Power of Public Trustee to hold and be registered as holder of shares, &c., in companies
52 Power of Public Trustee to hold and be registered as holder of shares, &c., in companies
The entry of the Public Trustee by that name in the register of shareholders of a company shall not constitute notice of a trust.
No company shall refuse to enter the name of the Public Trustee in its register of shareholders by reason only that the Public Trustee is a trustee or is a corporation.
Where any estate which is being administered by the Public Trustee consists wholly or partly of shares in any body, whether corporate or not, or in any association, or where such shares are vested in the Public Trustee under the terms of any trust instrument, or are purchased by him in the exercise of any trust, direction, or authority imposed or conferred upon him, notwithstanding any law affecting the registration of persons holding shares as trustees or in any other representative capacity, the Public Trustee shall be entitled to be registered as the proprietor of such shares as trustee or in any other representative capacity as he may require.
The liability of the Public Trustee in respect of any such shares as aforesaid shall not in any case exceed the value of the other assets, which, when any demand is made for the satisfaction of any such liability, he holds in trust for the person beneficially entitled to such shares.
If such assets as aforesaid are insufficient to meet such liability, then such body or association and any person lawfully acting on its behalf shall have the same rights and remedies, in respect of any unpaid balance of such liability, against any such person so beneficially entitled as if the latter were the registered proprietor of such shares.
The Public Trustee, upon registration, shall for all purposes, excepting such liability as aforesaid, be deemed to be the registered proprietor of any such shares, and neither the body nor association aforesaid, nor any person dealing with the Public Trustee, shall be concerned to see or inquire whether any sales, dealings, or transactions by or with the Public Trustee are or are not within his powers.
In this section the term shares includes debentures and debenture stock.
Notwithstanding the provisions of any Act, charter, deed of settlement, or other instrument, the number of shares in the capital of any bank that may be held by the Public Trustee in his corporate capacity shall not be subject to any limit.
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