Trust Corporations (Probate and Administration) Act

Requires an issued capital of not less than two million shillings or its equivalent.

Jurisdiction: Uganda
Instrument: Act or statute
Citation: Chapter 163
Version: Undated source snapshot
Language: en

Source attribution: Source: Uganda Legal Information Institute

Statute overview

About this statute

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.

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Provisions of Trust Corporations (Probate and Administration) Act

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1. Interpretation

Requires an issued capital of not less than two million shillings or its equivalent.

Section 1. Interpretation Section has for the time being an issued capital of not less than two million shillings or its equivalent; or
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2. Grant of probate, etc. to trust corporations

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 2. Grant of probate, etc. to trust corporations Section 2(1) Notwithstanding anything contained in the Succession Act, the High Court may— Section 2(1)(a) where a trust corporation is named in a will as executor, whether alone or jointly with another person, grant probate to the corporation either solely or jointly with another person, as the case may require; and Section 2(1)(b) grant letters of administration to a trust corporation, either solely or jointly with another person, and the corporation may act accordingly as executor or administrator, as the case may be. Section 2(2) A trust corporation which acts as executor or administrator in accordance with a grant made under subsection (1) may exercise such powers and shall perform such duties and be subject to such obligations and liabilities as are conferred and imposed on executors or administrators, as the case may be, by the Succession Act. Section 2(3) Probate or letters of administration shall not be granted to a syndic or nominee on behalf of a trust corporation.
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3. Procedure

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.

Section 3. Procedure Section 3(1) Subject to the provisions of this section, the provisions of the Succession Act relating to the practice and procedure to be followed in applications for and grants of probate and letters of administration shall apply to applications for and grants of probate and letters of administration by and to trust corporations under the provisions of this Act. Section 3(2) Any officer authorised for the purpose by a trust corporation or the directors or governing body thereof may, on behalf of the corporation, swear affidavits, give security and do any other act or thing which the court may require with a view to the grant to the corporation of probate or letters of administration, and the acts of an officer so authorised shall be binding on the corporation.
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4. Syndic's interest to vest in 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 4. Syndic's interest to vest in corporation Section 4(1) Where, at the commencement of this Act, any interest in the estate of a deceased person is vested in a syndic on behalf of a trust corporation acting as the legal representative of that person, that interest shall, by virtue of this Act, vest in the corporation, and the syndic shall be kept indemnified by the corporation in respect of that interest. Section 4(2) This section shall not apply to securities registered or inscribed in the name of a syndic or to an estate or interest in land registered under the Registration of Titles Act in the name of a syndic, but any such securities, estate or interest shall be transferred by the syndic to the corporation, or as the corporation may direct.
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5. Effect and saving

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.

Section 5. Effect and saving Section 5(1) This Act shall have effect whether the testator or the intestate died before or after the commencement of this Act, and no such vesting or transfer as is mentioned in section 4 shall operate as a breach of covenant or condition against alienation or give rise to a forfeiture. Section 5(2) This Act shall not apply in the case of a deceased person who is, or whose estate is, exempted under the provisions of section 334 of the Succession Act from the operation of Parts XXIX to XL of that Act or from any of those Parts.

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Trust Corporations (Probate and Administration) Act

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Provisions of Trust Corporations (Probate and Administration) Act

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