General
Guardianship of person prohibited
31.  No trust company shall be appointed to be guardian of the person of an infant or committee of the person of a mentally disordered person.
Restriction on holding of shares
32.  No member of a trust company shall at any time hold shares in the capital of the company to an amount exceeding one fifth of the issued capital of the company for the time being.
Voluntary winding up or disposal of shares may be restrained
33.  So long as any estate in respect of which a trust company is trustee remains in whole or in part unadministered, it shall not be lawful to proceed to wind up the company voluntarily, unless with the sanction of the court, and it shall be lawful for any person interested in the estate, or who may have any claim in respect thereof, to apply to the court in a summary way by motion to restrain any director or any shareholder from disposing of any shares which that director or shareholder may hold in the company or to restrain the winding up voluntarily of the company, and the court shall have power to make such order as it thinks just.
Liability and powers of company
34.  Subject to the provisions of this Act, the liability of every trust company to the person or persons interested in any estate held by the company as executor, administrator, trustee, receiver, liquidator, assignee, guardian, or committee, or in any other official or business capacity is the same as if the estate had been held by a private person in the like capacity, and the powers of the company are the same as those of a private person in the like capacity.
Registration of trust company as shareholder, etc., not notice of a trust
35.  Neither the application by a trust company for registration as a member or shareholder in the books of any company or corporation nor the entry of the name of a trust company in the books of any company or corporation constitutes notice of trust, and no company or corporation is entitled to object to enter the name of a trust company on its books by reason only that the company may be or is a trustee, and, in dealings with property, the fact that the person or one of the persons dealt with is a trust company does not of itself constitute notice of a trust.
Unclaimed money to be paid into court
36.—(1)  All money and securities which remain in the hands of a trust company, as trustee, unclaimed by the person entitled to them for a period of 6 years after the time when they became payable to that person (except where payment has been restrained by order of a court of competent jurisdiction), together with such interest, if any, as has been received by the company in respect thereof, less any commission or other charges properly chargeable by the company, shall be paid by the company into court under and in accordance with section 65 of the Trustees Act [Cap. 337].
(2)  It is not necessary for the company to comply with this section more often than once in any year nor is it necessary for the company to obtain the concurrence or consent of any person to such payment into court.
Fees
37.—(1)  There shall be paid to the Registrar in respect of the matters mentioned in the Schedule the several fees specified therein.
(2)  All fees collected by the Registrar under this Act shall be paid into the funds of the Authority.
[Act 3 of 2004 wef 01/04/2004]
(3)  The Minister may from time to time, by notification in the Gazette, add to or alter the Schedule.