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This Act is current to January 3, 2018
See the Tables of Legislative Changes for this Act’s legislative history, including any changes not in force.

Income Trust Liability Act

[SBC 2006] CHAPTER 14

Assented to March 30, 2006

Contents
1Definition
2Limited liability
3Governing law
4Retroactive effect
5Liability in other circumstances
6Commencement

Definition

1  In this Act, "British Columbia income trust" means a trust that is

(a) existing under a trust instrument governed by the laws of British Columbia, and

(b) a reporting issuer under the Securities Act.

Limited liability

2  Despite any express or implied indemnity of a trustee of a British Columbia income trust by a beneficiary of the trust, the beneficiary is not, as a beneficiary, liable for any act, default, obligation or liability of the trustee.

Governing law

3  Without limiting the circumstances in which an income trust instrument may be governed by the laws of a particular jurisdiction, an income trust instrument is governed by the laws of the particular jurisdiction as provided in the income trust instrument.

Retroactive effect

4  (1) This Act must be applied to and must be given effect in every action or proceeding, whether commenced before, on or after the date on which this Act receives Royal Assent.

(2) This Act must not be construed as lacking effect, whether retroactive or otherwise, in relation to any matter because it makes no specific reference to that matter.

Liability in other circumstances

5  This Act does not affect any liability of a beneficiary of a trust in any other circumstance.

Commencement

6  This Act comes into force on the date of Royal Assent.