1985 Ed.]
Trustee
{CAP. 29
49
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. (1) A trust company may invest moneys forming part of its own capital or reserve or accumulated profits--
(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.
(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 3 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 subsections (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 2 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. 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. (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
Investment of trust company's own funds.
Loans to trust company officers, etc. prohibited.
Borrowing.
Page 50
Page 51
1985 Ed.]
Trustee
{CAP. 29
49
Provided that the company shall not in any case invest the moneys of any trust in or upon securities prohibited by the instru- ment 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. (1) A trust company may invest moneys forming part of its own capital or reserve or accumulated profits--
(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.
(2) A trust company may acquire and hold immovable pro- perty 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 invest- ments, acquire land which has been mortgaged to it, but shall sell any land so acquired within 3 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 subsections (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 2 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. 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. (1) For the purpose of attaining the objects of the com- pany 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
Investment of trust company's own funds.
Loans to trust company officers. etc. prohibited.
Borrowing.
Page 50Page 51
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