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\qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 NIUE
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 TRUSTEE COMPANIES ACT 1994
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 
\par }\pard \qr \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16658399 {\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 [Signed 28 March 1994]
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15010465 {\fs24\lang2057\langfe1033\langnp2057\insrsid15010465\charrsid16658399 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11215795 {\fs24\lang2057\langfe1033\langnp2057\insrsid15010465\charrsid16658399 No.}{\fs24\lang2057\langfe1033\langnp2057\insrsid16658399\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid15010465\charrsid16658399 183
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ANALYSIS
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16658399 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Title
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 P}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ART1
\par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 PRELIMINARY
\par }\pard \ql \li0\ri0\widctlpar\tx576\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 1.}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Short Title
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 2. Interpretation
\par 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 PART II
\par REGISTRATION OF TRUSTEE COMPANIES
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx576\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 3.}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Application of this Act
\par 4.}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  Restriction on }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 acting as a Trustee Company
\par 5.}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Application for Registration as a Trustee Company
\par 6.}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Applicant to Satisfy Criteria
\par 7.}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  Registration to be Provisional
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 8.}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
Board may revoke Provisional Registration
\par 9.}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Exp}{\fs24\lang2057\langfe1033\langnp2057\insrsid15010465\charrsid16658399 iry of Provisional Registration}{
\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 
\par 10. Registration fee}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 11. Publication in the Gazette
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 12.}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  Revocation of Registration
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 13.}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Continuation of Business where }{
\fs24\lang2057\langfe1033\langnp2057\insrsid15010465\charrsid16658399 Registration Revoked}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par 14.}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  Transfer or Increase of Shares
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 15.}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Share Capital
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 PART III
\par POWERS OF TRUSTEE COMPANIES
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 16. Trustee Company's power under the }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 I}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
nte}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 rn}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 atio}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 nal Business Companies Act 1994

\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 17. Trustee Company's power to act as Executor and obtain Probate
\par 18. Trustee Company's power to act as Administrator
\par 19. Trustee Company's power to act as trustee, receiver etc.
\par 20. Additio}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 nal powers of a Trustee Company
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 21. Trustee Company's power to act as sole trustee
\par 22. Trustee Company's power to act as joint trustee with another
\par }\pard \ql \li0\ri0\widctlpar\tx432\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 23.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10825811\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Delegation to a Trustee Company
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 24. Delegation of functions by a Trustee Company
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 PART}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10305101\charrsid16658399  }{
\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 IV
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7174529 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7174529\charrsid16658399 MISCELLANEOUS}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid7174529\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 25. Removal from office
\par 26. Restrictions on a Trustee Company's activities
\par 27. Taxation
\par }\pard \ql \li0\ri0\widctlpar\tx576\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 28.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10825811\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Right to decline
\par 29.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10825811\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Affidavit of Officer
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 30. A Trustee Company may act under Power of Attorney by Managing Director
\par }\pard \ql \li0\ri0\widctlpar\tx576\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 31.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10825811\charrsid16658399 
 Power to declare trusts
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 32. Audit
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 33. Returns
\par }\pard \ql \li0\ri0\widctlpar\tx576\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 34.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10825811\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Examination of Books rind Accounts of a Trustee Company
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 35. Money paid to a T}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 
rustee Company to be held in Tru}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 st
\par 36. A Trustee Company may Obtain Advice
\par 37. Com}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 m}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ission fees, charges and expenses levied by a Trustee Company
\par }\pard \ql \li0\ri0\widctlpar\tx576\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 38. Management fees
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 39.}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Director's fees }{
\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 40.}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
Assets may be applied in discharge of expen}{\fs24\lang2057\langfe1033\langnp2057\insrsid16658399\charrsid16658399 ses levied by a Trustee Company}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 41. Charge for remuneration
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 42. Common T}{\fs24\lang2057\langfe1033\langnp2057\insrsid16658399\charrsid16658399 rust Funds}{
\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 43. Valuation
\par }\pard \ql \li0\ri0\widctlpar\tx576\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 44.}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Land trusts
\par 45.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10825811\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Bond not required of a Trustee Company
\par 46.}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Shares and Stock }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 
\par 47. Insurance
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 48.}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Application of the Trust}{
\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 s Act 1994 to Trustee Companies
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 49. Secrecy
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 50. Regulations
\par 51. Dealings by a Trustee Company with itself or a related company
\par 52. Ac}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 ting through Subsidiary Company
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 53. Power of Exemption
\par 54. Prohibition by Cabinet
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid16658399\charrsid16658399 ----------------------------}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 

\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 AN ACT}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 to provide for the registration of companies as trustee companies in Niue and to prescribe their powers and duties and for purposes consequent thereon and incidental thereto.
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par BE IT ENACTED}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  by the Niue Assemb}{\fs24\lang2057\langfe1033\langnp2057\insrsid10825811\charrsid16658399 l}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
y in Session assembled, and by authority of the same, as follows;
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 PART I
\par PRELIMINARY
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid13574380 {\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 1. Short Title}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  (1) }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  This Act may be cited as the Trustee Companies Act 1994.
\par }\pard \ql \li0\ri0\widctlpar\tx720\tx1728\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 2.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Interpretation}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 In this Act, unless the context otherwise requires }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 "Carrying on business" means carrying on any economic activity pursuant to the objects of 
the company and without limiting the genera}{\fs24\lang2057\langfe1033\langnp2057\insrsid2493060\charrsid16658399 lity of the foregoing includes:}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li1440\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin1440\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (a) establishing or using a shave transfer office or share registration office;
\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li1440\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin1440\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 administering, managing or otherwise dealing with property as an agent, legal personal representative or trustee, whether by servant or agent or otherwise;
\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 
\par }\pard \ql \li1440\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin1440\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (c)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 maintaining an agent for the purpose of soliciting or procuring business whether or not the agent is }{\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 
continuously resident in Niue;
\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 
\par }\pard \ql \li1440\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin1440\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid203421\charrsid16658399 (d) 
maintaining an office, agency or branch whether or not that office, agency or branch is also used for any purpose by another company;}{\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 
\par }\pard \ql \li1440\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin1440\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (e)}{\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 the provision of }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx3024\faauto\adjustright\rin0\lin0\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 
\par }\pard \ql \li2160\ri0\widctlpar\tx3024\faauto\adjustright\rin0\lin2160\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (i)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 management and accounting services to; and
\par }\pard \ql \li0\ri0\widctlpar\tx3024\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 
\par }\pard \ql \li2160\ri0\widctlpar\tx3024\faauto\adjustright\rin0\lin2160\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (ii)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 directors, secretaries and registered offices to foreign companies registered under th}{\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 
e International Business Compa}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 nies Act 1994;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
(f) incorporating or registering companies under the International Business Companies Act 1994 and generally acting as a lodging agent for any document required to be lodged by a company or person under that Act; and
\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 
\par }\pard \ql \li1440\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin1440\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (g)}{\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 
 doing all thin}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 gs capable of being done by a trustee company under the Inte}{\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 rnati}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 onal Business Companies Act 1994;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 "Court" means the High Court of Niue;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 "Company" means }{\fs24\lang2057\langfe1033\langnp2057\insrsid2493060\charrsid16658399 
a company limited by shares and:}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 
\par }\pard \ql \li1440\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin1440\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 incorporated under the Companies Act 1955 (New Zealand); or
\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 
\par }\pard \ql \li1440\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin1440\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 incorporated under the International Business Companies Act 1994 or registered as a foreign company under that Act;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 "Estate" means any property, whether real or personal, which is co}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 m}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 mi
tted to the administration or management of a trustee company as executor, administrator, trustee, receiver, committee, guardian or agent;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 "Judge" means any Judge of the High Court;}{
\fs24\lang2057\langfe1033\langnp2057\insrsid8461128\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8461128 {\fs24\lang2057\langfe1033\langnp2057\insrsid8461128\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13182171 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 "Minister" means the Minister of Finance for Niue;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10384367 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
"Monetary Board" or "Board" means the Board of the Niue Bank established pursuant to the Niue Bank Act 1994;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10384367 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 "Ordinarily resident" shall have the same meaning as defined in Article 17 of 
the Nine Constitution;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10384367 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 "Provisionally registered" moans provisional
ly registered as a trustee company pursuant to section 7 and "provisional registration" shall have a corresponding meaning;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13182171\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10384367 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 "Registrar" means the Registrar of trustee companies appointed pursuant to section 5(4).
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid10384367\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12408970 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 "Registered" means registered as a trustee company pursuant to section 9 }{
\fs24\lang2057\langfe1033\langnp2057\insrsid12408970\charrsid16658399 and "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 registration" shall have a corresponding meaning;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid10384367\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10384367 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 "Trustee Company" means any company registered as a trustee company under this Act.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid10384367\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2493060\charrsid16658399 (2) Whenever in this Ac}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 t any person holding or occupying a}{
\fs24\lang2057\langfe1033\langnp2057\insrsid2493060\charrsid16658399  particular office}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 or position is mentioned or referred to, such mention or reference shall, unless the contrary intention appears, include all persons who shall at any tim}{\fs24\lang2057\langfe1033\langnp2057\insrsid2493060\charrsid16658399 
e thereafter occupy for the tim}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 e being the said office or position.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8461128 {\fs24\lang2057\langfe1033\langnp2057\insrsid10384367\charrsid16658399 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10384367 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8461128\charrsid16658399 PART II}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \qc \li0\ri0\widctlpar\tx6624\faauto\adjustright\rin0\lin0\itap0\pararsid10384367 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8461128\charrsid16658399 REGISTRATION OF TRUSTEE COMPANIES}{
\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx2448\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid10384367\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 3.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10384367\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Application of this Act}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 Registration or provisional registration of a trustee company does not relieve that company from compliance with the Companies Act in the jurisdiction in which it was incorporated.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx2304\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 4.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid8461128\charrsid16658399  }{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Restriction on }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid8461128\charrsid16658399 ac}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
ting as a trustee company}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 No company shall carry on "business in Niue as a trustee company unless that company is registered or provisionally registered so to do under this Act.
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid8461128\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 5.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid8461128\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 A}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid8461128\charrsid16658399 ppl}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 icati}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid8461128\charrsid16658399 o}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 n for }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid8461128\charrsid16658399 re}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
gistration as a trustee company}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  
(1) Any company, that is incorporated under the Companies Act 1955 (New Zealand) or that is incorporated or continued under the International Business Companies Act 1994, may apply to the Board for provisional registration to carry}{
\fs24\lang2057\langfe1033\langnp2057\insrsid8461128\charrsid16658399  on business as a trustee compan}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
y, and upon application shall pay to the Board such fee and in such manner as may be prescribed by reg}{\fs24\lang2057\langfe1033\langnp2057\insrsid8461128\charrsid16658399 istrat}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ion.

