Joint Stock Order for dissolution be filed in his office; and on the expiration of three months from the date of the filing of such return the company shall be deemed to be dissolved. 35. Whenever the affairs of the company have been completely wound up the court may, before the expiration of the said period of three months, make an order that the company be dissolved from the date of such order, and the company Report to the shall be dissolved accordingly; which order shall be reported by the liquidators to the Registrar of Joint Stock Companies. Registrar Penalty on making return Disposition of unclaimed dividends Deposit by liquidator with sworn statement 36. If the liquidators make default in transmitting to the Registrar of Joint Stock Companies the return mentioned in section 34 hereof, or in reporting the order, if any, declaring the company dissolved, they shall be severally liable to a penalty not exceeding $20 for every day during which they are in default. 37. All dividends deposited in a bank and remaining unclaimed at the time of the dissolution of the company shall be left for three years in the bank where they are deposited, and if still unclaimed shall then be paid over by such bank, with interest accrued thereon, to the Territorial Treasurer, and, if afterwards duly claimed, shall be paid over to the person entitled thereto upon satisfactory proof of his claim being made. 38. Every liquidator shall, within thirty days after the after dissolu- date of the dissolution of the company, deposit in the bank tion of moneys appointed or named as hereinbefore provided for, any other money belonging to the estate then in his hands not required for any other purpose authorized by this Ordinance, with a sworn statement and account of such money, and that the same is all he has in his hands; and he shall be subject to a penalty not exceeding $10 for every day on which he neglects or delays such payment; and he shall be a debtor to His Majesty for such money and may be compelled as such to account for and pay over the same. Penalty on omission Money to remain on deposit for three years Disposal of books, etc., after winding up After five years responsibility (2) The money so deposited shall be left for three years in the bank and shall be then paid over, with interest accrued thereon, to the Territorial Treasurer, and if afterwards claimed shall be paid over to the person entitled thereto upon satisfactory proof of his claim being made. (3) Where a company has been wound up under this Ordinance and is about to be dissolved the books, accounts, and documents of the company and of the liquidators may be disposed of in such a way as the company by an extraordinary resolution directs. (4) After the lapse of five years from the date of such dissolution no responsibility shall rest on the company or liquidators, of books, etc., Cr any one to whom the custody of such books, accounts and as to custody to cease documents has been committed, by reason that the same or any of them are not forthcoming to any party claiming to be interested therein. RULES OF COURT. rules and forms ings and costs, 39. The Supreme Court, or any three of the judges thereof, Judges to make may, from time to time, make and frame and settle the forms, as to proceedrules, and regulations to be followed and observed in proceed- etc. ings under this Ordinance, and may make rules as to costs, fees and charges which shall or may be had, taken or paid in all such cases by or to advocates or counsel, and by or to officers of the court, whether for the officers or for the Crown, and by or to sheriffs, or other persons whom it may be necessary to provide for, or for any service performed or work done under this Ordinance. allowance of (2) Until such forms, rules and regulations are so approved, Practice till and subject to any which may be approved, the practice under rules, etc. this Ordinance shall, in cases not hereinbefore provided for, be the same, as nearly as may be, as under The Winding Up Act, and the rules of the said court made thereunder or applicable thereto. Short title Trust company meaning of Compliance with Ordinance necessary Company not to be appointed guardian of infant or lunatic Appointment of company as trustee, etc. CHAPTER 112. An Ordinance respecting Trust Companies. (Chapter 15 of 1903, 1st Session.) THE 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 Ordinance." 2. In this Ordinance the expression "trust company" shall mean a company incorporated for the purpose of exercising any of the powers set forth in the schedule to this Ordinance and authorized whether before or after the passing of this Ordinance and whether by special Ordinance or otherwise to carry on its business in the Territories. 3. No company shall be incorporated or otherwise authorized to execute the office of executor, administrator, trustee, 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. 4. No company shall be authorized to become or be appointed guardian of the persons of infants or committee of the persons of lunatics. 5. Where a trust company is authorized to execute the office of executor, administrator, trustee, assignee, guardian, or committee then in case the Lieutenant Governor in Council approves of such company being accepted by [any court in the province having power to appoint executors, trustees, assignees, or committees, or to grant letters of administration or guardianship] 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 provisions 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. [(6) Any appointments of executors, trustees, assignees or committees, or any grants of letters of administration or guardianship heretofore made to any trust company approved as hereinbefore provided by the Lieutenant Governor in Council or by any court in the province having jurisdiction to make such appointments or grants shall have the same force and effect as though the same had been made after the passing of this Act.] Amended 1910 (2nd Session), c. 2, s. 10. company trustee 6. The liability of a trust company to persons interested in Liability of an estate held by the company as executor, administrator, acting as 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. Investigation company 7. The Supreme Court if it deems necessary may from time to time appoint a suitable person to investigate the affairs of affairs of 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. Deposit with company of money paid into court Trust companies not to issue debentures 8. Every court into which money is paid by parties or is brought by order of 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 Ordinance shall 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 trusts or trust 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; |