Cesser right of distraint Priority of landlord Proof for surplus Occupation rent Continued occupation by trustee Surrender of possession Retention of premises by trustee deemed to have made an assignment of all his property for the general benefit of his creditors prior to the date of the said receiving order or assignment. 3. As soon as such order or assignment is made then the landlord of such lessee shall thereafter not be entitled to distrain or realize his rent by distress and the trustee in whom the property of the lessee vests under the provisions of The Bankruptcy Act (hereinafter called "the trustee"), shall pay to the landlord in priority to all other debts, an amount not exceeding in value the distrainable assets of the said lessee, and not exceeding three months' rent accrued due prior to the date of such order or assignment (hereinafter referred to as "the said date"), and the costs of distress, if any. 4. The said lessee shall be a debtor to the landlord for all surplus rent in excess of the said three months' rent, which has accrued due at the said date and also for any accelerated rent to which he may be entitled under his lease, not exceeding an amount equal to three months' rent. 5. Except as aforesaid, the landlord shall not have any right to claim as a debt any money due to him from the lessee for any portion of the unexpired term of his lease, but the said trustee shall pay to the landlord for the period during which he actually occupies the leased premises from and after the said date a rental calculated on the basis of the said lease. 6. The trustee shall be entitled to continue in occupation of the leased premises for so long as he shall require the premises for the purposes of the trust estate which vested in him and any payment to be made to the landlord in respect of accelerated rent shall be credited against the amount payable by the trustee for the period of his occupation. 7. The trustee may surrender possession at any time, but if he occupies for three months or more beyond the said date the landlord shall be entitled to receive three months' notice in writing of the trustee's intention to surrender possession, or three months' rent in lieu thereof. 8. After the trustee surrenders possession such of the landlord's rights as are based upon actual occupation by the trustee shall cease. 9. (1) Notwithstanding the legal effect of any provision or stipulation in the lease, the trustee may at any time while he is in occupation of leased premises for the purposes of the trust estate and before he has given notice of intention to of premises surrender possession, or disclaimed, elect to retain the leased premises for the whole or any portion of the unexpired term, and he may, upon payment to the landlord of all overdue rent, assign the lease to any person who will covenant to Assignment observe and perform its terms and agree to conduct upon by trustee the demised premises a trade or business which is not reasonably of a more objectionable or more hazardous nature than that which was thereon conducted by the lessee, and who on application of the trustee is approved by a judge of the Supreme Court as a person fit and proper to be put into possession of the leased premises: performance , etc. Provided, however, that before the person to whom the Security for lease is assigned may be permitted to go into occupation, of covenants, he shall deposit with the landlord a sum equal to six months' rent or supply to him a guarantee bond approved by a judge of the Supreme Court in a penal sum equal to six months' rent, as security to the landlord that such person will observe and perform the terms of the lease and the covenants made by him with respect to his occupation of such premises. "trader" (2) This section shall only apply to premises leased by a trader and used by him for the purposes of his trade. (3) In this section "trader" shall mean a retail merchant Meaning of or a wholesale merchant or a commission merchant or a manufacturer, or any person who, as his ostensible occupation, buys and sells goods, wares, or merchandise, ordinarily the subject of trade and commerce. of lease entry for 10. The trustee shall have the further right at any time Disclaimer before giving notice of intention to surrender possession, and before becoming under obligation to give such notice in case of intention on his part to surrender possession, to disclaim any such lease, and his entry into possession of the leased premises and their occupation by him while required for the purposes of the trust estate shall not be deemed to be evidence of an intention on his part to elect to retain the premises, nor affect his right to disclaim or to surrender posses- Effect of sion pursuant to the provisions of this Act; and if after purposes of occupation of the leased premises he elects to retain them trust estate and thereafter assigns the lease to a person approved by a judge as by section 9 hereof provided, the liability of the trustee, whether personal or as trustee, and whether arising out of privity of contract or of estate and also all liability of the estate of the lessee shall, subject to the