ROYAL TRUST CORPORATION OF CANADA c. 69 1 Royal Trust Corporation of Canada Act being a Private Act Chapter 69 of the Statutes of Saskatchewan, 1978 (effective April 25, 1978). NOTE: This consolidation is not official. Amendments have been incorporated for convenience of reference and the original statutes and regulations should be consulted for all purposes of interpretation and application of the law. In order to preserve the integrity of the original statutes and regulations, errors that may have appeared are reproduced in this consolidation.
2 c. 69 ROYAL TRUST CORPORATION OF CANADA Table of Contents 1 Short title 2 Vesting of rights, etc., in Royal Trust Corporation of Canada 3 Act a valid grant 4 Continuance of actions and preservation of rights of action 5 Rights of creditors unimpaired 6 Exclusions from Act 7 Binding effect of declaration
ROYAL TRUST CORPORATION OF CANADA c. 69 3 1978 CHAPTER 69 An Act respecting The Royal Trust Company and Royal Trust Corporation of Canada (Assented to April 25, 1978) Preamble WHEREAS The Royal Trust Company, by its wholly owned subsidiary, Royal Trustco Limited, has caused to be incorporated by Letters Patent dated the nineteenth day of March, 1976, under the Trust Companies Act (Canada) as a subsidiary of Royal Trustco Limited, wholly owned except for directors qualifying shares, Royal Trust Corporation of Canada, for the purpose of taking over and carrying on certain of the business of The Royal Trust Company in the Province of Saskatchewan, and other areas of Canada, with certain exceptions as herein described; and Whereas The Royal Trust Company and Royal Trust Corporation of Canada have by their petition prayed that it be enacted as hereinafter set forth; and Whereas it is expedient to grant the prayer of the said petition: Therefore Her Majesty, by and with the advice and consent of the Legislative Assembly of Saskatchewan, enacts as follows: Short title 1 This Act may be cited as The Royal Trust Corporation of Canada Act. Vesting of rights, etc., in Royal Trust Corporation of Canada 2(1) Subject to section 6, all property of every nature and kind, and any interest, possibility or right that is granted to, held by or vested in The Royal Trust Company, by way of security or otherwise, in trust for or for the benefit of any other person or purpose, with respect to any document or trust mentioned in subsection (2) and whether in the form in which it was originally acquired by The Royal Trust Company or otherwise, shall be vested in Royal Trust Corporation of Canada upon the same trusts, and with the same powers, rights, immunities and privileges, and subject to the same obligations and duties. (2) Subject to section 6, Royal Trust Corporation of Canada is deemed to be substituted in the place and stead of The Royal Trust Company with respect to any trust, including any incomplete or inchoate trust, trust deed, agreement, instrument of creation, settlement, assignment, will, testamentary document and every letters probate, letters of administration, judgment, decree, order or appointment of any court or other constituted authority, and any other document by which The Royal Trust Company is named as executor, administrator, trustee, bailee, committee, assignee, liquidator, receiver, guardian or curator, or is named to any other office or position wherein any property, interest, possibility or right is vested in, or administered or managed by, or put in charge of, The Royal Trust Company in trust for or for the benefit of any other person or purpose, and those documents or trusts however created shall be construed as if Royal Trust Corporation of Canada had been named therein in the place and stead of The Royal Trust Company. 1978, c.69, s.2.
4 c. 69 ROYAL TRUST CORPORATION OF CANADA Act a valid grant 3 For the purposes of any Act affecting the title to property of every nature and kind, this Act shall be treated as a legal and valid grant, conveyance or transfer of title from The Royal Trust Company to Royal Trust Corporation of Canada of any property affected by section 2 and, notwithstanding the provisions of any other Act of the Legislature, it shall not be necessary to register or file this Act, or any other instrument, document or certificate showing the change of title, in any public office within the province. 1978, c.69, s.3. Continuance of actions and preservation of rights of action 4(1) No suit, action, appeal, application or other proceeding being carried on in any court in, or before any tribunal or agency of, the province, and no power, right or remedy being exercised therein, by or against The Royal Trust Company, in respect of any document or trust mentioned in subsection (2) of section 2, shall be discontinued or abated by reason of this Act, but may be continued in the name of Royal Trust Corporation of Canada, which shall have the same powers, rights and remedies, and shall be subject to the same liabilities, and shall pay or receive the like costs, as if the suit, action, appeal, application or other proceeding had been commenced or defended by or in the name of Royal Trust Corporation of Canada. (2) Royal Trust Corporation of Canada may bring, maintain and exercise in its name any suit, action, appeal, application or other proceeding, or any power, right or remedy, that, but for this Act, The Royal Trust Company was or could have been entitled to bring, maintain or exercise in any court in, or before any tribunal or agency of, the province with respect to any document or trust mentioned in subsection (2) of section 2. 1978, c.69, s.4. Rights of creditors unimpaired 5(1) Nothing in this Act affects the rights of any person having a claim against The Royal Trust Company in respect of any document or trust mentioned in subsection (2) of section 2, or impairs, modifies or affects the liability of The Royal Trust Company to any such person, and those rights that may be enforceable in Saskatchewan may be asserted against Royal Trust Corporation of Canada. (2) All debts, liabilities and obligations of The Royal Trust Company in respect of any document or trust mentioned in subsection (2) of section 2 shall be the obligations of and attach to Royal Trust Corporation of Canada and may be enforced against it to the same extent as if the same had been incurred or contracted by it. 1978, c.69, s.5.
