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1997 Legislative Session: 2nd Session, 36th Parliament

FIRST READING

The following electronic version is for informational

purposes only.

The printed version remains the official version.

BILL Pr 401 – 1997

TD TRUST COMPANY ACT, 1997

Contents

Section

Interpretation

Purpose

Non-application

Successor trustee

Real and personal property held in trust by Central Guaranty Trust Company

Legal proceedings

Rights of third parties

Notice

Commencement

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province

of British Columbia, enacts as follows:

Interpretation

1 In this Act, "registrar" means the registrar appointed under the Land Title Act of the

respective land title district in which an application in respect of any registered estate

or interest in real property is made.

Purpose

2 The purpose of this Act is to provide for the transfer of the trusteeship and agency

business of Central Guaranty Trust Company to TD Trust Company.

Non-application

(1) This Act does not apply to

(

a) real or personal property that is owned or held by, vested in or granted to

Central Guaranty Trust Company and that is held by Central Guaranty Trust

Company exclusively for its own use and benefit, and not in trust for or for

the benefit of any other person or purpose,

(

b) real or personal property that is located outside of British Columbia and is

held by Central Guaranty Trust Company under a record or trust to which

section 4 would otherwise apply and any power, right, immunity, privilege

or right of action that may be exercised by or against Central Guaranty Trust

Company under any such record or trust with respect to that property,

(

c) trusts relating to moneys received for guaranteed investment and any real or

personal property held in trust with respect to any such guaranteed

investment of which Central Guaranty Trust Company is trustee,

(

d) any real or personal property granted to or held by or vested in Central

Guaranty Trust Company under or in respect of

(

i) any trust indenture or other indenture to which

section 4 would

otherwise apply in which Central Guaranty Trust Company is or may

be a trustee and by virtue of which bonds, debentures or other

evidence of indebtedness, warrants or rights have been or may be

issued,

(ii) any record or trust to which

section 4 would otherwise apply under

which Central Guaranty Trust Company acts as trustee for

unitholders in respect of any oil or gas royalty trust fund, and

(iii) any record or trust to which

section 4 would otherwise apply under

which Central Guaranty Trust Company acts as trustee, manager,

advisor, registrar or transfer agent with respect to the Central

Guaranty Trust funds – Canadian Money Market Fund, Central

Guaranty Trust Investors Fund (Income and Equity Sections), Central

Guaranty Property Fund and Central Guaranty Trust Real Estate

Fund, or

(

e) any agreement or other record of any kind by which Central Guaranty Trust

Company is named or may be named as registrar or transfer agent, except

for any appointment of Central Guaranty Trust Company as registrar or

transfer agent of a mutual fund other than the mutual funds described in

section 3 (2) (d) (iii).

(2) Despite subsection (1) (b),

(

a) if a court has appointed or has the power to appoint Central Guaranty Trust

Company as personal representative of a deceased person, whether as

executor, administrator or otherwise, for property located outside British

Columbia, TD Trust Company may, on application to that court, be

appointed as personal representative with respect to that property in place

of Central Guaranty Trust Company, and

(

b) if property located outside British Columbia but not referred to in

paragraph (

a) is held by Central Guaranty Trust Company under a record or

trust to which

section 4 applies and if the Supreme Court has jurisdiction

under

section 31 of the Trustee Act to make an order for the appointment of

a new trustee with respect to that property, TD Trust Company may, on

application to the Supreme Court, be appointed as trustee with respect to

that property in place of Central Guaranty Trust Company.

(3) An appointment under subsection (2) (

b) has for all purposes under the laws of

British Columbia the same effect as if made under

section 31 of the Trustee Act .

(4) Sections 6 and 7 apply to every record and trust in respect of which an

appointment is made under subsection (2).

(5) Despite subsection (1) (c), this Act applies to trusts relating to moneys received

by Central Guaranty Trust Company for guaranteed investment and any real or

personal property held in trust by Central Guaranty Trust Company with respect

to any registered home ownership savings plan, registered retirement savings

plan, retirement 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.

Successor trustee

(1) Subject to

section 3, Central Guaranty Trust Company is removed as trustee and

TD Trust Company is appointed as successor trustee in or in respect of every

trust, trust deed, trust agreement, instrument of creation, deed of appointment,

settlement, assignment, will, codicil or other testamentary record, and every

letters testamentary, letters probate, letters of administration, judgment, decree,

order, direction, pension plan, benefit plan trust, investment management and

investment administration account, agreement, contract, appointment of any

court, judge or other constituted authority, and every other record or trust

however created, including every incomplete, inchoate or bare trust, and in every

conveyance, mortgage, assignment, appointment or other writing, in, by or of

which Central Guaranty Trust Company is named as executor, administrator,

trustee, personal representative, bailee, committee, tutor, assignee, liquidator,

receiver, custodian, guardian, curator or agent, or is named to any other office or

position whatsoever in which any property, interest, possibility, or right is vested

in, administered or managed by or put in charge of Central Guaranty Trust

Company in trust, or in the custody, care or control of Central Guaranty Trust

Company, for or for the benefit of any person or purpose.

(2) Subsection (1) applies to every record and trust described in that subsection even

if the real or personal property held by Central Guaranty Trust Company under

the record or trust is situate outside British Columbia.

(3) If a record or an instrument referred to in subsection (1) names Central Guaranty

Trust Company to any office or position described in that subsection and the

instrument takes effect after TD Trust Company is appointed successor trustee to

Central Guaranty Trust Company, TD Trust Company is deemed to be named to

the office or position in that record or instrument in the place of Central Guaranty

Trust Company.

