New South Wales Consolidated Acts

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Calls on shares

23 Calls on shares

(1) A trustee may apply capital money subject to a trust in payment of the calls on any shares subject to the trust.
(2) This section applies only if and as far as a contrary intention is not expressed in the instrument, if any, creating the trust, and shall have effect subject to the terms of that instrument and to the provisions therein contained.
(3) This section applies to trusts created either before or after the commencement of this Act.

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