ROYAL TRUST CORPORATION OF CANADA c. 69 5 Exclusions from Act 6 Nothing in sections 2, 3, 4 and 5 applies to: (a) any real or personal property granted to, held by or vested in The Royal Trust Company, and any powers, rights, immunities, privileges and rights of action that may be exercised by or against The Royal Trust Company with respect to: (i) any trust indentures or indentures in which The Royal Trust Company is trustee and by virtue of which bonds, debentures or other evidence of indebtedness, warrants or rights are issued; (ii) any mutual funds, pooled funds, pension plans, employee benefit plans, unit trusts, registered retirement savings plans and registered home ownership savings plans of which The Royal Trust Company is trustee; (iii) any document of trust mentioned in subsection (2) of section 2 which is being administered outside the province; (b) any agreement or other document mentioned in subsection (2) of section 2, by which The Royal Trust Company is named as agent, registrar or transfer agent; (c) any real property or any interest or estate in land held by The Royal Trust Company as grantee or mortgagee under any deed or mortgage where the title to the property is registered in the form The Royal Trust Company without further qualification, and which is or which shall be held by The Royal Trust Company with respect to any document or trust mentioned in subsection (2) of section 2, and any powers, rights, immunities and privileges that may be exercised by or against The Royal Trust Company under the document or trust with respect to that property; (d) any real or personal property granted to, owned or held by or vested in The Royal Trust Company, and held by The Royal Trust Company exclusively for its own use and benefit; (e) any real or personal property located outside the province that is held by The Royal Trust Company under any document or trust mentioned in subsection (2) of section 2, and all powers, rights, immunities and privileges that may be exercised by or against The Royal Trust Company under that document or trust with respect to that property, but: (i) where The Royal Trust Company is appointed or is entitled to be appointed as the personal representative of a deceased person, whether as executor, administrator or otherwise, by a court in Saskatchewan, Royal Trust Corporation of Canada may, upon application to that court, be appointed personal representative in the place and stead of The Royal Trust Company; and
6 c. 69 ROYAL TRUST CORPORATION OF CANADA (ii) where any property other than property mentioned in subclause (i) is held by The Royal Trust Company under any document or trust mentioned in subsection (2) of section 2 for which the Court of Queen s Bench has jurisdiction under section 14 of The Trustee Act to make an order for the appointment of a new trustee, Royal Trust Corporation of Canada may, upon application to the Court of Queen s Bench, be appointed trustee in the place and stead of The Royal Trust Company with respect to that property, and that appointment shall, for all purposes of the laws of Saskatchewan, have the same effect as if made under section 14 of The Trustee Act; but no appointment made pursuant to subclause (i) or (ii) shall affect any rights which may continue to be exercised by or against The Royal Trust Company. 1978, c.69, s.6. Binding effect of declaration 7 For any instrument executed after the coming into force of this Act by The Royal Trust Company or by Royal Trust Corporation of Canada, dealing with any property granted to, held by or vested in either corporation, a declaration in such instrument: (a) that title to such property is changed by section 3; (b) that such property comes within any exemption provided by section 6; or (c) that this Act does not apply to such property; shall be binding on both corporations and shall be accepted as conclusive proof of the facts stated therein by every public office in the province. 1978, c.69, s.7. REGINA, S ASKATCHEWAN Printed by the authority of THE QUEEN S PRINTER Copyright 1999