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1 ch.53971/38
[No. 28-29.11.38.-1.]
A BILL
INTITULED
An Ordinance to amend the Trustee Ordinance, 1934.
BE it enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof, as follows:-
1. This Ordinance may be cited as the Trustee Amend- Short title. ment Ordinance, 1938.
2. The Trustee Ordinance, 1934, is amended by the New insertion of the following sections immediately after section 106 at the end of Part VIII thereof-
sections 106A, 106B and 106C for Ordin- ance No. 18 of 1934.
of certain
Companies.
106A. Notwithstanding anything in sections 77, 81. 82, Registration 92, 93, 94, 97 and 101, which shall not apply in this case, banking but subject to the other provisions of this Part, any corpora- corporations tion lawfully carrying on banking business in the Colony as Trust 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 in Council be registered as a Trust Company: Provided that the Governor in Council shall not give such consent unless he is satisfied that the extent and nature of the corporation's business in the Colony is sufficient to justify such special registration.
106B. The powers of investigation conferred upon in- Limitation spectors under section 96 shall in the case of a corporation of powers
of inspectors registered as a Trust Company under section 106A be limited under to the trust business of the corporation.
section 96.
registered
s. 106A.
106C. On application made by the Attorney General the Striking court may order that any corporation registered under the off Trust provisions of section 106A as a Trust Company shall be struck Company off the register of Trust Companies if it ceases to be qualified under for registration under that section or if from the consideration of the report of an inspector appointed under section 96 it appears that the corporation has committed a breach of trust, and the court may appoint a new trustee, or new trustees, for any trust property held by the corporation.
Objects and Reasons.
1. Certain banking corporations carrying on business in this Colony and authorized by their constitution to undertake trust business are, unless appointed to be trustees in a particular case by the Court, precluded from doing such busi-
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