June 9, 1925 (14th Parliament, 4th Session)

CON

Henry Herbert Stevens

Conservative (1867-1942)

Mr. STEVENS:

This is not a question of
honesty or honour. I think my hon. friend's suggestion is right; in fact, I am sure it is, because his legal knowledge is much greater than mine. The reason I raise the point is that liquidators are undoubtedly entitled to a commission upon funds that pass through their hands as liquidators. That is the law. It should, therefore, be stated in this bill that no liquidator's fees are to be paid in respect of

Home Bank
this particular sum. The idea of a liquidator's fees is this. The liquidator goes in and takes the assets of a defunct institution, in this case the bank, and he is supposed, by his knowledge of business, to realize on those assets in the best interest of the creditors. That is his business and he is entitled to fees for that service. This is not a service that he is rendering. This is a gift of the country to the depositors, and rather than have the liquidator deduct his fees from this amount, I would sooner see them paid out of the Finance department or some other department. A provision to this effect could be inserted at the end of clause 5:
Provided, however, that no fees or commission shall b? paid out of the said sum to any persons for the distribution of same.
I am not quite certain that the form of the amendment is as complete as might be desired, but I think that would cover it. Perhaps the Minister of Justice would help me out in this.

Topic:   HOME BANK
Subtopic:   PROPOSED PAYMENT OF DEPOSITORS TO THE AMOUNT OF $5,450,000
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