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Les diagrammes suivants illustrent la mdthode. 32 X 1 2 3 4 5 6 ^•K.^ ■■ ,«<,J. ) Toronto. ^milius Irving. Esq.. Q.C.. Toronto. Robert Jaffray. Esq.. Vice-President Land Security Co.. Toronto. Estate Late Sheriff Jarvis. Toronto. Rybert Kent. Esq., President Express Co.. Kingston. J. K. Kerr. Esq.. Q.C.. Vice-President North American Insurance VrfO., loronto. John Labatt, Esq., Brewer, London. J. W. Langmuir, Esq., Manager Toronto General Trusts Co.. Toronto. ' A. B. Lee, Esq., President Rice Lewis & Son (L.mited), Toronto. G. W. Lewis, Esq., capitalist, Toronto. Hon. James Maclennan. Justice. Court of Appeal. Toronto. Edward Martin, Esq., Q.C., Hamilton. E. A. Meredith. Esq.. LL.D.. Ex-Deputy Minister of the Interior. 1 oronto. ' T. R. Merritt. Esq.. Vice-President Imperial Bank, Toronto. Estate Hon. Alex. Morris. Toronto. William Mulock. Esq., M.P., President Farmers' Loan and Savings Co.. Toronto. * S. Nordheimer. Esq.. Director Canada Permanent Loan and Savmgs Co.. Toronto. James K. Osborne. Esq.. Manufacturer. Toronto. Williani Ramsay. Esq.. Director Imperial Bank of Canada. Bowland, Midlothian, Scotland. J. G. Scott. Esq.. Q.C.. Master of Titles Toronto. James Scott. Esq.. Merchant, Director Dominion Bank, Toronto. Hon. Frank Smith. Senator. President London and Ontario In^ vestment Co., Toronto. T. Sutherland Stayner, Esq., Chairman Bristol and West of England Loan Co.. Toronto. F. J. Stewart. Esq,. Broker and Financial Agent. Toronto. John Waldie. Esq., Lumber Merchant, Toronto. THE Toronto General Trusts Company, This Company entered on the second decade of its existence on the ist April, 1892. Its Charter of Incorporation (35 Victoria, Chapter 83) bears date, 1872, but it was not until the loth March, 1882, that the Company was organized and began business. On that date an order of the Lieutenant Governor in Council was passed approving of the Company being accepted by the High Court of Justice as a Trusts Company for the purposes of the Court. The powers conferred upon the Company under the Act of Incorporation were extended by Supplementary Letters Patent issued by the Government of Ontario, and by the same authority the subscribed capital was raised from 1^200,000 (the amount fixed by the Act) first to S300,ocx), then to $5oo,cxx), and lastly to $i,oco,ooo, at which it now stands. These successive increases in the subscribed capital stock were induced by the rapid growth of the estates and interests in the Company's hands, and the increase of its business generally. The amount called up at the close of the last year on the Company's subscribed capital was thirteen per cent., or $130,000; but it was thought advisable in view of the continuous expansion of the Company's business and the magnitude of the interests committed to its care, to mark the close of the first decennial period by making a further call of seven per cent., or ;^ 70,000, thus raising the paid-up capital to $200,000, which, with the "Reserves," $206,000, and the uncalled capital subscribed, $800,000, make a grand total of $1,206,000, as the security held by the Company for the benefit of its clients. refei to u agen trust auth tione 6 7 8 T histor; first t trust or the of nee Toroni pionee The Toronto Gerteral Trusts Company. MPANY. de of its ;orporation t was not organized Lieutenant Company a Trusts under tlie elementary 0, and by iised from $300,cxx), ch it now bed capital states and ase of its the close apital was : advisable 's business :s care, to g a further he paid-up $206,000, ce a grand mpany for I SCOPE AND POWERS OF THE COMPANY. Under its Charter of Incorporation and the Letters Patent referred to. The Toronto General Trusts Company has a ithority to undertake and execute every kind of trust and financial agencies of all descriptions. Amon^ the more important trusts, agencies and other offices which the Company is authorized to discharge, the following may be specially men- tioned : — I— Trustee under the Appointment of Courts, Corpora- tions and Private Individuals. 2.— Executor, Administrator, Guardian, Committee, Receiver or other official or fiduciary functions. 3.— Agent for any person holding any of the foregoing offices. 4.— Agent and Attorney for the management and winding up of Estates. 5.— Agent for investing money, collecting interc-t, dividends, mortgages, and generally for managing any financial offices. 6. — Receiver and Assignee. , 7.— Agent for the issuing and countersigning of stocks, bonds and other obligations, and for receiving and managing sinking funds. 8.— Management of a Safe Deposit establishment for the secure custody of documents and valuables. The Company's charter made a new departure in the history of Trusts in Canada. It called into existence for the first time a corporate trustee. Up to that date all offices of trust of every kind, no matter what their nature or magnitude, or the length of time over which the trust was to extend, were of necessity placed in the hands of private individuals. The Toronto General Trusts Company, therefore, claims to be the pioneer trust company of Canada. 'I I 8 The lot onto General Trusts Company. ThP want of such a company had long been felt in Ontario and esevhere in the Dominion, and the signal success Ith^r'atlded the operation of sin^il- company m th United States had clearly shown how quick the publ c are recognize the value of such an organization and avail them selves of the benefits it affords. death of the trustee before the final complet.on °f *^""^^; ;:rer4r h ts -- -- ^:tz ::r%tronVoperat>„„s sys.e.a.>^^^^^^^^^^ Strict business principles. By ^'^P'^f "^ '" .^^ies of trust .-rk-x^ r: ^r rirsrthrs, -po- advantages :— Firstly .-Absolute Safety of the trust property. Secondly .-Efficiency and economy in its administration. Thirdly .-An unchanging and undying trustee. Fourthly .-The assurance that the trust will be administered 0^ certain well considered principles, and the avoidance of the serious "sks delays and m^ conveniences incident to the death of a trustee. Of the advantages thus secured some -e the — ,,, .ecessary ^f ^^^^ .r.^rr^ith^^^ safety or ine iiu eaualW necessary results of administration, are the almost equ^u^ The Toronto General Trusts Company. een felt in rnal success nies in tlie iblic are to avail them- 's interested hrough the icy of the through the • the trusts, These grave lays incident )e effectually ridual trustee lital and the officials, for lomically, on a company tries of trust ing important ty. ninistration. ;e. le administered les, and the lays and in- a trustee. s the obvious nd, therefore, rs, such as the ciency of their ary results of the employment of a wealthy and well-organized company, whose affairs are conducted on business principles by a directorate of high standing and intelligence. While the establishment of a corporate trustee is for these reasons an inestimable boon to the large class of persons whose welfare is dependent on the safe and judicious care of trust properties, it is almost as great a boon to those who through relationship, friendship, or other causes, are so often reluctantly induced to assume the onerous, and often thankless, duties and responsibilities of a trustee; duties and responsi- bilities which, where such a companv exists, no private individual need hesitate to decline, or . appointed without his consent, to relieve himself of by having the company appointed in his stead, or if this is impossible, by appointing it as his agent. Owing, doubtless, to the advantages which the Company possesses, and to the standing and character of its Directorate, it has from its inception largely enjoyed the confidence of the Government and the Courts of the Province. Not only has the Government approved of the Company being accepted by the High Court of Justice as a trust company for the pur- poses of the