Trustee.
[CAP. 29
trust
to be kept.
79. There shall be kept in the office of the Registrar of Companies a register, to be called the "Register of Trust Companies", in which shall be entered the names of all trust companies registered under this Ordinance, together with such other particulars as the Registrar of Companies may think necessary.
[80
be held as
Schedule.
80. (1) From the time of the issue to any company of a certificate under section 78 the securities deposited by the company with the Accountant General under section 77 shall be held by the Accountant General 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 Accountant General 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 Accountant General: Provided that the company may appeal from such order to the Governor in Council, whose decision shall be final.
(3) Any trust company may from time to time, with the approval of the Governor in Council, substitute other securities for all or any of the securities deposited with the Accountant General.
(4) The interest accruing due on the securities deposited shall be paid to the company.
[81
81. (1) The objects of a trust company may be 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 winding up estates and for the sale or purchase of any movable or immovable property;
509
24 of 1950,
Schedule.
Page 50
Page 51
Trustee.
[CAP. 29
trust
to be kept.
79. There shall be kept in the office of the Registrar Register of of Companies a register, to be called the "Register of Trust companies Companies", in which shall be entered the names of all trust companies registered under this Ordinance, together with such other particulars as the Registrar of Companies may think necessary.
[80
be held as
Schedule.
80. (1) From the time of the issue to any company Deposit to of a certificate under section 78 the securities deposited by security. the company with the Accountant General under section 77 9 of 1950, shall be held by the Accountant General 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 Accountant General 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 Accountant General: Provided that the company may appeal from such order to the Governor in Council, whose decision shall be final.
(3) Any trust company may from time to time, with the approval of the Governor in Council, substitute other securities for all or any of the securities deposited with the Accountant General.
(4) The interest accruing due on the securities de- posited shall be paid to the company.
[81
81. (1) The objects of a trust company may be some objects. or all of, but shall not exceed the following.
(a)
to accept and execute the offices of executor, ad- ministrator, 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 winding up estates and for the sale or purchase of any movable or immovable property;
509
24 of 1950,
Schedule.
Page 50Page 51
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