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INCOME TRUST LIABILITY ACT

INCOME TRUSTS LIABILITY ACT

Chapter I‑1.5

Table of Contents

                1       Definition

                2       Limited liability

                3       Governing law

                4       No effect on other trusts

                5       Consequential amendments

                6       Coming into force

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows:


Definition

1   In this Act, “Alberta income trust” means a trust

                             (a)    that is created by a trust instrument governed by the laws of Alberta, whether the trust is created before or after the coming into force of this Act, and

                             (b)    that is a reporting issuer as defined in the Securities Act.

 

Limited liability

2(1)  Notwithstanding any express or implied indemnity of a trustee by a beneficiary of an Alberta income trust, the beneficiary is not, as a beneficiary, liable for any act, default, obligation or liability of the trustee of the Alberta income trust.

(2)  This section does not apply with respect to any act, default, obligation or liability of a trustee of an Alberta income trust that arose before this section came into force.

 

Governing law

3   Without limiting any other circumstances in which a trust instrument may be governed by the laws of a particular jurisdiction, a trust instrument is governed by the laws of the particular jurisdiction as provided in the trust instrument.

 

No effect on other trusts

4   This Act does not affect any liability of a beneficiary of a trust to which this Act does not apply.

 

5   (This section amends the Securities Act; the amendments have been incorporated into that Act.)

 

Coming into force

6   This Act comes into force on Proclamation.

 

(NOTE:   Proclaimed in force July 1, 2004.)