Trust Companies Amendment Act 1993

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Trust Companies Amendment Act 1993
The Laws of Bermuda
Annual Volume of Public Acts 1993 : 13


1993 : 13


[Date of Assent 22 March 1993]

[Operative Date 1 April 1993]

WHEREAS it is expedient to amend the Trust Companies Act

Be it enacted by The Queen's Most Excellent Majesty, by and
with the advice and consent of the Senate and the House of Assembly of
Bermuda, and by the authority of the same, as follows:

Short title
1 This Act may be cited as the Trust Companies Amendment Act

Deletion and replacement of s 4 of Act No 40 of 1991
2 Section 4 is deleted from the Trust Companies Act 1991 ("the
Act") and the following section is substituted—

"Restriction on use of certain words
4 (1) Subject to subsection (3), none of the words "Trust",
"trust", "Trustee" and "trustee", and no grammatical variation of
any of those words, shall be used in a name designating a
business unless the business is that of a licensed trust

(2) Subject to subsection (3), if a person, being an
officer, employee or agent of a business, uses any of the words
"Trust", "trust", "Trustee" or "trustee", or any grammatical



variation of any of those words, in a name designating the
business when he knows that the business is not that of a
licensed trust company, he commits an offence against this Act.

(3) Notwithstanding subsections (1) and (2), it is lawful
for a company which is not a licensed trust company to use the
word "Trust", "trust", "Trustee" or "trustee", or a grammatical
variation of such a word, in the name of the company, or in a
name designating its business, if the company simultaneously
uses the word "Private" or the word "private" or the abbreviation
"(Pvt.)" in that name; and a person who in referring to a business
refers to it by a name which it would be lawful for the company
carrying on that business to use by virtue of this subsection in
relation to that business is not guilty of an offence under
subsection (2).".

Amendment of s 9(1)
3 Subsection (1) of section 9 of the Act is amended by deleting "a
licence fee of $1,000" and substituting "to the Registrar of Companies a
licence fee of $10,000".

Deletion and replacement of s 24
4 Section 24 is deleted from the Act and the following section is

"Publication of certain information
24 (1) The Minister shall publish information as follows.

(2) He shall publish in the Gazette, in such form and
at such times as he thinks fit, notice of the grant, cancellation
and variation of licences.

(3) On or before 1st June 1993, and on or before 1st
April annually thereafter, he shall publish in the Gazette a list of
the trust companies holding licences which are in force on the
date of publication.".

5 This Act comes into operation on 1st April 1993.