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Trustee Companies Amendment Act 1987

COOK ISLANDS

TRUSTEES COMPANIES AMENDMENT ACT
1987, No. 8

ANALYSIS

Title

1. Short title
2. Acting through subsidiary company

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1987, No. 8

An Act to amend the Trustee Companies Act 1981-82

(19 August 1987

BE IT ENACTED by the Parliament of the Cook Islands in Session assembled, and by the authority of the same, as follows:

1. Short title - This Act may be cited as the Trustee Companies Amendment Act 1987 and shall be read together with and deemed part of the Trustee Companies Act 1981-81 (hereinafter referred to as "the principal Act").

2. Acting through subsidiary company - The principal Act is amended by inserting after section 4 of the following section:

"4A. Acting through subsidiary company - (1) Notwithstanding section 4 any company duly registered under this Act may for the purpose of or in connection with the undertaking of its own business as a trustee company nominate any wholly owned subsidiary company of that company to act as a trustee or nominee.

(2) Any wholly owned subsidiary company nominated in accordance with subsection (1) shall not be required to be registered under this Act to act as a trustee or nominee so long as it remains wholly managed, controlled and owned by a company duly registered under this Act.

(3) When pursuant to subsection (1) any wholly owned subsidiary company acts as a trustee or nominee, the parent company and the subsidiary company shall be jointly and severally liable and responsible for the performance, compliance and observance by the subsidiary company of all the subsidiary’s duties and obligations, which duties and obligations shall be deemed to include such statutory duties and obligations as are imposed upon trustee companies registered under this Act."

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This Act is to be administered by the Cook Islands Monetary Board.