Real and personal property held in trust by

Central Guaranty Trust Company

(1) In this section, "Central Guaranty Trust Property" means all real and personal

property and every interest in real and personal property that is granted to, or held

by or vested in Central Guaranty Trust Company, whether by way of security or

otherwise, in trust, or in the custody, care or control of Central Guaranty Trust

Company, for or for the benefit of any other person or purpose, under or in respect

of every record and trust to which

section 4 applies, and whether in the form in

which it was originally acquired by Central Guaranty Trust Company or

otherwise.

(2) Subject to

section 3, all Central Guaranty Trust Property is vested as of January 1,

1993 in TD Trust Company

(

a) according to the tenor of the record or trust referred to in subsection (1),

(

b) at the time indicated or intended by that record or trust, and

(

c) on the same trusts and with the same powers, rights, immunities and

privileges, and subject to the same obligations and duties as are provided,

granted or imposed by that record or trust.

(3) Subject to subsection (4) and

section 8, for the purposes of every enactment

affecting the title to property, both real and personal, the vesting of title in

TD Trust Company of every property referred to in subsection (2) is effective

without the registration or filing of this Act, or any further or other instrument or

record showing the change of title in any public office of the government.

(4) Provided TD Trust Company files a copy of this Act in the applicable land title

office, TD Trust Company may, under

section 187 of the Land Title Act , make an

application in respect of any registered estate or interest in the same manner as if

this Act effected an amalgamation of Central Guaranty Trust Company and

TD Trust Company.

(5) An application contemplated under subsection (4) must contain a description of

the titles or charges affected by the application that is sufficient for the registrar

to identify them in the records.

(6) Nothing in subsections (4) and (5) affects the operation of subsections (1), (2),

(3) or any other provision of this Act.

Legal proceedings

(1) Subject to

section 7 (2) and 7 (3) nothing in this Act requires or permits the

discontinuance or abatement of a proceeding being carried on or a power or

remedy being exercised by or against Central Guaranty Trust Company as

executor, administrator, trustee, personal representative or in any other capacity

referred to in

section 4 (1) in any British Columbia court or before any tribunal

or agency, under or in respect of a record or trust to which

section 4 applies.

(2) Despite the Rules of Court applicable to the Supreme Court, a proceeding, power

or remedy referred to in subsection (1) may be continued in the name of TD Trust

Company, and, in that event, TD Trust Company has the same rights and may

receive the same costs and awards as if the proceeding had been commenced or

defended in the name of TD Trust Company.

(3) Subject to

section 7 (2) and 7 (3) any proceeding, or any power, right, remedy or

right of distress that might have been brought or exercised by or against Central

Guaranty Trust Company as executor, administrator, trustee, personal representative or in any other capacity referred to in

section 4 (1) under or in respect of a

record or trust to which

section 4 applies, may be brought or exercised by or

against TD Trust Company, and, in that event, TD Trust Company has the same

rights in respect of these matters as Central Guaranty Trust Company would have

had if this Act had not been enacted.

Rights of third parties

(1) Nothing in this Act affects the rights of any person having a claim against Central

Guaranty Trust Company in respect of a record or trust to which

section 4 applies,

or impairs, modifies or affects the liability of Central Guaranty Trust Company

to any such person.

(2) TD Trust Company is not liable for any debts, liabilities or obligations arising out

of any act or omission on the part of Central Guaranty Trust Company that

occurred prior to January 1, 1993 in respect of a record or trust to which

section 4

applies.

(3) Nothing in this Act changes or otherwise affects the law with respect to the rights,

liabilities or obligations of TD Trust Company as successor trustee to Central

Guaranty Trust Company.

Notice

(1) If a person is under an obligation to make payments in relation to property that is

vested in TD Trust Company under

section 5 (1), the person may make the

payments to Central Guaranty Trust Company until TD Trust Company gives or

causes to be given notice in writing to the person that payment must be made to

TD Trust Company.

(2) If a person receives a notice referred to in subsection (1), the obligation of the

person to make payments is owed to TD Trust Company.

(3) TD Trust Company may execute any instrument that purports to transfer any

interest in, encumber or otherwise affect the title to property that is vested in

TD Trust Company under

section 5 (1) even though

(

a) the property remains registered in the name of Central Guaranty Trust

Company or any predecessor trust or loan company of Central Guaranty

Trust Company in any public office of the government, or

(

b) Central Guaranty Trust Company is shown by a record of title as having

legal ownership of the property.

(4) An instrument referred to in subsection (3) may contain a recital referring to the

vesting of title to the property in TD Trust Company under this Act.

(5) An instrument executed by TD Trust Company containing the recital permitted

by subsection (4)

(

a) may be accepted for registration by any public office of the government

without further proof of the accuracy of the recital, and

(

b) is effective to do that which it purports to do despite any inaccuracy

contained in the recital.

(6) In order to show the vesting in TD Trust Company under

section 5 (1) of any

interest in personal property that constitutes collateral within the meaning of the

Personal Property Security Act and in respect of which Central Guaranty Trust

Company is shown as the secured party in any financing statement registered

under that Act, a financing change statement may be registered in respect of the

vesting as if Central Guaranty Trust Company had assigned its interest to

TD Trust Company.

Commencement

Section 4 and

section 5 (2) and (3) are deemed to have come into force on January 1,

1993 and are retroactive to the extent necessary to give them effect on and after that

date.

Copyright © 1997: Queen's Printer, Victoria, British Columbia, Canada