustee, personal representative or in any other capacity referred to in subsection 2 (1) in any court of Ontario, or before any tribunal or agency of the Province of Ontario, pursuant to or in respect of a document or trust to which

section 2 applies, shall be discontinued or affected on account of this Act but, despite the Rules of Civil Proce- dure, may be continued in the name of The Bank of Nova Scotia Trust Company, which shall have the same rights, shall be subject to the same liabilities and shall pay or receive the same costs and awards as if the pro- ceeding had been commenced or defended in the name of The Bank of Nova Scotia Trust Company. Same

(2) A proceeding or a power, right, remedy or right of distress that might have been brought or exercised by or against National Trust Company as executor, adminis- trator, trustee, estate trustee, personal representative or in any other capacity referred to in subsection 2 (1) pursu- ant to or in respect of a document or trust to which sec- tion 2 applies, may be brought or exercised by or against The Bank of Nova Scotia Trust Company, which shall have the same rights and shall be subject to the same liabilities in respect thereof as those which National Trust Company would have had or been subject to if this Act had not been enacted. Same

(3) In a proceeding that has been continued or com- menced in the name of The Bank of Nova Scotia Trust Company under subsection (1) or (2), National Trust Company and its officers and employees shall be deemed to have been acting on behalf of The Bank of Nova Scotia Trust Company in performing any act, whether before or after this Act comes into force, in- volving the administration of a document or trust to which

section 2 applies, and for purposes of examination for discovery or production of documents in relation to any such proceeding, National Trust Company and its officers or employees shall be subject to the same obli- gations as if this Act had not been enacted. Rights of third parties 5. Nothing in this Act affects the rights of any person having a claim against National Trust Company in re- spect of a document or trust to which

section 2 applies, or releases, modifies or affects the liability of National Trust Company to any such person, but all such rights as may be enforceable in Ontario may be asserted against The Bank of Nova Scotia Trust Company, which shall be responsible for all debts, liabilities and obligations of National Trust Company in respect of any such docu- ment or trust. Notice 6.

(1) Where a person is under an obligation to make payments in relation to property that is vested in The Bank of Nova Scotia Trust Company by subsection 3 (1), the person may make the payments to National Trust Company until The Bank of Nova Scotia Trust Company gives or causes to be given notice in writing to the per- son that payment shall be made to The Bank of Nova Scotia Trust Company, and thereupon the person’s obli- gation is owed to The Bank of Nova Scotia Trust Com- pany. Instruments dealing with property

(2) Any instrument dealing with property that is vested in The Bank of Nova Scotia Trust Company by subsection 3 (1), but that remains registered in the name of National Trust Company or any predecessor trust or loan company of National Trust Company, in any public office of the Province of Ontario or in respect of which National Trust Company is shown by a document of title as having legal ownership thereof, may be executed by The Bank of Nova Scotia Trust Company and may con- tain a recital referring to the vesting under this Act. Same

(3) An instrument executed by The Bank of Nova Scotia Trust Company containing the recital permitted by subsection (2) may be accepted for registration by any public office within the jurisdiction of the Province of Ontario without further proof of the accuracy of the recital, and every such instrument shall be deemed to be effective in passing title to the property described in the instrument despite any inaccuracy contained in the re- cital. Security interests in personal property

(4) In order to show the vesting in The Bank of Nova Scotia Trust Company by subsection 3 (1) of any interest in personal property that constitutes a security interest within the meaning of the Personal Property Security Act and for which National Trust Company is shown as the secured party in any financing statement registered 2 Bill Pr26 BANK OF NOVA SCOTIA TRUST COMPANY 2000

under that Act, a financing change statement may be registered under that Act in respect of the vesting as if National Trust Company had assigned its interest to The Bank of Nova Scotia Trust Company. Property and trusts not affected 7.

(1) This Act does not apply to the following prop- erty and trusts: 1. Real or personal property owned or held by, vested in or granted to National Trust Company, and that is held by National Trust Company ex- clusively for its own use and benefit, and not in trust for or for the benefit of any other person or purpose. 2. Real or personal property held by National Trust Company under a document or trust to which

section 2 would otherwise apply, that is situate outside Ontario, and any power, right, immunity, privilege or right of action that may be exercised by or against National Trust Company under any such document or trust with respect to that prop- erty. 3.

Trusts relating to money received for guaranteed investment and any real or personal property held in trust with respect to any such guaranteed in- vestment of which National Trust Company is trustee, including, without limitation, trusts with respect to any registered home ownership savings plan, registered retirement savings plan, retire- ment income fund, deferred profit sharing plan or income averaging annuity contract, as those terms are defined in the Income Tax Act (Canada), or other registered or unregistered deferred income or employee benefit plan. 4.

Any real or personal property granted to or held by or vested in National Trust Company pursuant to or in respect of, i. any trust indenture or other indenture to which

section 2 would otherwise apply wherein National Trust Company is or may be a trustee and by virtue of which bonds, debentures or other evidences of indebted- ness, warrants or rights have been or may be issued, and ii. any document or trust to which

section 2 would otherwise apply pursuant to which National Trust Company acts as manager, advisor, registrar or transfer agent. Exception - property and trusts affected

(2) Despite paragraph 2 of subsection (1), this Act does apply to, (

a) all real or personal property situate outside On- tario for which National Trust Company has been appointed, or is entitled to be appointed, by a court of Ontario as personal representative of a deceased person, whether as executor, adminis- trator, estate trustee or otherwise, and The Bank of Nova Scotia Trust Company may, upon appli- cation to that court, be appointed personal repre- sentative in the place of National Trust Company with respect to that property; and (

b) all real or personal property situate outside On- tario not coming within clause (a), but held by National Trust Company under a document or trust to which

section 2 applies, for which the Su- perior Court of Justice has jurisdiction under sec- tion 5 of the Trustee Act to make an order for the appointment of a new trustee, and The Bank of Nova Scotia Trust Company may, upon applica- tion to that court, be appointed trustee in the place and stead of National Trust Company with respect to that property, and such appointment has for all purposes of the laws of Ontario the same effect as if it had been made under

section 5 of the Trustee Act. Same

(3) Sections 4 and 5 apply to every document and trust in respect of which an appointment is made under subsection (2). Commencement 8. This Act comes into force on the day it receives Royal Assent.

Short title 9. The

short title of this Act is the Bank of Nova Scotia Trust Company Act, 2000. 2000 BANK OF NOVA SCOTIA TRUST COMPANY Bill Pr26 3

Document details

Collection	Ontario — Bills
Citation	Bill PR26, 37-1
Type	bill
Volume / chapter	p37 s1 bill pr26 bill text 37 1 en pr026ra.pdf
Language	en
Format	json
Source	PROVINCIAL
Identifier	6272b32d2ac394714e4b69576138db7e76667262

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