56Business, power to convert into, or sell to, a company

##### 56. Business, power to convert into, or sell to, a company (1) A trustee may at any time, at the expense of the trust property, convert or join in converting any business into a company limited by shares in such manner as he thinks fit; and may, at the like expense, promote and assist in promoting a company for taking over the business; and may sell or transfer the business and the capital and assets and goodwill thereof, or any part thereof, to the company, or to any company having for its objects the purchase of such a business, in consideration, in either case, wholly or in part of ordinary or preference shares wholly or partially paid up of any such company, or wholly or in part of debentures, debenture stock, or bonds of any such company, and as to the balance (if any) in cash payable immediately, or by any instalments with or without security. (2) A trustee may retain as an investment of the trust any shares, debentures, debenture stock or bonds received by him in consequence of the exercise by him of any power conferred by subsection (1). [Section 56 amended: No. 1 of 1997 s. 12.]