Absence or disability of trustees

(1) When any person, being or having been a trustee of a trade union registered under this Act, or of any branch of a trade union, 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 Belize is standing, either jointly with another or others or solely, is absent from Belize or 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 a person of unsound mind or 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. (2) A transfer of stock pursuant to subsection (1) of this section, shall be made by the surviving or continuing trustees, and if there is no such trustee or if such trustees refuse or are unable to make such transfer and the Registrar so directs, then by the manager of the bank. 11 (3) The bank is hereby indemnified for anything done in pursuance of this provision against any claim or demand of any person injuriously affected thereby.