1879. Regist. of real rights.—Drunkards. Caps. 27, 28. 51 CAP. XXVII. An act respecting the cancellation of the registration of real rights. [Assented to 31st October, 1879.] THEREAS doubts have arisen as to the validity of Preamble, cancellation of registration of real rights, effected without registration at length or by memorial of the deeds in virtue of which such cancellations have been or may be made; Therefore, Her Majesty, by and with the advice and consent of the Legislature of Quebec, declares and enacts as follows: Cancellation 1. The cancellation of the registration of real rights of registrahas been legally done in the past, and shall be legally tion of real done in the future, by simply presenting and depositing rights. in the registration office to which it appertains, to remain among the archives and form part thereof, documents or authentic copies or extracts from documents, as the case may be, authorizing the cancellation, and by the mention (in the margin of the registration of the document creating or showing such cancelled rights) of such document thus presented and deposited. 2. This act shall not affect pending cases, and shall Pending come into force on the day of its sanction. CAP. XXVIII. An act to amend the act of this Province, 33 Vict., chap. 26, intituled: "An act to provide for the interdiction and cure of habitual drunkards." [Assented to 31st October 1879.] ER MAJESTY, by and with the advice and consent 1. Section 3 of the said act is amended so as to read as follows: "The interdiction of any person interdicted as an habitual drunkard, shall have the same effects as those conferred by the laws in force in this province, in the cases of interdiction of any person for prodigality." cases. Act in force. S. 3 of 33 V., c. 26, amended. 2. The present act shall come into force on the day of Act in force. its sanction. Certain persons may convey property to Trustees. Seizin and powers of Trustees. CAP, XXIX. An Act respecting Trusts. [Assented to 31st October, 1879.j HER MAJESTY, by and with the advice and consent of the Legislature of Quebec, enacts as follows: 1. All persons capable of disposing freely of their property, may convey property moveable or immoveable to Trustees by gift or by will, for the benefit of any person or persons in whose favor they can validly make gifts or legacies. 2. Trustees, for the purposes of their trust, are seized as depositories and administrators for the benefit of the donees or legatees of the property moveable or immoveable conveyed to them in trust, and may claim possession of it, even against the donees or legatees for whose benefit the trust was created. This seizin lasts for the time stipulated for the duration of the trust; and while it lasts, the Duration of Trustees, in their capacity as such, may sue and be sued and take all judicial proceedings for the affairs of the trust. seizin. Replacement of Trustees by the deed of Trust. 3. The donor or testator creating the trust, may provide for the replacing of Trustees as long as the trust lasts in case of refusal to accept, of death, or other cause of vacancy, and indicate the mode to be followed. When it is impossible to replace them under the terms of the Replacement document creating the trust, or when the replacement is by S. C. in certain cases, not provided for, any judge of the Superior Court may appoint replacing Trustees, after notice to the benefited parties. Removal of Powers of 4. Trustees dissipating or wasting the property of the trust, or refusing or neglecting to carry out the provisions of the document creating the trust, or infringing their duties, may be removed by the Superior Court. 5. The powers of a Trustee do not pass by mere do not pass to operation of law to his heirs or other successors; but they Trustee, his heirs. When there are several Trustees. Remunera tion of are bound to render an account of his administration. 6. When there are several Trustees, the majority may act, unless it be otherwise provided in the document creating the trust. 7. Trustees act gratuitously, unless it be otherwise provided in the document creating the trust; all expenses incurred by Trustees in the fulfilment of their duties, are Trustees. borne by the trust. 8. Trustees are obliged to execute the trust which Trust es, obliged to they have accepted, unless they be authorized by a execute judge of the Superior Court to renounce; and they are Trust. liable for damages resulting from their neglect to execute it, when not so authorized. 9. Trustees are not personally liable to third parties Trustees, not with whom they contract in their capacity. persorally liable. Trustees. 10. The trustees administer the property vested in General them, invest moneys which are not payable to the powers of benefited parties, and carry out the trust and alter, vary and transpose investments, in accordance with the provisions and terms of the document creating the trust. In the absence of directions, the trustees make investment, without the intervention of the benefited parties, in Dominion or Provincial stock or debentures, or in municipal stock or debentures, or in public securities of the United Kingdom or of the United States of America, or in real estate in this province, or on first privilege or hypothec upon real estate in this province, valued on the municipal valuation roll at double the amount of the investment; and they also have power, without the intervention of the benefited parties, to dispose of the property held in trust, and from time to time, to alter, vary and transpose the investments. the Trust. 