Acadia Trust Company Dissolution Act

Link to law: http://nslegislature.ca/legc/statutes/acadia.htm
Published: 2016-01-05

Acadia Trust Company
Dissolution Act

CHAPTER 2 OF THE ACTS OF 1996

An Act Respecting the Dissolution of
The Acadia Trust Company

Short title
1 This Act may be cited as the Acadia Trust Company DissolutionAct. 1996, c. 2, s. 1.

"trust company business" defined
2 In this Act, "trust company business" means business, other thantrusteeship and agency business, carried on between a trust company andits customers, or that is carried on, in connection with such business,between a trust company and a non-customer party in relation to whichthe trust company is not a fiduciary, including, without limiting thegenerality of the foregoing, investments, loans, mortgages, notes,guarantees, assignments of insurance policies, stock, bonds, debentures,securities of any kind or nature whatsoever, customer accounts, deposits,acceptances, accounts receivable, money, choses in action, leases andconditional sales contracts, excepting such portions of such business, orof the profits thereof, as is carried on or earned solely for the benefit ofthe trust company. 1996, c. 2, s. 2.

Transfer of assets and liabilities
3 (1) All real and personal property, of every kind and nature,wherever situate, and every title or right thereto or interest therein thatwas, immediately prior to April 7, 1996, held by or vested in The AcadiaTrust Company, whether by way of security or otherwise, in trust, or inthe custody, care or control of The Acadia Trust Company, including,but not limited to, that held by or vested in The Acadia Trust Companypursuant to or in respect of every document and trust to which Section 4applies, and whether in the form in which it was originally acquired byThe Acadia Trust Company or otherwise, is vested in Montreal TrustCompany of Canada, according to the tenor of and at the time indicatedor intended by the instrument or document of conveyance or creation,including a document or trust to which Section 4 applies, upon the sameterms, conditions or trusts, and with the same powers, rights, immunitiesand privileges, and subject to the same obligations and duties as arethereby provided, granted or imposed.

(2) For the purpose of every Act affecting the title to property, bothreal and personal, the vesting of title in Montreal Trust Company ofCanada by subsection(1) is effective without the registration or filing ofthis Act, or any further or other instrument, document or certificateshowing the change of title in any public office whatsoever within thejurisdiction of the Province.

(3) For greater certainty, any instrument dealing with property that isvested in Montreal Trust Company of Canada by subsection (1) but thatremains registered in the name of The Acadia Trust Company or anypredecessor trust or loan company of The Acadia Trust Company in anypublic office of the Province or in respect of which The Acadia TrustCompany is shown by a document of title as having legal ownershipthereof, may be executed by Montreal Trust Company of Canada andmay contain a recital referring to the vesting by this Act.

(4) For greater certainty, an instrument executed by Montreal TrustCompany of Canada containing the recital permitted by subsection (3)may be accepted for registration by any public office within thejurisdiction of the Province without further proof of the accuracy of therecital, and every such instrument is deemed to be effective in passingtitle to the property described in the instrument notwithstanding anyinaccuracy contained in the recital.

(5) All the obligations and liabilities of The Acadia Trust Companythat arose as a result of carrying on a trusteeship and agency business ora trust company business and that were in existence immediately prior toApril 7, 1996, are the obligations and liabilities of Montreal TrustCompany of Canada.

(6) All real and personal property and rights that were, immediatelyprior to April 7, 1996, owned by The Acadia Trust Company exclusivelyfor its own benefit and not in trust for or for the benefit of any otherperson are vested in Montreal Trustco Inc.

(7) For the purpose of every Act affecting the title to property, bothreal and personal, the vesting of title in Montreal Trustco Inc. bysubsection(6) is effective without the registration or filing of this Act, orany further or other instrument, document or certificate showing thechange of title in any public office whatsoever within the jurisdiction ofthe Province.

(8) For greater certainty, any instrument dealing with property that isvested in Montreal Trustco Inc. by subsection (6) but that remainsregistered in the name of The Acadia Trust Company or any predecessortrust or loan company of The Acadia Trust Company in any public officeof the Province or in respect of which The Acadia Trust Company isshown by a document of title as having legal ownership thereof, may beexecuted by Montreal Trustco Inc. and may contain a recital referring tothe vesting by this Act.

(9) For greater certainty, an instrument executed by Montreal TrustcoInc. containing the recital permitted by subsection (8) may be acceptedfor registration by any public office within the jurisdiction of theProvince without further proof of the accuracy of the recital, and everysuch instrument is deemed to be effective in passing title to the propertydescribed in the instrument notwithstanding any inaccuracy contained inthe recital.

(10) All the obligations and liabilities of The Acadia Trust Companythat existed immediately prior to April 7, 1996, other than the obligationsand liabilities to which subsection (5) applies, are the obligations andliabilities of Montreal Trustco Inc. 1996, c. 2, s. 3.

Substituted references
4 (1) A reference to The Acadia Trust Company in or in respectof any instrument or document relating to the trust company business ofThe Acadia Trust Company and in and in respect of any trust, trust deed,trust agreement, instrument of creation, deed of appointment, settlement,assignment, will, codicil or other testamentary document, and any letterstestamentary, letters probate, letters of administration, judgment, decree,order, direction, pension plan or benefit plan trust, investmentmanagement and investment administration accounts, agreement orcontracts or appointment of any court, judge or other constitutedauthority and any other document or trust howsoever created, includingevery incomplete, inchoate or bare trust, and in every conveyance,mortgage, assignment, appointment or other writing, wherein or wherebyThe Acadia Trust Company is named as executor, administrator, trustee,personal representative, bailee, committee, tutor, assignee, liquidator,receiver, custodian, guardian, curator or agent, or is named to any otheroffice or position whatsoever wherein any property, interest, possibilityor right is vested in, administered or managed by, or put in charge ofThe Acadia Trust Company in trust, or in the custody, care or control ofThe Acadia Trust Company, for or for the benefit of any other personshall, as regards any subsequent transaction, matter or thing be read asa reference to Montreal Trust Company of Canada.

