52
Liability and powers of trust company.
Registration of a trust company as shareholder, etc. not notice of trust.
Unclaimed money to be paid into court.
Fees payable by trust companies.
First Schedule.
Registration of certain banking corporations as trust companies.
CAP. 29
Trustee
[1985 Ed.
102. Subject to the provisions of this Part, the liability of every trust company to the person or persons interested in any estate held by the company as executor, administrator, trustee, receiver, liquidator, assignee, guardian or committee or in any other official or business capacity shall be the same as if the estate had been held by a private person in the like capacity; and the powers of the company shall be the same as those of a private person in the like capacity.
103. Neither the application by a trust company for registration as a member or shareholder in the books of any company or corporation nor the entry of the name of a trust company in the books of any company or corporation shall constitute notice of trust, and no company or corporation shall be entitled to object to enter the name of a trust company on its books by reason only that the company may be or is a trustee, and, in dealings with property, the fact that the person or one of the persons dealt with is a trust company shall not of itself constitute notice of a trust.
104. All money and securities which shall remain in the hands of a trust company, as trustee, unclaimed by the person entitled to the same for a period of 6 years after the time when the same shall have become payable to such person (except where payment has been restrained by order of a court of competent jurisdiction), together with such interest, if any, as shall have been received by the company in respect thereof, less any commission or other charges properly chargeable by the company, shall be paid by the company into court under and in accordance with section 62:
Provided that it shall not be necessary for the company to comply with the provisions of this section more often than once in any year nor shall it be necessary for the company to obtain the concurrence or consent of any person to such payment into court.
105. (1) There shall be paid by every trust company to the Registrar of Companies, in respect of the matters mentioned in the First Schedule, the several fees specified therein. (Amended, 48 of 1968, s. 5)
(2) All such fees shall be paid by the Registrar of Companies into the Treasury.
(3) It shall be lawful for the Governor from time to time, by notification in the Gazette, to add to or alter the First Schedule. (Amended, 48 of 1968, s. 5, and 72 of 1973, s. 2)
106. (1) Notwithstanding the foregoing, any company lawfully carrying on banking business in the Colony and having a capital (in stock or shares) for the time being issued of not less than $4,000,000 (of which not less than $1,600,000 shall have been paid up in cash) may with the consent of the Governor be registered as a trust company: