50
CAP. 29]
Trustee
[1985 Ed.
Investigation by inspector.
Special provision as to winding up a trust company, (Cap. 31.)
Personal liability of officers of a trust company.
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 than the securities deposited by it with the Director of Accounting Services under the provisions of this Part. (Amended, 9 of 1950, Schedule and L.N. 16/77)
94. [Repealed, 84 of 1970, s. 2]
95. (1) The Governor in Council may at any time appoint an inspector to investigate the affairs and management of any trust company and may prescribe the manner in, and the extent to, which the investigation shall be conducted.
(2) It shall be the duty of all officers and servants of the company to produce for examination by the inspector all books, accounts, vouchers and other documents in their custody or control in relation to matters under investigation, and to answer truly all inquiries addressed to them by the inspector respecting any matter affecting the affairs of the company.
(3) The inspector shall make a report of his investigation to the Chief Secretary.
(4) All expenses of and incidental to any such investigation shall be paid by the company, if the Governor in Council so directs.
96. (1) The court may order the winding up of a trust company in accordance with the Companies Ordinance, and the provisions of that Ordinance shall apply accordingly subject however to the modification that the company may also be ordered to be wound up on application made by the Attorney General if--
(a) the company has made default in complying with a requirement of this Part and such default has continued for a period of 2 months after notice of default has been served upon the company; or
(b) from the consideration of the report of an inspector appointed under section 95 it appears that the company has committed a breach of trust.
(2) Upon the winding up of a trust company every person who has been a director of the company at any time within the period of 2 years immediately preceding the commencement of the winding up shall be liable for the balance unpaid on every share which he may have transferred during such 2 years.
97. Where a trust company holds the office of executor, administrator or trustee, every person employed by the company to discharge any of the duties of such office shall, in respect of the
50
CAP. 29]
Trustee
[1985 Ed.
Investigation by inspector.
Special provision as to winding up a trust company, (Cap. 31.)
Personal liability of officers of a trust company.
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 than the securities deposited by it with the Director of Accounting Services under the provisions of this Part. (Amended, 9 of 1950, Schedule and L.N. 16/77)
94. [Repealed, 84 of 1970, s. 2]
95. (1) The Governor in Council may at any time appoint an inspector to investigate the affairs and management of any trust company and may prescribe the manner in, and the extent to, which the investigation shall be conducted.
(2) It shall be the duty of all officers and servants of the company to produce for examination by the inspector all books. accounts, vouchers and other documents in their custody or control in relation to matters under investigation, and to answer truly all inquiries addressed to them by the inspector respecting any matter affecting the affairs of the company.
(3) The inspector shall make a report of his investigation to the Chief Secretary.
(4) All expenses of and incidental to any such investigation shall be paid by the company, if the Governor in Council so directs.
96. (1) The court may order the winding up of a trust company in accordance with the Companies Ordinance, and the provisions of that Ordinance shall apply accordingly subject how- ever to the modification that the company may also be ordered to be wound up on application made by the Attorney General if--
(a) the company has made default in complying with a require- ment of this Part and such default has continued for a period of 2 months after notice of default has been served upon the company; or
(b) from the consideration of the report of an inspector appointed under secion 95 it appears that the company has committed a breach of trust.
(2) Upon the winding up of a trust company every person who has been a director of the company at any time within the period of 2 years immediately preceding the commencement of the winding up shall be liable for the balance unpaid on every share which he may have transferred during such 2 years.
97. Where a trust company holds the office of executor. administrator or trustee, every person employed by the company to discharge any of the duties of such office shall, in respect of the
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