CAP. 29]
Registration of a trust company as shareholder, etc. not notice of trust..
Unclaimed
money to be paid into court.
Fees payable by trust companies.
Schedule.
Registration of certain banking corporations as trust companies.
24 of 1950, Schedule.
Trustee.
103. Neither the application by a trust company for registration as a member or shareholder in the books of any company or corporation nor the entry of the name of a trust company in the books of any company or corporation shall constitute notice of trust, and no company or corporation shall be entitled to object to enter the name of a trust company on its books by reason only that the company may be or is a trustee, and, in dealings with property, the fact that the person or one of the persons dealt with is a trust company shall not of itself constitute notice of a trust. [104
104. All money and securities which shall remain in the hands of a trust company, as trustee, unclaimed by the person entitled to the same for a period of six years after the time when the same shall have become payable to such person (except where payment has been restrained by order of a court of competent jurisdiction), together with such interest, if any, as shall have been received by the company in respect thereof, less any commission or other charges properly chargeable by the company, shall be paid by the company into court under and in accordance with section 62: Provided that it shall not be necessary for the company to comply with the provisions of this section more often than once in any year nor shall it be necessary for the company to obtain the concurrence or consent of any person to such payment into court.
[105
105. (1) There shall be paid by every trust company to the Registrar of Companies, in respect of the matters mentioned in the Schedule, the several fees specified therein.
(2) All such fees shall be paid by the Registrar of Companies into the Treasury.
(3) It shall be lawful for the Governor in Council from time to time, by notification in the Gazette, to add to or alter the said Schedule.
[106
106. (1) Notwithstanding the foregoing, any company lawfully carrying on banking business in the Colony and having a capital (in stock or shares) for the time being issued of not less than four million dollars (of which not less than one million six hundred thousand dollars shall have been
520
CAP. 29]
Registration of a trust company as shareholder, etc. not notice of trust..
Unclaimed
money to be paid into court.
Fees payable by trust companies.
Schedule.
Registration of certain banking corporations as trust companies.
24 of 1950, Schedule.
Trustee.
103. Neither the application by a trust company for registration as a member or shareholder in the books of any company or corporation nor the entry of the name of a trust company in the books of any company or corporation shall constitute notice of trust, and no company or corporation shall be entitled to object to enter the name of a trust com- pany on its books by reason only that the company may be or is a trustee, and, in dealings with property, the fact that the person or one of the persons dealt with is a trust company shall not of itself constitute notice of a trust. [104
104. All money and securities which shall remain in the hands of a trust company, as trustee, unclaimed by the person entitled to the same for a period of six years after the time when the same shall have become payable to such person (except where payment has been restrained by order of a court of competent jurisdiction), together with such interest, if any, as shall have been received by the company in respect thereof, less any commission or other charges properly chargeable by the company, shall be paid by the company into court under and in accordance with section 62 : Provided that it shall not be necessary for the company to comply with the provisions of this section more often than once in any year nor shall it be necessary for the company to obtain the concurrence or consent of any person to such payment into court.
[105
105. (1) There shall be paid by every trust company to the Registrar of Companies, in respect of the matters mentioned in the Schedule, the several fees specified therein.
(2) All such fees shall be paid by the Registrar of Companies into the Treasury.
(3) It shall be lawful for the Governor in Council from time to time, by notification in the Gazette, to add to or alter the said Schedule.
[106
106. (1) Notwithstanding the foregoing, any company lawfully carrying on banking business in the Colony and having a capital (in stock or shares) for the time being issued of not less than four million dollars (of which not less than one million six hundred thousand dollars shall have been
520
No comments yet.
Private notes are available after approval.