Deposit trust deed obligations require security, trustee oversight and remedies to protect deposit holders on default. The Deposit Trust Deed requires a detailed description of the deposit scheme and company undertakings to pay interest and principal; records the nature, rank and assets subject to any security, minimum cover, valuation and prohibition on further encumbrances without trustee approval; sets trustee appointment, remuneration and powers; imposes reporting covenants to protect depositors and restrict dividend payments until deposits are secured; and defines events of default and trustee remedies including possession, realisation, insurance claims and distribution of sale proceeds.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deposit trust deed obligations require security, trustee oversight and remedies to protect deposit holders on default.
The Deposit Trust Deed requires a detailed description of the deposit scheme and company undertakings to pay interest and principal; records the nature, rank and assets subject to any security, minimum cover, valuation and prohibition on further encumbrances without trustee approval; sets trustee appointment, remuneration and powers; imposes reporting covenants to protect depositors and restrict dividend payments until deposits are secured; and defines events of default and trustee remedies including possession, realisation, insurance claims and distribution of sale proceeds.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