\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid8461128\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 (2) T}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 h}{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 e}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
re may be prescribed from time to time such forms and declarations as may be required for the purposes of this section and the Board may, in addition to the information in such forms and declarations require the applicant to provide such further or other 
information as the Board in its discretion may require.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par (3) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
There shall be provided to the Board all agreements affecting the management, shareholding, profit sharing or control of the applicant, and notwithstanding that such agreements may not be in exist
ence at the date of application to the Board, all such agreements shall be provi}{\fs24\lang2057\langfe1033\langnp2057\insrsid2493060\charrsid16658399 ded to the Board upon their com}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
ing into existence during the period for which the applicant may be provisionally registered.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (4) There shall be appointed by the Niue Public Service Commission, a Registrar of trustee companies to exercise various functions and powers as conferred by this Act.
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 6.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Applicant to Satisfy Criteria}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  
(1) No application shall be granted by the Board unless the Board is satisfied that the applicant complies with those matters set out in the following subsections.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par (2) Where 75 per cent or more of the legal and beneficial ownership of the share capital of the applicant is vested in persons ordinarily resid
ent in Niue, those persons in whom the total share capital is vested and the officers of the applicant shall possess the required professional qualifications expertise competence and integrity that, in the opinion of the Board enables the applicant to car
ry on business in Niue as a trustee company.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
(3) Where more than 25 per cent of the legal or beneficial ownership of the share capital of the applicant is vested in persons other than persons ordinarily resident in Niue those persons in whom the total share capital is vested, the officers of the app
licant and the applicant (as the case may be) shall satisfy the following }{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 \endash 
\par 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 each person in whom share capital is vested (whether legal }{\fs24\lang2057\langfe1033\langnp2057\insrsid2493060\charrsid16658399 or equitable) and every officer}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  shall have had substantial previous experience in the nature of carrying on business}{\fs24\lang2057\langfe1033\langnp2057\insrsid2493060\charrsid16658399  as defined in section 2;}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx3888\faauto\adjustright\rin0\lin0\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx3888\faauto\adjustright\rin0\lin720\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 each shareholder and officer shall be }{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 of good character and standing;
\par }\pard \ql \li0\ri0\widctlpar\tx3888\faauto\adjustright\rin0\lin0\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx3888\faauto\adjustright\rin0\lin720\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (c)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 the applicant shall be able to commence carrying on business as a trustee company within 3 months of provisional registration under section 7;
\par }\pard \ql \li0\ri0\widctlpar\tx1440\faauto\adjustright\rin0\lin0\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx1440\faauto\adjustright\rin0\lin720\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (d)}{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 the
 applicant shall disclose particulars to the Board of the nature of the business to be transacted by the applicant the volume of such business and the applicant's proposals to expand such business to markets in geographical areas other than those adequate
ly served by existing trustee companies;
\par }\pard \ql \li0\ri0\widctlpar\tx3888\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx3888\faauto\adjustright\rin0\lin720\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (e)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 the administration and management of the applicant's business shall occur within Niue;
\par }\pard \ql \li0\ri0\widctlpar\tx3888\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx3888\faauto\adjustright\rin0\lin720\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (f)}{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 the persons to be employed by the applicant shall be of such number and have such professional qualifications competenc
e and experience as are necessary for the applicant to carry on business as a trustee company;
\par }\pard \ql \li0\ri0\widctlpar\tx3888\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx3888\faauto\adjustright\rin0\lin720\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (g)}{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 the }{\fs24\lang2057\langfe1033\langnp2057\insrsid2493060\charrsid16658399 business of the applicant shall}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 not be detrimental to the interests of Niue;
\par }\pard \ql \li0\ri0\widctlpar\tx3888\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx3888\faauto\adjustright\rin0\lin720\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (h)}{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 the applicant shall have sufficient financial means as will enable the applicant to carry on business as a trustee company.
\par }\pard \ql \li0\ri0\widctlpar\tx864\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 7. }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Re}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 gistrati}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 on to be Provisional}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  (1) Every application pursuant to section 5 for provisional registration of a company as a trustee}{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
 company shall, if granted, be }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 granted provisionally for a period of 2 years from the date of provisional registration.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (2) The Board may grant provisional registration upon such reasonable terms and conditio}{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 n}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 s }{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 (other than the payment of share}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 capital) as it thinks fit.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (3) No company shall be entitled as of right to be provisionally registered and the Board may grant or reject any application.
\par }\pard \ql \li0\ri0\widctlpar\tx2448\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 8.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid2493060\charrsid16658399 Board}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid3091392\charrsid16658399  may Re}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 voke Provisional Registr}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ation}
{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399  (1) T}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 he Board may at any ti}{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 me}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 upon the receipt of any complaint or on its own motion revoke the provisional registration of a trustee company where the Board is of the opinion that the company }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx3888\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx3888\faauto\adjustright\rin0\lin720\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid3091392\charrsid16658399 has contravened or failed to comply with an}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 y condition or t}{
\fs24\lang2057\langfe1033\langnp2057\insrsid3091392\charrsid16658399 erm}{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399  of its provisional registra}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 tion; or

\par }\pard \ql \li0\ri0\widctlpar\tx3888\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx3888\faauto\adjustright\rin0\lin720\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 is in breach of any of the provisions of this Act; or
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin720\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (c)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 has contravened any other Act which imposes duties or obligations upon it; or
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin720\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (d)}{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 has, or any of its officers have in the course of their duties, committed a criminal offence; or
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin720\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (e)}{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 has failed to satisfy or continue to satisfy any of the matters set out in subsection (3) of section 6; or
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin720\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 (f}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 )}{
\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 has failed to carry on business as a trustee company in accorda}{
\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 nce with information }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 supplied }{\fs24\lang2057\langfe1033\langnp2057\insrsid3091392\charrsid16658399 b}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 y the company or its officers to the Board; or
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin720\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (g)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 has failed to disclose such information as may be required under this Act.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par (2) The}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  Board shall not revoke the pr}{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 ovisional registration of a tru}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 stee company except on the grounds referred to in paragraphs (a) to (g) of subsection (1), and shall where provisional registration i}{
\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 s revoked notify the trustee com}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 pany of the reasons therefor.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (3) Where a company that is provisionally registered is dissatisfied with the decision of the Board that company may make application to the High Court to vary or annul
 that decision and upon such application the High Court may confir}{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 m}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  vary or annul the decision of the Board.