11. Trustees are bound to exercise, in administering How they are the trust, reasonable skill and the care of prudent admi- to administer nistrators; but they are not liable for depreciation or loss in investments made according to the provisions of the document creating the trust, or of this act, or for loss on deposits made in chartered banks, or savings banks, unless there has been bad faith on their part in making such investments or deposits. render an account. 12. At the termination of the trust, the trustees must Trustees to render an account, and deliver over all moneys and securities in their hands, to the parties entitled thereto under the provisions of the document creating the trust, or entitled thereto by law. They must also execute all Execution of transfers, conveyances, or other deeds necessary to vest the property held for the trust in the parties entitled thereto. contracts. 13. Trustees are jointly and severally bound to render Accounts to one and the same account, unless the donor or testator be rendered by several Trustees. Trustees, liable to coerceive im who created the trust, has divided their functions and each has kept within the scope assigned to him. They are also jointly and severally responsible for the property vested in them, in their joint capacity, and for the payment of any balance in hand, or for any waste or for any loss arising from wrongful investment-; saving where they are authorized to act separately, in which case those having acted separately within the scope assigned to them, are alone liable for such separate administration. 14. Trustees are liable to coercive imprisonment for whatever is due by reason of their administration, to prisonment. those to whom they are accountable, subject to the provisions contained in the code of civil procedure. Act in force. 15. This act shall have force and effect from the day of its sanction. Investments trators and Trustees. CAP. X X X. An Act defining the Investments to be made by [Assented to 31st October, 1879.] ER MAJESTY, by and with the advice and consent of the Legislature of Quebec, enacts as follows: 1. Administrators, as defined by section one of the act by adminis- 33 Vict., chap. 19, and including trustees to be exempt from liability by reason of the investments made by them, saving always the case of fraud in making the same, must invest moneys held by them as such, in dominion or provincial permanent stock or debentures, or in public securities of the United Kingdom or of the United States of America, or in real estate in this province, or on first privilege or hypothec upon real estate in this province valued in the municipal valuation roll at double the amount of the investment, except in the case of executors when they are authorized otherwise by the will, in the case of institutes and curators to a substitution when they are likewise otherwise authorized by the document creating the substitution, and in the case of trustees when they also are otherwise authorized by the document creating the trust. Indemnity 2. When therefore investments are made otherwise when invest than as above provided, or than as ordered by the will ments are made. appointing executors, or by the document creating a subs- otherwise titution or a trust, the administrators are obliged to indemnify the parties to whom they are accountable for losses caused by the depreciation of the securities invested in, under pain of coercive imprisonment, subject to the provisions contained in the code of civil procedure. 3. In the case of fraud in making investments in the Responsibilisecurities mentioned in section 1, administrators are damages in ty for responsible for the damage caused by their fraud under case of fraud. the like pain of coercive imprisonment. CAP. X X X I. An Act respecting the Voluntary Winding Up of Joint HE [Assented to 31st October, 1879.] ER MAJESTY, by and with the advice and consent of the Legislature of Quebec, enacts as follows : winding up 1. Any Joint Stock Company incorporated by letters, Voluntary patent issued under "The Joint Stock Companies Incor- of joint poration Act," (31 Vict., Chap. 25,) or to which "The stock comJoint Stock Companies General Clauses Act," (31 Vict., panies. Chap. 24) applies, may be wound up voluntarily, whenever the directors may deem it expedient that the company shall be dissolved. 2. The directors shall thereupon convene a general General meeting of the shareholders, mentioning in the notice, meeting res pecting that the dissolution of the Company will be proposed at dissolution. such meeting. 3. The resolution of the directors, declaring it to be Resolution of directors, expedient that the Company should be wound up submitted. voluntarily, shall be submitted to the general meeting of the shareholders, and if such meeting pass by a Formalities. majority representing not less than two thirds of the stock, a resolution that the Company shall be wound up Effect of voluntarily and dissolved, then the Company shall forth- dissolution. with subsist and carry on business for the purpose only of winding up its affairs. 4. The corporate state and corporate powers of the Corporate Company, shall continue until its affairs are wound up. continued. powers, |