Trustee.
[CAP. 29
office or trust shall be required to furnish security for the due performance of such duties.
[89
to be kept
89. All moneys, property and securities received or held by any trust company in a fiduciary capacity shall always be kept separate and distinct from those of the company 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 registers 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 identified at any time.
[90
of trust
90. (1) A trust company may invest trust moneys in its hands in or upon any securities in which private 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 accordance with the provisions of subsection (1).
[91
of trust
own funds.
91. (1) A trust company may invest moneys forming part of its own capital or reserve or accumulated profits in-
(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 Governor in Council may from time to time approve.
515
Trustee.
[CAP. 29
office or trust shall be required to furnish security for the due performance of such duties.
[89
to be kept
89. All moneys, property and securities received or Trust funds held by any trust company in a fiduciary capacity shall separate. always be kept distinct from those of the company and in separate accounts, and so marked in the books of the com- pany for each particular trust as always to be distinguished from any other in the registers 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 identified at any [90
time.
of trust
90. (1) A trust company may invest trust moneys in Investment its hands in or upon any securities in which private trustees funds. 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 pro- hibited 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 com- pany 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 accordance with the provisions of subsection (1).
[91
of trust
own funds.
91. (1) A trust company may invest moneys forming Investment part of its own capital or reserve or accumulated profits company's
(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 Governor
in Council may from time to time approve.
515
No comments yet.
Private notes are available after approval.