\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (4) Where pursuant to subsection (1) the Board revokes the provisional registration of a trustee company the company shall subject to section 12 c
ease to carry on business as a trustee company.
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 9.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 Expiry of Provi}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 sional Registration}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 (1) If the Board has not already revoked the provisional registration of a trustee company pursuant to section 8, that company may upon the expiry of 2 years from the date of its provisional regist}{
\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 r}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ation, make application to the Bo}{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
ard, to be }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 registered as a trustee company.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (2) 'The Board shall, upon receipt of an application pursuant to subsection (1), register that company as a trustee company.
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 10.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399  Registration fe}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 e}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 Every company that is provisionally registered or registered by the Board shall pay to the Board such fee in respect of each year of provisional registration or registration as may be prescribed by regulation.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5714177 {\b\fs24\insrsid13574380\charrsid16658399 11.}{\b\fs24\insrsid919459\charrsid16658399  }{\b\fs24\insrsid13574380\charrsid16658399 Publication in the }{
\b\fs24\insrsid5714177\charrsid16658399 Gazette}{\fs24\insrsid13574380\charrsid16658399  }{\fs24\insrsid919459\charrsid16658399 -}{\fs24\insrsid203421\charrsid16658399  T}{\fs24\insrsid13574380\charrsid16658399 
he Registrar shall cause to be published in the }{\i\fs24\insrsid13574380\charrsid16658399 Niue Gazette}{\fs24\insrsid13574380\charrsid16658399  the name of any company provisionally registered or registered as a trustee company pursuant to this Act.

\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 12.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Revocation of Registration}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 (1) If the Board is of the opinion that any trustee company registered pursuant to section 9 }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin720\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 is in breach of any of the provisions of this Act; or
\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin720\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 has contravened any other statute which imposes duties or obligations upon it; or
\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin720\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (c)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 has comm}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 itted a criminal offence;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 and the Board considers that, having regard to the nature of the contravention, failure, or offence it is undesirable that the com}{
\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 pany should continue to be}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 registered, it shall notify the company of its opinion and of the reasons therefor and shall require the company to make representations within a prescribed period being not less than 28 days, as to why the company should continue to be so registered.

