Definition of trust corporation in English:
A corporation empowered to act as a trustee, provided that it is a registered company which satisfies certain conditions.
- A trustee may also retire, without a fresh appointment being made to replace him, under TA 1925, s. 39 but only if there remain at least two trustees or the remaining trustee is a trust corporation.
- A trust corporation alone can give a valid receipt for capital money arising from the sale of land.
- The requirement to pay capital money to two trustees or a trust corporation was newly introduced by the 1925 legislation.
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