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CAP. 29]
Objects.
Trustee
[1985 Ed.
(i) deposit it with another finance company; or
(ii) substitute for the sum of money so withdrawn investments contemplated by sub-paragraph (i) of that paragraph. (Replaced, 23 of 1975, s. 3)
(4) All money accruing by way of dividends or interest in respect of investments deposited with the Director of Accounting Services or in respect of sums deposited with a finance company under this Part shall be paid to the trust company which made the deposit. (Replaced, 23 of 1975, s. 3)
(Amended, L.N. 16/77)
81. (1) The objects of a trust company may be some or all of, but shall not exceed the following-
(a) to accept and execute the offices of executor, administrator, trustee, receiver, receiver and manager, assignee, liquidator, guardian of the property of infants, committee of the estates of lunatics, or other like office of a fiduciary nature;
(b) to act as attorney or agent for the collection, receipt and payment of money and for winding up estates and for the sale or purchase of any movable or immovable property;
(c) to act as agent for the management and control of movable and immovable property for and on behalf of the owners thereof or for or on behalf of executors, administrators or trustees;
(d) to act as investing and financial agent for and on behalf of executors, administrators, and trustees or any other persons whatsoever and to receive money in trust for investment and to allow interest thereon until invested; and to undertake for and on behalf of executors, administrators and trustees or any other persons whatsoever the negotiation of loans of all descriptions and the procuring and lending of money on the security of any description of property immovable or movable or without taking any security on such terms as may be arranged, and to advance and lend moneys to protect any estate, trust or property entrusted to the company as aforesaid and to charge interest upon any such advances:
Provided that nothing herein contained shall be held either to restrict or extend the powers of the company as trustee or agent under the terms of any trust or agency that may be conferred upon it;
(e) to take securities of such nature as are deemed expedient for any moneys owing to the company;
(f) to be the custodian on such terms as are agreed upon of any moneys, securities, jewellery, plate or other valuable property and of papers, documents, deeds, wills, debentures and other evidence of title or indebtedness;
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