\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (2) On receipt of any representations made under subsection (1) of this section, and after due conside
ration of those representations or, on expiry of the prescribed period if no such representations are made, the Board shall decide whether }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin720\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 to revoke the registration of the trustee company; or
\par }\pard \ql \li0\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin0\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin720\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 to take no further action; or
\par }\pard \ql \li0\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin0\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin720\itap0\pararsid5714177 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (c)}{\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 to issue a rebuke to the trustee company.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5714177\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (3) Where the Board decides to revoke the registrati}{\fs24\lang2057\langfe1033\langnp2057\insrsid9263683\charrsid16658399 on of a trustee company }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 under subsection (2)(a) of the section, then }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid9263683\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin720\itap0\pararsid9263683 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 the Board shall inform the trustee company of its decision and of the reasons therefor; and
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid9263683\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin720\itap0\pararsid9263683 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid3091392\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 the trustee company, not later than 31 days after being informed of the Board's decision, may appeal to the Court which may confirm, vary or reverse the decision of the Board.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid9263683\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3091392\charrsid16658399 (4) Where}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 the Court has confirmed a decision to revoke the registration of a trustee company under subsection (3)(b) of this section, or where a trustee company has been informed of the Board's decision to revoke its registration and has not appealed within the ti
me prescribed to revoke its registration and has not appealed within the time prescribed in that subsection, the Board shall notify that revocation in the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Niue Gazette}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 , }{\fs24\lang2057\langfe1033\langnp2057\insrsid15036735\charrsid16658399 an}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
d the revocation, subject to section 13 of this Act, shall take effect from the date specified in that notice.
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid15036735\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 13.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 Continuation of Business}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  where Registration Revoked}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  (1) The Board in its discretion may fix a date being a date not less than 3 months from the date of its decision to revoke the provisional r}{
\fs24\lang2057\langfe1033\langnp2057\insrsid3091392\charrsid16658399 egistration or registration of a}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  company as a trustee company for th}{
\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 e }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
purpose of enabling the company upon the revocation of such provisional registration or registration to wind up its affairs, and any such date shall be notified to the company and be published in the }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Niue Gazette.}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (2) Upon receipt of any}{\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399  notice of revocation, a compan}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 y shall not ca}{\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 rry on business as a trustee com}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 pany except insofar as is necessary for the company to wind up its affairs within the period so specified in the notice.
\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 14. Transfer or Increase of Shares}{\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399  \endash  (1) Any -
\par 
\par }\pard \ql \li720\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin720\itap0\pararsid15030685 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 transfer of shares (whether legal or equitable) in a tr}{\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 ustee }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 company, whether provisionally registered or registered;
\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin720\itap0\pararsid15030685 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 in}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 crease in share capital of a trustee company, whether provisionally registered or registered, subscribed to }{
\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx3024\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 
\par }\pard \ql \li1440\ri0\widctlpar\tx3024\faauto\adjustright\rin0\lin1440\itap0\pararsid15030685 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (i)}{\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399  by }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 a person other than an existing shareholder (whether in law or equity) either in whole or in part; or
\par }\pard \ql \li0\ri0\widctlpar\tx3024\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 
\par }\pard \ql \li1440\ri0\widctlpar\tx3024\faauto\adjustright\rin0\lin1440\itap0\pararsid15030685 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (ii)}{\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 by existing shareholders other than in proportion to and upon the same terms, conditions and rights as their existing shareholding,
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 shall not be valid or of any effect unless upon application to the Board the Board's approval is first obtained.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 
\par (2) Th}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 e Board in considering whether its approval should be granted }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin720\itap0\pararsid15030685 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 in the case of a legal and beneficial transferee or a legal and beneficial subscriber who is ordinarily resident in Niue}{
\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 , shall en}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 sure that t}{\fs24\lang2057\langfe1033\langnp2057\insrsid10703094\charrsid16658399 h}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 e provi}{\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 sions of section 6(2) are satis}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
fied;
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin720\itap0\pararsid15030685 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 in the case of a legal or beneficial }{\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 transfere}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 e or a legal or }{\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 ben}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
eficial subscriber who is }{\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 not ordinarily resident in Niue}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
, shall ensure that the provisions of section 6(3) insofar a}{\fs24\lang2057\langfe1033\langnp2057\insrsid10703094\charrsid16658399 s they may be applicable are satisfied}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 .
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (3) }{\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 T}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
he Board may approve or reject any application and if approved, may impose such terms and conditions upon the transferee or subscriber (as the case may be) as to the performance of the transferee or subscriber in the carrying on of business as the }{
\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 Boar}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 d may in its discretion determine; Provided that approval by the Board pursuant to this subsectio
n shall not be unreasonably withheld in the case of a transferee or subscriber who satisfies the relevant provisions of section 6(2) or section 6(3) as the case may be.
\par }\pard \ql \li0\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid15030685\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (4) For the purposes of subsection (1), any }{\fs24\lang2057\langfe1033\langnp2057\insrsid10554676\charrsid16658399 \endash }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid10554676\charrsid16658399 
\par 
\par }\pard \ql \li720\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin720\itap0\pararsid10554676 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 issue of}{\fs24\lang2057\langfe1033\langnp2057\insrsid10554676\charrsid16658399  shares or other securities; or
\par }\pard \ql \li0\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin0\itap0\pararsid10554676 {\fs24\lang2057\langfe1033\langnp2057\insrsid10554676\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin720\itap0\pararsid10554676 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid10554676\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 sale transfer or other disposition of shares; or
\par }\pard \ql \li0\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin0\itap0\pararsid10554676 {\fs24\lang2057\langfe1033\langnp2057\insrsid10554676\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin720\itap0\pararsid10554676 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (c)}{\fs24\lang2057\langfe1033\langnp2057\insrsid10554676\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 change in the Articles of Association or governing rules; or }{\fs24\lang2057\langfe1033\langnp2057\insrsid10554676\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin0\itap0\pararsid10554676 {\fs24\lang2057\langfe1033\langnp2057\insrsid10554676\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin720\itap0\pararsid10554676 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (d)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 matter or thing,
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid10554676\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 having the effect of altering the effective ownership or control of any company 
which has any direct or indirect legal or beneficial interest in a trustee company (whether provisionally registere}{\fs24\lang2057\langfe1033\langnp2057\insrsid10554676\charrsid16658399 d or registered) shall be deeme}{
\fs24\lang2057\langfe1033\langnp2057\insrsid12213798\charrsid16658399 d to be a transfer of shar}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 es in that trustee company.
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid10554676\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 15.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10554676\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Share }{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid10554676\charrsid16658399 Capital}{\fs24\lang2057\langfe1033\langnp2057\insrsid10554676\charrsid16658399  - Ev}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ery company }{
\fs24\lang2057\langfe1033\langnp2057\insrsid10554676\charrsid16658399 m}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 aking application pursuant to section 5 to be provisionally registered as a trustee company shall ha}{
\fs24\lang2057\langfe1033\langnp2057\insrsid6175322\charrsid16658399 ve a share capital of not less than $2}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 50,}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175322\charrsid16658399 00
}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 0.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10554676\charrsid16658399 
\par }\pard \qc \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid6175322 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6175322\charrsid16658399 PART III
\par POWERS OF TRUSTEE COMPANIES
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid6175322\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 16.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6175322\charrsid16658399  Trustee }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
Company's power under the International Business Companies Act 1994}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  A trustee company shall have the power to do all things capable of being done by a trustee company under the International Business Companies Act 1994.
\par }\pard \ql \li0\ri0\widctlpar\tx720\tx1584\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid6175322\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 17.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6175322\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12213798\charrsid16658399 Trustee}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid6175322\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Co}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6175322\charrsid16658399 m}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 pany's power to act as Executor and obtain Probate}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  Where any trustee company is appoi
nted either alone or jointly with any other person as executor in the last will or in a codicil thereto of any testator (whether the will or any codicil thereto was made before or after the commencement of this Act) the trustee company may act as executor
 and may apply in Niue or elsewhere for probate of such will and any codicil thereto, and may perform and discharge all the acts and duties of an executor as fully and effectively as any other executor.
\par }\pard \ql \li0\ri0\widctlpar\tx720\tx1584\tx2448\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid6175322\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 18.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6175322\charrsid16658399 Trustee Company's power to act}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  as Admin}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6175322\charrsid16658399 istrator}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175322\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 (1) In any case in Niue or elsewhere in which a person may apply for a grant of letters of administration of the estate of a deceased person (whether with or without the will annexed), that person may
\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid6175322\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin720\itap0\pararsid6175322 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175322\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 join with a trustee company in an application for a grant of letters of administration of the estate to himself and the trustee company jointly; or
\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid6175322\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin720\itap0\pararsid6175322 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175322\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 instead of himself applying, authorise a trustee company to apply for a grant of letters of administration of the estate.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid6175322\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (2) Where administration of a
ny estate, with or without the will annexed, is granted to a trustee company either alone or jointly with any other person the company may do and perform all acts and duties which belong to the office of}{
\fs24\lang2057\langfe1033\langnp2057\insrsid6175322\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 administrator or joint administrator, as the case may be, notwithstanding its incorporation.
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid6175322\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 19.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6175322\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
Trustee Company's power to act as trustee, receiver, etc}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  Where the Court or any judge or other person has power to appoint any person as }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx2448\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid6949005\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2448\faauto\adjustright\rin0\lin720\itap0\pararsid6949005 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid6949005\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 trustee; or
\par }\pard \ql \li0\ri0\widctlpar\tx2448\faauto\adjustright\rin0\lin0\itap0\pararsid6949005 {\fs24\lang2057\langfe1033\langnp2057\insrsid6949005\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2448\faauto\adjustright\rin0\lin720\itap0\pararsid6949005 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 receiver; or
\par }\pard \ql \li0\ri0\widctlpar\tx1440\faauto\adjustright\rin0\lin0\itap0\pararsid6949005 {\fs24\lang2057\langfe1033\langnp2057\insrsid6949005\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx1440\faauto\adjustright\rin0\lin720\itap0\pararsid6949005 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (c)}{\fs24\lang2057\langfe1033\langnp2057\insrsid6949005\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 committee of the estate of a mentally ill person or manager of the estate of an incapable person; or
\par }\pard \ql \li0\ri0\widctlpar\tx2448\faauto\adjustright\rin0\lin0\itap0\pararsid6949005 {\fs24\lang2057\langfe1033\langnp2057\insrsid6949005\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2448\faauto\adjustright\rin0\lin720\itap0\pararsid10494016 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (d)}{\fs24\lang2057\langfe1033\langnp2057\insrsid6949005\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 gua}{\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 rdian of the estate of a minor,
\par }\pard \ql \li0\ri0\widctlpar\tx2448\faauto\adjustright\rin0\lin0\itap0\pararsid10494016 {\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 a trustee company may be so appointed.
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid6949005\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 2}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 0.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12984447\charrsid16658399  }{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Additional powers of a trustee company}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}
{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  A trustee company may be appointed as an agent or as trustee under any settlement or other instrument creating a trust, or to perform any trust or duty which it is autho}{
\fs24\lang2057\langfe1033\langnp2057\insrsid12213798\charrsid16658399 rised by this Act or by its chart}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
er to undertake, and may be so appointed whether the settlement or instrument creating the trust or im}{\fs24\lang2057\langfe1033\langnp2057\insrsid12213798\charrsid16658399 posing the duty was made or cam}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 e into operation before or after the commencement of this Act and either as an original or a new trustee or as an additional trustee and may perform and discharge all the acts
 and duties of a trustee as fully and effectively as any other trustee.
\par }\pard \ql \li0\ri0\widctlpar\tx1008\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 21.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
Trustees Company's Power to Act as Sole Trustee }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (1) Subject to subsection (3) of this section, a trustee company may be appointed or cont
inue to act as sole trustee notwithstanding that it is provided by the terms of the instrument creating the trust or of any power or otherwise that there shall be more than one trustee to perform the trust.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (2) For the purposes of subsection (1) of this s
ection, where a trustee company is appointed or continues to act as sole trustee in the circumstances referred to in that subsection, the trustee company shall be deemed to be equivalent to two trustees.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (3) A trustee company shall not be appointed or be entitled to act as sole trustee in any case in which the instrument creating the trust or power expressly }{
\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 \endash }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 
\par 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10494016 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 forbids the appointment of a trustee company; or
\par }\pard \ql \li0\ri0\widctlpar\tx2304\faauto\adjustright\rin0\lin0\itap0\pararsid10494016 {\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2304\faauto\adjustright\rin0\lin720\itap0\pararsid10494016 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 provides that there shall be another trustee in addition to a trustee company; or
\par }\pard \ql \li0\ri0\widctlpar\tx1440\faauto\adjustright\rin0\lin0\itap0\pararsid10494016 {\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx1440\faauto\adjustright\rin0\lin720\itap0\pararsid10494016 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (c)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 provides that a trustee company shall not}{\fs24\lang2057\langfe1033\langnp2057\insrsid12213798\charrsid16658399  be appointed to act as sole}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  trustee.
\par }\pard \ql \li0\ri0\widctlpar\tx720\tx1584\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 22.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Trust}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 C}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 ompany's }{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 power to act as joint trustee with another}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  (l) A trustee company may act as trustee, executor or agent }{
\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 jointly with another trust c}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ompany or person if the
 instrument under which it acts so provides or if authorised or required to do so by law or if the Court so orders.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 
\par (2) A trustee, com}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 pa}{\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 ny shall not be liable for brea}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ch of trust or loss resulting from any act or omission of a joint trustee, execrator or agent with whom it is acting, unless the company has itself actively particip}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 a}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ted in, or assented to, such breach of trust }{
\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 borr}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 owing it to be a breach of trust.
\par }\pard \ql \li0\ri0\widctlpar\tx1152\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx1152\faauto\adjustright\rin0\lin0\itap0\pararsid10494016 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 23.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 De}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 legati}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 on }{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 a to a Trustee Company}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  It shall be lawful for any executor or administrator, trustee or agent to delegate by deed or writing to a trustee company e}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 ither alone or jointly with}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  any other corporation or }{
\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 pe}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 rson as his attorney all such}{\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 trusts and powers as may be}{\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399  lawfully delegated by him. All acts done}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  by }{\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 the trus}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 tee co
mpany as such delegate shall, as against any person dealing with the trustee company without notice of the revocation of such authority by such executor, administrator, trustee or agent, be valid and effectual notwithstanding such revocation.
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 24.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Delegation of }{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid3896419\charrsid16658399 F}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 unc}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid3896419\charrsid16658399 tion}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 s by a Trustee Company}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  (1) A trustee company may from time to time by }{\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 r}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 esolution of its board of directors del}{\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 egate to any director or to a secre}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 tary of the company either generally or in any particular case or cases}{\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399  such }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 of }{\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 the powers, authorit}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ies, duties 
and functions of the company as are specified in the resolution.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (2) A director or secretary of the company, when acting within the scope of any such delegation to him, shall be deemed to be the company.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (3) The board of directors may by resolution revoke or vary any such delegation.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 
\par (4) In re}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 lation to any particular matters or class }{\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 of matters, a trustee company m}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ay by writing delegate any of its powers or functions, except this power of delegation, to any officer o}{\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 r empl
oyee of the }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
company, so that the delegated powers or functions may be exercised by the delegate with respect to the powers or functions or class of matters specified in the instrument of delegation.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 
\par (5}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ) Every such delegation shall be revocable in w}{\fs24\lang2057\langfe1033\langnp2057\insrsid3896419\charrsid16658399 r}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 i}{\fs24\lang2057\langfe1033\langnp2057\insrsid3896419\charrsid16658399 t}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
ing at will, and no delegation shall prevent the exercise of any power or }{\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 function by the trustee compan}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 y.

