12Provisions concerning shares in Trusts

12 Provisions concerning shares in Trusts

(1) The undertaking of a Trust shall be divided into shares.

S. 12(2) amended by No. 29/2024 s. 30(4).

(2) On the appointed day, each of the first members of a Trust who are 18 years of age or over shall be entitled to one thousand shares, and each of the first members of a Trust who are children shall be entitled to five hundred shares, and the total number of shares in each Trust shall be determined accordingly.

(3) A share in a Trust shall be personal property, and shall be transferable in accordance with this Act.

S. 12(4) amended by No. 33/2013 s. 8(1).

(4) A general meeting of a Trust may at any time resolve that the total number of shares in the Trust be amended to a specified number and the number of shares held by each member be correspondingly amended so as to represent the same proportion of the total number of shares as the member held before the amendment.

(5) A resolution made under subsection (4) shall take effect on its being passed, and the Trust shall immediately amend the register of members accordingly.

(6) A Trust shall immediately after its incorporation establish a register of members, showing the name and address of, and the extent of the shares held by, each member of the Trust.

(7) Only those persons whose names appear from time to time in the register of members as the owners of any shares shall be members of a Trust.

S. 12(8) amended by No. 33/2013 s. 8(2).

(8) The Trust may, at the request of any member, issue to the member a certificate under seal showing the number of shares held by the member at the date of issue of the certificate, and any such certificate shall be prima facie evidence of title at the date of its issue.

(9) No member of a Trust shall, by virtue of holding a share in the Trust, have any personal liability whatsoever (whether to the Trust or any other person) in respect of any debts or liabilities of or claims made upon the Trust or any amount by which at any time the assets of the Trust fall short of its liabilities or otherwise.