CO129-548-9 Trustee Ordinance 1934 21-7-1934 - 1-8-1934 — Page 32

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funds to

90. All moneys, property and securities received or Trust held by any Trust Company in a fiduciary capacity kept shall always be kept distinct from those of the com- separate. pany, and in separate accounts, and so marked in the books of the company for each particular trust as always to be distinguished from any other in the re- gisters and other books of account to be kept by the company, so that at no time shall trust moneys form part of or be mixed with the general assets of the company; and all investments made by the company as trustee shall be so designated that the trusts to which such investments belong can be readily identi- fied at any time.

of trust

91.-(1) A Trust Company may invest trust moneys Investment in its hands in or upon any securities in which private funds. trustees may by law invest trust moneys and may from time to time vary any such investment for others of the same nature: provided that the company shall not in any case invest the moneys of any trust in or upon securities prohibited by the instrument creating the trust, and whenever any special directions are given in any order, judgment, decree or will or in any other instrument creating the trust, as to the particular class or kind of securities or property in or upon which any investment shall be made, the company shall follow such directions. The company may also, in its discretion, retain and continue any investment and securities coming into its possession in any fiduciary capacity.

(2) No Trust Company shall directly or indirectly invest any trust moneys otherwise than in accor- dance with the provisions of sub-section (1)

moneys

92.-(1) A Trust Company may invest forming part of its own capital or reserve or accumu- lated profits-

(a) in or upon any securities in or upon which private trustees may by law invest trust moneys, and

(b) in or upon such other securities as the Gov- ernor in Council may from time to time

approve.

(2) A Trust Company may acquire and hold immov- able property for the actual use and occupation of itself or of any of its officers or servants and may sell and dispose of the same.

(3) A Trust Company may, for the protection of its investments, acquire land which has been mortgaged to it, but shall sell any land so acquired within three years after the acquisition thereof, unless such time is extended by the Governor in Council.

(4) No Trust Company shall directly or indirectly invest any of its moneys otherwise than in accordance with sub-sections (1), (2) and (3): provided that no- thing in this section shall be deemed to prevent the acceptance by a Trust Company of any securities what- soever to secure the payment of a debt previously con- tracted in good faith; but any security so acquired by the company which it would otherwise be prohibited from taking or holding shall, within two years from the time of its acquisition, or within such further time as may be allowed by the Registrar of Companies, be sold or disposed of.

Investment of Trust Company's own funds.

93. No loan shall be made by any Trust Company Loans to to any director or other officer or servant thereof or Trust

Company to any company or firm in the management of which officers, etc. any such director or other officer or servant is actively prohibited. engaged. If any loan is made in contravention of this section, all directors and officers of the company

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