TRUSTEE ACT 1925 - SECT 61A Personal liability of legal representative or trustee

TRUSTEE ACT 1925 - SECT 61A

The legal representative or trustee of the will of the deceased person who was registered as the holder of shares not fully paid up in any incorporated company may distribute the assets of the estate of the deceased person as soon as the legal representative or trustee has procured the registration of some other person as the holder of the shares without reserving any portion of the estate for the payment of any calls made after the date of the registration whether made by the company or its directors or by its liquidators in a winding-up, but this section does not affect any right which the company or its liquidator may have to follow the assets of the deceased person into the hands of any persons amongst whom the same have been distributed or who have received the same.