Section 24Part 4 — Financial
Transfer to new trustees
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24. (1) When any person, being or having been a trustee of a trade union or of any branch of a trade union, and whether appointed before or after the legal establishment thereof, in whose name any stock belonging to such union or branch transferable at any bank in the Islands is standing either jointly with another or others, or solely, is absent from the Islands, becomes bankrupt or files any petition or executes any deed for liquidation of his affairs by assignment or arrangement or for composition with his creditors, or becomes mentally impaired, is dead or has been removed from his office of trustee, or if it be unknown whether such person is living or dead, the Registrar on application in writing from the secretary and three members of the union or branch, and on proof satisfactory to him, may direct the transfer of the stock into the names of any other persons as trustees for the union or branch.
Such transfer shall be made by the surviving or continuing trustees, and if there be no such trustee, or if such trustee refuses or is unable to make such transfer, and the Registrar so directs, then the manager of any such bank; and the bank is hereby indemnified for anything done by it or any of its officers in pursuance of this provision against any claim or demand of any person injuriously affected thereby.