BILL 50 An Act to Amend An Act to Incorporate SBC Global Trust Corporation

BILL 50

An Act to Amend An Act to Incorporate SBC Global Trust Corporation

WHEREAS Swiss Bank Corporation has merged with Union Bank of Switzerland to form UBS AG;

AND WHEREAS C. Paul W. Smith, Barrister and Solicitor residing and practising in the Province of New Brunswick, prays that it be enacted as hereinafter set forth;

THEREFORE, Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

1 The title of An Act to Incorporate SBC Global Trust Corporation, chapter 52 of the Statutes of New Brunswick, 1998, is repealed and the following is substituted:

An Act to Incorporate
UBS Global Trust Corporation

2 Section 1 of the Act is amended by striking out "SBC Global Trust Corporation" and substituting "UBS Global Trust Corporation".

 

3 Subsection 2(1) of the Act is amended

(a) in the definition "Corporation" by striking out "SBC Global Trust Corporation" and substituting "UBS Global Trust Corporation";

 

(b) in the definition "emergency condition"

(i) by repealing paragraph (e) and substituting the following:

(e) any action by a governmental authority outside Canada in furtherance of expropriation, nationalization, confiscation, blocking, seizing, impounding, freezing or other taking control of a material part of the assets or property:

 

(i) owned by the Corporation,

(ii) controlled by or under the direction or in the custody of the Corporation, or

 

(iii) in respect of which the Corporation acts as trustee,

and including any of the foregoing assets and property that may, for the time being, be in the custody of, or controlled or directed by, any affiliate or subsidiary of the Corporation;

 

(ii) in paragraph (h) by striking out "Swiss Bank Corporation" and substituting "UBS AG or any other person that controls the Corporation as a result of a change of control in accordance with subsection 12(2)";

(iii) by repealing paragraph (i) and substituting the following:

(i) the taking of any action under the laws of any state other than Canada or any province thereof having jurisdiction over the assets, property or internal affairs of the Corporation or any shareholder of the Corporation or any property or assets in respect of which the Corporation acts as trustee, whereby actions taken by persons who are:

 

(i) resident in New Brunswick or elsewhere in Canada,

(ii) directors, officers, agents or attorneys the Corporation, or

 

(iii) directors, officers, agents or attorneys of any subsidiary or affiliate of the Corporation that has, for the time being, custody, control or direction of any property or assets of the Corporation or in respect of which the Corporation acts as trustee,

 

 

might not be recognized or the interests of persons with whom the Corporations stands in a fiduciary capacity might not be recognized; or

(c) by repealing the definition "Swiss Bank Corporation" and substituting the following:

"UBS AG" means UBS AG, a corporation incorporated under the laws of Switzerland and having its head office in the City of Zurich, Switzerland.

4 Section 3 of the Act is amended by striking out "SBC Global Trust Corporation" and substituting "UBS Global Trust Corporation".

 

5 Section 12 of the Act is amended

(a) in subsection (1) by striking out "Swiss Bank Corporation" in both places where it appears and substituting in both places "UBS AG";

(b) in subsection (2) by striking out "Swiss Bank Corporation" and substituting "UBS AG".

6 Section 15 of the Act is amended

(a) in paragraph (1)(a) by striking out "Swiss Bank Corporation" and substituting "UBS AG";

(b) in paragraph (1)(b) by striking out "Swiss Bank Corporation" and substituting "UBS AG".

7 Section 19 of the Act is repealed and the following is substituted:

19 Schedule A to the Loan and Trust Companies Act, chapter L-11.2 of the Acts of New Brunswick, 1987, is amended by adding after

 

Transatlantic Trust Corporation - La Compagnie de Fiducie Transatlantique, as incorporated under An Act to Incorporate Transatlantic Trust Corporation - La Compagnie de Fiducie Transatlantique, chapter 89 of 22 Elizabeth II, 1973

 

the following

UBS Global Trust Corporation, as incorporated by An Act To Incorporate UBS Global Trust Corporation