Professional statute overview
Enactment structure, operative effect and source provenance
01
Purpose and legislative effect
“Requires an issued capital of not less than two million shillings or its equivalent.”
Requires an issued capital of not less than two million shillings or its equivalent. The High Court may grant probate or letters of administration to a trust corporation named in a will and a trust corporation acting under such a grant may exercise powers and must perform duties and obligations imposed on executors or administrators by the Succession Act. Section 3(1) applies Succession Act practice and procedure to probate and letters of administration by and to trust corporations; Section 3(2) permits authorised officers to swear affidavits, give security and take other acts on behalf of the trust corporation and makes those acts binding on the corporation. At commencement, any interest vested in a syndic on behalf of a trust corporation vests in the corporation; the corporation must indemnify the syndic in respect of that interest. The section does not apply to securities or land interests registered in the name of a syndic, and any such securities or interests shall be transferred by the syndic to the corporation or as the corporation directs. Section 5(1) makes the Act effective regardless of whether the testator or intestate died before or after its commencement and prevents the vesting or transfer mentioned in section 4 from operating as a breach or giving rise to forfeiture; Section 5(2) excludes persons or estates exempted by section 334 of the Succession Act from Parts XXIX–XL.
02
How the instrument operates
- 01
Start with the recorded version
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- 02
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- 03
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- 04
Verify currency and official wording
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03
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Requires an issued capital of not less than two million shillings or its equivalent.
Section 1
The High Court may grant probate or letters of administration to a trust corporation named in a will and a trust corporation acting under such a grant may exercise powers and must perform duties and obligations imposed on executors or administrators by the…
Section 2
Section 3(1) applies Succession Act practice and procedure to probate and letters of administration by and to trust corporations; Section 3(2) permits authorised officers to swear affidavits, give security and take other acts on behalf of the trust corporation…
Section 3
At commencement, any interest vested in a syndic on behalf of a trust corporation vests in the corporation; the corporation must indemnify the syndic in respect of that interest. The section does not apply to securities or land interest…
Section 4
Section 5(1) makes the Act effective regardless of whether the testator or intestate died before or after its commencement and prevents the vesting or transfer mentioned in section 4 from operating as a breach or giving rise to forfeiture;…
Section 5
04
Source and current-law status
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The source record does not state a definitive current-law status. Check the official publisher and later amendments before relying on this text.