18FDuty of trustee company not to acquire shares in itself

18F Duty of trustee company not to acquire shares in itself

[Section 18F Inserted by No. 64 of 1985, s. 14 ]

(1)  [Section 18F Subsection (1) amended by No. 2 of 2009, s. 6, Applied:27 Apr 2009] *[Section 18F Subsection (1) amended by No. 43 of 1991, s. 5 and Sched. 1 ]*Notwithstanding anything contained in the trust deed, will, or other instrument under which a trust is created, a trustee company shall not at any time after the administration or management of a trust estate is committed to it, acquire any shares in itself or in any subsidiary or trustee holding company of the trustee company on behalf of that trust estate.

Penalty:  Fine not exceeding 200 penalty units.

(2)  Subsection (1) does not prevent a trustee company from retaining on behalf of a trust estate any shares in itself or from exercising any rights of that trust estate with respect to those shares if those shares were included in the trust estate when its administration or management was committed to the trustee company.