Court, but it has also made it Agent for the Inspector of Asylums, thus virtually placing under the Company's control and management all the Lunatic Estates in Ontario, of which the Inspector is ex-officio committee. Again, the High Court of Justice has shown its confidence in the Company not merely by employing it as its Agent for the investment of the Court funds, now amounting to nearly $2,000,000, but also by constantly appointing the Company as administrator or trustee, or in making use of it in some one or other of its various fiduciary capacities. If the Company has thus been fortunate enough to enjoy from the first the confidence of the Government and the Courts of Ontario, it has the still greater satisfaction of having secured for itself, in a very large measure, during the ten years it has 10 The Toronto General Trusts Company. — been in operation, tlie confidence of the community in general. Tlie existence of this public confidence (usually a plant of slow growth) is abundantly shown by the constant and rapid increase in the number and value of the estates and interests which are being confided to the care of the Company by corporations and individuals from one end of the Province to the other. During the past ten years the Company has transacted business aggregating $ 1 3,ooo,cxx), of which over $6,ooo,ocx) is now in its hands. The securities which the Company hold for each trust under its management are kept entirely distinct and separate from all others, and are registered in the books of the Company for the trust to which they respectively belong, so as to be at once distinguished from any other security. The Company has, of course its own General Solicitors, but it should be stated for the information of the profession that it is a rule that in all cases where a trust or estate or other business is brought to the Company by a solicitor, he is continued by the Company as its solicitor in the management of the business. Reference may now be made to the special features of some of the more important functions which the Company is authorized to discharge, particularizing those connected with the responsible offices of Executor, Administrator, Trus- tee, (under will or otherwise) Agent, and Guardian; and pointing out the special benefits accruing in each case to the parties interested from the appointment of the Toronto General Trusts Company to the otfice. [lity in general, lily a plant of stant and rapid s and interests ! Company by he Province to Company has of which over for each trust ict and separate books of the actively belong, »ther security. ineral Solicitors, if the profession trust or estate ^ by a solicitor, solicitor in the ecial features of h the Company those connected ninistrator, Trus- Guardian ; and each case to the ; Toronto General The Toronto General Trusts Company. II EXECUTOR AND TRUSTEE UNDER WILLS Of the fiduciary offices which the company is authorized to fill, none is probably more important or of greater public utility than that of executor and trustee under ap- pointment in wills. It is of the deepest moment to every man who leaves any property at his death to be satisfied that the disposition which he may make of it by will, and the trusts which he may create, will be faithfully and economically carried out, and that those for whom he is solicitous to provide will not be exposed to the losses, delays and uncertainties which so frequently attend the employ- ment of ordinary executors or trustees. These risks can only be avoided and the intention of the testator effectually carried out by appointing a properly organized company to act in those capacities. That the public generally are alive to the advantages which the existence of such a company affords them in this important matter, is abundantly shown by the great and rapidly increasing frequency of the cases in which this Cohipany has been called upon to act as executor and trustee, and from the still more numerous cases in which the company has been advised that it has been so appointed, the wills making the appointment being in many cases filed for safe keeping in the company's vaults. When it is desired to appoint the company executor and trustee, the will should contain a provision of this kind. "I appoint The Toronto General Trusts company to be the executor and trustee under this my will." When a will is already executed, appointing executors or trustees, or both, and the testator desires to substitute the Toronto General Trusts company for the executor and trustees therein named, without changing the will in other respects, he may do so by making a codicil to his will. 12 TJie Toronto General Trusts Company. The codicil may be in the following form, changing names and dates to suit :— tn«*ngmg •' I, John Smith, of the Township of Markham, in the county of York, farmer, declare this to be a codicil to my last will and testament, which bears date the one thousand eight hundred and ." ' "1 appoint the Toronto General Trusts company to be trustee and executor o; my said will in the place of the trustees and executors therein named. In all other respects I confirm my said will." In witness whereof I have hereunto set my hand this first day of September, one thousand eight hundred and eighty. Signed by the testator, in the presence of \xs,\ who in his presence, at his request, and in the presence of each other, have here- unto subscribed , our names as witnesses, Charles Thompson, Of the Township of Markham, in the county of York, blacksmith. Henry Edwards, Of the Township of Whitchurch, in the county of York, school teacher. his direction : anrthe t;8tator ^honld r^il' '^" ^'^ ^^^ "*"" *" »"« P"''^"" «"d by presence of two or morfwUnLe^TesZ r V^^^ '""'^ «'»""'"'« '»*»>« their nam. «« witn Je^ irtrprSr of\Le" raL""" "''° *""'' '^'^ ^'^^ paper^rtr^Jll.rtM^Lrr'^r^:;--^^^^^^^^ '•>« sa.e Sheet of the Tru"^!'.' ^ ^^""'^ convenient that any person appointing he Trusts company executor or trustee should either notify the Manager of the company of the fact, stating the date and place of deposit of the will, or send the will to the company, who will take care of it in their vaults free of to ' JOHN SMITH When a person appointed executor under a will desires V. »rm, changing The Toronto General Trusts Company. 13 kham, in the codicil to my ADMINISTRATION OF INTESTATE ESTATES. tnpany to be place of the )ther respects ly hand this d and eighty. >HN SMITH led at the njot or presence and by signature in the must also sign le same sheet of appointing ither notify g the date /ill to the ilts free of 'ill desires rOR WITH Where a person dies without having left a will, it be- comes necessary to take out letters of administration to the estate. The recent change in the law of Ontario, under which realty as well as personalty devolves upon the personal representatives of deceased persons, requires that the parties petitioning for administration of the intestate's estate shall give security for double the value of both the real and personal property; thus greatly increasing the risk and responsibility of individuals who undertake such duties. If an administrator has only to realize upon the estate and distribute it to the heirs, the responsibility, of course, continues for a shorter time ; but if infants are interested in the estate and the funds have to be invested and cared for during a long period, the diffi- culties and objections in the way of appointing private individuals as administrators are vastly increased. So long as these duties could be discharged only by individuals it was unavoidable that these responsibilities should be imposed upon some friend, who in turn might demand a similar responsibility to be assumed on his behalf. The organization, however, of The Toronto General Trusts Company relieves all persons in Ontario from any hesitation in de- clining to act as administrator, and also from the unpleasant- ness of soliciting any friend to undertake similar responsibilities on their account. The Act incorporating the Company (34 Vic. Cap. 83), provides that in case of its appointment by the Court, the Company shall not be required to give any security; but the court, if it deems it necessary, may from time to time appoint a suitable person to investigate the affairs and management of the company, who shall report thereon to the court. . 