Trustee, etc., conveyance or agreement for conveyance; but nothing herein contained shall prejudice the right of the grantor or those claiming under him to follow the assets of the deceased into the hands of the person or persons to or among whom the said assets may have been distributed. SUMMARY APPLICATION TO COURT FOR ADVICE. 48. Any trustee, guardian, executor, or administrator shall may apply for be at liberty without the institution of an action to apply in advice in management of trust property Allowance to trustees Allowance to be made although the estate not before the court Act to apply to existing as court or in chambers in the manner prescribed by rules of the Court for the opinion, advice or direction of a judge of the Supreme Court on any question respecting the management or administration of the trust property or the assets of a testator or intestate. (2) The trustee, guardian, executor or administrator acting upon the opinion, advice, or direction given by the judge shall be deemed so far as regards his own responsibility to have discharged his duty as such trustee, guardian, executor or administrator in the subject matter of the said application; but this provision shall not extend to indemnify a trustee, executor or administrator in respect of any act done in accordance with such opinion, advice or direction as aforesaid if the trustee, executor or administrator has been guilty of any fraud or wilful concealment or misrepresentation in obtaining such opinion, advice or direction. ALLOWANCE TO TRUSTEES, ETC. 49. Any trustee under a deed, settlement or will, any executor or administrator, any guardian appointed by any court, and any testamentary guardian or other trustee howsoever the trust is created shall be entitled to such fair and reasonable allowance for his care, pains and trouble and his time expended in and about the trust estate as may be allowed by the Supreme Court or a judge thereof or by any clerk thereof to whom the matter may be referred. 50. A judge of the Supreme Court may on application to him for the purpose settle the amount of such compensation, although the trust estate is not before the court in any action. 51. Compensation may be allowed in the case of any trust well as future heretofore created as well as in any to be hereafter created. trusts Judge may order an allowance to be made to executor or administrator out of the estate for his trouble 52. The judge may allow to the executor or trustee or administrator acting under a will or letters of administration a fair and reasonable allowance for his care, pains and trouble and his time expended in or about the executorship, trusteeship or administration of the estate and effects vested in him under the will or letters of administration, and in administering, disposing of and arranging and settling the same and generally in arranging and settling the affairs of the estate and may make an order or orders from time to time therefor and the same shall be allowed to an executor, trustee or administrator in passing his accounts. allowance 53. Nothing in the next preceding four sections shall apply Where to any case in which the allowance is fixed by the instrument fixed by the creating the trust. instrument entitled to 54. In addition to any allowance a trustee who is an Advocate advocate shall also be entitled to profit costs for any pro- profit costs fessional work done in connection with the trust. LIMITATION OF ACTIONS. statutes of certain actions trustees 55. In any action or other proceeding against a trustee or Application of any person claiming through him, except where the claim is limitations to founded upon any fraud or fraudulent breach of trust to which against the trustee was party or privy, or is to recover trust property, or the proceeds thereof, still retained by the trustee, or previously received by the trustee and converted to his use, the following provisions shall apply: (a) The law relating to the limitation of actions shall (2) No beneficiary, as against whom there would be a good defence by virtue of this section, shall derive any greater or any other benefit from a judgment or order obtained by another beneficiary than he could have obtained if he had brought the action or other proceeding and this section had been pleaded. (3) This section shall apply only to actions or other proceedings commenced after the passing of this Ordinance and shall not deprive any executor or administrator of any right or defence to which he is entitled under any law relating to limitation of actions. JUDICIAL TRUSTEES. Power of the court on application to appoint judicial trustee 56. Where application is made to the Supreme Court or a judge thereof by or on behalf of the person creating or intending to create a trust or by or on behalf of a trustee or beneficiary the court or judge may in its or his discretion appoint a person (in this Ordinance called a judicial trustee) to be a trustee of said trust either jointly with any other person or as sole trustee