Bijural Terminology Records

Common Law

trustee

Civil Law

holder of a power of attorney

Title of the Legislative Text

National Energy Board Act, R.S.C. (1985), c. N-7

Provision

  29. (3) For the purposes of this Act,

  • ...

  • (b) a trustee for the holders of bonds, debentures, debenture stock or other evidence of indebtedness of the company, issued under a trust deed or other instrument and secured on or against the property of the company, if the trustee is authorized by the trust deed or other instrument to carry on the business of the company, and ...

Problem

Since the term "trust deed" (acte de fiducie) is obsolete in civil law in the context of this provision, the term "trustee" (fiduciaire) is inappropriate for civil law here. It has been replaced by the notion of "holder of a power of attorney" (fondé de pouvoir) for the purposes intended in this context.

Solution

The phrase "holder of a power of attorney within the meaning of the Civil Code of Québec" (fondé de pouvoir au sens du Code civil du Québec) is added to reflect the reality of civil law. The term "trustee" (fiduciaire) is maintained for common law purposes.

Harmonized Provision

  29. (3) For the purposes of this Act,

  • ...

  • (b) a trustee – or the holder of a power of attorney within the meaning of the Civil Code of Québec – for the holders of bonds, debentures, debenture stock or other evidence of indebtedness of the company, secured under a trust deed, an act constituting a hypothec or other instrument or act, on or against the property of the company, if the trustee or holder is authorized by the instrument or act to carry on the business of the company, and ...

Federal Law-Civil Law Harmonization Act, No. 1, S.C. 2001, c. 4, s. 102(1)

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