Administration of Estates (Trust Corporations) Act, 1956

This section gives the Act’s short title: the Administration of Estates (Trust Corporations) Act.

Jurisdiction: Zambia
Instrument: Act or statute
Citation: Act 27 of 1956
Version: 31 Dec 1996
Language: en
Official source: View official record ↗

administrator appointment affidavits asset transfer corporate classification corporate fiduciaries corporate liability court powers estate administration executor appointment fines sealing grants security trust business trust corporations trusts

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About this statute

This section gives the Act’s short title: the Administration of Estates (Trust Corporations) Act. This section defines “trust corporation” for the Act. A qualifying company or body corporate may act as executor or administrator in a particular case if the High Court gives leave and sets any required security. The High Court may grant probate or administration to a trust corporation, and the corporation may act as executor or administrator. It may not be granted to a syndic, nominee, or attorney on behalf of the corporation. Authorized officers of a trust corporation, or its directors or governing body, may swear affidavits, give security, and do other acts required by the court for probate or administration.

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Provisions of Administration of Estates (Trust Corporations) Act, 1956

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1
Short title ........................................................................................................................................................................................................... 1
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This section gives the Act’s short title: the Administration of Estates (Trust Corporations) Act.

1. Short title This Act may be cited as the Administration of Estates (Trust Corporations) Act.
2
Interpretation .................................................................................................................................................................................................... 1
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This section defines “trust corporation” for the Act.

2. Interpretation In this Act, unless the context otherwise requires— "trust corporation" means— (a) any incorporated banking or insurance or guarantee or trust company which has a capital (in stock or shares) for the time being issued of not less than ﬁve hundred thousand kwacha, of which not less than two hundred thousand kwacha shall have been paid up in cash; or (b) any body corporate which has a capital (in stock or shares) for the time being issued of not less than ﬁve hundred thousand kwacha, of which not less than two hundred thousand kwacha shall have been paid up in cash, and which is for the time being empowered (by the British Act, Act, charter, memorandum of association, deed of settlement or other instrument constituting it or deﬁning its powers) to undertake trust business, but for so long a time only as such body corporate shall not, by any prospectus, circular, advertisement or other document issued by it or on its behalf, state or hold out that any liability attaches to the general revenues of the Republic in respect of any act or omission of such body corporate when acting as an executor or administrator. [As amended by S.I. No. 72 of 1964]
3
Special cases ..................................................................................................................................................................................................... 1
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A qualifying company or body corporate may act as executor or administrator in a particular case if the High Court gives leave and sets any required security.

3. Special cases Notwithstanding anything contained in the deﬁnition of "trust corporation" in section two, a company or body corporate which would be a trust corporation but for the fact that it does not for the time being fulﬁl the requirements as to capital in paragraph (a) or (b) of the said deﬁnition may act as executor or administrator in any particular case with the leave of the High Court and on giving such security as the High Court may determine and, thereupon, for the purpose of so acting as executor or administrator, such company or body corporate shall be deemed to be and to have the rights, powers and duties of a trust corporation under this Act.
4
Power to grant representation to a trust corporation ....................................................................................................................... 1
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The High Court may grant probate or administration to a trust corporation, and the corporation may act as executor or administrator. It may not be granted to a syndic, nominee, or attorney on behalf of the corporation.

4. Power to grant representation to a trust corporation (1) The High Court may— (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; By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 1 Administration of Estates (Trust Corporations) Act, 1956 (Chapter 62) Zambia (b) grant 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. (2) Probate or administration shall not be granted to a syndic, nominee or attorney on behalf of a trust corporation.
5
Afﬁdavits ............................................................................................................................................................................................................. 2
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Authorized officers of a trust corporation, or its directors or governing body, may swear affidavits, give security, and do other acts required by the court for probate or administration.

5. Afﬁdavits 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 administration, and the acts of an ofﬁcer so authorised shall be binding on the corporation.
6
Sealing of grant of probate ........................................................................................................................................................................ 2
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A trust corporation’s authorised officer, or its directors or governing body, may act for the corporation to swear affidavits, give security, and do other acts the court requires for sealing a grant of probate or administration.

6. Sealing of grant of probate Where a trust corporation is appointed attorney for sealing a grant of probate or administration under the Probates (Resealing) Act, any ofﬁcer authorised for the purpose by the trust corporation, or the directors or governing body thereof, may, on behalf of the trust corporation, swear afﬁdavits, give security and do any other act or thing which the court may require with a view to the sealing of the grant, and the acts of an ofﬁcer so authorised shall be binding on the corporation. [Cap. 61]
7
Vesting in the corporation ........................................................................................................................................................................... 2
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Certain interests and related property are treated as vesting in the corporation, and the corporation must indemnify the syndic, nominee, or attorney.

7. Vesting in the corporation (1) Where, at the commencement of this Act, any interest in any estate is vested in a syndic, nominee or attorney on behalf of a trust corporation acting as the personal representative of a deceased person, the said interest shall, by virtue of this Act, vest in the corporation, and the syndic, nominee or attorney shall be kept indemniﬁed by the corporation in respect of the said interest. (2) This section shall not apply to securities registered or inscribed in the name of a syndic, nominee or attorney or to land or a charge affected or created by an instrument registered under the Lands and Deeds Registry Act, in the name of the syndic, nominee or attorney but any such securities, land or charge shall be transferred by the syndic, nominee or attorney to the corporation, or as the corporation may direct. [Cap. 185]
8
Effect .................................................................................................................................................................................................................... 2
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This Act applies whether the deceased died before or after the Act began, and related vesting or transfer does not count as a breach of an anti-alienation condition or cause forfeiture.

8. Effect This Act shall have effect whether the testator or intestate died before or after the commencement of this Act, and no such vesting or transfer shall operate as a breach of a covenant or condition against alienation or give rise to a forfeiture.
9
Penalties ............................................................................................................................................................................................................. 2
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A corporation can be ordered by the court to pay a fine of up to 15,000 penalty units in specified cases.

9. Penalties Where any corporation, in the exercise of any power conferred by this Act, commits any such act, or is in such default, as would render an individual liable to attachment and imprisonment, such corporation may be ordered by the court to pay a ﬁne not exceeding ﬁfteen thousand penalty units. [As amended by Act No. 13 of 1994] By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 2

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Administration of Estates (Trust Corporations) Act, 1956

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