CO129-548-9 Trustee Ordinance 1934 21-7-1934 - 1-8-1934 — Page 29

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names of all Trust Companies registered under this Ordinance, together with such other particulars as the Registrar of Companies may think necessary.

81.-(1) From the time of the issue to any com- Deposit to pany of a certificate under section 78 the securities be held as

security. deposited by the company with the Colonial Treasurer Incorporated under section 77 shall be held by the Colonial Treasurer Incorporated as security for the depositors and creditors of the company and for the faithful execution of all Trusts which may be accepted by or imposed upon the company and for its obligations generally.

(2) If at any time, by reason of the decline in value of any securities so held by the Colonial Treasurer Incorporated or of increase of the gross liabilities of any Trust Company, the Registrar of Companies is of opinion that additional security ought to be furnished by the Trust Company, he may order the company to make, within a period to be stated in the order, a further deposit of a specified value with the Colonial Treasurer Incorporated: provided that the company may appeal from such order to the Governor in Coun- cil, whose decision shall be final.

(3) Any Trust Company may from time to time, with the approval of the Governor in Council, sub- stitute other securities for all or any of the securities deposited with the Colonial Treasurer Incorporated.

(4) The interest accruing due on the securities de- posited shall be paid to the company.

82.-(1) The objects of a Trust Company may be Objects. some or all of, but shall not exceed the following:-

(a) to accept and execute the offices of executor, administrator, trustee, receiver, receiver and manager, assignee, liquidator, guardian of the property of infants, committee of the estates of lunatics, or other like office of a fiduciary nature;

(b) to act as attorney or agent for the collection, receipt and payment of money and for wind- ing up estates and for the sale or purchase of any movable or immovable property; (c) to act as agent for the management and con- trol of movable and immovable property for and on behalf of the owners thereof or for or on behalf of executors, administrators trustees;

or

(d) to act as investing and financial agent for and on behalf of executors, administrators, and trustees or any other persons whatsoever and to receive money in trust for investment and to allow interest thereon until invested; and to undertake for and on behalf of executors, administrators and trustees or any other per- sons whatsoever the negotiation of loans of all descriptions and the procuring and lending of money on the security of any description of property immovable or movable or without taking any security on such terms as may be arranged, and to advance and lend moneys to protect any estate, trust or property entrusted to the company as aforesaid and to charge interest upon any such advances:

Provided that nothing herein contained shall be held either to restrict or extend the powers of the company as trustee or agent under the terms of any trust or agency that may be conferred upon it;

(e) to take securities of such nature as are deemed expedient for any moneys owing to the com- pany;

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