\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10494016 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 PART IV
\par MISCELLANEOUS
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 
\par 25. }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Removal from }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid3896419\charrsid16658399 O}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 ff}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ice}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid3896419\charrsid16658399  Whe}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 re a trustee company has been appointed executor, administrator, trustee, agent or attorney,
 whether before or after the commencement of this Act, it shall be subject in all respects to the }{\fs24\lang2057\langfe1033\langnp2057\insrsid3896419\charrsid16658399 same}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 control and to removal or restraint from acting and generally to the jurisdiction of the Court, in the same m}{\fs24\lang2057\langfe1033\langnp2057\insrsid3896419\charrsid16658399 anner}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  as any other executor, administrator, trustee, agent or attorney.
\par }\pard \ql \li0\ri0\widctlpar\tx1152\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 26.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399  Res}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 tricti}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 ons on a }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid3896419\charrsid16658399 T}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
rustee Company's Activities}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 A trustee company shall not carry on any business other than is permitted by its Articles or Memorandum of Association, nor do any act contrary to its Articles or Memorandum of Association.
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 27.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10494016\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Taxation}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 Subject to Section 44 of this Act, a truste}{\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399 e company shall be subject to th}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 e general laws of Niue}{
\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399  im}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 posing income tax, turnover tax, stamp duty or other tax, or impost or deductions of any kind whatsoever.

\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 28. Right to Decline}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  A trustee company may decline, either absolutely or conditionally, to accept any trust or to act in any of the capacities specified in its Memorandum or Articles of Association.
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 29.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Affidavit of Officer}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  In all cases in which, if it 
were a natural person, a t}{\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399 r}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
ustee company would be obliged or authorised to make any affidavit, declaration or statement, it may do so by any of its officers appointed for the purposes.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid5522173 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399 30}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 .}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399  The }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Trustee Company May Act Under Power of Attorney by Managing Director}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 It shall be lawful for a trustee company to act, either alone or jointly with any other person, under any power of attorney by which the company is appointed attorney}{\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 and all the powers conferred, and the duties imposed, upon the company by such }{\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399 power of attorney m}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ay be exercised and carried into execution by the managing director,}{\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 manager or secretary or by such other officer of the company as may from time to time be appointed by the board}{
\fs24\lang2057\langfe1033\super\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 of directors for the purpose or by any two directors of
 the company; but in all cases the capital, both paid and unpaid, and all other assets of the company shall be liable for the due execution of the powers so conferred upon the company.
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 31.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Power to Declare Trusts}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 A trustee company shall have the power to declare or create trusts of property by an instrument in writing, including trusts of property to be held upon lawful purpose trusts.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 32.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Audit}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 (1) Every trustee company shall, at least once in every year, have its accounts audited by a person registered as an accountant with a professional body of accountants and approved by the Registrar.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (2) Within 6 months of the end of the trustee company's financial year the auditor so appointed shall report in writing to
 the trustee company as to the result of the audit and shall forthwith supply a copy of that report to the Registrar.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3896419\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3896419 {\fs24\lang2057\langfe1033\langnp2057\insrsid3896419\charrsid16658399 
(3) The Registrar shall certify to the Board that he has received the auditor's report and whether or not that report is satisfactory.
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 33.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Returns}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  (1) }{
\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 The managing director, manager }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
or secretary of a trustee, in every year during which the trustee company carried on business, shall make a statutory declaration as to the affairs of the tru}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 stee company and in a form
}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  prescribed by regulation.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6175657 {\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par (2) That declaration shall within 7 days after the making thereof be filed with }{\fs24\lang2057\langfe1033\langnp2057\insrsid3896419\charrsid16658399 th}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 e Registrar.
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399 34. Examination }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 of Books and Accounts of a Trustee Company}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  (1) Any person who }{
\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399 \endash }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399 
\par 
\par }\pard \ql \li720\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin720\itap0\pararsid5522173 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 can demonstrate to the satisfaction of the Court an interest under any trust which is for the time being under the control or management of a trustee company; and
\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin720\itap0\pararsid5522173 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 objects to an act or decision of the trustee company on the basis that there was some irregularity or }{\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399 
impropriety by the trustee company in }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 doing that act or making that decision;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 may make application to the Court to ha}{\fs24\lang2057\langfe1033\langnp2057\insrsid1275367\charrsid16658399 ve examined such entri}{
\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399 es in the}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  book}{\fs24\lang2057\langfe1033\langnp2057\insrsid1275367\charrsid16658399 s an}{
\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399 d accounts of the trustee com}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 pany as relate to that act or decision.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5522173\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (2) Where the Court receives an application under subsection (1) of this section, which it believes to be bona fide and not frivolous or vexatious, the Court }{
\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 may appoint a person reg}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 istered as an accountant with a professional body of accountants}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1275367\charrsid16658399  to examine such entries in the}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  books and accounts of the trustee company as relate to the act or decision to 
which objecti}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 on}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  is made.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (3) Where it is established by such an exa}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 m}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ination of the books and accounts of a trustee comp}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 any that there has been an irre}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 gularity or impropriety by the trustee company or by an officer or servant of the trustee company, the Court may make such order as it thinks fit.
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid6175657 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 35.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399  Money Paid to a Tr
}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ust}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 e}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 e Company to be Held in Trust}
{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 Subject to this Act, any money or other valuable consideration paid or given to a trustee company pursuant to any instrument }{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 crea}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ting a trust, shall b}{\fs24\lang2057\langfe1033\langnp2057\insrsid1275367\charrsid16658399 e held by the trustee company, s}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 eparate}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1275367\charrsid16658399 from its own moneys an}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 d other }{\fs24\lang2057\langfe1033\langnp2057\insrsid1275367\charrsid16658399 valuable consideration, in trust for }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 the purposes for which it was paid or given and the trustee}{\fs24\lang2057\langfe1033\langnp2057\insrsid1275367\charrsid16658399  company shall account for them}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  separately.
\par }\pard \ql \li0\ri0\widctlpar\tx720\tx1440\tx2592\tx3024\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 36.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399  A Trustee Company May }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
Obtain Advice}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  (1) A trustee company}{
\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid1275367\charrsid16658399 shall }{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 be }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 entitled to obtain and act upon advice from any person permitted to practise as a lawyer in any country the law of which may have to be ap
plied or taken into account in respect of any trust and having suitable experti}{\fs24\lang2057\langfe1033\langnp2057\insrsid1275367\charrsid16658399 se in trust law, or from any barr}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
ister or solicitor or attorney}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 at}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 law having suitable expertise in trust law and the trustee company shall not be liable for any breach of }{\fs24\lang2057\langfe1033\langnp2057\insrsid1275367\charrsid16658399 t}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 rust or loss resulting }{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 from acting in accordance with su}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ch advice.
\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par (2}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ) Notwithstanding that a trustee company is not liable for any br}{\fs24\lang2057\langfe1033\langnp2057\insrsid1275367\charrsid16658399 e}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ach of trust or loss, it shall hold any money or property recovered, whether by action or otherwise, in}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1275367\charrsid16658399 respect }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 of any loss upon the same trusts as the trusts upon w}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1275367\charrsid16658399 hich the property was held in re}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
spect of which that loss was suffered: Provided that the company shall be entitled to retain or pay out of moneys recovered, or to ra}{\fs24\lang2057\langfe1033\langnp2057\insrsid1275367\charrsid16658399 ise an}{
\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 d retain or pay out of an}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 y property recovered, the costs, charges and expenses of and incidental to the recovery.

