Section 23. Special provision as to winding up. (TRUST COMPANIES ACT 1949 (REVISED - 1973)

ACT 100
TRUST COMPANIES ACT 1949 (REVISED - 1973)

WINDING UP

Section 23. Special provision as to winding up.

The Court may order the winding up of a trust company in accordance with the Companies Act 1965, and the provisions of that Act shall apply accordingly, subject, however, to the modification that the company may be ordered to be wound up on application made by or on behalf of the Minister of Finance showing-

(a)

that the company has made default in complying with a requirement of this Act and that default has continued for a period of two months after notice of default has been served upon the company; or

(b)

that from the consideration of the report of an inspector appointed under section 22 it appears to him that the company is insolvent or has committed a breach of trust.