CHAPTER 93. An Ordinance respecting the General Trust Corporation of Canada. THE Lieutenant Governor by and with the advice and con- as follows: which may be 1. The Supreme Court of the North-West Territories or Offices with any judge thereof having power to appoint such an officer corporation may with the consent of the General Trust Corporation of entrusted Canada (hereinafter called the corporation) appoint the said corporation to exercise any of the offices of executor, administrator, trustee, receiver, assignee, liquidator, sequestrator, curator, guardian of a minor, or committee of a lunatic, or to perform any of the duties appertaining to any such offices in respect of any estate, matter or proceeding under the authority of such court or judge. C.O., c. 93, s. 1. unnecessary Account of to be 2. Notwithstanding any rule of practice or any provisions Security of any Ordinance requiring security, it shall not be necessary for the said corporation to give any security for the due performance of its duty in any of the said offices; but in lieu thereof such court or judge, if it or he deems necessary, may from administration time to time require the corporation to render an account of rendered its administration of the particular trust or office to which it has been so appointed and may from time to time appoint a suitable person to investigate the affairs and management of the corporation as to the security afforded to those by or for whom its engagements are held; and such person shall report thereon to such court or judge and the expenses of such investigation shall be borne as may be ordered by such court or judge. C.O., c. 93, s. 2. Governor in require 3. The Lieutenant Governor in Council may revoke the Lieutenant privilege dispensing with security as mentioned in section 2 of Council may this Ordinance and the said court shall not, nor shall any judge security thereof, after notice of such revocation appoint the corporation to any of the said offices unless it gives the like security for the due performance of its duty as would be required from a private person. C.O., c. 93, s. 3. 4. The liability of the corporation to persons interested in Liability of an estate or property held by the said corporation in any such corporation office as aforesaid shall be the same as if the estate or property had been held by any private person in such capacity respectively and its powers shall be the same. C.O., c. 93, s. 4. Money held by court may be corporation 5. The said court or any judge thereof may by order made deposited with with the consent of the said corporation direct that any money held by such court or under its control be deposited with the said corporation, upon such terms as to the payment of interest thereon and otherwise as may be provided in and by such order; and in such event the corporation may invest the same in any of the securities mentioned in such order or as are specified in section 5 of its act of incorporation but in no others; and the provisions of sections 6 and 7 of the said act shall apply to this Ordinance. C.O., c. 93, s. 5. Exercise of powers of 6. The said corporation may validly exercise within the corporation in Territories all or any of the powers mentioned in its said act of incorporation or any amendment thereof subject to the obligations therein provided. C.O., c. 93, s. 6. Territories CHAPTER 94. An Ordinance to declare and amend the Law of THE Partnership. (Chapter 7 of 1899.) HE Lieutenant Governor by and with the advice and consent of the Legislative Assembly of the Territories enacts as follows: SHORT TITLE. 1. This Ordinance may be cited as "The Partnership Ordinance Short title 1899." INTERPRETATION. 2. In this Ordinance unless the context otherwise requires- Interpretation 1. The expression "business" includes every trade, occupation Business or profession; 2. "Court" shall mean the Supreme Court of the North-West Court Territories, and any judge of the court may at any time, whether chambers sitting in chambers or in court, exercise all the powers conferred by this Ordinance upon the court. PARTNERSHIPS GENERALLY. Nature of Partnership. 3. Partnership is the relation which subsists between persons Partnership carrying on a business in common with a view of profit. (2) The relation between members of any company or association who constitute a body corporate under any law in force in the Territories is not a partnership within the meaning of this Ordinance. defined 4. In determining whether a partnership does or does not Rules for exist, regard shall be had to the following rules: 1. Joint tenancy, tenancy in common, joint property, common property, or part ownership does not of itself create a partnership as to anything so held or owned, whether the tenants or owners do or do not share any profits made by the use thereof; 2. The sharing of gross returns does not of itself create a partnership, whether the persons sharing such returns have or determining existence of partnership In case of assignment for benefit of postponement of rights of person lending or selling in consideration of share of profits have not a joint or common right or interest in any property from which or from the use of which the returns are derived; 3. The receipt by a person of a share of the profits of a business is prima facie evidence that he is a partner in the business, but the receipt of such a share, or of a payment contingent on or varying with the profits of the business, does not of itself make him a partner in the business; and in particular— (a) The receipt by a person of a debt or other liquidated amount by instalments or otherwise out of the accruing profits of a business does not of itself make him a partner in the business or liable as such; (b) A contract for the remuneration of a servant or agent (c) A person being the widow or child of a deceased partner, (e) A person receiving by way of annuity or otherwise a 5. In the event of any person to whom money has been advanced by way of loan upon such a contract as is mentioned creditors, etc., in the last foregoing section, or of any buyer of a goodwill in consideration of a share of the profits of the business, making an assignment for the benefit of his creditors, entering into an arrangement to pay his creditors less than one hundred cents in the dollar, or dying in insolvent circumstances, the lender of the loan shall not be entitled to recover anything in respect of his loan, and the seller of the goodwill shall not be entitled to recover anything in respect of the share of profits contracted for, until the claims of the other creditors of the borrower or buyer for valuable consideration in money or money's worth have been satisfied. "firm" and 6. Persons who have entered into partnership with one Meaning of another are for the purposes of this Ordinance called collectively "firm name" a firm, and the name under which their business is carried on is called the firm name. Relations of partners to persons dealing with them. partner to 7. Every partner is an agent of the firm and his other partners Power of for the purpose of the business of the partnership; and the bind the firm acts of every partner who does any act for carrying on in the usual way business of the kind carried on by the firm of which he is a member, bind the firm and his partners, unless the partner so acting has in fact no authority to act for the firm in the particular matter, and the person with whom he is dealing either knows that he has no authority, or does not know or believe him to be a partner. Partners on 8. An act or instrument relating to the business of the firm and done or executed in the firm name, or in any other manner bound by acts showing an intention to bind the firm, by any person thereto of firm authorised, whether a partner or not, is binding on the firm and all the partners: Provided that this section shall not affect any general rule of law relating to the execution of deeds, instruments or documents affecting land, or negotiable instruments. credit of firm 9. Where one partner pledges the credit of the firm for a Partner using purpose apparently not connected with the firm's ordinary for private course of business, the firm is not bound, unless he is in fact purposes specially authorised by the other partner or partners; but this section does not affect any personal liability incurred by an individual partner. notice that firm will not be bound by 10. If it has been agreed between the partners that any Effect of restriction shall be placed on the power of any one or more of them to bind the firm, no act done in contravention of the agreement is binding on the firm with respect of persons having notice of the agreement. acts of partner 11. Every partner in a firm is liable jointly with the other Liability of partners, for all debts and obligations of the firm incurred partner while he is a partner; and after his death his estate is also severally liable, in a due course of administration, for such debts and obligations, so far as they remain unsatisfied but subject to the prior payment of his separate debts. firm for wrongs 12. Where, by any wrongful act or omission of any partner Liability of acting in the ordinary course of the business of the firm, or with the authority of his co-partners, loss or injury is caused to any person not being a partner in the firm, or any penalty is incurred, the firm is liable therefore to the same extent as the partner so acting or omitting to act. |