Section 39 of the Trustee Companies Act 1953 is repealed and the following section is substituted:

39.     Trustee company to insure for uncalled liability

(1)  A trustee company must arrange with an insurer and keep in force at all times a policy of indemnity insurance for an amount which is not less than the total nominal value of the shares of the company issued on the commencement of this section.

(2)  A trustee company must, at the request of the Attorney-General, produce evidence of any insurance required to be arranged and kept in force under this section.