1964_TRUSTEE_ORDINANCE — Page 44

1985 Ed.]

Trustee

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trust company, and thereupon the company shall be invested with all the powers, privileges and immunities and shall be subject to all the liabilities imposed by this Part.

(2) Notice of the issue of such certificate shall be published by the Registrar of Companies in the Gazette for 4 consecutive weeks next following the issue.

(3) If the Registrar of Companies is not satisfied that all the requirements of section 77 have been complied with, he shall refuse to register the company as a trust company:

Provided that the company may appeal from such refusal to the Governor in Council, whose decision shall be final.

79. There shall be kept in the office of the Registrar of Companies a register, to be called the "Register of Trust Com- panies", 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. (1) From the time of the issue to any company of a certificate under section 78 the investments or the sum of money deposited under section 77 shall be held 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. (Amended, 23 of 1975, s. 3)

(2) If at any time, by reason of the decline in value of any investments so held by the Director of Accounting Services 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 investments (being investments contemplated by section 77(2)(e)} of a specified value with the Director of Accounting Services: ( Amended, 23 of 1975, s. 3)

Provided that the company may appeal from such order to the Governor in Council, whose decision shall be final.

(3) A trust company may, with the approval of the Director of Accounting Services and subject to such terms as he may specify

(a) substitute-

(i) other investments contemplated by sub-paragraph (i) of paragraph (e) of section 77(2) for all or any of the investments deposited with the Director of Accounting Services under that sub-paragraph; or

(ii) a sum of money, as contemplated by sub-paragraph (ii) of that paragraph, for the investments so deposited; or

(b) if the company has deposited a sum of money under sub-paragraph (ii) of paragraph (e) of section 77(2), with- draw the sum and either-

Register of trust companies to be kept.

Deposit to be

held as security.