Singapore legislation

Clause 15

Power to deposit at bank and to pay calls

(1)

Trustees may, pending the negotiation and preparation of any mortgage or charge, or during any other time while an investment is being sought for, pay any trust money into a bank to a deposit or other account, and all interest, if any, payable in respect thereof shall be applied as income.

(2)

Trustees may apply capital money subject to a trust in payment of the calls on any shares subject to the same trust.

Read in full context — Trustees Bill →