(2) The said subsection (1) shall be deemed always to have been expressed in its amended form. (3) The said section 20 is further amended by adding thereto the following subsection: "(10) Notwithstanding anything contained in this section, any company or association, established for the purpose of carrying on the business of buying, selling and marketing grain upon the non-profit co-operative plan, may, on such terms and conditions as it deems fit, accept an assignment of the proceeds of grain delivered or to be delivered to the company or association by a member, given while the grain was growing or was to be grown, as security for or in payment of membership fees or dues to a duly incorporated company or association having for its objects, or one of its main objects, the promotion of cooperative buying and selling among its members, and such assignment shall from the date of acceptance be valid and effectual." 7. The following is inserted after section 20: New section 20a mortgages on grain แ MORTGAGES OF GRAIN, EXECUTION. "20a. No morgtage, or bill of sale intended to operate Execution of as a mortgage, of grain shall, if executed after the first day of May, 1927, be valid unless it is either executed by the mortgagor or bargainor in person or, if executed under power of attorney, is accompanied by a sworn copy of the power and an affidavit of the attorney that the donor of the power was, at the date of execution of the said mortgage or bill of sale, absent from Saskatchewan." 8. Section 24 is repealed and the following substituted New section therefor: 24 renewal every "24. Another statement in the form provided in Further section 23, duly verified as required by that section, second year shall be filed in the office of the registration clerk of the district where the mortgage is filed within thirty days next preceding the expiration of the term of two years from the day of filing the statement required by section 22 and in default thereof such mortgage shall cease to be valid as against the creditors of the person making the same and as against purchasers and mortgagees in good faith for valuable consideration and so for each successive two year period; that is to say, another statement as aforesaid duly verified shall be filed within thirty days next preceding the expiration of two years from the day of the filing of the former statement and in default thereof such mortgage shall cease to be valid as aforesaid." 9. Section 25 is amended by striking out all the words Section 25 after "registered" in the sixth line and substituting the amended Section 27 amended Section 28 amended Coming inte force following: "and the period of two years therein mentioned shall be reckoned from the date of the registration of such certified copy." 10. Section 27 is amended by striking out the words "book debts, accounts or debts to be incurred" in the third and fourth lines. 11. Section 28 is amended by striking out the words after the word "goods" in the first line down to and including the word "incurred" in the third line. 12. This Act shall come into force on the first day of May, 1927. 1927 CHAPTER 63 An Act respecting the Assignment of Book Debts. [Assented to February 7, 1927.] IS Majesty, by and with the advice and consent of the Legislative Assembly of Saskatchewan, enacts as follows: 1. This Act may be cited as The Assignment of Book Short title Debts Act, 1927. 2. In this Act, unless the context otherwise requires, Interpretation the expression: 1. "Assignment" includes, save as herein provided, "Assignment" every assignment by way of security and every mortgage or other charge upon book debts; 2. "Creditors" includes creditors of the assignor suing "Creditors" on behalf of themselves and other creditors, creditors having executions against the goods and chattels of the assignor in the hands of the sheriff, and trustees in bankruptcy; 3. "Good consideration" includes a past, present or 'Good future advance of money. consideration" 3.-(1) Every assignment, save as herein provided, Assignment of made by any person engaged in any trade or business when void of his existing or future book debts or any class or part thereof, shall be absolutely null and void as against the creditors of the assignor and as against subsequent purchasers or mortgagees of such debts or any part thereof in good faith for valuable consideration, unless such assignment is: (a) in writing; (b) accompanied by an affidavit of the attesting Certain assign ments not affected Registration of assignment Discharge No affidavit of execution for corporations omissions and or enabling the assignee or assignees to hold the said debts against the creditors of the assignor; (c) registered together with the affidavits, within thirty days of the execution thereof, as hereinafter provided. (2) An affidavit of bona fides made by an agent of the assignee or assignees shall state that the deponent is acquainted with the circumstances connected with the assignment and has a personal knowledge of the facts. deposed to. 4. Nothing in section 3 shall make necessary the registration of assignments of book debts due or accruing due at the date of the assignment from specified debtors, or of debts due or accruing due under specified contracts, or any assignment of book debts included in a transfer of a business made bona fide and for value, or in any authorised assignment under The Bankruptcy Act. 5. (1) The assignment shall be registered in the office of the clerk of the registration district in which the assignor resides, or where the assignor is a company, in the office of the clerk of the registration district in which the registered office of the company is situate, or, in the case of a company having its head office out of Saskatchewan, in the office of the clerk of the registration district of Regina. (2) Such registration clerks shall file all instruments presented to them respectively for that purpose and shall indorse thereon the time of receiving the same in their respective offices, and the same shall be kept there for the inspection of the public subject to payment of the proper fees. (3) The assignment shall operate and take effect upon, from and after the date of registration. 6. An assignment registered under this Act may be discharged by registering in the office in which the assignment is registered a certificate that the assignment is discharged or to the like effect, signed by the assignee and proved by the affidavit of a subscribing witness. 7. Where a document has been executed by a corporation under the provisions of this Act, no affidavit of attestation or execution shall be required to accompany such document for the purposes of registration. Rectification of 8. Subject to the rights of third persons accrued by reason of such omissions or misstatements as are hereinafter defined, a judge of the Court of King's Bench or errors the judge of the district court of the judicial district in which an assignment of book debts is or should be registered, on being satisfied that the omission to register an instrument under this Act within the time prescribed or the omission or misstatement of the name of any person, was accidental or due to inadvertence or impossibility in fact, may in his discretion extend the time for registration, or order the name or the true name to be inserted, on such terms and conditions, if any, as to security, notice by advertisement or otherwise, or as to any other matter, as he thinks fit to direct. 9. For services under this Act each registration clerk Fees shall be entitled to receive the following fees: 1. For filing an assignment, 50 cents; 2. For filing a certificate of discharge, 50 cents; 3. For a general search, 50 cents; 4. For each certificate or abstract of search, 25 cents; 10. This Act shall come into force on the first day Coming into of May, 1927. force |