Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1694875010553.pdf (Guyana)
64 THE OFFICIAL GAZETTE LEGAL SUPPLEMENT - B 21ST FEB., 1977 'L judgm'ent tion, or by the order, judge or court in Guyana or elsewhere such terms as may be agreed upon or as any such judge or court shall in the case of disability , ap­ prove; or decree of any and on transfer receipts and maintain , debenture (b)to establish an office or place of busi­ body, syndi­ shares, stockSJ, notes, war­ of any corporate and register stock, or other securities agent or registrar corporate ness for or on behalf cate or trust; bonds, debentures of, and rants, deposit to act as fiscal or transfer of or for any government, municipality, body, trust, trustee or syndicate , whether incorporated or unincorporated whether in Guyana or elsewhere, or for any agent or representative thereof, such capadty money; (c)to act as trustee under any mortgage, bond, and disburse to receive deben­ and in by any municipality, of, or trustee under, person, with or without of any deceased of any deceased the will an­ person, or as issued ture or other security corporate body or as executor the last will and testament or as administrator nexed of the estate administrator under any assignment and as custodian the Corporation banking; (d) to receive trustee, of an intestate estate or as trustee for the benefit provided shall not carry on the business of creditors however that of money in trust for the purposes and to invest and accumulate it at such herein rates of interest as may be obtained there­ specified, lawful for; (e)to take, accept, liquidator, arbitrator, ad­ the offices of executor, auditor, tutor or curator, of a lunatic, and execute trustee, accountant, , assignee receiver , official guardian, or committee administrator, justor, sequestrator judicial adviser or to act as agent for any of the foregoing, and perform the duties of such offices or trusts as fully and completely as any person so appointed could do, and to receive, take, hold, administer any property whatever, of or connected provided however carry on the business with any of
 such offices or trusts, that the Corporation shall not and dispose which may be the subject of banking; and manage any sinking fund on such of tenns as may be agreed upon; to take, hold and (£) to receive ' 11ST FEB., 1977 THE OFFICIAL GAZETTE LEGAL SUPPLEMENT - B 65 deed, will, whatever or corporate to any individual established transfers assignment, or otherwise, them according declared, transfer, accept by grant, devise, what­ any property bequest ever upon any lawful trusts and perform and to the· terms and for the execute or agreed upon, to purposes and conveyances of accept and receive and hold the same jointly any property with others or separately in trust for the purpose of securing the payment of any sums of money or the per­ of any obligations; formance of trust monies, deposits (g)to receive other like property porate body and to take and receive as bailees for safe keeping plate, debentures, wills, and other evidence ness, and generally whatsoever, ate or lease and hire vaults, ceptacles the Corporation jewellery, ponds, documents, deeds, of title and indebted­ of any kind securities and or cor­ from any individual upon deposit for the use, purposes and others.
maintain safes and other re­ bullion, papers, and to construct, securities, all valuables shares, stocks, money, specie, and benefits and storage, and oper­ body of (h)to act as investing and managing agent of pro­ perties trators (i) to receive adminis­ or jointly in its capacity with other moneys and re­ for and on behalf of executors, and trustees for other persons; by of money for investment or agent, as trustee at a fixed date, or after notice, that any money so received provided on deposit on demand, and bearing deposits the Corporation separately payable however, shall not be repayable at such rate or rates from time to time interest as may be agreed between the Corporation and the depositor.
s or receipts therefor and provisions the Corporation poration money and interest of interest interest capital reir.uneration '"jf the Corporation .and the fact that the Corporation the payment of such at the agreed rate to retain any in excess of the amount of payable to the depositor and the services to the investment; as may be agreed upon between and the ('cr­ thereon and shall be entitled and profit anrl mterest in such form and containing and to i�sue certificate and the depositor for the guarantee may guarantee in relation such terms guaranteeing as 66 THE OFFICIAL ----------- -- GAZETTE LEGAL SUPPLEMENT - B 21ST FEB., 1977 pro rata, and the Corporation shall be deemed tor a guaranteed or de­ thereon above, thereof for the depositor and the Corporation the payment of such money or interest at an agreed rate of interest as provided a loan or an issue of bonds or shall not constitute debentures, to hold all moneys so received investment as trustee positors shall set aside on its books and mark therein accounts held in trust for the deposito positors of the moneys so for the time for guaranteed senting posit with any bank in Guyana or elsewhere securities, including equal to the full aggregate for the time being held for guaranteed ment as aforesaid; creditors or right to such investments of such depositor paid; amount of the moneys invest­ and future all r or de­ being held repre­ investment the same including any investments cash or money on de­ shall have no claim so long as the claims of the Corporation and the present or depositors have not been and loans made upon securities, receiving (j) to act as agent or attorney rents, coupons, mortgages, or collecting takings, terest, tures or other securities demands of any nature, chase of any property whatever act in all matters in the nature agency; (k)to advance for winding up under­ in· any principal, debts, deben­ of debt or or evidences and in the sale or pur­ to and generally of a trust or general moneys to protect any trust or pro­ interest upon any such advances; perty entrusted to the Corporation lawful ing herein shall be held either mend the powers of the Corporation or agent under the terms of any agency that may be conferred upon it; and to charge but noth­ or to to restrict as trustee acquire, enjoy, man<!ge, administer (l) to purchase, mvest in.
lease or .