(2) Where, at any time prior to April 7, 1996, a court of probate in theProvince granted to Montreal Trust Company of Canada probate of a willin which The Acadia Trust Company was appointed executor of the will,the grant of probate is of the same force and effect and has the sameoperation as if Montreal Trust Company of Canada had been appointedsole executor of the will.

(3) A reference to The Acadia Trust Company in any document, otherthan a document referred to in subsection (1), shall, as regards anysubsequent transaction, matter or thing be held and construed to be areference to Montreal Trustco Inc. 1996, c. 2, s. 4.

Effect on proceedings
5 (1) No suit, action, appeal, application or other proceeding beingcarried on and no power or remedy being exercised by or against TheAcadia Trust Company in any court or before any tribunal or agency ofthe Province, pursuant to or in respect of any document or trust referredto in subsection 4(1) is discontinued or abated on account of this Act, butmay be continued in the name of Montreal Trust Company of Canada,which has the same rights, is subject to the same liabilities and shall payor receive the same costs and awards as if the suit, action, appeal,application or other proceeding had been commenced or defended in thename of Montreal Trust Company of Canada.

(2) A suit, action, appeal, application or other proceeding or a power,right, remedy or right of distress that might have been brought orexercised by or against The Acadia Trust Company pursuant to or inrespect of any document or trust referred to in subsection 4(1) may bebrought or exercised by or against Montreal Trust Company of Canada,which has the same rights and is subject to the same liabilities in respectthereof as The Acadia Trust Company would have or be subject to if thisAct had not been enacted. 1996, c. 2, s. 5.

Continuance of proceedings
6 (1) No suit, action, appeal, application or other proceeding beingcarried on or remedy being exercised by or against The Acadia TrustCompany in any court or before any tribunal or agency of the Province,other than a suit, action, appeal, application or other proceeding referredto in subsection 5(1), is discontinued or abated on account of this Act,but may be continued in the name of Montreal Trustco Inc., which hasthe same rights, is subject to the same liabilities and shall pay or receivethe same costs and awards as if the suit, action, appeal, application orother proceeding had been commenced or defended in the name ofMontreal Trustco Inc.

(2) A suit, action, appeal, application or other proceeding or a power,right, remedy or right of distress that might have been brought orexercised by or against The Acadia Trust Company other than a suit,action, appeal, application or other proceeding power, right, remedy orright of distress referred to in subsection 4(1) may be brought orexercised by or against Montreal Trustco Inc. which has the same rightsand is subject to the same liabilities in respect thereof as The AcadiaTrust Company would have or be subject to if this Act had not beenenacted. 1996, c. 2, s. 6.

Method of paying obligations
7 (1) Where a person is under an obligation to make payments inrelation to property that is vested in Montreal Trust Company of Canadaby this Act, the person may make the payments to The Acadia TrustCompany until Montreal Trust Company of Canada gives or causes to begiven notice in writing to the person that payment shall be made toMontreal Trust Company of Canada, and thereupon the personsobligation is owed to Montreal Trust Company of Canada.

(2) Where a person is under an obligation to make payments in relationto property that is vested in Montreal Trustco Inc. by this Act that personmay make the payments to The Acadia Trust Company until MontrealTrustco Inc. gives or causes to be given notice in writing to the personthat payment shall be made to Montreal Trustco Inc., and thereupon thatpersons obligation is owed to Montreal Trustco Inc.

(3) A notice pursuant to subsection (1) or (2) may only be given on orafter the coming into force of this Act and is effective on or after April7, 1996.

(4) Any payments made to The Acadia Trust Company pursuant tosubsection (1) or (2) shall be deemed to have been assigned to MontrealTrust Company of Canada or Montreal Trustco Inc., respectively, andare deemed to be as valid as if they had been made to Montreal TrustCompany of Canada. 1996, c. 2, s. 7.

Preservation of certain liabilities
8 Notwithstanding anything contained in this Act, Montreal TrustcoInc., to the extent of the property vested in it by this Act, remains liableto any creditor of Montreal Trust Company of Canada for any debtrelating to any of the real or personal property or rights vested inMontreal Trustco Inc. by this Act or the obligations and liabilitiesimposed on Montreal Trustco Inc. by this Act if the creditor first seekssatisfaction of the debt from Montreal Trust Company of Canada andMontreal Trust Company of Canada fails to satisfy the debt. 1996, c. 2,s. 8.

Deemed issue of letters patent
9 The Acadia Trust Company is deemed to have been continued andhave been issued letters patent of continuance pursuant to the Trust andLoan Companies Act within one year of the coming into force of theTrust and Loan Companies Act and such letters patent are deemed to haveremained in effect continuously from the time they were issued untilApril 7, 1996. 1996, c. 2, s. 9.

Preservation of rights under court order
10 This Act does not affect the rights acquired by any person from ajudgment or order of a court given or made in litigation or proceedingscommenced on or before May 10, 1996. 1996, c. 2, s. 10.

Dissolution of the Acadia Trust Company
11 The Acadia Trust Company is dissolved. 1996, c. 2, s. 11.

Repeal
12 Chapter 169 of the Acts of 1920, An Act to Incorporate The AcadiaTrust Company, is repealed. 1996, c. 2, s. 12.

Effective date
13 This Act has effect on and after April 7, 1996. 1996, c. 2, s. 13.
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