CHAPTER XXIV 
SCOTTISH COMPANIES 
Trusts. 
THE Companies Act, 1929, applies generally only to England 
and Scotland. Certain parts of the Act are expressly limited 
to companies registered in England, and s. 384 provides that 
nothing in the Act except the provisions thereof which relate 
expressly to companies registered or incorporated in Northern 
Ireland or outside Great Britain shall apply to or in relation 
to companies registered or incorporated in Northern Ireland, 
whilst in some cases provisions applicable only to companies 
registered in Scotland appear. It is proposed in this chapter 
to point out and consider the principal portions of the Acts 
relating to companies before liquidation which are limited 
to Scottish companies, and those from the operation of 
which Scottish companies are excluded, and to indicate 
the principal points of difference between Scottish and 
English business practice in connection with these statutory 
provisions. 
The most important differences appear in the matter of 
the recognition of trusts and the practice as to transfers, etc., 
and in the law as to debentures. S. ror of the Act of 1929 
prohibits the recognition of trusts on the registers of com- 
panies registered in England. The existence of a trust is 
commonly recognised by Scottish companies, and persons 
may be registered in any representative capacity, e.g. as 
executors, or trustees, of a deceased person; ‘curator bonis for 
... ; ‘factor loco tutoris to . . .”; ‘in trust for . . .’; for behoof 
of ...”; ‘for and on behalf of . . .’; or as office-bearers. 
But registration as trustees does not limit the holders’ 
liability for calls to the amount of the trust estate in their 
hands; they are as completely liable as if the trust were not 
disclosed. A majority of the accepting and acting trustees 
or executors usually form a quorum and can act so as to 
bind the estate under their charge, and a transfer signed by 
such quorum is therefore quite in order unless the deed 
of trust otherwise provides [see the Trusts (Scotland) Act, 
1921, s. 3]. When changes take place in the personnel 
of the trustees or executors by death. resignation, or the 
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