C-41 - Trust Companies Act

Full text
15. The sums of money and securities of each trust shall be always kept separate from those of the registered company itself, and separate accounts thereof shall be kept, and each separate trust shall be described in the books of the company, so as to be always distinct from any other in the registers and other books of account kept by the company, so that the trust funds shall never form part of nor be confounded with the general assets of the company; and the company, in its receipts for rent and in the supervision and management of the trust or other property, shall keep separate records and accounts of all operations relating thereto, and the said trust and other properties shall not be responsible for the ordinary debts and obligations of the company.
R. S. 1964, c. 287, s. 15.