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Trustees Act 1962
23Calls on shares, trustees' powers as to
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##### 23. Calls on shares, trustees’ powers as to
Subject to the instrument creating the trust —
(a) a trustee may apply capital money subject to a trust in payment of calls on shares subject to the same trust; and
(b) if the trustee is a trustee corporation, it may exercise the powers conferred by this section despite the shares on which the calls are made being shares in the trustee corporation.
[Section 23 inserted: No. 1 of 1997 s. 6.]