:>therwise sell or otherwise dispose of hold, occupy, gage, pledge, convey, any irnmovcil>Je property or any shares, stocks, promissory notes bills of exchange, bonds, deben­ tures, l!lOrtgages and other securities or any other movable (m) to develop by the Corporation interested, and turn to accou nt ci .

.11.y land acquired or in which the Corpo ration is by laying ottt and pr� in particular, property; mort· 72 THE OFFICIAL - - - - ------- - ---- ----' - GAZE'M'E LEGAL SUPPLSMBNT - B !lsr Fa.
lffl stalment the Corporation.

s of the purchase price of the corresponding shares in Vest.Jog ot ,and1 a.;se¢s transfer Of Ii bH � cs.

.

8.

(1) The assets of the Company (including are hereby transferred interests) without vest in the Corporation.
assurance, to and shall, rights and further (2)Without prejudice of paragraph (a) all loans made by the Company (together to the generality (1)- with any unpaid (whether prior to the appoint­ interest thereon) wholly or partly) immediately ed day shall be deemed to have been made by the Corporation; remaining of whatever notes, bills of sale, charges (b)all promissory other instruments CompaJ\Y, being loans (together unpaid (whether thereon) partly) immediately prior to the appointed shall have effect as if they had been made favour of, or assigned to, the Corporation, case may be; and kind held by the with any interest wholly or day, in remaining as the made of insurance either therefrom ( c)all the benefits of any policies or in respect of property of insur­ and every policy by the Company or by borrowers as collateral security secured by a mortgage ance assigned borrowers, made in favour as the case may be.
(3)Liabilities by, or attaching shall have effect incurred in favour of the Company by as if they had been of, or assigned to, the Corporation, to, the Company and subsisting discharged the liabilities immediately by, and be enforceable prior to the appointed day the Corporation shall be as if against, had been incurred by the Corporation.
anything (4)The reconstitution of the Company and its establish­ shall not prejudice financial institution which remains to be done or forborne ment as a co-operative or affect done and in order to give effect to the foregoing rig,hts to contractual relation instruments mencing adaptations and liabilities, in relation to to be paragraphs in all documents or any period com­ and modifications.
with the appointed of any kind shall, day, be construed with all necessary (5)All proceedings for the enforcement ferred or attached may be continued proceedings may be amended accordingly.

of any rights or liabilitie to the Corporation by or again.st the Corporation, prior to the appointe d day s which are trans-­ by virtue of this Order and any such commenced