(1) The objects of a trust company may be any or all of, but shall not exceed, the following:
(a) to accept and execute the offices of executor, administrator, trustee, receiver, receiver and manager, assignee, liquidator, guardian of the property of an infant, committee of the estate of a mentally disordered person or other like office of a fiduciary nature;
(b) to act as attorney or agent for the collection, receipt and payment of money, and for winding up estates, and for the sale or purchase of any movable or immovable property;
(c) to act as agent for the management and control of movable and immovable property for and on behalf of the owners thereof, or for or on behalf of executors, administrators or trustees;
(d) to act as investing and financial agent for and on behalf of executors, administrators and trustees or any other persons whatsoever, and to receive money in trust for investment and to allow interest thereon until invested; and to undertake for and on behalf of executors, administrators and trustees or any other persons whatsoever the negotiation of loans of all descriptions and the procuring and lending of money on the security of any description of property, immovable or movable, or without taking any security on such terms as may be arranged, and to advance and lend moneys to protect any estate, trust or property entrusted to the company as aforesaid and to charge interest upon any such advances:
Provided that nothing herein contained shall be held either to restrict or extend the powers of the company as trustee or agent under the terms of any trust or agency that may be conferred upon it;
(e) to take securities of such nature as are deemed expedient for any moneys owing to the company;
(f) to be the custodian on such terms as are agreed upon of any moneys, securities, jewellery, plate or other valuable property and of papers, documents, deeds, wills, debentures and other evidence of title or indebtedness;
(g) to receive and manage any sinking, redemption, guarantee or any other special fund or deposit and to act as agent for countersigning, registering or otherwise ascertaining and certifying the genuineness of any issue of shares, stocks, bonds, debentures or other securities for money of any government, municipal or other corporate body or of any association, whether incorporated or not, duly authorized to issue and make such issue and to hold any such securities as agent or trustee, and to act generally as agent for any such government, municipal or corporate body or association;
(h) to acquire and hold immovable property for the actual use and occupation of the company or of any of its officers and servants; and to erect, construct, enlarge, alter and maintain any buildings necessary or convenient for the said purpose; and to sell or otherwise dispose of any such immovable property if not required for the said purposes;
(i) to hold land which, having been mortgaged or charged to the company, is acquired by it for the protection of its investments; and, from time to time, sell, mortgage, charge, lease or otherwise dispose thereof;
(j) to deposit the moneys of the company not immediately required with any bank or banks at interest until the moneys can be more permanently invested, and to invest the moneys of the company in accordance with section 18;
(k) to borrow moneys, and secure the repayment thereof with interest, in accordance with section 20;
(l) to receive and collect such remuneration for its services as is agreed upon or as fixed or allowed from time to time by law, and all usual and customary charges, costs and expenses;
(m) to support and subscribe to any charitable or public object and to any institution, society or club which may be for the benefit of the company or its employees or may be connected with any town or place where the company carries on business; to give pensions, gratuities or charitable aid to any person or persons who may serve or have served the company or to the wives, children or other relatives of those persons; to make payments towards insurance and to form and contribute to provident and benefit funds for the benefit of any persons employed by the company:
Provided that no such subscription, gift, payment or contribution shall be given or made, except out of profits of the company available for distribution as dividend;
(n) to carry on in Singapore and Brunei or in either of them, but not elsewhere except so far as may be incidental to and necessary for the proper performance of the duties of any office held by the company in Malaysia, Singapore, or Brunei, any business or to hold any office which a trust company is by this Act authorized to carry on or to hold in Malaysia;
(o) to acquire and undertake the whole or any part of the business of any person or company of a like nature to any business which a trust company is authorized to carry on, and in consideration for the acquisition to undertake all or any of the liabilities of the person or company and to issue shares to the person or company; and
(p) to do all such other things as are incidental or conducive to the attainment of the aforementioned objects or any of them.
(2) Nothing in this section shall be construed to authorize any trust company to engage in the business of banking, or insurance business, or the business of a deposit, provident or benefit society.
(3) No trust company shall carry on any business or execute any office other than the businesses or offices included in the objects set out in subsection (1).