14 The Toronto Gemral Trusts Company. :!|i I The various Surrogates that have issued letters of ad- ministration to the Company have only required affidavits on the usual forms required of individual administrators, namely : 1. Renunciation by parties entitled to administer, in favor of the Company. 2. Affidavit of search for will. 3. Affidavit of death of the deceased and place of abode. 4. Affidavit of the value of the property, both real and personal. 5. Petition to the Surrogate by the Company. 6. Affidavit of Manager of Company to faithfully administer. The affidavits as to search for will, death and place of abode, together with the affidavits as to the value of the property must of course be made by persons having full knowledge of the facts. TRUSTEESHIPS. Trusts are so varied in their character and scope that reference can here be made to only a few of the more im- portant. Whatever may be the character or conditions of the trust it may, however, speaking generally, be assumed that its administration will extend over a considerable num- ber of years. It is plainly therefore a matter of the first importance that the trust should be placed in the hands of a permanent and undying trustee — in other words, of a Trusts company and not a private individual. By the ap- pointment of the company not only will the permanence of the trust be secured during the period of its operation but the investment of the trust funds and the conduct of the bust- letters of ad- ;d affidavits on ators, namely : lister, in favor lace of abode, both real and \y. lly administer. I and place of value of the IS having full The Toronto Getieral Trusts Company. 15 id scope that the more im- conditions of , be assumed iderable num- • of the first the hands of words, of a By the ap- jermanence of ration but the of the busi- ness generally will be carried on under the best and most approved methods. Of the more important classes of trusts the following may be specially mentioned :— I. TRUSTEESHIPS UNDER WILLS There are many cases where a testator may for per- sonal or other reasons desire to appoint a relative or friend as his executor, and, at the same time, to create a trust under his will, either for a member or members of his family or some other object. In all such cases, especially if the trust is likely to last over a number of years, the testator would consult the interests of all concerned by appointing the company Trustee to see to the execution of the trusts created under the will. 2. TRUSTS UNDER MARRIAGE SETTLEAIENTS. Trusts created under Marriage Settlements from their very nature extend over a lengthened and indefinite period. They are consequently a class of trusts for which a permanent and undying trustee is of the first importance. 3. MISCELLANEOUS TRUSTS. There are many other kinds of Trusts which persons may desire to create to come into operation, partially at least, during their life, but stretching out it may be far into the future. Such are Trusts created for special family or other purposes. All such Trusts it is obvious, can be best committed to the care of a well established and permanent company. 4- SUBSTITUlIONARY TRUSTEE. The Company will also accept the office of Trustee under any kind of Trust Deed in substitution for a Trustee or Trustees who desire to be relieved of the labor and responsibility of the trusts imposed on them. 16 Tfie Toronto General Trusts Company. COMMITTEESHIPS. In the case of any person becoming insane tlie law pro- vides that his estate shall be managed by a committee appointed by the courts ; such committee is obliged to furnish bonds in double the value of the estate devolving upon him in that capacity. The Inspector of Prisons and Public charities for Ontario is ex-ofjicio committee of the estate and persons of all in- sane persons in the Public Asylums of the Province (unless and until a committee has been appointed by the courts), and this company acts as agent of the Inspector in the management of their estates. The large experience the com- pany has gained in connection with this class of work eminently qualifies it to efficiently perform the duties of committee of the estate of other insane persons. GUARDIANSHIPS. m It frequently happens that infants who are possessed of estates have no guardian to protect their interests and superin- tend the expenditure connected with their maintenance and education, and in such cases friends are not always forthcoming who are willing to assume the duties and responsibilities of guardian, extending as they generally do, over a lengthened period ; and at the same time to furnish the security required by the Court before they can be clothed with the Guardianship authority. This Company is by law empowered to act as Guardian of Minors, both as to their persons and estates, and the friends of minors can, by availing themselves of its services as Guardian, relieve themselves alike from the serious responsibility of the office and from the necessity of finding the necessary security. the law pro- a committee ^ed to furnish ing upon him ;s for Ontario ins of all in- vince (unless the courts), )ector in the nee the com- lass of work lie duties of s. possessed of ; and superin- ntenance and ys forthcoming 3onsibilities of a lengthened ty required by Guardianship IS Guardian of 1 the friends of 5 as Guardian, sibility of the ry security. The Toronto General Trusts Company, '7 AGENCIES. The Company acts as agent for any person holdin.^ the office of Executor, Administrator, Trustee, or any other of the fiduciary offices which the company can discharge It will also act as agent or attorney for the management or windmg up of estates and the transaction of every kind of fmancial business ; and its services are constantly employed by persons who desire to invest moneys, to collect interest dividends, rents, mortgages, bonds, bills, notes, &c &c' Principals employing the company as agent for any of the above named purposes will not only relieve themselves of the re- sponsibilities incident to the offices they hold, but will also ensure the work being done on the most improved methods and in the most economical way. TRUSTEE FOR BONHOLDERS. The company also acts as trustee under mortgages made by companies to secure the issues of bonds, and as agent for the purpose of issuing or counter-signing the certificates of stock bonds or other obligations of railways or any cor- poration, association, municipality or joint stock company • and of receiving and managing any sinking fund therefor. LOANS AND INVESTMENTS. The Company has always at its disposal a large amount of trust funds which will be invested at the lowest current rates of interest. ^ Such investments are strictly confined t( st mortaaaes r/ improved freehold real property of ample value ; excluding all ' crSti t - i8 The Toronto General Trusts Company. nrooerties of uncertain, fluctuating or speculative value, such as railways, canals, docks, mills, wharfs, mines, or properties where the value consists chiefly either in erections, structures, or improvements which are of a perishable character. Invest- ments are also made by the company in the public stock, funds or Government securities of the Dominion of Canada, or of any of the Provinces thereof, or in the bonds or deben- tures of municipal corporations. The moneys and securities of each trust are always kept distinct and separate from those of the company