Bill 49 (Legislature 15, Session 1)

L15 S1 1628

Alberta — Bills

No. 49 1st Session, 15th Legislature, Alberta 12 Elizabeth IT BILL 49 A Bill to amend The Trustee Act HON. MR. MANNING Printed by L. S. WALL, Printer to the Queen's Most Excellent Majc'sty, Edmonton, Alberta, 1964

Explanatory Note I. The Trustee Act, R.S.A. 1955, c. 346, amended. 2. The new

section 31a contains the substantive prOVISIon of the model Variation of Trusts Act approved in 1961 by the Con ference of Commissioners on Uniformity of Legislation in Canada, and which in turn follows the Variation of Trusts Act passed by the United Kingdom Parliament in 1958. The

section extends the jurisdiction of the Supreme Court to approve the variation of trusts in the interests of beneficiaries who cannot agree to the variation themselves by reason of legal incapacity or because the actual beneficiaries are not yet determined. It will permit the Court to give relief from consequences flowing from inflexible trust limitations, e.g., to gain income or estate tax advantages for beneficiaries. 3. Commencement of Act.

BILL NO'. 49 'Of 1964

An Act to' amend The Trustee Act (Assented to , 1964) HER MAJESTY, by and with the advice and CQnsent Qf the Legislative Assembly Qf the PrQvince 'Of Alberta, enacts as fQllQws: 1. The Trustee Act is hereby amended. 2. The fQIIQwing heading and sectiQn are added after sectiQn 31: Variation of Trusts 31a.

(1) Where prQperty, real Qr persQnal, is held 'On trusts arising befQre 0'1' after the coming intO' fQrce Qf this sectiQn under any will, settlement 0'1' Qther dispositiQn, the Supreme CQurt may, if it thinks fit, by Qrder apprQve Qn behalf 'Of, (

a) any pers'On having, directly 0'1' indirectly, an in terest, whether vested Qr cQntingent, under the trusts whO' by reas'On 'Of infancy 0'1' Qther incapacity is incapable Qf assenting, 'Or (

b) any perSQn, whether ascertained Qr nQt, whO' may become entitled, directly 'Or indirectly, to' an in terest under the trusts as being at a future date Dr on the happening Qf a future event a perSQn Qf any specified descriptiQn 0'1' a member Qf any specified class Qf perSQns, Qr . (

c) any perSQn unbQrn, Qr (

d) any perSDn in respect Qf any interest of his that may arise by reaSQn Qf any discretiQnary PQwer given to' anyQne Qn the failure 'Or determinatiQn 'Of any existing interest that has nQt failed 'Or de termined, any arrangement, by whQmsQever prQPQsed and whether Dr nQt there is any 'Other perSDn beneficially interested whO' is capable Qf assenting theret'O, varying Qr revoking all Qr any 'Of the trusts Qr enlarging the powers 'Of the trustees 'Of managing Qr adlninistering any 'Of the prQperty subj ect to' the trus'ts.

(2) The CQurt shall not apprQve an arrangement 'On be half Qf any person cQming within clause (a), (

b) Qr (c) 'Of subsectiQn (1) unless the carrying Qut thereQf appears to' he fQr the benefit Qf that per,SQn. 3. This Act CQmes intO' fQrce Qn the day UPQn which it is assented to'. .

No. 49 FIRST SESSION FIFTEENTH LEGISLATURE 12 ELIZABETH II 1964 BILL

An Act to amend The Trustee Act Received and re'ad the First time ....................................... . Second time ..................................... . Third time .. , HON. MR. MANNING Title: 1964 (15th, 1st) Bill 49,

An Act to amend The Trustee Act

Document details

Collection	Alberta — Bills
Citation	L15 S1 1628
Type	bill
Volume / chapter	L15 S1 1628
Language	en
Format	json
Source	PROVINCIAL
Identifier	f68e63176eff635ef0391a9856837cc7b0a915a5

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