CHAPTER 62
ADMINISTRATION OF ESTATES (TRUST CORPORATIONS) ACT

Arrangement of Sections

   Section

   1.   Short title

   2.   Interpretation

   3.   Special cases

   4.   Power to grant representation to a trust corporation

   5.   Affidavits

   6.   Sealing of grant of probate

   7.   Vesting in the corporation

   8.   Effect

   9.   Penalties

AN ACT

to enable bodies corporate to act as executors and administrators; and to provide for matters incidental to or connected therewith.

[17th August, 1956]

Act 27 of 1956,

Act 13 of 1994,

SI 72 of 1964.

1. Short title

This Act may be cited as the Administration of Estates (Trust Corporations) Act.

2. Interpretation

In this Act, unless the context otherwise requires—

“trust corporation” means—

      (a)   any incorporated banking or insurance or guarantee or trust company which has a capital (in stock or shares) for the time being issued of not less than five hundred kwacha, of which not less than two hundred kwacha shall have been paid up in cash; or

      (b)   any body corporate which has a capital (in stock or shares) for the time being issued of not less than five hundred kwacha, of which not less than two hundred kwacha shall have been paid up in cash, and which is for the time being empowered (by the British Act, Act, charter, memorandum of association, deed of settlement or other instrument constituting it or defining its powers) to undertake trust business, but for so long a time only as such body corporate shall not, by any prospectus, circular, advertisement or other document issued by it or on its behalf, state or hold out that any liability attaches to the general revenues of the Republic in respect of any act or omission of such body corporate when acting as an executor or administrator.

[S 2 am by SI 72 of 1964.]

3. Special cases

Notwithstanding anything contained in the definition of "trust corporation"  in section 2, a company or body corporate which would be a trust corporation but for the fact that it does not for the time being fulfill the requirements as to capital in paragraph (a) or (b) of the said definition may act as executor or administrator in any particular case with the leave of the High Court and on giving such security as the High Court may determine and, thereupon, for the purpose of so acting as executor or administrator, such company or body corporate shall be deemed to be and to have the rights, powers and duties of a trust corporation under this Act.