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THE

CHAPTER 112.

An Ordinance respecting Trust Companies.

(Chapter 15 of 1903, 1st Session.)

HE Lieutenant Governor by and with the advice and consent of the Legislative Assembly of the Territories enacts as follows:

1. This Ordinance may be cited as "The Trust Companies Short title Ordinance."

meaning of

2. In this Ordinance the expression "trust company" shall Trust company mean a company incorporated for the purpose of exercising any of the powers set forth in the schedule to this Ordinance and authorised whether before or after the passing of this Ordinance and whether by special Ordinance or otherwise to carry on its business in the Territories.

with

necessary

3. No company shall be incorporated or otherwise author-Compliance ised to execute the office of executor, administrator, trustee, Ordinance receiver, assignee, guardian of a minor's estate or of committee of a lunatic's estate unless such company has complied with the provisions of this Ordinance.

appointed

4. No company shall be authorised to become or be appointed not to be guardian of the persons of infants or committee of the persons guardian of of lunatics.

infant or
lunatic

of company as

5. Where a trust company is authorised to execute the Appointment office of executor, administrator, trustee, assignee, guardian or trustee, etc. committee then in case the Lieutenant Governor in Council approves of such company being accepted by the Supreme Court as a trust company for the purposes of such Court the said Court or any judge thereof may with the consent of the company appoint such company to exercise any of the said offices in respect of any estate, or person, under the authority of such Court or judge or may grant to such company probate of any will in which such company is named an executor; but no company which has issued or has authority to issue debentures shall be approved as aforesaid.

(2) A trust company so approved of may be appointed to be a sole trustee notwithstanding that but for this Ordinance it would be necessary to appoint more than one trustee and may also be appointed trustee jointly with another person.

(3) Such appointment may be made whether the trustee is required under the provisions of any deed, will or document creating a trust or whether the appointment is under the pro

Liability of

company acting as trustee

Investigation of affairs of company

Deposit with company of money paid into court

visions of any Ordinance respecting trustees and executors and the administration of estates or otherwise.

(4) Notwithstanding any rule of practice or any provision of any Ordinance requiring security it shall not be necessary for the said company to give any security for the due performance of its duty as such executor, administrator, trustee, receiver, assignee, guardian, or committee unless otherwise ordered.

(5) The Lieutenant Governor in Council may revoke the approval given under this section and no Court or judge after notice of such revocation shall appoint any such company to be an administrator, trustee, receiver, assignee, guardian or committee unless such company gives the like security for the due performance of its duty as would be required from a private person.

2

6. The liability of a trust company to persons interested in an estate held by the company as executor, administrator, trustee, receiver, assignee, guardian, or committee as aforesaid, shall be the same as if the estate had been held by any private person in the like capacity and its powers shall be the same.

7. The Supreme Court if it deems necessary may from time to time appoint a suitable person to investigate the affairs and management of any trust company; and such person shall report thereon to the Court and regarding the security afforded to those by or from whom the engagements of the company are held; and the expense of such investigations shall be defrayed by the company; or the Court may if it deems necessary examine the officers or directors of the company under oath as to the security aforesaid.

(2) The Lieutenant Governor may also from time to time when he deems it expedient appoint an inspector to examine the affairs of any such 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 the investigation shall be borne by the company.

8. Every court into which money is paid by parties or is brought by order or judgment may by order direct the same to be deposited with any trust company that may agree to accept the same and the company may pay any lawful rate of interest on such moneys as may be agreed upon and where no special arrangement is made interest shall be allowed by the company at the rate of not less than three per centum annually.

(2) Every trust company may invest any trust moneys in its hands in any securities in which private trustees may by law invest trust moneys and may also invest such moneys in the public stock funds or government securities of any of the provinces of the Dominion or in any securities guaranteed by the United Kingdom of Great Britain and Ireland, or by the

Dominion, or by any of the said provinces, or in the bonds or debentures of any municipal corporation or school district in the North-West Territories or in securities which are a first charge. on lands held in fee simple in the Territories:

Provided that such company shall not in any case invest the moneys of any trust in securities prohibited by the trust and shall not invest moneys intrusted to it by any court in a class of securities disapproved of by the court.

