Conditions of loans.

Additional security.

Investment in

such debentures, bonds, stocks, securities or shares are assigned absolutely or conditionally or by assignment in the nature of a charge or mortgage thereon to the Company or to any officer of the Company or other person in trust for the Company, and in or on the public consols, stocks, debentures, bonds or other securities of the United Kingdom or the United States, or on the security of real estate, or in or on mortgage security thereon, or on the security of ground rents on real estate or other estate or interests in real property or mortgage security thereon in Canada, and may take, receive and hold all or any of such securities in the name of the Company, or in the name of trustees as aforesaid for the Company, whether for funds invested by being advanced or paid in the purchase of such securities or loaned by the Company on the security of any of such classes of property above referred to.

2. Any investment or loan above authorized to be made may be on such terms and conditions and in such manner and at such times and for such sums and in such sums of repayment, whether of principal or interest or principal and interest, as the directors from time to time determine, and either in satisfaction of or as collateral security for debts to the Company or judgments recovered against any person, or in security for the payment thereof or of any part thereof.

3. The Company may also take any additional security of any nature to further secure the repayment of any liability to the Company, or to further secure the sufficiency of any of the securities upon which the Company is above authorized to lend any of its funds.

12. The Company may invest or deposit such portion of its foreign securi- funds in foreign securities as is necessary for the maintenance of any foreign branch.

ties.

Real estate.

Proviso.

R.S.C., c. 124.

13. The Company may hold such real estate as is mortgaged to it by way of security or conveyed to it in satisfaction of debts or judgments recovered: Provided always, that all real estate so mortgaged or conveyed in security as aforesaid and acquired by the Company shall be sold and disposed of within seven years from the time of its becoming the absolute property of the Company, otherwise it shall revert to the previous owner or to his heirs or assigns.

14. This Act and the Company hereby incorporated and the exercise of the powers hereby conferred shall be subject to the provisions of The Insurance Act and any Act amending it.

R.S.C., c. 118. 15. Notwithstanding anything contained therein, The Companies Clauses Act, except sections eighteen and thirtynine thereof, shall extend and apply to the Company hereby incorporated

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incorporated and shall be incorporated with and form part of this Act in so far as it is not inconsistent with any of the provisions hereinbefore contained.

OTTAWA Printed by SAMUEL EDWARD DAWSON, Law Printer to the Queen's most Excellent Majesty.

CHAP. 84.

An Act to incorporate the Dominion of Canada Trusts

WH

Company.

[Assented to 22nd July, 1895.]

HEREAS the persons hereinafter named have petitioned Preamble. to be incorporated for the purpose of executing and administering estates and as a safe deposit company and for the transaction of all business in connection therewith, and it is expedient to grant the prayer of the said petition: Therefore Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

1. James Armstrong, John Worthington Dowd, James IncorporaTodhunter and John Jeremiah Cook, of the city of Toronto; tion. Henry Cargill, of the village of Cargill; William Frederick Roome, of the town of Glencoe; Thomas Fraser Wallace, of the village of Woodbridge; Alexander Stuart and Donald Cameron, of the city of London; Samuel Hughes, of the town of Lindsay, and John B. Mills, of the town of Annapolis, in the province of Nova Scotia, together with such persons as become shareholders in the corporation hereby created, are hereby constituted a body corporate under the name of "The Corporate Dominion of Canada Trusts Company," hereinafter called " the name. Company.

2. The head office of the Company shall be in the city of Head office. Toronto, but the directors may establish branch offices and local directorates at the cities of Montreal, London, Ottawa and Kingston and at such other places in Canada as they determine.

3. The Company may—

Powers.

trust.

(a.) take, receive and hold all estates and property real and Holding of personal which are granted, committed, transferred or con- estates on veyed to it upon any trust whatsoever not contrary to law, at any time, by any association, society, person or body corporate, or by any order, judgment or decree of any court in Canada or elsewhere;

(b.) administer, fulfil and discharge the duties of such trusts Administrafor such remuneration as is agreed upon;

191

(c.)

tion.

Management

(c.) act generally as agent or attorney for the transaction of estates, etc. of business, the management of estates, receiving or collecting any principal, interest, rents, coupons, mortgages, debts, dividends, debentures, bills, notes and securities or evidences of debt or demand of any nature, and in the sale or purchase of any real or personal property, and generally to act in all matters in the nature of a trust or general agency;

Issuing stock,

etc.

Investment of moneys.

Guarantee of investments.

Moneys in

trust.

Execution of trusts, &c.

(d.) act as agent for the purpose of issuing, countersigning, registering or otherwise ascertaining and certifying to the genuineness of certificates of stock, bonds, debentures or other obligations or securities for money of any government, municipal or other corporate body or society duly authorized to issue and make the same, and receive and manage any sinking fund therefor on such terms as are agreed upon, and hold such stock, bonds, debentures or other securities for money as agent or trustee, and act generally as fiscal or other agent for such government, society or corporate body;

(e.) invest any moneys forming part of its own capital or reserve or accumulated profit thereon in the manner provided in section five of this Act, and in the bonds or debentures of any corporation, building society or loan company, or on the security of real estate in Canada, or of any interest in such real estate as the directors deem expedient;

(f) guarantee any investments made by the Company as agent or otherwise, provided that nothing herein shall be held either to restrict or to extend the powers of the Company as trustee or agent under the terms of any trust or agency that is conferred upon it;

(g.) receive moneys in trust and otherwise for purposes herein specified and invest and accumulate the same at such rates of interest as may be obtained therefor;

(h.) accept and execute all such trusts of every description and nature as are entrusted to the Company by any government, body corporate, association, society or person, or committed or transferred to it by any order, judgment or decree of any court in Canada or elsewhere; accept and execute the offices of executor, administrator, trustee, accountant, arbitrator, adjuster, auditor, receiver, assignee, liquidator, sequestrator, guardian, curator or committee of a lunatic, and perform the duties of such offices or trusts as fully and completely as any person so appointed could do; and in all cases where application is made to any court, judge or prothonotary for an appointment to any such office or trust, and such court, judge or prothonotary appoints the Company, then the Company may hold such office or trust, and the court may substitute, if necessary, for any obligations required from a private person appointed to such offices, such usual obligations as are applicable to corporations, and may fix the remuneration of the Company; the Company may take, hold and accept by grant, assignment, transfer, deed, will, devise, bequest or otherwise any real or personal estate upon any lawful trusts, and perform