HomeMy WebLinkAbout83-68
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THE CORPORATION OF THE TOWN OF NEWCASTLE
BY-LAW 83- 68
being a by-law to authorize the execution
of an Agreement with Canada Permanent Trust
Company.
The Council of the Corporation of the Town of Newcastle HEREBY ENACTS
AS FOLLOWS:
THAT the Mayor and Clerk are hereby authorized to
execute on behalf of the Corporation of the Town of
Newcastle and seal with the Corporation Seal, an
Agreement between Canada Permanent Trust Company and
the said Corporation, in relation to the T. Montague
Estate Community Hall of Newcastle Trust, dated the
If ill day of t114Y 1983, which is
I
attached hereto as Schedule Ill".
By-law read a first time this 9th day of May 1983.
By-law read a second time this 9th day of May 1983.
By-law read a third and final time this 9th day of May 1983.
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41
SCHEDULE "X" TO BY-LAW 83- l,3
WHEREAS under the Will of the late Thomas Montague, who died on or
about March 24th, 1928 (lithe Will"), a trust was established in favour of The
Municipal Council of the Village of Newcastle in the terms of Schedule "A" hereto.
AND WHEREAS the trust fund held by the Trust Company pursuant to the
Will is as set out in Schedule "B" hereto attached (lithe Trust Fund").
AND WHEREAS Canada Permanent Trust Company (lithe Trust Company")
is the successor of the Toronto General Trusts Corporation, AND WHEREAS the
Council of the Corporation of the Town of Newcastle is the successor of the
Municipial Council of the Village of Newcastle (lithe Council").
AND WHEREAS the Council has agreed to accept in trust and the Trust
Company has agreed to transfer to the Council in trust, the said Fund AND
WHEREAS the Council has agreed to carry out the terms of the Will.
THEREFORE the Trust Company agrees to transfer to the Council the
Trust Fund as set out in Schedule "B" attached hereto and the said Council agrees to
administer the Trust Fund in accordance with the Will attached hereto.
NOW THEREFORE this Agreement witnesseth that the Council and the
Trust Company in consideration of the mutual covenants herein contained agree as
follows:
1) The Trust Company shall transfer the Trust Fund, less its fees and
disbursements to the Council.
2) The Council assumes responsibility for the Trust and the Trust Fund from the
date of transfer in (1) above and shall administer the Trust and the Trust Fund
in accordance with the Will, and shall save the Trust Company harmless in
respect thereto.
3) The terms of this Agreement shall enure and be binding upon the succes~ors
and assignees of both parties.
4) Now therefore upon receipt of the said Trust Fund, the Council does by these
presents, release, quit claim and forever discharge the said Canada
Permanent Trust Company, their successors and assigns of and from all
actions, suits, payments, accounts, reckonings, claims and demands whatsoever
in law or equity, which they may now or hereafter have arising in any manner
out of the administration of the said Trust, and the Council does hereby
declare that this Release and Discharge shall be binding upon its successors
and assigns.
IN WIT NESS WHEREOF the parties have hereto executed this Agreement
under their corporate hands and seals this II If, day of M /.). Y 1983.
CORPORATION OF THE TOWN OF NEWCASTLE
per~~~
Per ~.~
Per
CANADA PERMANENT TRU.?I kg~~Y
/_~~~.t.. "::.:::'Y
G. Schakelaar
SUi'i:RViSOR n,CONCll.IATIONS
cor,pORATE ~E~~VICES DEPT.
JD:ttj461 6aj26