CAP. 29]
[s. 91 cont.]
Loans to
trust company officers, etc. prohibited.
Borrowing.
9 of 1950, Schedule.
Trustee.
(2) A trust company may acquire and hold immovable 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 nothing in this section shall be deemed to prevent the acceptance by a trust company of any securities whatsoever to secure the payment of a debt previously contracted 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.
[92
92. No loan shall be made by any trust company to any director or other officer or servant thereof or to any company or firm in the management of which any such director or other officer or servant is actively engaged. If any loan is made in contravention of this section, all directors and officers of the company who made the loan or assented thereto shall be jointly and severally liable to the company for the amount thereof with interest.
[93
93. (1) For the purpose of attaining the objects of the company as set out in section 81 (or such of them as the company may have adopted), and for no other purpose, a trust company may from time to time borrow money provided that the aggregate of the sums of money borrowed shall at no time exceed the amount of the company's capital for the time being paid up.
(2) Moneys borrowed by a trust company shall not be secured, by debenture or otherwise, on its capital or general undertaking, but may be secured on any of the company's property (not being property held by it on any trust), other
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516
CAP. 29]
[s. 91 cont.]
Loans to
trust company officers, etc. prohibited.
Borrowing.
9 of 1950, Schedule.
Trustee.
(2) A trust company may acquire and hold immovable 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 nothing in this section shall be deemed to prevent the acceptance by a trust company of any securities whatsoever to secure the payment of a debt previously contracted in good faith; but any security so acquired by the company which it would other- wise 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.
[92
92. No loan shall be made by any trust company to any director or other officer or servant thereof or to any company or firm in the management of which any such director or other officer or servant is actively engaged. İf any loan is made in contravention of this section, all direc- tors and officers of the company who made the loan or assented thereto shall be jointly and severally liable to the company for the amount thereof with interest.
[93
93. (1) For the purpose of attaining the objects of the company as set out in section 81 (or such of them as the company may have adopted), and for no other purpose, a trust company may from time to time borrow money pro- vided that the aggregate of the sums of money borrowed shall at no time exceed the amount of the company's capital for the time being paid up.
(2) Moneys borrowed by a trust company shall not be secured, by debenture or otherwise, on its capital or general undertaking, but may be secured on any of the company's property (not being property held by it on any trust), other
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516
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