Trustee Ordinance

(1)
From the time of the issue to any company of a certificate under
section
                    78
, the sum of money deposited under
section 77
must 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
;
13 of 2013 s. 37
)
(2)
If at any time, the Registrar of Companies is of opinion that a trust company
                should furnish additional security because of the company’s increase of its gross
                liabilities, the Registrar may order the company to make, within a period specified
                in the order, a further deposit of a sum of money (as contemplated by
section
                    77(2
)(
e)
) of a specified amount with the Director of Accounting
                    Services.
(Replaced
13 of 2013 s. 37
)
(2A)
The company may appeal against the order to the Chief Executive in Council,
                whose decision is final.
(Added
13 of 2013 s. 37
)
(3)
If a trust company has deposited a sum of money with an authorized institution
                or a finance company under
section 77(2
)(
e)
, the trust company may, with
                the approval of the Director of Accounting Services and subject to the terms that
                the Director may specify, withdraw the sum and deposit it with another authorized
                institution or finance company referred to in that section.
(Replaced
13 of 2013 s. 37
)
(4)
All money accruing by way of interest in respect of sums deposited with an
                authorized institution or a finance company under this Part must be paid to the
                trust company which made the deposit.
(Replaced
13 of 2013 s. 37
)