9. No trust company incorporated under The Companies Trust Ordinance shall issue debentures.

companies not to issue debentures

SCHEDULE.

POWERS WHICH MAY BE GIVEN TO TRUST COMPANIES.

To take, receive and hold all estates and property, real and personal, which may be granted, committed, transferred, 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 in the Territories;

To take and receive on deposit, upon such terms and for such remuneration as may be agreed upon, deeds, wills, policies of insurance, bonds, debentures, or other valuable papers or securities for money, jewelry, plate or other chattel property of any kind, and to guarantee the safe keeping of the same;

To act generally as attorney or agent for the transaction of business, the management of estates, the collection of loans, rents, interest, dividends, debts, mortgages, debentures, bonds, bills, notes, coupons, and other securities for money;

To act as agent for the purpose of issuing or countersigning certificates of stock, bonds or other obligations of any association, or corporation, municipal or other;

To receive, invest and manage any sinking fund therefor on such terms as may be agreed upon;

To accept and execute the offices of executor, administrator, trustee, receiver, assignee, or of trustee for the benefit of creditors under any Ordinance of the Legislature of the Territories; and of guardian of any minor's estate, or committee of any lunatic's estate; to accept the duty and act generally in the winding up of estates, partnerships, companies and corporations;

To guarantee any investments made by them as agents or otherwise;

To sell, pledge, or mortgage any mortgage or other security or any other real or personal property held by the company from time to time, and to make and execute all requisite conveyances and assurances in respect thereof;

To make, enter into, deliver, accept and receive all deeds, conveyances, assurances, transfers, assignments, grants and contracts necessary to carry out the purposes of the said company, and to promote the objects and business of the said company;

And for all such services, duties and trusts to charge, collect and receive all proper remuneration, legal, usual and customary costs, charges and expenses.

CHAPTER 113.

An Ordinance to secure Uniform Conditions in
Policies of Fire Insurance.

(Chapter 16 of 1903, 1st Session.)

THE Lieutenant Governor by and with the advice and consent of the Legislative Assembly of the Territories enacts as follows:

SHORT TITLE.

1. This Ordinance may be cited as "The Fire Insurance Short title Policy Ordinance."

to be liable

ing trifling

2. Where, by reason of necessity, accident or mistake, the Company conditions of any contract of fire insurance on property in notwithstandthe Territories, as to the proof to be given to the insurance defects in proof company after the occurrence of a fire, have not been strictly complied with, or where, after a statement or proof of loss has been given in good faith, by or on behalf of the assured in pursuance of any proviso or condition of such contract, the company, through its agent or otherwise, objects to the loss upon other grounds than for imperfect compliance with such conditions, or does not, within a reasonable time after receiving such statement or proof, notify the assured in writing that such statement or proof is objected to, and what are the particulars in which the same is alleged to be defective and so from time to time, or where for any other reason the Court or judge before whom a question relating to such insurance is tried or inquired into, considers it inequitable that the insurance should be deemed void or forfeited by reason of imperfect compliance with such conditions, no objection to the sufficiency of such statement or proof, or amended or supplemental statement or proof, as the case may be, shall, in any of such cases, be allowed as a discharge of the liability of the company on such contract of insurance wherever entered into; but this section shall not apply where the fire has taken place before the coming into force of this Ordinance.

mortgagee,

notice of

3. Where the loss, if any, under any policy has, with the where loss consent of the company, been made payable to some person or payable to persons or company other than the assured as mortgagee or cancellation, mortgagees, said policy shall not be cancelled by the company etc., to be given upon the application of the assured, nor in any case without reasonable notice to the said mortgagee or mortgagees. 1903, 2nd session, c. 20, s. 1.

mortgagee

conditions"

4. The conditions set forth in the schedule of this Ordinance "Statutory shall, as against the insurers, be deemed to be part of every contract, whether sealed, written or oral, of fire insurance here

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