INCOME TRUSTS LIABILITY ACT
Chapter I‑1.5
Table of Contents
1 Definition
2 Limited liability
3 Governing law
4 No effect on other trusts
5 Consequential amendments
6 Coming into force
HER
MAJESTY, by and with the advice and consent of the Legislative Assembly of
Alberta, enacts as follows:
Definition
1 In this Act, “Alberta income trust” means
a trust
(a) that
is created by a trust instrument governed by the laws of Alberta, whether the
trust is created before or after the coming into force of this Act, and
(b) that
is a reporting issuer as defined in the Securities Act.
Limited liability
2(1) Notwithstanding
any express or implied indemnity of a trustee by a beneficiary of an Alberta
income trust, the beneficiary is not, as a beneficiary, liable for any act,
default, obligation or liability of the trustee of the Alberta income trust.
(2) This
section does not apply with respect to any act, default, obligation or
liability of a trustee of an Alberta income trust that arose before this
section came into force.
Governing law
3 Without limiting any other circumstances
in which a trust instrument may be governed by the laws of a particular
jurisdiction, a trust instrument is governed by the laws of the particular
jurisdiction as provided in the trust instrument.
No effect on other
trusts
4 This Act does not affect any liability of
a beneficiary of a trust to which this Act does not apply.
5 (This section amends the
Securities Act; the amendments have been incorporated into that Act.)
Coming into force
6 This Act comes into force on
Proclamation.
(NOTE: Proclaimed
in force July 1, 2004.)