and in separate accounts, and so entered for each particular trust or investor as always to be distinct from any other in the registers and other books kept by the com- pany and so that at no time can trust or investors' moneys form part of, or be mixed with, the general assets of the Company, or with the assets of any other trust. SAFE DEPOSIT VAULTS. The Toronto General Trusts Company is not only the first corporate Executor, Trustee, &c., in the Dominion, but also the first to provide the public with what had long been felt to be a great desideratum, viz.. a place where important papers or other valuables might be deposited with absolute safety from thieves or fire. Many cities in the neighboring States with a smaller population than Toronto are provided with more than one large building exclusively devoted to this purpose and doing a satisfactory business. This want was. to a large extent, met by the Company from its organization in the building which it occupied for the first eight years of its existence, but now much more perfectly in the building owned by the Com- pany and occupied by it during the last two years Its present vaults were constructed specially for safe deposit pur- poses in a most substantial manner at a cost of more than S^oooo They are provided with every known modern appli- ance necessary to render them absolutely fire and burglar proof, and are believed to be unsurpassed in Canada. (V. value, such as , or properties ons, structures, racter. Invest- ! public stock, lion of Canada, londs or deben- ,nd securities of e from those of entered for each stinct from any by the com- estors' moneys assets of the t. s not only the Dominion, but had long been /here important i with absolute with a smaller more than one rpose and doing a large extent^ in the building s existence, but id by the Corn- two years. Its lafe deposit pur- t ot more than rn modern appli- ire and burglar 1 Canada. The Toronto General Trusts Company. 19 Persons having in their possession deeds, wills, policies sures ot any kind, which they desire to deposit in i niarp of perfect safety, are urgently invited to inTpe t he W pany s vaults a-^ I examine into the arrangem':;;! f^ them- se ves. They cannot fail, we feel sure, to be entireV tt:'turfor\^"Tr--P-ties availing themsetr^'f IX , "'"/» "I a trriing cost, ensure thpir ih« so ute safety against fire or burglar, 'but ;il eve hem a rn'f\""^''"^^"^'^*^' ''' »^-^' — ver, the sat" faction of keepmg temptation out of the way of servants employees, and others. ^ servants, PRIVATE SAFES. Safes of various sizes to suit renters can be had by the year, or for a shorter period, at very moderate scale of Tltes ce'ss ::TZ 'r ^'''r'' ''''' ^^ ^'-'^^ '^ ^^'°- hVs a : cess and of which he holds the only key. Renters of safe«i or their duly appointed deputies, can have'^access to hei safe, at all times during business hours. TRUSTEES' SAFES. Trustees renting a safe can put on, in addition to the Company s lock, a lock of their own, this preventing Trust! rnf^theTthe^r ''"''''' '' '^ ^rustee^without L'r STORAGE VAULT. Besides the Safe Deposit Vault, the Company has a verv arge vault well ventilated and perfectly dry. specially devoted to the safe-keepmg of more bulky articles, such as trunks, boxes. articles of value. Persons who may desire, during a temporary or pro onged absence from home, to shut up theif houses 0" to leave them in charge of servants, will appreciate the opportu- ny thus afforded of securing at very moderate rates the abso- lute safety of their property. Persons making use of this vault are afforded every facility for examining and narl.in<. their cases or boxes. &c.. without interruption. ^ "" "^ -20 pie Toronto General Trusts Company. iiiii :i THE COMPANY'S CHARGES AND COMPENSATION. The Company's rates of Compensation have from the be- ginnhig been based upon the allowances which are customarily made by the Courts to individuals for the same class of ser- vice, and the Company is always ready to obtain and accept the decisioL of the Court as to its remuneration in any case. It has sometimes been suggested by intending clients that the Company should adopt a fixed uniform tariff based on its average charge, applicable to all cases ; but the nature and re- sponsibility of the different employments so vary that such a tarif would be manifestly unjust to those interested in that large proportion of estates and trusts which are simple and easily managed, and which would, on a uniform scale, neces- sarily bear part of the expense of dealing with more complicated, difficult and responsible trusts. This fact is strikingly shewn in the examples given by Mr. Vice-President Hoskin in his remarks hereafter quoted in seconding the re- port. (See page 33.) While, therefore, the Company would be quite willing, were it practicable, to adopt a uniform tariff, they are forced to the conclusion that such a tariff is impossible, anJ that the only fair method is to fix the tute of charge in tad. c.ise according to the service. But the Company's --peiience is now so great that it is able and ready, upon obtaining in- formation as to the nature of the proposed employment and the r'K.acter of the estate, to name the probable rate of re- munei. -.'-^ and if desired, to fix or settle the amount or scale -r m.me 'lion in advance; and any intending client who Unn!;-Le.-, the nece'^sary information may learn before <;ompk-tii.:> h;- arrange ;-.ents what the Company's charges will be. This course is frequently pursued at present. The Company ' can unhesitatingly assert that its charges are low. In truth, the magnitude of its business enables it to give clients the benefit of a first class well-paid staff, sys^ • 'liliir' The Toronto General Trusts Company. 3t tematic attention, and the best methods at rates below those at which the same class of services can be obtained else- where. On the subject of charges therefore the Company challenges enquiry iiid defies competition. It has come to the Company's knowledge that the gross amount of its profits has been pointed to as evidence of a high rate of charge. This suggestion is absolutely without foundation. As explained in the President's speech hereafter quoted, (see page 31), the total profits of the Company are, having regard to the mass of its transactions, infinitesimal, and the satisfactory return to the shareholders is due, not to high charges, but to the great volume of business whic! It performs upon a moderate paid-up capital. Although the amount of the paid-up capital is moderate, yet the share- holders have provided security for their clients, (as is shewn at page 6 above), to the extraordinary amount of over $1,200,000, which is largely made up of personal liabilities assumed by the shareholders. \\m- 22 77ie Toronto General Trusts Company. ifii: I'i tiil' I I 1 THE TORONTO GENERAL TRUSTS COMPANY. TENTH ANNUAL REPORT. The Tenth Annual meeting of the Shareholders of the Toronto General Trusts Company was held at the Company's Offices, on the corner of Yonge and Colborne Streets, on Wednesday, the 25th May, at 12 o'clock noon. The President, the Hon. Edward Blake, occupied the chair, and among those present were:- Messrs. E. A. Meredith, LL.D., and John Hoskin, Q.C., LL.D., the Vice-Presidents of the Company; William Elliot, S. Nordheimer, A. B. Lee, Robert Jaffray, T. Sutherland Stayner, Geo. A- Cox, W. H. Beatty, J. G. Sdott, Q.C., J. J. Foy, QC, Edward Galley, W. R. Brock, Geo. Lewis, B. Homer Dixon, J. W. Langmuir, the Manager, and others. Mr. Langmuir, the Manager, was appointed Secretary of the meeting, and the report of the Directors for the year ended March 31st, 1892, was then read as follows: — The Directors of The Toronto General Trusts Company beg to submit their Tenth Annual Report, together with the usual financial statements exhibiting the transactions of the Company for the year ended 