provisions of this Act, be limited and confined to the payment of rent for the period of time during which the trustee remains in possession of the leased premises for the purposes of the trust estate. under-lessee 11. Where the lessee has, before the said date, demised by Rights of way of underlease any premises and the trustee disclaims or elects to assign the lease, a judge of the Supreme Court Purpose of may, upon the application of such under-lessee, make an order vesting in the under-lessee an equivalent interest in the property, the subject of the demise to him, to that held by him as under-lessee of the lessee, but subject, except as to rental payable, to the same liabilities and obligations as the lessee was subject to at the said date, performance to be secured as and pursuant to the same conditions as is provided by section 9 hereof in case of an assignment of lease made by a trustee. 12. The under-lessee shall, in such an event, be required to covenant to pay to the landlord a rental not less than that payable by the under-lessee to the lessee, and if such last mentioned rental was greater than that payable by the lessee to the landlord, the under-lessee shall be required to covenant to pay to the landlord the like greater rental. 13. The provisions of section 9 hereof shall be read subject to the provisions of sections 11 and 12 hereof, so that an under-lessee, if he so desires, may have prior opportunity to acquire the right to the possession, for any unexpired term, of the premises occupied or held by him of the lessee, and further if it seems to a judge of the Supreme Court most desirable in the interest of the lessee's estate and notwithstanding the provisions of sections 11 and 12 hereof, a prior opportunity to acquire, pursuant to section 9 hereof, an assignment of the head lease. 14. This Act is to read as intended not to conflict or interfere with the operation of any law of the Dominion, but merely to provide for, or regulate the rights and priorities of landlords in the happening of any of the events provided for by section 52 of The Bankruptcy Act, hereinbefore recited. 15. This Act shall have effect from the thirtieth day of June, 1923, save with regard to any payments made or transactions completed prior to the date of the passing of this Act. 1924 CHAPTER 13. An Act to make Uniform the Law respecting Life (Assented to April 12, 1924). HIS MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: PRELIMINARY 1. This Act may be cited as "The Life Insurance Act." Short title. 2. In this Act, unless the context otherwise requires, Interpretation. "Beneficiary" shall mean a person designated or appointed as one to whom or for whose benefit "Contract" or "contract of insurance" shall mean a "Contract of life insurance" shall mean a contract "Court" shall mean the Supreme Court or a Judge "Declaration" shall mean an instrument in writing signed by the insured, attached to or endorsed "Foreign jurisdiction" shall mean any jurisdiction. "Fraternal society" shall mean a corporation, so ciety, order, or voluntary association incorporated Application of Act. members and their beneficiaries and not for profit, which makes provision by its constitution and laws for payment to beneficiaries of benefits on the death or disability of its members; "Instrument in writing" shall include a last will; "Insurance" shall mean life insurance; "Insurance-money" shall include all insurancemoney, benefits, surplus, profits, dividends, bonuses, and annuities payable by an insurer under a contract of insurance; "Insured" shall mean the person who makes a contract of insurance with an insurer, and, unless the context otherwise requires, includes the person whose life is insured; "Insurer" shall include any corporation, or any so- "Judge" shall mean a Judge of the Court; tion, and unincorporated society or association; "Premium" shall mean the single or periodical payment to be made for the insurance, and includes dues and assessments. 3.-(1) Notwithstanding any agreement, condition, or stipulation to the contrary, this Act shall apply to every contract of life insurance made in the Province after the coming into force of this Act, and any term in any such contract inconsistent with the provisions of this Act shall be null and void. (2) Unless hereinafter otherwise specifically provided, this Act shall apply to the unmatured obligations of every contract of life insurance made in the Province before the coming into force of this Act. (3) This Act shall apply to every other contract of life insurance made after the coming into force of this Act, where the contract provides that this Act shall apply or that the contract shall be construed or governed by the law of the Province. (4) Where this Act applies to any contract, the rights and status of beneficiaries and the powers of the insured with regard to the designation or appointment of beneficiaries and the apportionment of the insurance-money shall be governed by the provisions of this Act, whether or not the insured or any of the beneficiaries is domiciled in the Province at the time at which the contract is made, or at any time subsequent thereto. |