CAP. 29]
[s. 77 cont.]
Issue of certificate.
Trustee.
(b) the authorized capital of the company is not less than five hundred thousand dollars divided into shares of not less than ten dollars each;
(c) at least half of the amount of every share issued by the company remains unpaid and is not liable to be called up, except in the event of and for the purpose of the winding-up or dissolution of the company;
(d) the board of directors has been duly appointed in accordance with the articles of association of the company;
(e) at least one hundred and fifty thousand dollars of the authorized capital has been bona fide paid up;
(f) the company has deposited with the Accountant General securities to be approved by the Governor in Council to the value of one hundred thousand dollars; and
(g) the company is able to meet its obligations, apart from its liability to its shareholders, without taking into account the securities so deposited with the Accountant General.
78. (1) On the receipt of an application under section 77, the Registrar of Companies shall make such inquiry as he deems necessary, and, if satisfied that all the requirements of section 77 have been complied with, shall register the company applying for registration as a trust company in the register prescribed by section 79 and shall issue to it a certificate that the company is registered as a trust company, and thereupon the company shall be invested with all the powers, privileges and immunities and shall be subject to all the liabilities imposed by this Part.
(2) Notice of the issue of such certificate shall be published by the Registrar of Companies in the Gazette for four consecutive weeks next following the issue.
(3) If the Registrar of Companies is not satisfied that all the requirements of section 77 have been complied with, he shall refuse to register the company as a trust company: Provided that the company may appeal from such refusal to the Governor in Council, whose decision shall be final.
508