31st March, 1892; and they congratulate the Shareholders on the continuance of the success, which, from the first, has marked the operations of the Company. The Profit and Loss Sheet shows, as the result of the last year's busi- ness, that, after payment of all charges, and making provision for every ascertained or estimated loss, the net profits amount to $47,336.68. In dealing with these profits, your Directors have adhered to the sound and conservative principle, which has been followed since the establish- ment of the Company, of making to the Shareholders a reasonable return on their paid up and accumulated capital, and adding the remainder to the Reserve. They have declared a dividend of ten per cent, per annum, on the paid up stock, thus absorbing $12,861; they have added to the Reserve Fund, $15,000, and to the Guarantee Reserve Fund, $17,000. The balance amounting to $2,507, has been carried forward to the credit of Profit and Loss. In closing the account of the Company's premises, the entire cost of which, as reconstructed, has now been paid, your Directors have thought it right to fix the sum at which the property should stand in the books; and to consolidate the Building Fund with the Reserve Fund, of which, in fact, it forms a part. The property comprises 36>4 feet on Yonge Street by 128 ieet on Colborne Street, with a fine four story building, and unsurpassed safe deposit vaults, which latter alone cost originally about $30,000. The The( tude of tl I mend thai _crease in t to call up ly. MPANY. i of the Toronto :es, on the corner May, at 12 o'clock chair, and among ind John Hoskin, Villiam Elliot, S. Stayner, Geo. A* iward Galley, W. uir, the Manager, ry of the meeting, h 31st, 1892, was sany beg to submit lancial statements ended 31st March, :ontinuance of the of the Company. e last year's busi- rovision for every 47,336.68. hered to the sound nee the establish- reasonable return e remainder to the nt. per annum, on ied to the Reserve 000. The balance t of Profit and Loss. the entire cost of ors have thought it 1 the books; and to 3f which, in fact, it mge Street by 128 r. and unsurpassed bout $30,000. The The Toronto General Trusts Company. 23 gross rentals (including the very moderate allowance of $4,500 for the Company's own accommodation), were, at the close of the year, $10,043, apart from three vacant offices, of which the rents were $350. The net return, after paying all charges, including heating, taxes, insurance, eleva- tor, caretakmg and repairs, was $7,011.05, or, with the vacancies filled, $7,361. Your Directors estimate the value of the property to be at least $140,000; they have thought it well to take credit only for a part of this value, rating it in the Company's books at $130,000; accordingly, $24 031.59, the difference between that sum and the cost to the Company has been written to the credit of Profit and Loss, and $24,000 thereof has been transferred to the Reserve Fund. Thus the present position of the Capital Stock and Reserve of the Company is as follows:— Subscribed capital $(,000,000 on which there is called And paid up Reserve Fund- As of last year $65,000 Add Building Fund as of last year 57,000 Addition from this year's profits. 15,000 Addition from profit on purchase of Company's premises 24,000 $130,000 $128,610 91 Total $i6r,ooo Guarantee Reserve Fund — As of last year $28,000 17,000 Addition from this year's profits . Total $4S,ooo Total Reserves .... $206,000 00 Grand Total paid up Capital and Reserves $334,6io 91 ina Ji"** 'T'^r '" ^'^'^'"°" ^" Unappropriated balance of $12,464 stand- be more than adequate to meet all estimated losses. tuH.!?'.r"'i""°"' expansion of the Company's business and the magni- mend1hl'L?r''?""';^^°'^ *^« ^'^"^-^ '« «<='- mend that the close of us first decennial period should be marked by an in- crease m the pa.d up capital: and they therefore propose to the Shareholders |to call up seven per cent, on the subscribed capital. The result of these calls 24 The Toronto General Trusts Company. (! will be to increase the paid up capital to twenty per cent, or $200,000, making the security to the Company's clients as follows:— Paid up capital $200,000 Reserves 206,000 Total realized capital $406,000 Uncalled cupital subscribed • $800,000 Grand Total $i,2o6,coo It will be observed that the Company can continue to pay a dividend of ten per cent, on its paid up stock out of the interest earned on the accu- mulated capital; investing as heretofore, for the further security of its customers and to the ultim^lte gain of the shareholders, the whole of the net business profits. In view of the general shrinkage in the value of farm properties, which has been going on for several years past in Ontario, a careful re-valuation has been made of the farms now held as securities for loans. The Farm Inspector, a competent valuator, has spent a large part of the year m a personal inspection of nearly all the farms held throughout the Provmce. Your Directors have reason to be well satisfied with the result; for while it shows a general decline in the values, it also establishes the fact that even at the reduced appraisements almost all the properties on which the Com- pany has made loans, for which they are responsible, are ample security for the advances; and in the few cases where the shrinkage has impaired the security, full provision has been made to cover the estimated loss. Having regard to the large amount invested by the Company in mort- gages on productive property in the City of Toronto, it was thought important that all these properties should be visited and inspected by sub- committees of the Executive. This was done during the months of October and November, and the reports made by the sub-committees to your Directors were of the most satisfactory character. Your Directors think this a fitting occasion to submit to the Share- holders full tabulated statements shewing the steady progress of the business during the ten years of the Company's existence. An examination of these statements will prove interesting, instructive and encouraging, as showing not only the large amount of business transacted, but also the great need that existed for the establishment of such a Company to under- take the responsibilities and duties of a corporate Executor, Administrator, | Trustee, Agent, and of the various other official and fiduciary positions of the Company. That these responsibilities and duties have been efficiently discharged is demonstrated by the large and increasing volume oi! transactions. ny. :ent. or $200,000, $200,000 206,000 ^ $406,000 $800,000 5i,2o6,coo to pay a dividend arned on the accu- ler security of its the whole of the 1 properties, which areful re-valuation loans. The Farm : of the year in a lout the Province, result; for while it the fact that even m which the Com- I ample security for has impaired the ated loss. Company in mort- o, it was thought I inspected by sub- months of October committees to your )mit to the Share- ly progress of the e. An examination nd encouraging, as acted, but also the Company to under- utor, Administrator, iuciary positions of lave been efficiently :rcasing volume oi The Toronto General Trusts Company. 25 The extent and the varied nature of the business appears from the following summaries of some of the tabular statements: — I. TRUSTS. Capital Assets taken over Each Year. 1 (/) til ^ts a, s. V ro 2 2.«2^£ -g Trusteeships. .^ c.^."^ C s Total a 1 Admin a Admin Will a 9 Dealt With. M a 1883.... $21,153 13 $40,799 48 $3,886 28 $828 98 $66,667 87 1884.... 86,023 66 46,025 29 27,589 74 159,638 69 1885.... 193,602 20 38,914 75 112,253 86 27,053 09 371,823 90 1886.... 142,141 42 78,769 22 40,869 23 3.844 35 265,624 22 1887.... 212,014 68 14,195 35 51,907 48 7,385 34 285,502 85 1888 6,574 86 24,571 68 158,235 20 10,749 73 200,131 47 1889.... 89,471 59 72,399 28 34,435 78 1,997 50 198,304 15 1890.... 