CHAPTER 290
OF THE
REVISED STATUTES, 1989
WHEREAS the Montreal Trust Company, by its wholly owned subsidiary, Montrustco Corporation, has caused to be incorporated by letters patent dated the nineteenth day of July, 1978, under the Trust Companies Act (Canada) as a subsidiary of Montrustco Corporation, wholly owned except for directors qualifying shares, the Montreal Trust Company of Canada, for the purpose of taking over and carrying on certain of the business of the Montreal Trust Company in the Province and other areas of Canada, with certain exceptions as herein described:
Short title
1 This Act may be cited as the Montreal Trust Company of Canada Act. R.S., c. 290, s. 1.
Application of Sections 3 to 6
2 (1) Sections 3 to 6 do not apply to
(a) any real or personal property granted to, held by or vested in the Montreal Trust Company, and any power, right, immunity, privilege or right of action that may be exercised by or against the Montreal Trust Company, pursuant to or in respect of
(ii) any document or trust to which Section 2 applies pursuant to which the Montreal Trust Company acts as trustee in respect of an employees superannuation or pension fund or plan, which has been accepted for registration purposes pursuant to the Income Tax Act (Canada) and any mutual fund, pooled trust fund or unit trust the principal purpose of any of which is the investment of moneys forming part of any such employees superannuation or pension fund or plan;
(b) any agreement or other document whatsoever whereby the Montreal Trust Company is named as registrar or transfer agent;
(c) any real property and any interest or estate in land which is held by the Montreal Trust Company as a grantee or mortgagee under any deed or mortgage wherein the grantee or mortgagee is described as "Montreal Trust Company" without further qualification and which is held by the Montreal Trust Company pursuant to or in respect of any document or trust described in Section 3, and any power, right, immunity, privilege or right of action that may be exercised by or against the Montreal Trust Company under such document or trust with respect to that property;
(d) any real or personal property owned or held by, vested in or granted to the Montreal Trust Company, and that is held by the Montreal Trust Company exclusively for its own use and benefit, and not in trust for or for the benefit of any other person or purpose;
(e) any real or personal property that is held by the Montreal Trust Company under any document or trust to which Section 3 applies that is situate outside the Province, and any power, right, immunity, privilege or right of action that may be exercised by or against the Montreal Trust Company under any such document or trust with respect to that property; or
(f) trusts relating to moneys received for guaranteed investment and any real or personal property held in trust with respect to any such guaranteed investment.
Application to court
(2) Notwithstanding subsection (1), for all property situate outside the Province
(a) for which the Montreal Trust Company has been appointed, or is entitled to be appointed by a court of the Province, as personal representative of a deceased person, whether as executor, administrator or otherwise, the Montreal Trust Company of Canada may, upon application to such court, be appointed personal representative in the place and stead of Montreal Trust Company with respect to that property; and
(b) for all property situate outside the Province not coming within clause (a), but held by the Montreal Trust Company under any document or trust to which Section 3 applies, for which the Supreme Court has jurisdiction under Section 31 of the Trustee Act to make an order for the appointment of a new trustee, the Montreal Trust Company of Canada may, upon application to the Trial Division of the Supreme Court, be appointed trustee in the place and stead of the Montreal Trust Company with respect to that property, and such appointment shall have the same effect as if made under Section 31 of the Trustee Act,
but any appointment made pursuant to clause (a) or (b) does not affect any rights which may continue to be exercised by or against the Montreal Trust Company. R.S., c. 290, s. 2.
Substituted reference in document or trust
3 Except as provided in Section 6, the Montreal Trust Company of Canada is deemed to be substituted in the place and stead of the Montreal Trust Company in or in respect of every trust, trust deed, agreement, instrument of creation, settlement, assignment, will, codicil or other testamentary document, every letters testamentary, letters of administration, judgment, decree, order, direction or appointment of any court, judge or other constituted authority and every other document or trust howsoever created, including every incomplete or inchoate trust, and in every conveyance, mortgage, assignment, appointment or other writing, wherein, whereby or of which the Montreal Trust Company is named as executor, administrator, trustee, bailee, committee, assignee, liquidator, receiver, guardian or curator or is named to any other office or position whatsoever wherein any property, interest, possibility or right is vested in, administered or managed by or put in charge of the Montreal Trust Company in trust, or in the custody, care or control of the Montreal Trust Company, for or for the benefit of any other person or purpose, and every such document or trust, howsoever created, shall be read, construed and given effect as if, Montreal Trust Company of Canada had been named therein in the place and stead of Montreal Trust Company. R.S., c. 290, s. 3.
Vesting in Montreal Trust Company of Canada
4 (1) Except as provided in Section 2, all real and personal property and every interest therein that is granted to, held by or vested in the Montreal Trust Company, whether by way of security or otherwise, in trust, or in the custody, care or control of the Montreal Trust Company, for or for the benefit of any other person or purpose, pursuant to or in respect of any document or trust to which Section 3 applies, and whether in the form in which it was originally acquired by the Montreal Trust Company or otherwise, is vested in the Montreal Trust Company of Canada, according to the tenor of and at the time indicated or intended by the document or trust, upon the same trusts, with the same powers, rights, immunities and privileges and subject to the same obligations and duties as are thereby provided, granted or imposed.
Change of title
(2) For the purposes of any enactment affecting the title to property, both real and personal, it is sufficient to cite this Act as effecting the grant, conveyance or transfer of title from the Montreal Trust Company to and the vesting of title in the Montreal Trust Company of Canada of every property affected by subsection (1) and, notwithstanding any other enactment, it is not necessary to register or file this Act, or any further or other instrument, document or certificate showing the change of title, in any public office whatsoever within the jurisdiction of the Province. R.S., c. 290, s. 4.
Proceedings in progress
5 (1) No suit, action, appeal, application or other proceeding being carried on and no power or remedy being exercised by or against the Montreal Trust Company in any court or before any tribunal or agency of the Province, pursuant to or in respect of any document or trust to which Section 3 applies, shall be discontinued or abated on account of this Act, but may be continued in the name of the Montreal Trust Company of Canada, 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 suit, action, appeal, application or other proceeding had been commenced or defended in the name of the Montreal Trust Company of Canada.
Rights of action or of other proceedings
(2) Any suit, action, appeal, application or other proceeding or any power, right, remedy or right of distress that might have been brought or exercised by or against the Montreal Trust Company pursuant to or in respect of any document or trust to which Section 3 applies, may be brought or exercised by or against the Montreal Trust Company of Canada, which shall have the same rights, and shall be subject to the same liabilities, in respect thereof, as those that the Montreal Trust Company would have or be subject to if this Act had not been enacted. R.S., c. 290, s. 5.
Claims and liabilities
6 Nothing in this Act affects the rights of any person having a claim against Montreal Trust Company in respect of any document or trust to which Section 3 applies, or impairs, modifies or affects the liability of Montreal Trust Company to any such person, and any such rights as may be enforceable in the Province may instead be asserted or enforced against the Montreal Trust Company of Canada, which shall be responsible for all debts, liabilities and obligations of the Montreal Trust Company in respect of any such document or trust. R.S., c. 290, s. 6.
Declaration in instrument
7 For every instrument executed on or after the twenty-fourth day of June, 1981, by the Montreal Trust Company or by the Montreal Trust Company of Canada dealing with any property granted to, held by or vested in either corporation, a declaration in such instrument that title to such property is changed by Section 4, that such property comes within any exemption provided by Section 2, or that this Act does not apply to such property is binding on both corporations, and shall be accepted as conclusive by every public office whatsoever within the jurisdiction of the Province. R.S., c. 290, s. 7.
