May 4, 1951

LIB

Louis-René Beaudoin (Deputy Chair of Committees of the Whole)

Liberal

The Deputy Chairman:

I would point out

that this bill has been carefully considered in the standing committee on miscellaneous private bills.

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Section agreed to. Sections 2 to 10 inclusive agreed to. On section 11-Investment of funds.


PC

William Joseph Browne

Progressive Conservative

Mr. Browne (St. John's West):

There would seem to be something wrong with this section, which reads:

The corporation may Invest Its funds, or any portion thereof, either directly in the name of the corporation or indirectly in the name of trustees, in the purchase of such securities as it may deem advisable, and also may lend its funds or any portion thereof on any such securities.

I was appointed a member of the committee on miscellaneous private bills, but after attending the first session I did not attend later sessions of the committee. While I

Private Bills

was present in the committee a bill of this kind was being considered and the point was raised that frequently corporations of this kind are given money in trust and that they should not have the right to invest such money in any securities that they wish to. It seems to me that they should be bound by the trust and be permitted to invest only in trustees' securities. I do not know if this matter has since been considered by the committee, but it seems to me that this committee should not overlook the obligation which would be on any corporation given money in trust to invest only in trustees' securities. Could the sponsor explain this?

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LIB

Albert Frederick Macdonald

Liberal

Mr. Macdonald (Edmonton East):

The

terms of this section are the same as the terms in sections in bills with reference to the incorporation of other religious groups. Being a moral body I feel quite sure that the adherents to this church will give the same consideration to the investment of their funds as do the adherents of any other religious denomination.

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PC

William Joseph Browne

Progressive Conservative

Mr. Browne (St. John's West):

That does

not answer the point. If the sponsor of this bill should leave $1 million in trust to this corporation to be invested for certain purposes, would the corporation have the right to invest those funds in any securities? They might buy the wildest kind of stock. It seemis to me that some explanation should be given by those who are bringing forward this bill as to why they wish such wide powers which would deviate so seriously from the provisions of a trust under which they might receive money.

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LIB

Louis-René Beaudoin (Deputy Chair of Committees of the Whole)

Liberal

The Deputy Chairman:

Shall the section carry?

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PC

William Joseph Browne

Progressive Conservative

Mr. Browne (St. John's West):

Do you not

think that the point is worthy of consideration and that we should have a better explanation than we have had from the sponsor of this bill?

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?

Some hon. Members:

Carried.

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PC

William Joseph Browne

Progressive Conservative

Mr. Browne (St. John's West):

I am not

satisfied.

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?

An hon. Member:

We are.

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PC

William Joseph Browne

Progressive Conservative

Mr. Browne (St. John's West):

If this and similar organizations are likely to receive large sums of money in trust for certain purposes they should not have the power to invest in any securities they feel like investing in. Surely there must be a reasonable explanation that can be given.

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Section agreed to. Sections 12, 13 and 14 agreed to. Bill reported, read the third time and passed.


UKRAINIAN CATHOLIC EPISCOPAL CORPORATION OF EASTERN CANADA

LIB

Harry Peter Cavers

Liberal

Mr. H. P. Cavers (for Mr. Ross, Hamilton East) moved

that the house go into committee to consider Bill No. 176, to incorporate the Ukrainian Catholic Episcopal Corporation of Eastern Canada.

Motion agreed to and the house went into committee, Mr. Beaudoin in the chair.

On section 1-Incorporation.

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LIB

Louis-René Beaudoin (Deputy Chair of Committees of the Whole)

Liberal

The Deputy Chairman:

This bill has been considered carefully by the standing committee on miscellaneous private bills.

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?

Donald MacInnis

Mr. Maclnnis:

I do not see the sponsor of the bill in the chamber. Last Tuesday evening we had quite a discussion on this point. I was in favour of going on with the bill, but Mr. Speaker ruled that a private bill could not proceed unless the sponsor was present. At that time we were considering one of the pipe line bills and it had to stand. I think we shall have to do the same thing with this bill.

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LIB

Harry Peter Cavers

Liberal

Mr. Cavers:

I am substituting as sponsor for the hon. member for Hamilton East.

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PC

Howard Charles Green

Progressive Conservative

Mr. Green:

The other night the hon. member for Kenora-Rainy River was substituting for the sponsor of that bill, yet a ruling was made that the debate could not go on because the sponsor was not here. Now we have got exactly the same position tonight.

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LIB

William Alfred Robinson

Liberal

Mr. Robinson:

On the point of order, as I understood the ruling of last Tuesday evening it was that if the sponsor was not in the house the bill could not be proceeded with without his consent. As I understand, the hon. member has indicated that he has the sponsor's consent this evening.

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LIB

George Alexander Cruickshank

Liberal

Mr. Cruickshank:

Mr. Chairman, I should also like to speak to this point. If you will check you will see that the ruling was most definite. The Speaker made the definite statement this procedure would not be allowed in the future. If you will check you will see that is absolutely correct. The Speaker himself said that.

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May 4, 1951