EX-7.4 4 a2147997zex-7_4.htm EXHIBIT 7.4
QuickLinks -- Click here to rapidly navigate through this document


Exhibit 7.4

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM T-1

STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE

CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305 (B) (2)

THE BANK OF NOVA SCOTIA TRUST COMPANY OF NEW YORK
(Exact name of trustee as specified in its charter)

New York   13-5691211
(Jurisdiction of incorporation or organization if not a U.S. national bank)   (I.R.S. employer Identification number)

One Liberty Plaza
New York, N.Y.
 

10006
(Address of principal executive office)   (Zip code)

N/A
Name, address and telephone number of agent for service

TRANSCANADA PIPELINES LIMITED
(Exact name of obligor as specified in its charter)

CANADA
(State or other jurisdiction of incorporation or organization)

N/A
(I.R.S. employer identification no.)

450 First Street S.W.
Calgary, Alberta, Canada		  
T2P 5H1
(Address of principal executive offices)   (Postal Code)

Subordinated Debt Securities
(Title of the indenture securities)

Item 1.    General Information

        Furnish the following information as to the trustee:

    (a)
    Name and address of each examining or supervising authority to which it is subject.

      Board of Governors of the Federal Reserve System
      Washington, D.C.

      State of New York Banking Department
      State House, Albany, N.Y.

    (b)
    Whether it is authorized to exercise corporate trust powers.

      The Trustee is authorized to exercise corporate trust powers.

Item 2.    Affiliation with the Obligor.

        If the obligor is an affiliate of the trustee, describe each such affiliation.

      The obligor is not an affiliate of the Trustee.

Item 3 through Item 15.    Not applicable.

Item 16.    List of Exhibits.

        List below all exhibits filed as part of this statement of eligibility.

Exhibit 1   Copy of the Organization Certificate of the Trustee as now in effect. (Exhibit 1 to T-1 to Registration Statement No. 333-6688).

Exhibit 2
 
Copy of the Certificate of Authority of the Trustee to commerce business. (Exhibit 2 to T-1 to Registration Statement No. 333-6688).

Exhibit 3
 
None; authorization to exercise corporate trust powers is contained in the documents identified above as Exhibit 1 and 2.

Exhibit 4
 
Copy of the existing By-Laws of the Trustee. (Exhibit 4 to T-1 to Registration Statement No. 333-6688).

Exhibit 5
 
Not applicable.

Exhibit 6
 
The consent of the Trustee required by Section 321 (b) of the Trust Indenture Act of 1939.(Exhibit 6 to T-1 to Registration Statement No. 333-27685).

Exhibit 7
 
Copy of the latest Report of Condition of the Trustee as of September 30, 2004.

SIGNATURE

        Pursuant to the requirements of the Trust Indenture Act of 1939, the Trustee, The Bank of Nova Scotia Trust Company of New York, a corporation organized and existing under the laws of the State of New York, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of New York, and State of New York, on the 14th day of December, 2004.

    THE BANK OF NOVA SCOTIA TRUST
COMPANY OF NEW YORK

 
 
By:
/s/  JOHN F. NEYLAN      
John F. Neylan
 Trust Officer

The Bank of Nova Scotia Trust Company of New York
Legal Title of Bank

New York
City

New York 10006
State Zip Code

FDIC Certificate Number    /_/_/_/_/_/

Consolidated Report of Condition for Insured Commercial
and State-Chartered Savings Banks for September 30, 2004

        All schedules are to be reported in thousands of dollars. Unless otherwise indicated, report the amount outstanding as of the last business day of the quarter.

SCHEDULE RC-BALANCE SHEET

 
    
    
   RCON
   Bil
   Mil
   Thou
    
 
    
    
   Dollar Amounts in Thousands

    
ASSETS                    
1.   Cash and balances due from depository institutions (from Schedule RC-A):                    
    a.   Noninterest-bearing balances and currency and coin(1)   0081           12   1.a.
    b.   Interest-bearing balances(2)   0071       6   000   1.b.

2.
 
Securities:
 
 
 
 
 
 
 
 
 
 
    a.   Held-to-maturity securities (from Schedule RC-B, column A)   1754       7   214   2.a.
    b.   Available-for-sale securities (from Schedule RC-B, column D)   1773           0   2.b.

3.
 
Federal funds sold and securities purchased under agreement to resell
 
1350
 
 
 
 
 
 
 
 
    a.   Federal Funds sold   B987       1   900   3.a.
    b.   Securities purchased under agreements to resell   B989           0   3.b.

4.
 
Loans and lease financing receivable (from Schedule RC-C):
 
 
 
 
 
 
 
 
 
 
    a.   Loans and leases held for sale   5369           0   4.a.
    b.   Loans and leases, net of unearned income   B528               4.b.
    c.   LESS: Allowance for loan and lease losses   3123               4.c.
    d.   Loans and leases, net of unearned income and allowance (item 4.b minus 4.c)   B529           0   4.d.

5.
 
Trading assets (from Schedule RC-D)
 
3545
 
 
 
 
 
0
 
5.

6.
 
Premises and fixed assets (including capitalized leases)
 
2145
 
 
 
 
 
0
 
6.

7.
 