\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (3) If a trustee company has available suf}{\fs24\lang2057\langfe1033\langnp2057\insrsid1275367\charrsid16658399 ficient funds the subject of trus}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ts for beneficiaries who have suffered loss as a result of the company acting on advice of the typ
e referred to in subsection (1) of this section or if sufficient funds for the purpose of bringing or continuing a claim or action against the person respo}{\fs24\lang2057\langfe1033\langnp2057\insrsid7997711\charrsid16658399 
nsible for giving such advice a}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 re made available to the trustee company}{\fs24\lang2057\langfe1033\langnp2057\insrsid7997711\charrsid16658399 , the trustee company shall, su}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 bject to the follow}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 ing subsections of this section }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 take all reasonable steps to recover the loss.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (4) For the purposes of the preceding subsection "sufficient funds" means that amount of money which will be sufficient to pro
vide for the payment of the costs and expenses of the company likely to be expended in attempting to obtain recovery of the loss and all costs and expenses which the company may be ordered to pay in attempting to obtain recovery of the loss.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par (5) A tru}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 st}{\fs24\lang2057\langfe1033\langnp2057\insrsid7997711\charrsid16658399 ee company is here}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
by empowered to expend trust moneys in payment for legal costs and expenses on behalf of beneficiaries who have suffered loss notwithstanding that such trusts do not permit such expenditure.
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 37.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399  Com}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
mission fees, charges and expenses levied by a Trustee Company}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  (1) A trustee company shall be entitled }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 

\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin720\itap0\pararsid6175657 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 where it holds an estate on behalf of any person, to receive out of the estate, in addition to all moneys properly expended by the company and fees payable to it, and chargeable against
 the estate, a commission to be fixed from time to time by the di}{\fs24\lang2057\langfe1033\langnp2057\insrsid7997711\charrsid16658399 rectors of the trustee company;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin720\itap0\pararsid6175657 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid7997711\charrsid16658399 in all other cases to levy fe}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
es, charges and expenses in respect of any work performed by the trustee company for or on behalf of any person, but where th
e fee, charge or expenses is prescribed by regulation the trustee company shall charge the prescribed amount. Where no fee, charge or expense is prescribed the directors of the trustee company shall determine the appropriate fee, charge or expense accordi
ng to the circumstances of each case.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (2) Where the Court is of the opinion that any com}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 m}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ission, fee, charge or expense levied in respect of any estate or in respect of any work performed by the company i
s excessive, the Court may, on the application of any person on whose behalf the work was performed, review that commission, fee, charge or expense and reduce it as it thinks fit.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (3) The commission, fee, charge or expense, which a trustee company is enti
tled to receive under this section, shall not in any way be affected or diminished by the fact that any other person may be entitled to a commission, fee, charge or expense in respect of the work performed.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (4) A trustee company shall have the rig}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 ht to share the commission, fee}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  charge or expense to which it is entitled under this section with any other person.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 38.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 Management Fees}{
\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 (1) A trustee company shall be entitled to receive out of any estate in respect of any service provided by the company in its
 administration or management of that estate such management fee as is reasonable having regard to the work involved in providing that service.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (2) The company shall be entitled to receive out of any estate in respect of any service of an unusual nature p
rovided by the company in its administration or management of that estate such management fee as is reasonable having regard to the work involved in provided that service or such fee as has been agreed to by 
a majority of the persons interested in the estate.
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 39.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 Direc}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid7997711\charrsid16658399 tor\rquote s}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399  Fees}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\field\fldedit{\*\fldinst {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 HYPERLINK http://Where.an }{\fs24\lang2057\langfe1033\langnp2057\insrsid6168325\charrsid16658399 {\*\datafield 
00d0c9ea79f9bace118c8200aa004ba90b0200000003000000e0c9ea79f9bace118c8200aa004ba90b2200000068007400740070003a002f002f00770068006500720065002e0061006e002f00000000000000}}}{\fldrslt {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
Where an}}}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  estate has an interest in a company and an officer of the trustee company, in his capacity as such as officer, acts as a director of 
that company for the purposes connected with the ad}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 ministration }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 or management of the estate }{
\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin720\itap0\pararsid6175657 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 the trustee company shall be entitled to receive from the company and to retain any director's fees which would be payable 
to the officer had he so acted otherwise than in his capacity as such an officer; and }{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin720\itap0\pararsid6175657 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 neither the officer nor the estate shall be entitled to receive the fees which the trustee company is entitled to receive under paragraph (a) of this section.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 40.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 A}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 ssets May be Applied in Discharge of Expenses of Administration Notwithstanding }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Notice}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  N
otwithstanding the receipt of actual notice, a trustee company shall be entitled to a}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 ppl}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
y assets of any estate in discharge of the expenses of ad}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 ministration the}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
reof and in payment of any debts incurred by it in the administration of the estate and in payment or appropriation of any com}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 m}{
\fs24\lang2057\langfe1033\langnp2057\insrsid7997711\charrsid16658399 ission due to it and shall not be}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  under any liability 
except to the extent of assets of the estate remaining in its hands from time to time afte}{\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 r making such applications, paym}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ents or appropriations.
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 41}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6175657\charrsid16658399 . }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12526627\charrsid16658399 Charge for Remuneration}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 A trustee company shall have a first charge upon the assets of any estate admi}{\fs24\lang2057\langfe1033\langnp2057\insrsid12526627\charrsid16658399 ni}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 stered by it for any co}{
\fs24\lang2057\langfe1033\langnp2057\insrsid12526627\charrsid16658399 mmission}{\fs24\lang2057\langfe1033\langnp2057\insrsid7997711\charrsid16658399 , fees or remuneration du}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
e to it and any disburs}{\fs24\lang2057\langfe1033\langnp2057\insrsid12526627\charrsid16658399 ement }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 made by it in the administration of the estate.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12526627\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid4655813\charrsid16658399 42.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 C}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid4655813\charrsid16658399 ommon Trust }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 F}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid4655813\charrsid16658399 unds}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 (1) A trustee company may, if authorised by that Board to do so, establish and keep in its books one or mor}{\fs24\lang2057\langfe1033\langnp2057\insrsid4655813\charrsid16658399 e}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 fund}{\fs24\lang2057\langfe1033\langnp2057\insrsid4655813\charrsid16658399 s}{\fs24\lang2057\langfe1033\langnp2057\insrsid197728\charrsid16658399  to be known as}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  common trust funds.

