CHAPTER 404
OF THE
REVISED STATUTES, 1989
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, the 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 and other areas of Canada, with certain exceptions as herein described:
Short title
1 This Act may be cited as the Royal Trust Corporation of Canada Act. R.S., c. 404, s. 1.
Application of Sections 3 to 6
2 (1) Sections 3 to 6 do not apply to
(a) any real or personal property granted to, held by or vested in The Royal Trust Company, and any power, right, immunity, privilege or right of action that may be exercised by or against The Royal Trust Company, pursuant to or in respect of
(ii) any mutual fund, pooled fund, pension plan, employee benefit plan, unit trust, registered retirement savings plan or registered home ownership savings plan of which The Royal Trust Company is trustee,
(iii) any document or trust described in Section 3 which, on the fifth day of May, 1978, or at the date any property is first acquired by The Royal Trust Company pursuant to or in respect of such document or trust, whichever is later, is being administered outside the Province;
(b) any agreement or other document described in Section 3 whereby The Royal Trust Company is named as agent, registrar or transfer agent;
(c) any real property and any interest or estate in land which is held by The Royal Trust Company as a grantee or mortgagee under any deed or mortgage wherein the grantee or mortgagee is described as "The Royal Trust Company" without further qualification and which is held by The Royal Trust Company pursuant to or in respect of any document or trust described in Section 3, and any power, right, immunity, privilege or right of action that may be exercised by or against The Royal Trust Company under such document or trust with respect to that property;
(d) any real and personal property owned or held by, vested in or granted to The Royal Trust Company, and that is held by The Royal Trust Company exclusively for its own use and benefit, and not in trust for or for the benefit of any other person or purpose;
(e) any real and personal property that is held by The Royal Trust Company under any document or trust described in Section 3, and that on the fifth day of May, 1978, or at the date such property is first acquired by The Royal Trust Company, whichever is later, is situate outside the Province, and any power, right, immunity, privilege, and right of action that may be exercised by or against The Royal Trust Company under any such document or trust with respect to that property.
Application to court
(2) Notwithstanding subsection (1), for all property situate outside the Province
(a) for which The Royal Trust Company has been appointed, or is entitled to be appointed, by a court of the Province, personal representative of a deceased person, whether as executor, administrator or otherwise, the Royal Trust Corporation of Canada may, upon application to such court, be appointed personal representative in the place and stead of The Royal Trust Company with respect to that property; and
(b) not coming within clause (a), but held by The Royal Trust Company under any document or trust described in Section 3 for which the Supreme Court has jurisdiction under Section 31 of the Trustee Act to make an order for the appointment of a new trustee, the Royal Trust Corporation of Canada may, upon application to the Trial Division of the Supreme Court, be appointed trustee in the place and stead of The Royal Trust Company with respect to that property, and such appointment shall have the same effect as if made under Section 31 of the Trustee Act,
but any appointment made pursuant to clause (a) or (b) does not affect any rights which may continue to be exercised by or against The Royal Trust Company. R.S., c. 404, s. 2.
Substituted reference in document or trust
3 Except as provided in Section 2, the Royal Trust Corporation of Canada is deemed to be substituted in the place and stead of The Royal Trust Company in or in respect of every trust, trust deed, agreement, instrument of creation, settlement, assignment, will, codicil or other testamentary document, every letters probate, letters of administration, judgment, decree, order, direction or appointment of any court, judge or other constituted authority and every other document or trust, howsoever created, including every incomplete or inchoate trust, wherein, whereby or of 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 whatsoever wherein any property, interest, possibility or right is vested in, 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 every such document or trust howsoever created shall be read, construed and given effect as if Royal Trust Corporation of Canada had been named therein in the place and stead of The Royal Trust Company. R.S., c. 404, s. 3.
Vesting in Royal Trust Corporation of Canada
4 (1) Except as provided in Section 2, every property of every nature and kind, both real and personal and tangible and intangible, and every estate, lease, charge, possibility, chose in action or right that is granted to, held by or vested in The Royal Trust Company, whether by way of security or otherwise, in trust for or for the benefit of any other person or purpose, pursuant to or in respect of any document of trust described in Section 3, and whether in the form in which it was originally acquired by The Royal Trust Company or otherwise, is vested in the Royal Trust Corporation of Canada, according to the tenor of and at the time indicated or intended by the document or trust, upon the same trusts, with the same powers, rights, immunities and privileges and subject to the same obligations and duties as are thereby provided, granted or imposed.
Change of title
(2) For the purposes of any enactment affecting the title to property, both real and personal, it is sufficient to cite this Act as effecting the grant, conveyance or transfer of title from The Royal Trust Company to and the vesting of title in the Royal Trust Corporation of Canada of every property affected by subsection (1) and, notwithstanding any other Act, it is not necessary to register or file this Act, or any further or other instrument, document or certificate showing the change of title, in any public office whatsoever within the jurisdiction of the Province. R.S., c. 404, s. 4.
Proceedings in progress
5 (1) No suit, action, appeal, application or other proceeding being carried on and no power or remedy being exercised by or against The Royal Trust Company in any court of the Province, or before any tribunal or agency of the Province, pursuant to or in respect of any document or trust described in Section 3 shall be discontinued or abated on account of this Act, but may be continued in the name of the Royal Trust Corporation of Canada, which shall have the same rights, shall be subject to the same liabilities and shall pay or receive the same costs and award as if the suit, action, appeal, application or other proceeding had been commenced or defended in the name of the Royal Trust Corporation of Canada.
Rights of action or of other proceedings
(2) Any suit, action, appeal, application or other proceeding or any power, right, remedy or right of distress that might have been brought or exercised by or against The Royal Trust Company pursuant to or in respect of any document or trust described in Section 3 may be brought or exercised by or against the Royal Trust Corporation of Canada, which shall have the same rights, and shall be subject to the same liabilities, in respect thereof, as those that The Royal Trust Company would have or be subject to if this Act had not been enacted. R.S., c. 404, s. 5.
Claims and liabilities
6 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 described in Section 3, or impairs, modifies, or affects the liability of The Royal Trust Company to any such person, and any such rights as may be enforceable in the Province may instead be asserted against the Royal Trust Corporation of Canada, which shall be responsible for all debts, liabilities and obligations of The Royal Trust Company in respect of any such document or trust. R.S., c. 404, s. 6.
Declaration in instrument
7 For every instrument executed on or after the fifth day of May, 1978, by The Royal Trust Company or by the Royal Trust Corporation of Canada dealing with any property granted to, held by or vested in either corporation, a declaration in such instrument that title to such property is changed by Section 4, that such property comes within any exemption provided by Section 2 or that this Act does not apply to such property is binding on both corporations, and shall be accepted as conclusive by every public office whatsoever within the jurisdiction of the Province. R.S., c. 404, s. 7.
