36
Application by company to be regis- tered as a trust company.
cf. Ordin- ance No. 15 of 1930.
Issue of certificate.
Existing companies may alter their objects.
Register of Trust Companies
to be kept.
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PART VIII.
TRUST COMPANIES.
77. Any public company incorporated in the Colony may apply to the Registrar of Companies to be re- gistered as a Trust Company provided that----
(a) the objects of the company are restricted to some or all of the objects set out in section 82; (b) the authorised capital of the company is not less than five hundred thousand dollars divi- ded 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 authorised capital has been bona fide paid up;
(the company has deposited with the Colonial Treasurer Incorporated securities to be ap- proved 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 Colonial Treasurer Incor- porated.
78.-(1) On the receipt of an application under section 77, the Registrar of Companies shall make such enquiry as he deems necessary, and, if satisfied that all the requirements of section 77 have been com- plied with, shall register the company applying for registration as a Trust Company in the register prescribed by section 80 and shall issue to it a certi- ficate that the company is registered as a Trust Com- pany, 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 of this Ordinance.
(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.
79. If the memorandum of association of any com- pany which has been incorporated in the Colony before the commencement of this Ordinance includes objects which are generally of the same character as, but are in some particulars in excess of, those set out in section 82, the company may, within six months after the commencement of this Ordinance, by special resolution alter its memorandum of association so as to restrict its objects to some or all of the objects set out in the said section and the alteration shall take effect upon the passing of the special resolution, not- withstanding any enactment to the contrary.
80. There shall be kept in the office of the Registrar of Companies a register, to be called the "Register of Trust Companies", in which shall be entered the