Full legislation
s.96
Special provision as to winding up a trust company
(1) The court may order the winding up of a trust company in accordance with the Companies (Winding Up and Miscellaneous Provisions) Ordinance ( Cap. 32 ), 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 Secretary for Justice if— (Amended L.N. 362 of 1997 ; 28 of 2012 ss. 912 & 920) (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.