318,244 16 111,705 60 93.156 89 20,718 10 543,824 75 I89I.... 410,162 39 283,605 68 114,678 01 10,281 27 818,727 35 1892.... 336,828 82 624,865 29 216,401 24 12,833 oS 1,190,928 43 Remaini'g in Com- $1,816,216 91 $1,335,851 62 $853,413 71 $95,691 44 $4,101,173 68 pany's hands at Mar. 31, * * 1892 $1,442,211 04 $1,118,316 95 •Considerable por- tion having under terms of Will bveoms Trusts. $371,920 78 $107,699 40 •A iMtrtion of tlie Admlnlstnitlons having become Giianlanshlrs. $3,040,148 17 26 The Toronto General Trusts Company. AGENCIES. i bo fO o Capital Assets taken over in Each Year. 1883..., 1884..., 1885..., 1886..., 1887..., 1888..., 1889..., 1890..., 1891..., 1892.... Estim'ted Bulk of Lunatic Estates in Company'shands as Agent for Inspector of Asylums PUBLIC Committee- ships, receiv- erships, and Agency for Inspector of Asyluqis. Remaining in Company's hands at March 3t, 1892 $1,500 00 PRIVATE Agencies. 10,000 00 533 'o 9,200 00 6,559 79 2,100 00 53,541 47 25,124 62 8,062 22 230,000 00 $346,021 20 $328,071 85 $60,000 00 I37.3«6 21 70,818 51 11,000 00 503,720 78 118.537 2 9905 02 8,699 36 16,700 00 Investment Agencies Exclusive ol Guaranteed Mortgages. total Dealt with. $29.3 "7 04 2 250 CO 1,999 25 13,237 32 82,011 35 3,300 00 3,200 00 $936.697 09 $135.314 96 $1,418,633 2? $61,500 00 137,316 2! 10,000 00 103,668 65 22,450 00 512,279 82 133,874 53 145,457 84 37,123 98 27,962 22 230,000 00 $412,775 64 $98,605 69 $839,453 18 Trusts, Capital.. Agencies do .. Grand Total li; Taken over during Ten Years. Remaining in Com- pany's hands at March 31st, 1892. $4,101,173 68 1,418,633 25 $3,040,148 17 839,453 18 $5,519,806 93 $3,879,601 35 8l ny. The Toronto General Trusts Company. 27 I^EAR. mt :s ol :ed es. TOTAL Dealt with. 04 CO 25 32 35 00 00 96 $61,500 00 137,316 21 10,000 00 103,668 65 22,450 00 512,279 82 133.874 53 145,457 84 37,123 98 27,962 22 230,000 00 $1,418,633 2? 69 $839,453 18 maining in Com- any's hands at arch 31st, 1892. 3,040,148 17 839,453 18 i3,879,601 35 REVENUE OF TRUSTS AND AGENCIES. (including mortgages taken for trusts.) Year ending March 31st. i88^ 1884. 1885. 1886. 1&Z7. Collected. $42,793 39 62,995 98 73,056 99 80,977 80 119,164 27 Year ending March 31st. Brought forward. 1888 ... 1889 1890 1891 1892 Total Revenue Collected during Ten Years. Collected. $378,988 43 138,970 51 142,190 26 142,022 05 168,359 92 175,470 18 $1,146,001 35 28 The Toronto General Trusts Company. J < I— t < \ H w > (£1 C < O O !ij is Q >J n m "»• < o u Q Z < w r- C/3 t> H o t, U U( .00 r>. O O^00 vO a! (^ .. N m M « ; * * * A oooo'■ ^00 00 »A rCvo" ^ g\ N 00 00 r^m""ino O r>.rn «(* « ro * u-ivO 00 O 4- • -< Q O O VO vO • O O t^ r>. N N ■ Ov M o ^u^m • "00 N O fO VO • 00 im'oO tC w ro ,X *■» Ov o VO n W- ►" — N 00 "^ OvvO M 00 U-) T)- ». O 00 iil»>.iO yr, f^vo ro r^oo 00 «) lOOO 00 O Ov Q _._._, M »>. CvvO 0> N Ov r^ t^ >-_^vnr>.for^Tto N ^forCi-votCcr'NOo' xn o ^vo f^f^u^^xo wi « f> M lot^vo t>. r>i <''•-« J" - J" -" J' J' 00 > g-s Is •a 3 *T3w Ss a . ■II h o 3 t 'nts at Year. OOr^— lOfOTTMvO N VO 00 00 •> oo N N VO rovo 00 CO roO i^t^t^C fOUl t^ »« ur)i/^irit^CT>ij-l(.»^ "^ !z5 B ^ Ovr^r^O ",p,f,p,f,,^ £u fo 00 Ov ^ rtOO - 00 ■*vO '*■ vO 00 OvN t^roO rot^tl M 00 a s 00 Tfvo i^POO fnw N N r^ •"f^OvONNvniSK. »4 m OvOO Ov ro — iri o VO "• Ov •. vn VO c ^ 00 •*-*fO^»~«tt>.0 o \r\ hH^2 ro O - vO t^ Tf mvO f<1 - s* t* IM O •* f< "- O 1^ N "*00 00 •a S f^ Ov OvOO Ov OvOO O SO0Of<'^ O 00 00 r^ r^vo 00 N 00 00 \r\ 00 o Sj be fO N T?vO vo'vO 1? ^00 tfl.TfTl-0 Mi3l-»'0<*i »r TT ^4 »^ ha ^ 'N N N ►« r<1 »- - N ►« 00 f»vO »0 N <^ VO ■* M Ov t-»00 VO 00 "< 00 00 O ■«>■ ro To 'ego ring Tf rtvO ■«t Tf - ir> TfvO rs M 000000 tt~,'<*-~ "^f ") »ntxw r^vO VO TfOO vo r^ Ov -^^ - 00000000000000 OvOv 000000000000000000 Cv •pua JBaX 00 »4 1.1 0\\ a |3 as "o a ii ^ 0. ■^ s = V" 2-s ^»• "S ol 2S 1° ?. sa -1 3 ■3* •t-s ■< »■ c3l ^S[ ^ §g >) wa § Si. ■c ° 2 ■s -■ "t 1 U 3 I. !<.» Is i 3 ^ a 00 ■» VO ui 1 VO ro ««^ ^ f4 00 00 1 try t 00 00 ■> VO • ■ fO N4 "1 » C^ u^ «fl- 77f^ Toronto General Trusts Company. 29 DETAILED SUMMARY OF MORTGAGE INVESTMENTS- CAPITAL. High Court of Justice.. . Guaranteed Trust Estates included in figures of Capital Trusts) Lunatic Estates Total for Clients Company's Capital and Re- serve Funds Add Company's Premises —value placed on same as per Report Grand Total rotal Nego- tiated during Ten Years. $3,242,180 98 349,908 26 1,646,148 SI 80,192 77 Total Repaid during ten years S.318,430 52 482,886 16 130,000 00 JS.93',3>6 68 $1,364,212 51 68,245 60 5o.,',oi2 14 273,728 00 1,960^98 25 314,660 57 Net Invest- ments at March 31st, 1892 $1,877,968 47 281,662, 66 1,142,136 37 56,464 77 3,358,232 27 168,225 59 130,000 00 $2,274,858 82 I $3,656,457 86 INTEREST 'COLLECTED ON MORTGAGE INVESTMENTS FOR TEN YEARS. (EXCLUSIVE OF INTEREST ON TRUST AND AGENCY MORTGAGES.) Year ending March 31st. 1883 1884 1885 1886 1887 Collected. $13,998 88 50,684 16 85,360 76 87,144 99 92,803 97 Year ending March 31st. Brought forward . . 1888 1889 1890 1891 1892 Collected. $329,992 76 117,701 08 121 848 08 123,813 78 13'. 507 41 139,484 68 $964,347 79 The Tot onto General Trusts Company. III. GENERAL RECAPITULATION OF ASSETS AND INVESTMENTS IN COMPANY'S HANDS AT 31ST MARCH, 1892. "Trusts, (including Trust Mortgages, $1,142,136.37) .... $304o,i..S 17 Agencies— Public and Private 839,453 i& High Court Justice Investments 1,877,968 47 Guarantee Mortgages $281,662 66 Less included in Trusts in Company's hands above 67,345 37 . ^ 214,317 29 Lunatic Estates Investments 56,467 77 Total 6,028,35488 Capital Account and Reserve Fund Investments 168,225 59 Add— Company's premises at value placed on same as per Report 130,000 00 Grand Total $6,326,580 47 It will thus be seen that, including reinvestments, the aggregate volume of assets (Capital and Revenue) dealt with in the ten years amounts in value to nearly $12,000,000; and that the value of the assets remaining under the charge of the Company at the close of the year, after the distri- bution of estate funds to beneficiaries, the closing of temporary agencies, and the repayment of mortgage investments, exceeds $6,000,000. It should be remarked that a large portion of the mass of business transacted involves no financial responsibility, beyond that implied in the- obligation to exercise close and careful attention and a sound discretion. And it is here, in its continuous application of the best methods, in its systematic conduct of business on principles settled and improved by a wide and growing experience, in the facilities due to its great connection, and in its capacity to apply a sound judgment, that the Company claims special and marked advantages over any private concern, however respec- table. Every difficult or important question which may arise, whether ii> the management of estates, in the investment of money or in any other part of the Company's business, is carefully considered and disposed of by an Executive composed of financial, commercial and legal men of proved ability and good standing in the community, with the help of an invaluable Manager and an excellent staff; while the great volume of the transactions allows of increased efficiency and better results at very moderate charges. There is no feature in the ten years' operations which your Directors regard with more satisfaction than the steady and rapid growth of the Company's transactions as Executor, Administrator, Trustee, and Agent. The business which may be done by the Company in these capacities i» The Toronto General Trusts Company. 