and if sufficient cause is shown in place of all or any existing trustees. (2) The administration of the property of a deceased person whether a testator or intestate shall be a trust and the executor or administrator a trustee within the meaning of this section. (3) Any fit and proper person nominated for the purpose in the application may be appointed a judicial trustee and in the absence of such nomination or if the court or judge is not satisfied of the fitness of a person so nominated an official of the court or other competent person may be appointed and in any case a judicial trustee shall be subject to the control and supervision of the court as an officer thereof. (4) The court or judge may either on request or without request give to a judicial trustee any general or special directions in regard to the trust or the administration thereof. (5) There may be paid to a judicial trustee out of the trust property such remuneration not exceeding the prescribed limits as the court or judge may assign in each case and the remuneration so assigned to any judicial trustee shall save as the court or judge may for special reasons otherwise order cover all his work and personal outlay. (6) Once in every year the accounts of every trust of which a judicial trustee has been appointed shall be audited and a report thereon made to the court by the prescribed persons and in any case where the court or judge shall so direct an inquiry into the administration by a judicial trustee of any trust, or into any dealing or transaction of a judicial trustee, shall be made in the prescribed manner. CHAPTER 120, An Ordinance respecting Mutual Fire Insurance. THE (Chapter 21 of 1903, 2nd Session.) HE Lieutenant Governor by and with the advice and consent of the Legislative Assembly of the Territories enacts as follows: 1. This Ordinance may be cited as "The Mutual Fire Insur- Short title an e Ordinance." INTERPRETATION. 2 Where the words following occur in this Ordinance they Interpretation shall be construed in the manner hereinafter mentioned unless such construction be inconsistent with the context or subject matter, viz.: "Registrar" shall mean the registrar of Joint Stock Companies as defined by The Companies Ordinance; "Mutual Insurance" shall mean insurance against loss by fire given in consideration of a premium note or undertaking as provided by this Ordinance with or without a cash payment thereon; "Mutual Fire Insurance Company" or "Mutual Company" shall mean a company organised in terms of this Ordinance. and impowered only to transact mutual insurance business; "Member" shall mean a holder of a subsisting mutual insur ance policy issued by a mutual company; "Premium note" shall mean an instrument given as consideration for insurance whereby the maker undertakes to pay such sum or sums as may be legally demanded by the insurer the aggregate of such sums not to exceed an amount specified in the instrument. INCORPORATION. agreement to 3. Any thirty or more persons each having an insurable Certificate of interest in property real or personal exposed to damage by fire from company who may desire to form a mutual fire insurance company under this Ordinance may make and sign a certificate in writing in which shall be stated: (a) That the persons signing have agreed to form a mutual (b) The name of the company which shall contain the (c) The name of the city, town or other place in which (e) The number and names of the provisional directors of (f) That the members are not individually liable for the debts of the company beyond the amounts due under the premium notes given by each to the company. (2) Such certificate shall be in duplicate and shall be signed in the presence of at least one witness and shall be accompanied by an affidavit by the witness proving the signatures made before some person authorized to take affidavits for use in the Supreme Court of the North-West Territories. (3) The total amount of insurance proposed to be taken under such certificate shall be not less than thirty thousand dollars. Incorporation 4. One duplicate of the said certificate shall be filed with the registrar accompanied with a fee of ten dollars and thereupon the subscribers thereto and other persons thereafter becoming members shall be a body corporate by and under the name adopted and approved by the registrar and have a common seal. First general meeting 5. The registrar shall thereupon fix the date and place of the first general meeting of the company and cause a notice to be published in the next and one following issue of the official gazette in the form following, viz.: MUTUAL FIRE INSURANCE ORDINANCE. Certificate filed for incorporation of the Mutual Fire Insurance Company of this date. Head office in North-West Territories. The following are the provisional directors of the company, viz: (Insert names and addresses.) The liability of the members is limited. The first general meeting of the company will be held in at the hour of on the day of o'clock in 190 Registrar. |