501
6. The trustee shall be served with notice of any Notice to application made to the court or in chambers respect- trustee of
application ing the fund, or the dividends or interest thereof, by by cestui any person interested therein or entitled thereto.
que trust,
que
7. The persons interested in or entitled to the fund Notice to shall be served with notice of any application made by the trustee to the court or in chambers respecting the fund or the dividends or interest thereof.
cestui trust of application by trustee.
Place for service on
8. No petition shall be set down to be heard, and no summons shall be sealed, until the petitioner or ap- applicant. plicant has first named in his petition or summons a place where he may be served with any petition or summons or notice of any proceeding or order of the court relating to the fund.
etc.
9. Every petition presented, summons issued, and Title of affidavit filed under the said provisions shall be entitled Petition, in the matter of the Ordinance and in the matter of the particular trust.
Second Schedule.
[s. 106]
Fees to be paid by Trust Companies to the Registrar of Companies.
. 1. On application for registration under
section 77
$5.00
2. For certificate of registration under section 78-
(a) where the authorised capital does not
exceed $500,000
$100.00
(b) where the authorised capital exceeds $500,000 but does not exceed
$1,000,000
$150.00
(c) where the authorised capital exceeds
$1,000,000
$200.00
.3. On filing annual statement under
section 95
$10.00
Objects and Reasons,
1. The object of this Bill is to substitute for the Trustees Ordinance, 1901, an Ordinance framed on the lines of the Trustce Act, 1925 (15 Geo. 5, c. 19) and the Straits Settlements Ordin- ances No. 31 of 1926 and No. 14 of 1929, and to incorporate therein certain provisions of the Judicial Trustees Act, 1896.
2. The principal amendments made by the Bill are as follows:-
(a) A trustee, unless expressly prohibited by the instru- ment creating the trust, may invest in securities payable to bearer, which, if not so payable, would have been authorised investments. But a trustee other than a trust corporation must deposit the securities for safe custody with a banker (s. 8).
(b) Trustees when lending money, may contract that the money shall not be called in during any period not exceeding seven years. On a sale of land, they may contract that the payment of a part, not ex- ceeding two-thirds, of the purchase money shall be secured by mortgage of the land sold. Whore securities of a company are subject to a trust, the trustees may concur in any arrangement for the