11Calls on shares

11 Calls on shares

[Section 11 Substituted by No. 64 of 1997, s. 4, Applied:01 Apr 1998] Subject to the provisions of any instrument creating a trust –

(a) a trustee may apply capital money subject to the trust in payment of calls on shares subject to the same trust; and

(b) if the trustee is a trustee company, it may exercise the powers conferred by this section whether or not the shares on which the calls are made are shares in the trustee company.