130,000 00 3« capable of great extension; and while the Directors regard its crrow.h « rcMriTi'siii T''^'-^''^' '^^' growth i^rbrcrnit i-nrr.V,/H I 1^ becoming more and more convinced of the greatlv CorpTnJ^str.."' '^"'"^^ ^"^'-^'« ^^ '^« -P'°^-nt o^f rh'l All which is respectfully submitted. J. W. LANGMUIR, Manager. Toronto, May i6th, 1892. EDWARD BLAKE, President. In moving the adoption ot the report, the President said :- onerl/^'"'' II ""^^ ^""g'-^'^'ate ourselves on the result of our ten years" Te birtol;" r '^' ^""'"^^ ''^ ^^^^ ^^^^^^-'^ drcumstanc : "hi :; n^ "'Xnt -te Stme: o7 trHigrcr ^1,^:: - -r other guaranteed investments must rather diminish than n^ease Th^ margm of gross profit has been reduced by the lowered rate Se est Ld the margm of net profit has been lessened by the increased r^sk of In!!' K . t th""!'' T7 '' ''' '''' '^^'' ^° colLpe^irfrtt e'<^L- ;o^ loais ho" . ' ' ""'^ """'^' ''''' ' ^«^y ^'^^^-^ '-Pection of ou^ arm cZ f 7t,^".^PP"«°t average depreciation in Ontario farms of 23 Wn^ abns I c r;? '°k' ''""' °"^'"*' over-valuations and some under reva^u ITJ' hJ K '' '^'^ ^'"^^'^ depreciation at about 20 ner c... Jal sorry .0 add that 1 can see no reason for anticipating any materialTmprov^ 33 The Toronto General Trusts Company. provision for a„ .c^ .TaS riltl'^lr."" '""""" '°"' """ ™"" We have 1™, considerably on producive ciiy property in which as in co„,.„i„..s as^o■o„r d,y .Zs^a^'hirMy ttislL' oT" "' "' '°''""°' Our income from trusts, executnrshir.- ^^^ may be expected largely to increase ThLh f "'? °^ ''"°"^ '^'"'^^ gard as the more important from the ooin of ^ ^^ ""l °"' '"^'""^ ^ '«■ irca7;=o:rjri~^^ n.en,ro'„rr;ar;„rsf .hr;:^;-; irr^ -^^ '» •^--'•p"- these advantages ale beins mort and 1 y I ""°" '° ■""'" ">« stii, happHy a,L, hav'el"f! ,ri?ell"r on" hi ' ""and i?"^ ''*"°"'' basiness, ,ar,e though it is, greatiy extended dnt;^'he"ne« S'" °" branI:i'r,:icSXr't''ne«:":„V,' " "'"'■"'■"'° '■' •^«-"' -PO''. conditions have enabled „s to r.r,ttT„" '"''".'"'"""■P^yi but our paratively satisfactory. The rlrchlrged „n b "^ '°" "'"■'«'"" •^•'■»- look for a gradual appreciation o rfdt«a~s„Vr"*"''"°'' '"'' "' to depositors of papers and valuables '^'""^^" °' "" «"""« »« offer .. thTni ?h:,',r,i:;d°tht^ z^'^z^^^'"" ^-'"- Tho„gK no. dread that competition, TehevUX T ' °°° "'"P'"''' >■" "' ^o the field. ' """"""S that our resources enable us to bold On the whole the company mav I h*ii.,.- , .■ ■ ness and prosperity which shaircolarflvoraw '*"■"'"' °' ""''"'■ retrospect we have been able to pre3 ' "" "'"' "" ''"«'■• reporllafd"!' "' """'■■■ '" ^'""^'"^ *' -- ^r the adoption of ,h. add .0 XatutrrMf BLifrh^'^^v-'""' ■ '-'"■•" •» covered the ground. Indeed, the eport U^^^s so co T""."""' '■"' -..nrents are almost unnecessa,,. /.ill fTy Z°. tirr two^'Ir;' The Toronto General Trusts Company. 33 From personal observations I am convinced of ^^ company and the advantages it confers upon t" clients Vr'! "'' ""' "^« company are of such a varied nature that the T . ' °^'-"'-'^ °^'''« services are obvious. I take it tht i! n '^'^ ^^^^"''U'es of securing its of every person who is posst '^ , ll ' "^e t ! '"''' ''''' '' ''^ '^^ ^"'^ a will, in order that those whom i U in 1. ^ ^'^ °'' """"^ '° '"^'^« unnecessary trouble and complicalL 1'" "^t '^^ T' '^ ^P^^^ to mfluence in the direction of havin.r fh. ' '^^°"' y"" deiire •hey can entrust to membe s of heir Imi v Z'h"' ""''r^'' ''•="'=- '''-' lariy if the bulk of the estate is to he? '^'"J^""^' "f executors, particu- shown that whatever po" n o he r es .tTt^ev'T"""'' ' "" '^^ ^^^'> widows or children, and more particubrt f u ""■' '" '^'*''^« '" '^"^^ ''"^ ^^"V debtor connected with a small buLes^Comoa'^M"^ ^'ffi^"'"" having $,o.ooo worth of asset^ Lp^uXvonif:"' '''°''" ''^'^*«' ^I- stock and the like. The latte estate can he ! '"'"''""''^ P°"^'«' ^ank •n a very short time ; but in the else of 1 r "°" • "' '"^ '^''""'"'^'^ ^''h- time to wind up the estate For suVh " '""y ^"'^'^ '""'^^ longer at all times be prepared to state what itrco""' """•' '""^ ^"""P^^y ^•'°''d statement and knowledge of thrrespo„Inr''?'''°° ^"' ''*'• "P°" ^ f"" there is no doubt that the proper TnT^ .'l "^^^ ^'\^''^f 'o the work, prepared to accept whatever compens.ion?he;;;;r~^^^^^^^ u The Toronto General Trusts Company case, notwithstanding the advantages the company possesses over a private indiviudai, will the compensation be greater than is allowed to such private individual. This ought to be satisfactory to testators and beneficiaries, for although a man may make his will or create a trust, placing it in the hands of a private individual in the hope that money will be saved, my knowledge of such matters, extending over a long period, leads me to believe that trus- tees and executors as a general rule take all that the court awards them. Of course there are exceptions to this, and I had an illustration of this last week in a very large estate in which the executors accepted from the court much less than I am satisfied the court would have allowed them. Still, the general result is what I have stated it to be. The report was unanimously adopted. The usual resolutions of thanks to the directors, the executive commit- tee, the president, the vice-presidents, and the manager and st^ff were adopted. The election of directors was then held and resulted in the unanimous re-election of the retiring board, viz : Hon. Edward Blake, LL.D , Q.C. ; E. A Meredith, LL.D, ; John Hoskin, LL.D., Q.C. j W. H. 13eatty, W. R. lirock, George A Cox, B. Homer Dixon, William Elliot, J. J. Foy, Q.C., George Gooderham, H. S. Howland, ^milius Irving, qc, Robert Jaflfray,' A. B. Lee, William Mulock, Q.C , M.P., Hon. Frank Smith, Senator ; J. G. Scott, Q.C, and T. Sutherland Stayner. At a subsequent meeting of the board the Hon. Edward Blake was re-elected president, and Messrs. E. A. Meredith and John Hoskin vice- presidents. The Toronto General Trusts Company. %% C 13: -A. IS T E PI or Till TORONTO General Trusts Company, -:o: 36 VICTORIA, CAP. 83 AN ACT TO INCORPORATE THE TORONTO GENERAL TRUSTS COMPANY. VI/'HEREAS John Gordon (and others named in the Preamble statute) have petitioned the Legislature that they may be incorporated under the title of the Toronto General Trusts Company, for the purpose of executing trusts; and whereas it is expedient to jfrant the prayer of said petitioners: Therefore Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows: — 1. That John Gordon (and said others) and all and every Incorporation, other person or persons who shall hereafter become stockholders in the said Company, shall be and they are hereby created a body corporate by and under the name of "The Toronto General Trusts Company," and by that Name. name shall have perpetual succession, and may sue and be sued in any courts, and have and use a common seal and be capable by law to make and receive all deeds, conveyances, transfers, assignments, and contracts necessary to carry into effect the provisions of this Act, and to promote the objects and design of the said corporation. 2. The objects of the said corporation shall be and they Powers of the are hereby authorized to take, receive, and hold all estates and ^"'"P'"^- property, real and personal, which may be granted, committed, transferred, or conveyed to them with their consent, upon any trust or trusts whatsoever (not contrary to law), at any time or times, by any person or person?, body or bodies corporate, or by any court of the Province of Ontario, and to administer, fulfil, and discharge the duties of such trusts for such remuneration as may be agreed on; and they are also authorized to act generally as agents or attorneys for the transaction of business, the management of estates, the r.ollertion r\( rent i"<-«^-c-f.. j:..:j-_j- . - - -ciji, !...io.v3i3, uivtacnus, mortgages, bonds, bills, notes and securities for money, and also to act 36 The Toronto General Trusts Company. as agent for the purpose of issuing or countersigning the certificates of stock, bonds or other obligation of any corpora- tion, association, municipality, and to receive and manage any smking fund therefor, on such terms as may be agreed upon* * Company may assume certain trusts. May be ap- pointed Trus- tee by the Court. Court may appoint an Inspector to report. Lieut.