\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4655813\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid4655813\charrsid16658399 The manner }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
in which common trust funds are to be, established, the classes of invest}{\fs24\lang2057\langfe1033\langnp2057\insrsid4655813\charrsid16658399 ment }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 may be mad}{
\fs24\lang2057\langfe1033\langnp2057\insrsid4655813\charrsid16658399 e}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid4655813\charrsid16658399 in respect of such funds and the}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  computation of the interests in such funds}{\fs24\lang2057\langfe1033\langnp2057\insrsid3103218\charrsid16658399 ,}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  m}{\fs24\lang2057\langfe1033\langnp2057\insrsid4655813\charrsid16658399 ay be}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  prescribed by the Board.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid4655813\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 43.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Valuation}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 (1) Where for any purpose a trustee company has to value any shares in companies whether incorporated in Niue or elsewhere, it may adopt as the va}{\fs24\lang2057\langfe1033\langnp2057\insrsid3103218\charrsid16658399 lue of a share such sum as in th}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 e opinion of the }{\fs24\lang2057\langfe1033\langnp2057\insrsid4655813\charrsid16658399 trustee com}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
pany the holder of that share would receive in respect: of that share in the event of the company being voluntarily wound up o}{\fs24\lang2057\langfe1033\langnp2057\insrsid3103218\charrsid16658399 n}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  the date in respect of which the value of th}{\fs24\lang2057\langfe1033\langnp2057\insrsid3103218\charrsid16658399 e share is to be ascertained and shall record the man}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ner in which t}{\fs24\lang2057\langfe1033\langnp2057\insrsid3103218\charrsid16658399 he value has been calculated an}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 d that record shall be available for inspection by any settler, co}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 executor, co}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ad}{
\fs24\lang2057\langfe1033\langnp2057\insrsid4655813\charrsid16658399 ministra}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 tor, co}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 trustee, beneficiary or such other person as the Court may order.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid4655813\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (2) Any person aggrieved by a valuation made under subsection (1) of this }{\fs24\lang2057\langfe1033\langnp2057\insrsid3103218\charrsid16658399 section may apply to the}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  Court within 3 months of the valuation for the Court to review the valuation; and the Court may thereupon, after giving an opportunity to the perso}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 n aggrieved and the trustee com}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 pany to be heard, confirm or vary the va}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 l}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 uation as it thinks fit and make such order as to c}{
\fs24\lang2057\langfe1033\langnp2057\insrsid3103218\charrsid16658399 osts of the application as it th}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 inks fit and every order of the Court made upon such review shall be final.
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 44.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399  Land Trusts}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  A trustee company shall not accept any trust of land in Niue}{
\fs24\lang2057\langfe1033\langnp2057\insrsid3103218\charrsid16658399  or of an}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 y interest in land in Niue.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 45.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Bond Not R}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 equired of T}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 rust}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 e}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 e Co}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 m}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 pany}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 No bond, recognizance or other security for the proper discharge of dirties of a trustee company shall be re}{\fs24\lang2057\langfe1033\langnp2057\insrsid3103218\charrsid16658399 quired t}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 o be given by or on beh}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 alf of the trustee company.
\par }\pard \ql \li0\ri0\widctlpar\tx720\tx1440\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 46.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399  Shares}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 and Stock}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  Where a trust fund administered by a trustee company consists wholly or partly of shares, stock or property in any body or corporation, then, notwithsta}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 nding any law or contract to th}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 e contrary, the company shall be entitled to be registered as the proprietor of su
}{\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 ch shares, stock or property an}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 d the liability of the company in respect of such shares, stock or}{
\fs24\lang2057\langfe1033\langnp2057\insrsid656656\charrsid16658399  property shall not exceed the }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 value of the other assets h}{
\fs24\lang2057\langfe1033\langnp2057\insrsid656656\charrsid16658399 e}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 l
d by the company upon the same trusts as the shares, stock or property are held at the time when actual notice in writing of the amount of the liability is received by the company.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 

\par }\pard \ql \li0\ri0\widctlpar\tx1152\tx1872\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
\par 4}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 7.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399  Insurance}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  (1) A trustee company shall take out such insurance against its liabilities for any breach of trust, for such amount of indemnity as is prescribed by regulation.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (2) Notwithstanding subsection (1) of this sec}{\fs24\lang2057\langfe1033\langnp2057\insrsid656656\charrsid16658399 tion, a trustee company shall n}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ot be obliged t
o insure its liabilities as required thereby if it transfers to, and maintains in, a Liability Reserve Fund established by it under subsection (3) of this section such sum of money as is prescribed by regulation. If a lesser amount than the sum prescribed
 is maintained in the Fund, the amount of the indemnity for which insurance is required by those regulations shall be reduced by the same proportion as the amount maintained in the Fund bears to the sum prescribed.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par (3) A trustee company may establish a Liability Reserve Fund, which shall be the 
property of the company. The assets of the Fund shall be kept apart and accounted for separately from the other assets of the company and shall not form part of the general assets of the company. Subject to the provi
sions of subsections (5) and (6) of this section, the funds shall not be used by the company for any purpose other than the discharge of any liability to the beneficiary of a trust administered by the company for any breach of trust, and such assets shall
 not be available to the general creditors of the company or the members of the company, nor shall any judgement be executed against the assets of the Fund, except as provided in this section.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (4) The assets of the Liability Reserve Fund shall be available
 to any beneficiary of a trust in respect of any liability of a trustee company to him for any breach of such trust and a judgement obtained, or a foreign judgement registered in Niue in respect of any such liability may be executed against those assets.

