2
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ness by sections 77 and 82 of the Trustee Ordinance, No. 18 of 1934, which limit the objects of a Trust Company to those set out in section 82.
2. Clause 2 of this Bill, by adding three new sections 106A, 106B and 106C to the principal Ordinance, enables any corporation lawfully carrying on banking business in this Colony and having the prescribed capital qualification, to be registered, with the consent of the Governor in Council, as a Trust Company notwithstanding that its objects are not restricted to those set out in section 82, and exempts such a corporation from the provisions of sections 77, 81, 82, 92, 93, 94, 97 and 101 in Part VIII of the principal Ordinance, which are appropriate only to companies whose objects are so restricted.
3. In addition to the capital qualification ($4,000,000 issued and $1,600,000 paid-up capital), which is based upon a similar qualification (£250,000 and £100,000 respectively) in the Public Trustee Rules in England, the Governor in Council is required, before consenting to registration, to satisfy himself that the extent and nature of the corporation's business in the Colony is sufficient to justify such special registration.
4. New section 106B limits the powers of an inspector appointed under section 96 of the principal Ordinance to the investigation of the trust business of a corporation registered as a Trust Company under new section 106A.
5. New section 106C provides for the removal from the register of Trust Companies of any corporation registered under new section 106A if the corporation ceases to be qualified for registration as a Trust Company or if on the report of an inspector appointed under section 96 it appears that the corporation has committed a breach of trust.
November, 1938.
C. G. ALABASTER,
Attorney General.