Borrowing.
Annual Statement.
Ordinance No. 39 of 1932.
Investigation
496
who made the loan or assented thereto shall be jointly and severally liable to the company for the amount thereof with interest.
94.-(1) For the purpose of attaining the objects of the company as set out in section 82 (or such of them as the company may have adopted), and for no other purpose, a Trust Company may from time to time borrow money provided that the aggregate of the sums of money borrowed shall at no time exceed the amount of the company's capital for the time being paid up.
(2) Moneys borrowed by a Trust Company shall not be secured, by debenture or otherwise, on its capital or general undertaking, but may be secured on any of the Company's property (not being property held by it on any trust), other than the securities deposited by it with the Colonial Treasurer Incorporated under the provisions of this Part of this Ordinance.
95.—(1) Every Trust Company shall forward annually to the Registrar of Companies, together with the return required by section 107 of the Companies Ordinance, 1932, a statemest of the liabilities of the company to the public in its trustee capacity and of the investments and holdings of the company on trust account.
(2) The staetment shall be verified by the affidavit of the chairman or vice-chairman and of the manager or secretary of the company.
(3) Every document purporting to be certified by the Registrar of Companies to be a copy of any such state- ment or of part thereof shall be deemed to be a copy of that statement or of part thereof, and shall be received in evidence as if it were the original state- Inent or part thereof, unless some variation between it and the original statement is proved.
96.-(1) The Governor in Council may at any time by inspector. appoint an inspector to investigate the affairs and management of any Trust Company and may prescribe the manner in, and the extent to, which the investiga- tion shall be conducted.
Special
(2) It shall be the duty of all officers and servants of the company to produce for examination by the inspector all books, accounts, vouchers and other docu- ments in their custody or control in relation to matters under investigation, and to answer truly all inquiries addressed to them by the inspector respecting any matter affecting the affairs of the company.
(3) The inspector shall make a report of his investi- gation to the Colonial Secretary.
(4) All expenses of and incidental to any such in- vestigation shall be paid by the company, if the Governor in Council so directs.
97.-(1) The court may order the winding-up of a provision as Trust Company in accordance with the Companies to winding-up Ordinance, 1932, and the provisions of that Ordinance shall apply accordingly subject however to the modi- fication that the company may also be ordered to be wound-up on application made by the Attorney General if-
a Trust Company.
Ordinance No. 39 of 1932, s. 163.
(a) the company has made default in complying with a requirement of this Part of this Ordin- ance and such default has continued for a period of two months after notice of default has been served upon the company; or