\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 5}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
) Where at any time the assets of the Liability Reserve Fund exc
eed the sum required by regulation to be maintained in the Fund, those assets which are surplus to such requirement may be transferred out of the Fund so as to become part of the general assets of a trustee company and may thereafter be used by the compan
y
 for any lawful purpose and be available to creditors and members of the company. The Board may direct the company to transfer out of the Liability Reserve Fund any such surplus assets but such direction shall require a transfer out of the Fund only to th
e extent that such surplus exceeds the aggregate of amounts which were transferred to the Fund in accordance with the regulations.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (6) A trustee company shall maintain a bank account at a bank approved by the Board in writing into which the amount standing to the credit of the Liability Reserve Fund }
{\field\fldedit{\*\fldinst {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  HYPERLINK http://shall.be }{\fs24\lang2057\langfe1033\langnp2057\insrsid6168325\charrsid16658399 {\*\datafield 
00d0c9ea79f9bace118c8200aa004ba90b0200000003000000e0c9ea79f9bace118c8200aa004ba90b2200000068007400740070003a002f002f007300680061006c006c002e00620065002f00000000e70000}}}{\fldrslt {\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 shall
}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  be}}}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 paid: Provided that the Board may authorise the investment of the whole or any part of the amount standing to the credit of the Fund in such manner as it may approve and th
e value of such investments shall, for the purpose of determining whether the provisions of this section are being complied with by the trustee company, be their market value from time to time.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (7) Any income earned from investment of the Liability Reserve Fund shall not accrue to the Fund but shall form part of the general income of the trustee company.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (8) For the purpose of ascertaining the net profits of a trustee company in any accounting period the transfers to the credit of the Liability Reserve Fu
nd shall be deemed to be expenditure and transfers of amounts from the Fund to the general assets of the company shall be deemed to be income.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (9) The Board, by notice in writing may require every trustee company to satisfy the Board that the company has complied with the regulations made under this section and, if 
any company fails so to satisfy it, the Board shall direct that company to comply forthwith. If within 60 days after any such direction has been given the company has failed to comply with the r
egulations the Board may apply to the Court for an order appointing a receiver and manager of the company.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (10) A receiver and manager appointed under subsection (9) of this section shall cause the }{\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 com}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 pany to comply with the regulations made under this section and shall retire upon having done so.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
\par (11) If a trustee }{\fs24\lang2057\langfe1033\langnp2057\insrsid6580711\charrsid16658399 company is persistently in bre}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
ach of regulations made wader this section or the receiver and manager appointed under subsection (9) of this section reports that there is no reasonable prospect 
that the company will be able to comply with the regulations, the Court may order that the company be wound up.
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 48. }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 A}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
pplication of Trusts Act 1994 to Trustee}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  Companies}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  The provisions of the Trusts Act 1994 shall apply to a trustee company.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 49.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Secr}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 ec}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 y}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  A trustee company and the officers, serva}{\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
nts and agents thereof, and ever}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 y person appointed under section 34(2) of this Act to examine the books }{\fs24\lang2057\langfe1033\langnp2057\insrsid6580711\charrsid16658399 an}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 d accounts of a trustee company shall not,}{\fs24\lang2057\langfe1033\langnp2057\insrsid6580711\charrsid16658399  without leave of the}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399  Board, m}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ake any}{\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399  }
{\field\fldedit{\*\fldinst {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  HYPERLINK http://disclosu.re }{\fs24\lang2057\langfe1033\langnp2057\insrsid6168325\charrsid16658399 {\*\datafield 
00d0c9ea79f9bace118c8200aa004ba90b0200000003000000e0c9ea79f9bace118c8200aa004ba90b2800000068007400740070003a002f002f0064006900730063006c006f00730075002e00720065002f00000000000000}}}{\fldrslt {
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 disclosure}}}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  as to the existence of any particular trust or estate nor the identity o}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 f any executor, settler, a}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
ppointor, guardian, trustee or beneficiary of any particular trust or estate except as is necessary for the purposes of administering such trust or estate or investing or recovering or getting }{
\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 in the assets thereof or as authorised }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 by this Act.
\par }\pard \ql \li0\ri0\widctlpar\tx720\tx2016\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 50.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 Regulations}{
\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399  Th}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 e Government may from time to time by Order in Cabinet make such regulations as may be deemed necessary
 or expedient for the purpose of giving full effect to the provisions of this Act and for the due administration thereof.
\par }\pard \ql \li0\ri0\widctlpar\tx720\tx1008\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 51. Dealing by a Trustee Company }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 with itself or a Rela}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 te}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 d Company}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  (1) For the purposes o}{\fs24\lang2057\langfe1033\langnp2057\insrsid6580711\charrsid16658399 
f this section a company shall b}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 e deemed to be related to another co}{\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 m}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 pany if both companies are controlled by the s}{\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 am}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 e person or persons.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 (2}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 ) A trustee company shall not, by reason of its fiduciary p}{
\fs24\lang2057\langfe1033\langnp2057\insrsid6580711\charrsid16658399 osition, whether pursuant to th}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 is Act or otherwise, be in any way precluded from }{
\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin720\itap0\pararsid5337766 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 making contracts;
\par }\pard \ql \li0\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin0\itap0\pararsid5337766 {\fs24\lang2057\langfe1033\langnp2057\insrsid16388032\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin720\itap0\pararsid5337766 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid16470735\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 entering into transactions in the ordinary course of business; or }{\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin0\itap0\pararsid5337766 {\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin720\itap0\pararsid5337766 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (c)}{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 undertaking any insurance, financial or agency services, including investing and borrowing funds,
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5337766 {\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 with itself or a related company.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (3) Subject to subsection (4), a trustee company shall not be a}{\fs24\lang2057\langfe1033\langnp2057\insrsid6580711\charrsid16658399 ccountable to any estate or trust}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  for any profit arising from contracts or transactions with or services provided by, itself or a related company.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (4) This section sh}{\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 all not be deemed to empower th}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 e trustee company to d
o anything in addition to what it could otherwise do if the contract, transaction or service had been with any person or company other than itself or a related company.
\par }\pard \ql \li0\ri0\widctlpar\tx720\tx2304\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 52. }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Acting }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 through }{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Subsidiary Company}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 (1) Notwithstanding section 4 any company duly registered under this Act may for the purpose of or in connection with the undertaking of its own business as a trustee company nominate any wholly owned subsidiary company of that company to act as a truste
e or nominee.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
(2) Any wholly owned subsidiary company nominated in accordance with subsection (1) shall not be required to be registered under this Act to act as a trustee or nominee so long as it remains wholly managed, controlled an
d owned by a company duly registered }{\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 un}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 der this Act.
\par }\pard \ql \li0\ri0\widctlpar\tx1728\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx1728\faauto\adjustright\rin0\lin0\itap0\pararsid5337766 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (3)}{\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399  W}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
hen pursuant to subsection (1) any wholly owned subsidiary company acts as a trustee or nominee, the parent company and the subsidiary company shall be jointly and severally liable and responsible for the performance, compliance and}{
\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 observance by the subsidiary company of all the subsidiary's duties and obligations, 
which duties and obligations shall be deemed to include such statutory duties and obligations as are imposed upon trustee companies registered under this Act.
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid5337766 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 53.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399  }{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Power of Exemption}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  (1) Cabinet may, on the advice of the Minister, on its own motion or pursu
ant to an application in writing lodged with the Registrar by a trustee company, exempt that trustee company from all or any of the provisions of this Act}{\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 and any regulations made under this Act any may impose such terms and conditions as it thinks fit as a condition under which that exemption is granted.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (2) The exemption granted pursuant to subsection (1) may be revoked or varied by Cabinet, on the advice of the Minister, at any time.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (3) In dealing with the application under this section, Cabinet shall not be required to act judicially and its decision shall in cases be final.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (4) Any exemption or condition imposed pursuant to subsection (1) shall take effect as from a date to be decided by the Cabinet in its discretion.
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 54.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399  Prohibition }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 by Cabinet}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  }{\fs24\lang2057\langfe1033\langnp2057\insrsid919459\charrsid16658399 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399  (1) Cabinet shall, on the }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 advice of the Minister, have an absolute right, and without assigning reasons, to make an order:
\par }\pard \ql \li0\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx2016\faauto\adjustright\rin0\lin720\itap0\pararsid5337766 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 Prohibiting the registration of any trustee company, or
\par }\pard \ql \li0\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin0\itap0\pararsid5337766 {\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 
\par }\pard \ql \li720\ri0\widctlpar\tx720\faauto\adjustright\rin0\lin720\itap0\pararsid5337766 {\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 directing any trustee company to cease carrying on its business or part of its business immediately within such time as may be specified in the order.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid919459 {\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10825121\charrsid16658399 (2) Any orders made}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  in this section may be revoked or varied by the Cabinet, on the advice of the Minister.

\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10825121\charrsid16658399 (3) In making}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
 an order under this section, Cabinet shall not required to act judicially if such order shall be final.
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 
\par SIGNED }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 AND SEA}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 L}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399  at the As}{
\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 se}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 mbly Cham}{\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 bers this }{
\fs24\lang2057\langfe1033\langnp2057\insrsid7030373\charrsid16658399 28}{\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 th day of March 1994.}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 
\par T}{\fs24\lang2057\langfe1033\langnp2057\insrsid8811986\charrsid16658399 his Act was passed by the Niu}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 e Assembly on the 14th Day of March 1994}{
\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5337766\charrsid16658399 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5337766 {\fs24\lang2057\langfe1033\langnp2057\insrsid16658399 -----------------------------------}{\fs24\lang2057\langfe1033\langnp2057\insrsid13574380\charrsid16658399 
\par }}