Documents Dealing with Rolling Stock
Marginal note:Deposit of documents
105. (1) A document, or a copy or summary of a document, evidencing any of the following transactions may, in accordance with the regulations, be deposited by any person in the office of the Registrar General of Canada or in any other place that the Governor in Council may, by order, specify:
(a) a lease, sale, conditional sale, instalment sale, mortgage, hypothec, bailment, leasing, deposit or security agreement relating to rolling stock or any accessories or appurtenances relating to rolling stock; and
(b) an amendment, assignment or discharge of a document mentioned in paragraph (a).
(2) [Repealed, 2007, c. 19, s. 31]
Marginal note:Effect of deposit
(3) Once the deposit is made, the document need not be deposited, registered or filed under any other law or statute respecting real or personal property, and the document is valid against all persons.
(4) [Repealed, 2007, c. 19, s. 31]
- 1996, c. 10, s. 105;
- 2007, c. 19, s. 31.
105.1 The Governor in Council may make regulations respecting
(a) the depositing of copies of documents under sections 104 and 105;
(b) the form and content of summaries to be deposited under those sections; and
(c) the effects, in Canada, of the deposit, registration or filing in other countries of documents evidencing any transaction referred to in paragraph 105(1)(a) or of documents evidencing amendments, assignments or discharges of those documents.
- 2007, c. 19, s. 32.
Insolvent Railway Companies
Marginal note:Scheme may be filed in Federal Court
106. (1) If a railway company is insolvent, the directors may prepare a scheme of arrangement between the company and its creditors and may file it in the Federal Court.
Marginal note:May affect shareholders and capital
(2) The scheme may include provisions for settling and defining any rights of shareholders of the railway company as among themselves and for raising additional share and loan capital, if necessary.
Marginal note:Documents to be filed
(3) There must be filed with the scheme
(a) a declaration in writing to the effect that the railway company is unable to meet its engagements with its creditors; and
(b) an affidavit made by the president and directors of the company, or by a majority of them, that the declaration is true to the best of their knowledge.
Marginal note:Federal Court may restrain action
(4) After the scheme is filed, the Federal Court may, on the application of the railway company, restrain any action against the company on any terms that the Federal Court considers appropriate.
(5) No order of the Federal Court or any other court restraining action against the railway company affects any right or remedy of a person in respect of, including the right to take possession of, the rolling stock, or any accessories or appurtenances relating to the rolling stock, of the company as a creditor under a security agreement, mortgage or hypothec or as a bailor, depositary, lessor or vendor under a conditional sale or an instalment sale, whether as trustee or otherwise, unless
(a) within 60 days after filing the scheme of arrangement, or any extended period to which the person may agree, the railway company agrees to perform all its obligations under the security agreement, mortgage, hypothec, bailment, leasing, deposit, lease, conditional sale agreement or instalment sale agreement, as the case may be;
(b) any event that occurred before or after the scheme was filed and that constitutes a default under the security agreement, mortgage, hypothec, bailment, leasing, deposit, lease, conditional sale agreement or instalment sale agreement, as the case may be, is cured before the later of
(i) 30 days after the event, and
(ii) the end of the period referred to in paragraph (a); and
(c) any event that occurred on or after the expiry of the period referred to in paragraph (a) and that constitutes a default under the security agreement, mortgage, hypothec, bailment, leasing, deposit, lease, conditional sale agreement or instalment sale agreement, as the case may be, is cured in accordance with that instrument or act.
Marginal note:Extension of 60-day period
(6) An extension of the 60-day period under paragraph (5)(a) does not prejudice the right to take possession of, or any other right or remedy in respect of, the rolling stock or the accessories or appurtenances relating to the rolling stock.
- 1996, c. 10, s. 106;
- 2007, c. 19, s. 33.
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