trust corporation

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trust corporation

a company that has as its main or subsidiary sphere of operations the administration of trusts, with itself as TRUSTEE. The company should have an issued capital of at least £250,000, of which at least £100,000 should have been paid up. It is empowered to charge fees for its services at a level not higher than those charged by the public trustee.

The public trustee, set up under the Public Trustee Act 1906, is in effect the nationalized trust corporation. Its fees maybe altered from time to time by statutory instrument.

References in periodicals archive ?
Trust corporations are included in the liberalized foreign banking regulation and are allowed to increase ownership up to 100 percent.
In June, the BSP eased up on the P300-million minimum capital compliance for trust corporations to encourage more interests in spinning off trust departments from regular banks.
Trust corporations are allowed to set up with only P100 million as initial capitalization, and then build up to P300 million in the course of five years from inception.
In 2011, the BSP allowed the establishment of a separate trust corporation and a bank can invest as an affiliate in the new trust company, which by BSP definition, is a company engaged in trust and other fiduciary business and investment management activities which will act as trustee or financial consultant, investment adviser or portfolio manager or administer any trust or hold property in tryst or on deposit for the use and benefit of others.
The AUM of the trust corporation will not form part of the parent bank and/or quasi-bank's SBL and DOSRI ceilings while the purchases by the trust corporation in behalf of its clients of securities or instruments issued by its parent bank and/or quasi bank will not form part of the trust corporation's SBL and DOSRI caps.