-Gover- nor may ap- point an Inspector to report. 3. The said Company are also authorized to accept and execute the offices of executor, administrator, trustee, receiver, assignee (other than under any Act relating to insolvency^, guardian of any minor, or of committee of any lunatic; and in aU cases when application shall be made to any court in the Province of Ontario for the appointment of any trustee, receiver, guardian, administrator, or committee of any lunatic, It shall be lawful for any such court to appoint the said Company with their consent to hold such office or offices- and the accounts of said Company as such trustee, receiver,' assignee, guardian, or committee shall be regularly settled and adjusted by the proper officers or tribunals; and all pro- per legal, usual, and customary charges, costs, and expenses, shall be allowed to the said Company for the care and management of the estate so committed to them. In case of such appointment by any court, the said Company shall not be required to give any security, but such court, if it deems necessary, may from time to time appoint a suitable person to investigate the affairs and management of said Company, who shall report thereon to such court, and regard- mg the security afforded to those by or for whom its engage- ments are held, and the expense of such investigation shall be defrayed by the said Company, or the court may, if deemed 'necessary, examine the officers or directors of the said Company under oath or affirmation as to the security aforesaid; it shall also be competent for His Excellency the Lieutenant-Governor, from time to time, when he shall deem It expedient, to appoint an inspector to examine the affairs of the said Company, and report to himon the security afforded lifeanLties/rToinvJtLSrS^^ ? pant n.ul sell terminable a.u. Company other tha.itlXrnr^fn'i^r the sale ol annuities and all moneys of the trusted to them for, nvmeiU,'^ or accumulated proiits, and all monc>sen! .ages upon freehold lInri\\'poviL^ 7 "^^TT "' ^"^'""'"- '""'■'■ in Ontario, and all securitiP. In whiTV * <-»"»»' io and Debentures of Municipalities ".oneys. And'o'^ra^a^" 7? fes^^ " fu made L them"'"'"'/'' '''''''' """^'^ luwided that nothing herein shal,rhpHlifhf '^f. *'">•" '''s agents or otherwise, theCompany asTruLe orAluJn fwH r^ ''^^^ °'' '° '"*'"'* ^^^ P^^^^--^ of be conferred uj^n thorn <" T '> f " *"■'"' °* '""'^ '^'■"^* "^ ^.rencv that may or anyreafor re^onaTprirt^h dt th7ror^ veyanees in respect the^eot' ^ ^" ^°'"P''"^' ''"'* ^ «««^"t« "^^ '«ay hn?rH . n'L*'*''"'^ • '"^ " '""J^^^y °f *h« '"'^'"bers of such board shall be a quorum thereof; and in case of the death, res.gna^on. removal or disqualification of any director, such board, ,f they see fit, may fill the vacancy until the next annual meetmg of the Company, by appointing any qualified share- holder thereto ; but a failure to elect directors or any failure of directors shall not dissolve the corporation, and an election may be had at any general meeting of the company called for trie purpose. 9. The board of directors shall have full power in all things to admmister the affairs ot the Company ; and to make or cause to be made any purchase and any description of contract which the Company may by law make ; to adopt a common seal ; to make from time to time any and all by-laws not contrary to law or to the votes of the Company) regulating he calling m of instalments on stock and payment thereof ; the issue and registration of certificates of stock ; the forfeiture of stock for non-payment; the disposal of forfeited stock and the proceeds thereof; the transfer of stock : the declaration and payment of dividends, the appointment, functions, duties and removal of all agents, officers and servants ot the Company; the security to be given by them to the Company, and their remuneration ; the time and place for holding the annual and other meetings of the Company, within the Province ; the calling of meetings of the Company and of the board of directors ; the requirements as to proxies; the procedure in all things at such meetings ; the site of their chief place of business and of any offices which they may require to have; the imposition and recovery of all penalties and forfeitures admitting of regulation by by-law ; and the conduct m all other particulars of the affairs of the Company • but every such bylaw and every repeal, amendment and re' enactment thereof shall have force only until the next annual meeting of the Company unless confirmed at a general meeting of the Company; and every copy of any by-law under the seal of the Company, and purporting to be signed by any officer of the Company shall be received in all courts of law as /)rma facte evidence of such by law. 10. The said Company shall not be entitled to commence bU3ine« until the whole of the said capital of two hundred The Toronto General Trusts Company. 39 thousand dollars shall have been bona fide subscribed, and ten per centum of such amount paid in cash, when the stock- holders may elect directors to serve until the next annual meet- ing, or until their successors shall be duly elected and qualified. 11. No shareholder shall be eligible for election unless he Qualification holds in his own right at least twenty shares on which all calls °^ ^""'o"- have been paid. 12. Any director becoming insolvent shall ipso facto cease iniiolvent to hold office, and his place may be filled, until the next i^atVlo'be regular election of directors, by a director to be appointed in '^°'^"'«''' his place by the board of directors. 13. The compay shall make and furnish to the Lieutenant- ^«'"''"s '° •>« Governor and to the Legislative Assembly of Ontario, during Legislative the first fifteen days of the session in each and every year a '^^^""'''y- full and unreserved statement, verified on oath of the officers of the said Company, and of its funds, property and securi- ties. 40 The Toronto General Trusts Company, GENERAL PROVISION OF STATUTE IN RESPECT TO TRUST COMPANIES. "^^^^^"^^ (SEC. 2, CAP. 17, 1882, STAT. OF ONT.) Wherever any Company incorporated under anv snpri.i pirrr" 71^"^ ^^^-^^-^ ^-p-"' s ratent Act, ,s authorized to execute the office of executor adn.,n.strator, trustee, receiver, assignee, guardian of a Linor or committee of a lunatic, then in case the LieutTan^' Governor in Council shall approve of such rnmnt f ' accepted hy the High Court oTjusul^^fTrXTn^ for the purposes of such court, the said court, or any judl thereo , and every other court or judge having author ty to appomtsuch an officer may, if the court or judge thinl^fit with he consent of the Company, appoint su h Companv to exerose any of the said offices in respect to any esute or P' .son under the authority of such court or judge or LJ grant to such Company probate of any .ill C^ slh Company ,s named an executor; but no Company whchTas T^;::^-^'"^'^"-- debentures shSl b^e approv'^,^ APPROVAL OF THE COMPANY BY THE LIEUTENANT-GOVERNOR IN COUNCIL. COPY OF AN ORDER IN COUNCIL, APPROVED BY HIS HONOUR THE LIEUTENANT-GOVERNOR, THE TENTH DAY OF MARCH, A.D., 1882. Upon consideration of the petition of the Toronto General Trusts Company, mcorporated by the special Act thirty-five V.ctona chapter e.ghty-three, and upon the recommendation of the Honourable the Attorney-General, His Honour the Lieutenant-Governor hath, under "The Joint Stock Com- panies' Act. 1882." been pleased to approve and doth hereby approve of the sa.d "The Toronto General Trusts Company" bemg accepted by the High Court of Justice for Ontario as a Trusts Company for the purposes of such Court. Certified. J. G. SCOTT. C. E. C. SPECT special Letters ecutor, minor, tenant being mpany judge rily to ik fit, my to ite, or may such 1 has ■oved OUK sral five ion the tm- !by y" > a m ^'