As to trusts of shares. Head office. Notice of change in location. General insurance laws to bind subscribed stock of the company, shall be obtained at an annual meeting or at a special meeting of the shareholders called for the purpose. 22. The company or directors shall not be bound to see to the execution of any trust, either expressed, implied or constructive, affecting any share or shares of its stock, and notwithstanding any such trust, or notice thereof to the company or directors, the receipt of the person in whose name any share stands shall be a sufficient discharge to the company for any money paid in respect of such share or shares. 23. The head office of the company shall be at the City of Winnipeg, in the Province of Manitoba, but may be changed to such other place in said Province as may be designated by by-law; provided, however, that such by-law shall not be passed by the board of directors until notice thereof has been given in at least one issue of The Manitoba Gazette. The said company may establish agencies or branches elsewhere. 24. This Act and the company hereby incorporated, and the exercise of the powers hereby conferred, shall be subthe company. ject to any general laws in force, or that may hereafter be in force, respecting insurance companies by virtue of any Act passed or which may be hereafter enacted by the Legislature of this Province. 25. This Act shall come into force on the day it is assented to. CHAPTER 116. An Act to amend Chapter 60 of 1-2 Edw. VII, [Assented to March 16th, 1906.] WHEREAS the Empire Trusts and Mortgage Company, Preamble. Limited, was incorporated by an Act passed in 1-2 Edward VII, chaptered 60, and, under the provisions of chapter 27 of the Revised Statutes of Manitoba, 1902, the name of the said company was changed to "The Northern Trusts Company" by an order of the Lieutenant-Governorin-Council, dated the twenty-eighth day of March, A.D. 1904; and whereas it is desirable to amend the said Act, Therefore His Majesty, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows: name. 1. The change of the name of "The Empire Trusts and Change of Mortgage Company, Limited," to "The Northern Trusts Company" is hereby confirmed, and the said Act is hereby amended by striking out the name "The Empire Trusts and Mortgage Company, Limited," wherever it appears in the said Act and by substituting therefor the name "The Northern Trusts Company," which shall be and be considered to be the name of the company as and from the said twentyeighth day of March, A.D. 1904. 2. Section 2 of the said Act is hereby repealed and the following substituted therefor: powers of the restated. 2. The objects of the said company shall be, and the com- Objects and pany is hereby authorized, to take, receive and hold all estates company and property, real and personal, which may be granted, committed, transferred, delivered or conveyed to them, with their consent, upon any trust or trusts whatsoever (not contrary to law), at any time or times, by any person or persons, body or bodies corporate, or by any court, and to sell, mortgage, pledge, lease, dispose of, transfer, convey or otherwise deal with the same in any manner, and in accordance with and in pursuance of any trusts respecting the same; also to administer, fulfil and discharge the duties of such trusts for such remuneration as may be agreed on; also to act generally as agents or attorneys for the transaction of business, the safe deposit company. management and winding-up of estates, partnerships, companies, associations and other corporations, the collecting of rents, dividends, interests, mortgages, bonds, bills, notes and securities for money; also to act as agents for the purpose of issuing or countersigning the certificates of stock, bonds or other obligations of any corporation, company, association, city, town, village, rural municipality, rural school district, public school board or municipality, or any public institution; also to receive and manage any sinking fund, on such terms as may be agreed upon; also to grant and to sell terminable and life annuities; also to invest the proceeds of the sale of annuities, and all moneys entrusted to the company for investment, upon the security of or in the purchase of annuities, mortgages upon lands or leasehold property, or the debentures of cities, towns, villages or rural municipalities, or rural school districts or public school boards of this Province, or any bonds or debentures of any corporation or company, and all securities in which trustees are by law authorized to invest trust moneys; also to receive moneys on deposit until invested; also to guarantee any investment made by them as agents or otherwise; also to realize, for the purpose of any trust, any money invested for such trust; also to sell, pledge, mortgage, transfer or dispose of any securities or investments, or any real or personal property, held by the company, or upon which any trust funds may be invested, so as to realize such funds and property, whenever the same may be required for distribution or for payment to the party or parties entitled thereto on the fulfilment of the objects of any trusts, or for any purpose