trust corporation

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 it 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 nationalised trust corporation. Its fees may be altered from time to time by statutory instrument.

Collins dictionary of law. . 2001.


trust corporation
A corporation which undertakes the business of administering trusts and which satisfies a number of conditions, in particular, those which would enable it to act as a custodian trustee (section 68, Trustee Act 1925). These conditions include requirements that it must be constituted in the UK or EU, have a place of business in the UK and have a minimum paid up share capital of £250,000 of which at least £100,000 is paid up in cash.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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