Other real estate owned (from Schedule RC-M)
 
2150
 
 
 
 
 
0
 
7.

8.
 
Investments in unconsolidated subsidiaries and associated companies (from Schedule RC-M)
 
2130
 
 
 
 
 
0
 
8.

9.
 
Customers' liability to this bank on acceptances outstanding
 
2155
 
 
 
 
 
0
 
9.

10.
 
Intangible assets:
 
 
 
 
 
 
 
 
 
 
    a.   Goodwill   3163           0   10.a.
    b.   Other intangible assets (from Schedule RC-M)   0426           0   10.b.

11.
 
Other assets (from Schedule RC-F)
 
2160
 
 
 
 
 
122
 
11.

12.
 
Total assets (sum of items 1 through 11)
 
2170
 
 
 
15
 
248
 
12.
(1)
Includes cash items in process of collection and unposted debits.

(2)
Includes time certificates of deposit not held for trading.

 
    
    
   RCON
   Bil
   Mil
   Thou
    
 
    
    
   Dollar Amounts in Thousands

    

LIABILITIES
 
 
 
 
 
 
 
 
 
 

13.
 
Deposits:
 
 
 
 
 
 
 
 
 
 
    a.   In domestic offices (sum of totals of columns A and C from Schedule RC-E)   2200       1   429   13.a.
        (1) Noninterest-bearing(l)   6631       1   429   13.a.(1)
        (2) Interest-bearing   6636               13.a.(2)
    b.   Not applicable                    

14.
 
Federal funds purchased and securities sold under agreements to repurchase
 
2800
 
 
 
 
 
0
 
14.
    a.   Federal Funds purchased(2)   B993           0   14.a.
    b.   Securities sold under agreements to purchase(3)   B995           0   14.b.

15.
 
Trading liabilities (from Schedule RC-D)
 
3548
 
 
 
 
 
0
 
15.

16.
 
Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases)(from Schedule RC-M)
 
3190
 
 
 
 
 
0
 
16.

17.
 
Not applicable
 
 
 
 
 
 
 
 
 
 

18.
 
Bank's liability on acceptances executed and outstanding
 
2920
 
 
 
 
 
0
 
18.

19.
 
Subordinated notes and debentures(4)
 
3200
 
 
 
 
 
0
 
19.

20.
 
Other liabilities (from Schedule RC-G)
 
2930
 
 
 
 
 
376
 
20.

21.
 
Total liabilities (sum of items 13 through 20)
 
2948
 
 
 
1
 
805
 
21.

22.
 
Minority interest in consolidated subsidiaries
 
3000
 
 
 
 
 
0
 
22.

EQUITY CAPITAL
 
 
 
 
 
 
 
 
 
 

23.
 
Perpetual preferred stock and related surplus
 
3838
 
 
 
 
 
0
 
23.

24.
 
Common stock
 
3230
 
 
 
1
 
000
 
24.

25.
 
Surplus (exclude all surplus related to preferred stock)
 
3839
 
 
 
10
 
030
 
25.

26.
 
a.
 
Retained earnings
 
3632
 
 
 
2
 
413
 
26.a.
    b.   Accumulated other comprehensive incomes(5)   B530           0   26.b.

27.
 
Other equity capital components(6)
 
A130
 
 
 
 
 
0
 
27.

28.
 
Total equity capital (sum of items 23 through 27)
 
3210
 
 
 
13
 
443
 
28.

29.
 
Total liabilities, minority interest, and equity capital (sum of items 21, 22, and 28)
 
3300
 
 
 
15
 
248
 
29.

Memorandum

        To be reported with the March Report of Condition.

 
    
   RCON
   Number
1.   Indicate in the box at the right the number of the statement below that best describes the most comprehensive level of auditing work performed far the bank by independent external auditors as of any date during 2003   6724   M.1.
1=
Independent audit of the bank conducted in accordance with generally accepted auditing standards by a certified public accounting firm which submits a report an the bank

2=
Independent audit of the bank's parent holding company conducted in accordance with generally accepted auditing standards by a certified public accounting firm which submits a report on the consolidated holding company (but not on the bank separately)

3=
Attestation on bank management's assertion on the effectiveness of the bank's internal control over financial reporting by a certified public accounting firm

4=
Directors' examination of the bank conducted in accordance with generally accepted auditing standards by a certified public accounting firm (may be required by state chartering authority)

5=
Directors' examination of the bank performed by other external auditors (may be required by state chartering authority)

6=
Review of the bank's financial statements by external auditors

7=
Compilation of the bank's financial statements by external auditors

8=
Other audit procedures (excluding tax preparation work)

9=
No external audit work

(1)
Includes total demand deposits and noninterest-bearing time and savings deposits.

(2)
Report overnight Federal Home Loan Bank advances in Schedule RC, item 16, "Other borrowed money."

(3)
Includes all securities repurchase agreements, regardless of maturity.

(4)
Includes limited-life preferred stock and related surplus.

(5)
Includes net unrealized holding gains (losses) on available-for-sale securities, accumulated net gains (losses) on cash flow hedges, and minimum pension liability adjustments.

(6)
Includes treasury stock and unearned Employee Stock Ownership Plans.



QuickLinks