connected therewith; also, on behalf of such persons or corporations as shall entrust them with money for that purpose, to invest such moneys upon any of the securities hereinbefore mentioned, and also, for and in respect of all or any of the services, duties or trusts hereinbefore mentioned, to charge and be allowed and to collect and receive all proper remuneration and legal, usual and customary charges, costs and disbursements, with power to advance moneys to protect any such estate, trust or property entrusted to them as aforesaid, and to charge lawful interest upon any such advances; provided that nothing herein contained shall be held either to restrict or to extend the powers of the said company as trustees or agents under the terms of any trust or agency that may be conferred upon them. May act as a 3. The said company is also authorized to act as a safe deposit company, and to receive and store for safe-keeping all kinds of securities and personal property, and to rent spaces and compartments for the storage of securities or personal property, and to enter into all legal contracts for regulating the terms and conditions upon which the said business is to be carried on, and for such purposes to acquire by purchase, lease or otherwise such real and personal estate and property as may by said company be considered neces sary. 4. Section 3 of the said Act is hereby repealed, and the following substituted therefor: tion, etc. 3. The said company is also authorized to accept and Administraexecute the offices of executor, administrator, administrator de bonis non, or with the will annexed, liquidator, trustee, receiver, curator, assignee, official guardian, official administrator, assignee, or trustee for creditors, or guardian ad litem, guardian of any minor or committee of any lunatic; and in all cases, when application shall be made to any Court of the Province of Manitoba for the appointment of any executor, trustee, receiver, guardian, administrator, administrator de bonis non, or committee of any lunatic, it shall be lawful for any such Court or a judge thereof to appoint the said company (subject as hereinafter provided), with their consent, to hold such office or offices; and the accounts of the said company, as such executor, administrator, administrator de bonis non, trustee, receiver, assignee, guardian or committee, shall be regularly settled and adjusted by the proper officers or tribunals; and all proper, legal, usual and customary charges, costs and expenses shall be allowed to the said company for the care and management of the estate so committed to them. In case of such appointment by any Court or judge the said company shall not be required to give any security, but such Court or judge, if it or he deems necessary, may from time to time Investigation appoint a suitable person to investigate the affairs and man- company by agement of said company, who shall report thereon to such the court, Court and regarding the security afforded to those by or for whom its engagements are held, and the expenses of such investigation shall be defrayed by the said company, or the Court or judge may if deemed necessary examine the officers or directors of the said company under oath or affirmation as to the security aforesaid; it shall also be or by an competent for the Lieutenant-Governor-in-Council from time appointed by to time, when he shall deem it expedient, to appoint any ment. inspector to examine the affairs of the said company and report to him on the security afforded to those by and for whom its engagements are held as aforesaid, and the expense of such investigation shall be borne by the said company. of affairs of the Govern 5. Section 4 of the said Act is hereby amended by s. 4 amended. striking out the words "the Court of King's Bench of Mani toba where they appear and substituting therefor the words "any court." S. 6 amended. S. 7 amended. S. 9 amended. Capital stock. S. 13 amended. S. 20 amended, Repeal. 6. Section 6 of the said Act is hereby amended by striking out the words "of the Province of Manitoba " where the same appear in the said section. 7. Section 7 of the said Act is hereby amended by adding, between the words "have" and "all" in the second line thereof, the words "in addition to the powers, rights and privileges conferred by this Act." 8. Section 9 of the said Act is hereby amended by striking out the words "for the purpose of providing suitable offices." 9. Section 14 of the said Act is hereby repealed, and the following substituted therefor: 14. The capital stock of the said company shall consist of forty thousand shares of fifty dollars each, being two million dollars. 10. Section 13 of the said Act is hereby amended by adding, after the word "personal" in the fourth line thereof, the words "and to mortgage, sell or otherwise dispose of the same or any part thereof, and to re-invest the proceeds." 11. Section 20 of the said Act is hereby amended by striking out the words " and the trust property held by it" where they appear in the said section. 12. Sections 21, 22, 23, 24, 25, 26, 27 and 28 of the said Act are hereby repealed. 13. This Act shall come into force on the day it is assented to. |