interests, mortgages, bonds, bills, notes and securities for money; also to act as agent for the purpose of issuing or countersigning certificates of stock, bonds or other obligations of any corporation, company, association, city, town, village, rural municipalities, rural school districts, public school boards or municipality, or any public institution; and also to receive and manage any sinking fund on such terms as may be agreed upon; and to invest all moneys entrusted to the company for investment upon the security of or in the purchase of annuities, mortgages upon lands or leasehold properties, 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 it 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 fund 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 it with money for that purpose, to invest such money upon any of the securities hereinbefore mentioned, and also, for or in respect of all or any of the services, duties or trusts herein before mentioned, to charge and be allowed and to collect and receive all proper remuneration and legal and usual and customary charges, costs and disbursements, with power to advance moneys to protect any such estate, trust or property entrusted to it as aforesaid, and to charge lawful interest upon any such advances; provided that nothing herein contained shall be held either to restrict or extend the powers of the said company as trustees or agents under the terms of any trust or agency that may be conferred upon it. of affairs by person of King's the Court 7. The Court of King's Bench, if it deems necessary, may Investigation from time to time appoint a suitable person to investigate of company the affairs and management of the company; and such per- appointed son shall report thereon to the court, and regarding the secur- by the Court ity afforded to those by or for whom the engagements of the Bench, or by company are held; and the expense of such investigations itself. 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. of affairs 8. The Lieutenant-Governor-in-Council may also from Examination time to time, when he deems it expedient, appoint an inspect- of company Government. by inspector or to examine the affairs of the company and report to him appointed by on the security afforded to those by whom its engagements are held as aforesaid; and the expenses of the investigation shall be borne by the company. Money may be ordered to be depo 9. Every court into which money is paid by parties, or is brought by order or judgment, may by order direct the same sited with the to be deposited with the company, and the company may pay company instead of into Court. Keeping of accounts of trusts. Protection of trust investments. Power to guarantee payment of debentures, mortgages and other securities. "Manitoba Trustee Act" to apply. Liability and powers of the company as executor, trustee, etc. 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 cent. annually. 10. The moneys and securities of each trust shall be kept in separate accounts distinct from those belonging to the company, and shall be so entered in the books of the company that each particular trust shall always be readily distinguishable from any others in the registers and other books of accounts kept by the company, and at no time shall trust moneys form part of or be mixed with the general assets of the company. 11. Moneys, properties and securities received or held by the company upon trust or as agents of any person or corporation shall not be liable for the debts or obligations of the company, except those arising out of such trust or agency. 12. The company shall have power to guarantee, by issuing policies of insurance or otherwise, the payment of money secured by or payable under or in respect of debenture bonds, debenture stock, contracts, mortgages, bonds of indemnity, charges, obligations and securities of any company, or of any authority, municipal, local or otherwise, or any persons whomsoever, whether corporate or unincorporate. 13. The said company, in the execution of any trusts assumed under the powers contained in this Act, shall have all the powers, rights and privileges conferred upon trustees, executors and administrators of estates under the provisions of "The Manitoba Trustee Act" and any amendments thereto. 14. The liability of the said company to the person or persons interested in any estate held by the said company as executor, trustee, administrator de bonis non, administrator with the will annexed, receiver, curator, assignee, guardian or committee as aforesaid, shall be the same as if the said estate had been held by any private person in such capacities respectively, and its powers shall be the same. moneys company as creditors. 15. Notwithstanding anything contained in "The As- Handling of signments Act," and amending Acts, where the company is held by the appointed assignee for the benefit of creditors, it shall be assignee for lawful for the company to deposit the moneys received as such assignee in a separate account in their savings department, which shall be open for inspection by the inspectors or any creditor, and such deposit shall bear interest at a rate not less than three per cent. per annum. the company of 9 Edw. 16. The licensing of the company under "The Act re- Licensing of specting the Licensing of Extra-Provincial Corporations" is under c. 10 hereby confirmed, and the company shall, subject to the pro- vII convisions of its charter and this Act, and of "An Act respecting the Licensing of Extra-Provincial Corporations," have all the rights, powers and privileges by "The Manitoba Joint Stock Companies Act" granted to and conferred upon companies incorporated thereunder, and as and from the date of Retroactive said license the company shall be deemed to have had the powers now vested in it by virtue of this Act and to have been authorized and empowered in manner aforesaid. provision. CHAPTER 87. An Act to incorporate "The Imperial Canadian Trust Company." Preamble. Meaning of words [Assented to March 24th, 1911.] WHEREAS Edmund Landor Taylor, Cyril Douglas H. MacAlpine, Douglas H. Ross, H. G. Musson and James K. B. Turner, all of the City of Winnipeg, in the Province of Manitoba, esquires, have by their petition prayed that they may be incorporated with others as a company for the purpose of carrying on a trust and agency business in all its branches, under the name of "The Imperial Canadian Trust Company," Therefore His Majesty, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows: 1. In this Act the word "company" shall mean "The "company" Imperial Canadian Trust Company," and the expression "the directors" shall mean the directors for the time being of " The Imperial Canadian Trust Company." and "directors." Incorpora tion. Name. Capital. Increase of. Proviso. Shares may be issued in currency or sterling. 2. The persons named in the preamble of this Act, with such other persons as shall become shareholders in the company, shall be and are hereby created, constituted and declared to be a body corporate and politic under the name of "The Imperial Canadian Trust Company," and by that name shall have perpetual succession and a common seal, with power to break and alter such seal, and by that name may sue and be sued, plead and be impleaded in all courts whatsoever. 3. The capital stock of the company shall be one million dollars, divided into ten thousand shares of one hundred dollars each, and may be increased to an amount not exceeding three million dollars by a vote of two-thirds in number of the shareholders present or represented at any annual meeting or special meeting to be called for that purpose; provided that stock to the amount of one hundred thousand dollars shall be subscribed, and thirty-five thousand dollars paid thereon, before the company shall go into operation. The capital stock of the company may be issued either in sterling or currency, or both, as the directors determine, and if any of such capital There may be different classes of suitable for each. stock is issued in sterling it shall be at the rate of four dollars and eighty-six and two-thirds cents per pound sterling. The shares in the capital for the time being, whether original or increased, may be divided into several classes, with any prefer- shares, and ential, special, qualified or deferred rights, privileges or provisions conditions attached thereto, and the company may provide that the holders of any particular class of shares shall have the right to elect a certain stated proportion of the board of directors, and may further provide that any class of shareholders shall have such preference and priority as respects dividends and otherwise as may be declared by the by-laws. expenses. 4. The company may, out of its paid-up capital or other Preliminary funds, pay all costs, charges and expenses properly incurred in applying for and obtaining an Act of incorporation and all other expenses preparatory or relating thereto. powers of 5. The objects of the said company shall be, and the com- Objects and pany is hereby authorized, to take, receive and hold all estate the 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 upon; also to act generally as agents or attorneys for the transaction of business, the management, amalgamation and winding-up of estates, partnerships, companies, associations and other corporations, the collecting of accounts, rents, dividends, interest, 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; and also to receive and manage any sinking fund, on such terms as may be agreed upon; and to invest all moneys entrusted to the company for investment upon the security of or in the purchase of annuities, mort- funds. gages 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 loan corporation or loan 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 Investments of trust |