Private Bill No. 111 — An Act respecting the Will and Codicil of the late Lady Amy Redpath Roddick
PRIVATE BILL No. 111
An Act respecting the Will and Codicil of the late Lady Amy Redpath Roddick
WHEREAS Elizabeth Grace Redpath, wife of Grattan D. Thompson, architect, of the town of Hampstead, by her husband duly authorized, Peter Harold Redpath, executive of the city of Westmount, James Botterell Redpath, mining engineer, of the city of Toronto, Huntly Roddick Redpath, realtor, of the city of Montreal, Hugh Angus Redpath, retired, of Vancouver, B.C., and The Royal Trust Company, a trust company duly incorporated and having its head office in the city of Montreal, district of Montreal, have by their petition represented:
That Lady Amy Redpath Roddick, in her lifetime of the city of Montreal, died on February 16th, 1954, leaving a will in holograph form dated the 24th of December, 1945 and a codicil in the same form dated the 15th of December, 1953, probate of which has been duly obtained from the Superior Court of the district of Montreal;
That by such will and codicil, the Testatrix directed that, after payment of certain particular legacies, her executors and trustees pay the net annual income and revenue of the residue of her estate to her nephews and to her niece, and to the survivor and survivors of them (with representation) in equal shares, during their respective lives, and that after the death of all her said nephews and of the said niece, the capital of her estate shall be paid to their issue in equal shares, par souche, upon such issue respectively attaining the age of 30 years;
That the estate consists of securities, mortgages and immoveable properties all of considerable value;
That by such will the Testatrix appointed The Royal Trust Company executors as well as trustees with extensive powers;
That the Testatrix however expressed the wish that the executors and trustees counsel and advise with James Botterell Redpath and Huntly Roddick Redpath and the survivor of them;
That the Testatrix expressly exempted the executors and trustees from all statutory restrictions and continued their powers beyond the year and a day limited by law;
That such extensive powers are, at any event, absolutely necessary for the proper execution of the will, in view of its very nature and in view of the importance of the estate;
That the Testatrix, having drafted her will without legal advice, did not make such grant of powers specifically enough to avoid difficulties with third parties;
That for the proper carrying out of the Testatrix’ wishes, it is expedient to determine the specific powers that she obviously meant to grant to her executors and trustees;
That the four nephews and the niece mentioned in the will, as well as the executors and trustees, unanimously have asked for the passing of an act for the aforesaid purposes.
Therefore, Her Majesty, with the advice and consent of the Legislative Council and of the Legislative Assembly of Quebec, enacts as follows:
1. The Royal Trust Company, being seized of the property of the estate of Lady Amy Redpath Roddick as testamentary executor as well as trustee, is vested with the following powers which, after counsel and advice is taken according to the terms of the will from James Botterell Redpath and Huntly Roddick Redpath and the survivor of them, it may exercise absolutely, beyond the year and a day, without any formality or limitation:
a. to sell, exchange or otherwise dispose of property moveable or immoveable and to receive the price or other consideration and to grant discharge therefore;
b. being exempted from all statutory restrictions, to release any property affected by hypothec or mortgage in whole or in part and in consideration of any payments made prior to or after the death of the Testatrix, to retain for such time as it sees fit any shares, bonds, mortgages, debentures or other property held by the Testatrix at the time of her death, and to make investments in such shares, bongs, mortgages, debentures or other property real or personal moveable or immoveable as it may think proper as well as to vary such investments, without being restricted to the securities in which trustees are bound by law to invest;
c. to consent to the reorganization or the reduction of capital of any company, shares of obligations of which at an time form part of the estate and to accept other shares or obligations in their place;
d. to determine whether any sum received or disbursed is on account of capital or revenue or partly on account of one or partly on account of the other and to what extent;
e. after the death of the nephews and of the niece mentioned in the will, to make partitions of the whole or any part of the estate, to form the lots and attribute them to the beneficiaries according to the terms of the will and to evidence any partition in such manner as it may see fit;
f. and generally to perform all acts of administration and also all acts of alienation and hypothecation in the same manner and with the same effect as if it were the absolute owner of the estate and to decide all questions which may arise in the course of its administration, realization or partition and its decision shall be conclusive and binding on all beneficiaries.
2. The testamentary executor and trustee is authorized to pay the expenses and fees incurred in relation to this act out of the capital of the estate.
3. This act shall come into force on the day of its sanction.