HomeMy WebLinkAboutBRU 87 005 appt trustee BMTS
THE CORPORATION OF THE TOWNSHIP OF BRUCE
BY-LAW NO. 87-5
A BY-LAW to provide for the appointment of an independent professional
trustee for the Bruce Municipal Telephone System.
BE IT ENACTED as a by-law of the Corporation of the Township of Bruce
(hereinafter the "Township") as follows:
1. The Reeve and the Clerk are hereby authorized and shall execute
on behalf of the Township the deed in the form attached hereto
as Schedule -A-, appointing Peat Marwick Limited as trustee of
the Bruce Municipal Telephone System in the place of the Township
as set out in the deed and for the reasons contained therein.
By-law introduced and read a First time this FOURTEENTH day of JANUARY,
1987.
By-law read a Second time this FOURTEENTH day of JANUARY, 1987.
By-law read a Third time and finally passed, signed, sealed, and
numbered 87-5 this FOURTEENTH day of JANUARY, 1987.
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SCHEDULE A
THIS DEED OF APPOINTMENT made
BET WEE N:
THE CORPORATION OF THE TOWNSHIP OF BRUCE
(herein called the "Township")
of the First Part
- and -
PEAT HARWICK LIMITED
(herein called "The Trustee")
of the Second Part
Telephone
Telephone
WHEREAS the Township is the trustee of the Bruce Municipal
System (hereinafter called the "BMTS") pursuant to the
Act, R.S.O. 1980, Chapter 496;
AND WHEREAS the Township is the plaintiff in an action commenced
in the Supreme Court of Ontario, (court file number 934/84, Walkerton),
seeking a declaration identifying the subscribers of the BMTS in
accordance with the Telephone Act or alternatively a declaration
that such subscribers cannot be ascertained;
AND WHEREAS all members of the council of the Township have
a pecuniary interest in the outcome of the litigation within the
meaning of the Municipal Conflict of Interest Act, S.D. 1983, Chapter
8 ;
AND WHEREAS it is desirable that the plaintiff in the action
be, and be seen to be, entirely independent of the interests of those
who may be found to be subscribers of the BMTS and those other
inhabi tants of the area served by the BMTS who are not and cannot
qualify as subscribers;
AND WHEREAS the Township desires to be discharged as trustee
and appoint The Trustee in its place as set out herein;
AND WHEREAS the Trustee Act, R.S.O. 1980, Chapter 512, provides
that the Township may by writing appoint The Trustee in its place
as set out herein.
NOW THIS DEED WITNESSES that in exercise of the powers conferred
upon the Township by the Trustee Act:
SCHEDULE A
BY-LAW NO. 87-5
PAGE 2
1. The Township appoints The Trustee as the new trustee of the
BMTS in the place of the Township except that the Township shall
remain liable for all the obligations of the BMTS as set out in the
Telephone Act.
2. The Trustee will at all times use its best efforts to ensure
that the Township is indemnified out of the assets of the BMTS in
respect of all liabilities of the trust (for example, payments required
to be made in respect of outstanding debentures).
3. The Township hereby declares that every estate and interest
in all lands subject to the trust, and in all personal estate or
other property, rights or interests so subject, shall vest in The
Trustee who, by virtue of this instrument, shall become and be the
trustee for performing the trust with the intent and effect that
the declaration hereby made shall without any conveyance or assignment
operate to vest in The Trustee, and for the purpose of the trust,
all the said estate, interest and rights.
4. In the event that The Trustee at any time and for any reason
desires to be discharged from the trusts and powers reposed in or
conferred to it as a result of this appointment, The Trustee may
reappoint the Township in its place.
5. The Trustee accepts its appointment herein.
6. This deed of appointment is
order or orders that the Supreme
make from time to time.
irrevocable, subject only
Court of Ontario may see
to any
fit to
IN WITNESS WHEREOF the parties hereto have hereunto set their
respective hands and seals.
THE CORPORATION OF THE TOWNSHIP
OF BRUCE
Date: Per:
. Reeve
cis
Per:
Clerk
PEAT HARWICK LIMITED
Date: Per: cis