December 10, 1945

TRUST COMPANIES A.CT LENDING AND INVESTMENT POWERS


Hon. J. L. ILSLEY (Minister of Finance) moved the first reading of bill No. 231 (from the senate) to amend the Trust Companies Act. Motion agreed to and bill read the first time. Mr. ILSLEY moved the second reading of the bill.


PC

John Bracken (Leader of the Official Opposition)

Progressive Conservative

Mr. JOHN BRACKEN (Leader of the Opposition):

Can we not have a statement from the minister in reference to this bill?

Topic:   TRUST COMPANIES A.CT LENDING AND INVESTMENT POWERS
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LIB

Robert Wellington Mayhew (Parliamentary Assistant to the Minister of Finance)

Liberal

Mr. R. W. MAYHEW (Parliamentary Assistant to the Minister of Finance):

I had hoped that an explanation would not be necessary at this time; it is not a very important bill, and a full explanation will be given when it goes to committee. Hdwever, if the leader of the opposition wishes a statement I am prepared to make it.

Topic:   TRUST COMPANIES A.CT LENDING AND INVESTMENT POWERS
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PC

John Bracken (Leader of the Official Opposition)

Progressive Conservative

Mr. BRACKEN:

I was not asking for a full explanation, but surely we should have some explanation when we are asked to give the bill second reading.

Topic:   TRUST COMPANIES A.CT LENDING AND INVESTMENT POWERS
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LIB

James Horace King (Speaker of the Senate)

Liberal

Mr. SPEAKER:

Order. I must call the attention of the leader of the opposition to the fact that it is not usual to give explanations concerning bills coming from the senate, because they have been printed and distributed and are referred to the committee to be discussed. If the hon. gentlefnan insists, however, I will ask the hon. member to give an explanation, but it is not the usual practice.

Topic:   TRUST COMPANIES A.CT LENDING AND INVESTMENT POWERS
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PC

John Bracken (Leader of the Official Opposition)

Progressive Conservative

Mr. BRACKEN:

Well, Mr. Speaker, I do not wish to insist if the procedure has been established of not doing it, but I do not think second reading should be proceeded with unless we have an explanation.

Topic:   TRUST COMPANIES A.CT LENDING AND INVESTMENT POWERS
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LIB

Robert Wellington Mayhew (Parliamentary Assistant to the Minister of Finance)

Liberal

Mr. MAYHEW:

Section 1 of this bill is designed to correct an obvious misprint in the present revised statutes, subsections (3) and (4) of section 3 of chapter 29. Section 2 of the bill is intended to make uniform the lending and investment [DOT] powers of all trust companies, regardless of the date of incorporation. The Trust Companies Act was first passed in 1914, and applied as a whole to companies incorporated after the date it came into force. It had only a limited application to companies incorporated earlier, the limitation being set forth in subsections (3) and (4) of section 3, in which two groups of sections, 62 to 88 and 83 to 90 are stated to apply to companies incorporated before 1914. These two groups overlap so that it is impossible to say what is intended as respects section 81. It seems probable that 88 is a misprint for 80. and that section 81 is not made applicable to those companies.

The amendment in section 1 o-f the bill will make it clear that section 81 applies bo all companies.

Section 2 of the bill will make uniform for the future the lending and investment powers of all companies. The reference to the Corn-

47696-202i

Maple Products

panics Act in the section, inserted by section 2 of the bill, is made necessary for the following reasons:

The special acts incorporating the older trust companies contain a provision making the former Companies Clauses Act, or part II of the Companies Act, revised statutes, 1906, chapter 79, applicable to the company incorporated and in the said act or part there was one section (revised statutes, 1906, chapter 79, section 167) declaring that the company should not lend any of its funds to any shareholder. This restriction still applies and is found in section 189 of the present Companies Act, 1934, chapter 33.

By amendments to the Trust Companies Act in 1922 (chapter 51, section 8) and 1924 (chapter 71, section 4) it was provided that all such restrictions on investment powers should be repealed, but unfortunately those sections were not carried into the groups of sections in section 3 of the act declared to apply to the older companies.

The Companies Act, section 146, still provides that the restriction in section 189 shall continue to apply to the older companies unless "expressly varied or excepted by the special act".

There has been an amendment proposed in the other house, in which the word "to" is changed to "by". That is the only change.

Motion agreed to and bill read the second time.'

Topic:   TRUST COMPANIES A.CT LENDING AND INVESTMENT POWERS
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MAPLE PRODUCTS

AMENDMENT OF ACT RESPECTING DEFINITIONS, ETC.


Hon. J. G. GARDINER (Minister of Agriculture) moved the first reading of bill No. 232, respecting the manufacturing, inspection and sale of maple products. Motion agreed to and bill read the first time. Mr. GARDINER moved the second reading of the bill.


PC

Mark Cecil Senn

Progressive Conservative

Mr. SENN:

Is this bill now before the committee on agriculture?

Topic:   MAPLE PRODUCTS
Subtopic:   AMENDMENT OF ACT RESPECTING DEFINITIONS, ETC.
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LIB

James Garfield Gardiner (Minister of Agriculture)

Liberal

Mr. GARDINER:

This is one of the bills of which we gave notice early in the session. At that time however it was thought necessary to advance some other bills as quickly as possible, and this bill was sent to the senate. It was first dealt with there. It has been fully discussed in the senate, and has been before their committee. The discussions are on the records of the senate. It was not thought advisable to send it to our committee. As a matter of fact- it is just a revision of the

FMr. Mayhew.l

present act, with special reference to that part of it which deals with impurities in maple syrup products. .

Topic:   MAPLE PRODUCTS
Subtopic:   AMENDMENT OF ACT RESPECTING DEFINITIONS, ETC.
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Motion agreed to, bill read the second time and the house went into committee thereon, Mr. Macdonald (Brantford City) in the chair. On' section 1-short title. Section stands. Progress reported.


QUESTIONS


(Questions answered orally are indicated by an asterisk.)


DEFENCE INDUSTRIES RECREATION HALL, BROWNSBURG, QUE.


Mr. HEO.N: 1. What was the total cost of the D.T.L. recreation hall in Brownsburg county of Argen-teuil? 2. What was the cost of furnishings and furniture? 3. Have the immovables been disposed of? If so. to whom and at what price? . 4. Have the furnishings and furniture been sold? If so, to whom and on what terms?


LIB

Mr. McILRAITH: (Parliamentary Assistant to the Minister of Reconstruction)

Liberal

1. $29,656.81.

2. $7,388.17.

3. Capital assets (plumbing) to the value of $803.38 were transferred to other government projects. The building itself has not yet been disposed of.

4. No. Furniture and fixtures have been transferred to other government projects.

Topic:   QUESTIONS
Subtopic:   DEFENCE INDUSTRIES RECREATION HALL, BROWNSBURG, QUE.
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PURCHASE OF HORSES

December 10, 1945