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Borrowing.
Annual Statement.
Ordinance No. 39 of 1932.
Investigation
38
who made the loan or assented thereto shall be jointly and severally liable to the company for the amount thereof with interest.
94.-(1) For the purpose of attaining the objects of the company as set out in section 82 (or such of them as the company may have adopted), and for no other purpose, a Trust Company may from time to time borrow money provided that the aggregate of the sums of money borrowed shall at no time exceed the amount of the company's capital for the time being paid up.
(2) Moneys borrowed by a Trust Company shall not be secured, by debenture or otherwise, on its capital or general undertaking, but may be secured on any of the Company's property (not being property held by it on any trust), other than the securities deposited by it with the Colonial Treasurer Incorporated under the provisions of this Part of this Ordinance.
95.-(1) Every Trust Company shall forward annually to the Registrar of Companies, together with the return required by section 107 of the Companies Ordinance, 1982, a statement of the liabilities of the company to the public in its trustee capacity and of the investments and holdings of the company on trust account.
(2) The statement shall be verified by the affidavit of the chairman or vice-chairman and of the manager or secretary of the company.
(3) Every document purporting to be certified by the Registrar of Companies to be a copy of any such state- ment or of part thereof shall be deemed to be a copy of that statement or of part thereof, and shall be received in evidence as if it were the original state- ment or part thereof, unless some variation between it and the original statement is proved.
96. (1) The Governor in Council may, at any time by inspector. appoint an inspector to investigate the affairs and management of any Trust Company and may prescribe the manner in, and the extent to, which the investiga- tion shall be conducted.
Special
provision as
a Trust
(2) It shall be the duty of all officers and servants of the company to produce for examination by the inspector all books, accounts, vouchers and other docu- ments in their custody or control in relation to matters under investigation, and to answer truly all inquiries addressed to them by the inspector respecting any matter affecting the affairs of the company.
(3) The inspector shall make a report of his investi- gation to the Colonial Secretary.
(4) All expenses of and incidental to any such in- vestigation shall be paid by the company, if the Governor in Council so directs,
97.-(1) The court may order the winding-up of a Trust Company in accordance with the Companies to winding-up Ordinance, 1982, and the provisions of that Ordinance shall apply accordingly subject however to the modi- fication that the company may also be ordered to be wound-up on application made by the Attorney General if
Company.
Ordinance No. 39 of 1932, p. 163.
(a) the company has made default in complying with a requirement of this Part of this Ordin- ance and such default has continued for a period of two months after notice of default has been served upon the company; or
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(b) from the consideration of the report of an inspector appointed under section 96 it ap- pears that the company has committed a breach of trust.
(2) Upon the winding-up of a Trust Company every person who has been a director of the company at any time within the period of two years immediately pre- ceding the commencement of the winding-up shall be liable for the balance unpaid on every share which he may have transferred during such two years.
98. Where a Trust Company holds the office of Personal executor, administrator or trustee, every person em- liability of ployed by the company to discharge any of the duties officers of of such office shall, in respect of the duties entrusted
a Trust Company. to him, be personally responsible to the court and be subject to the process of the court, as though he had been personally appointed to such office.
99.-(1) Any director, officer or servant of a Trust Offences. Company who wilfully and with intent to defraud neglects to make any entry in the books of the com- ance No. 1
cf. Ordin- pany which it is his duty to make shall be guilty of 1898, of a misdemeanour.
(2) Any director, officer or servant of a Trust Com- pany, who wilfully and with intent to defraud makes
or abets the making of any false entry in the books of the company, or subscribes or exhibits any false document with intent to deceive any person appointed under this Part of this Ordinance to investigate the affairs and management of the company shall be guilty of a misdemeanour.
(3) Any director, officer or servant of a Trust Com- pany who refuses to produce for examination to any person appointed under this Part of this Ordinance to investigate the affairs and management of the com- pany all books and documents relevant to such in- vestigation which are in his custody or control shall be guilty of a misdemeanour.
(4) Any Trust Company which makes default in for- warding to the Registrar of Companies the verified statement as required by section 95 shall be liable on summary conviction to a fine not exceeding fifty dollars for every day during which the default continues, in addition to any penalty which it may incur under the Companies Ordinance, 1932, and any director or man- ager of the company who knowingly and wilfully au- thorises the default shall be liable on summary convic- tion to the like penalty.
8. 6.
100. No Trust Company shall be appointed to be No Trust guardian of the person of an infant or committee of Company to the person of a lunatic.
be guardian or personal committee.
101. No member of a Trust Company shall at any Restriction time hold shares in the capital of the company to an on holding amount exceeding one fifth of the issued capital of shares in a
Trust the company for the time being.
Company.
102. So long as any estate in respect of which a Voluntary Trust Company is trustee shall remain in whole or in winding-up part unadministered, it shall not be lawful to proceed or disposal
may be to wind up the company voluntarily, unless with the restrained. sanction of the court, and it shall be lawful for any person interested in such estate, or who may have any claim in respect thereof, to apply to the court in a summary way by motion to restrain any director or any shareholder from disposing of any shares which such director or shareholder may hold in the company
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