On 23/05/2013,
you requested for the version in force on 23/05/2013
incorporating all amendments published on or before 23/05/2013.
The closest version currently available is that of 01/03/2012.
Nominees and custodians
41G.
—(1) Subject to the provisions of this Part, the trustees of a trust may —
(a)
appoint a person to act as their nominee in relation to such of the assets of the trust as they may determine (other than settled land); and
(b)
take such steps as are necessary to secure that those assets are vested in a person so appointed.
[45/2004]
(2) An appointment under this section shall be in writing or evidenced in writing.
[UK Trustee 2000, s. 16]
[45/2004]
41H.
—(1) Subject to the provisions of this Part, the trustees of a trust may appoint a person to act as a custodian in relation to such of the assets of the trust as the trustees may determine.
[45/2004]
(2) For the purposes of this Act, a person is a custodian in relation to assets if he undertakes the safe custody of the assets or of any document or record concerning the assets.
[45/2004]
(3) An appointment under this section shall be in writing or evidenced in writing.
[UK Trustee 2000, s. 17]
[45/2004]
41I.
—(1) If trustees retain or invest in securities payable to bearer, they shall appoint a person to act as a custodian of the securities.
[45/2004]
(2) Subsection (1) shall not apply if the trust instrument or any written law contains any provision which (however expressed) permits the trustees to retain or invest in securities payable to bearer without appointing a person to act as a custodian.
[45/2004]
(3) An appointment under this section shall be in writing or evidenced in writing.
[45/2004]
(4) This section shall not impose a duty on a sole trustee if that trustee is a trust corporation.
[UK Trustee 2000, s. 18]
[45/2004]
41J.
—(1) A person may not be appointed under section 41G, 41H or 41I as a nominee or custodian or continue to act as such nominee or custodian unless —
(a)
the person carries on a business which consists of or includes acting as a nominee or custodian; or
(b)
the person is a body corporate which is controlled by the trustees.
[45/2004]
(2) For the purposes of subsection (1)(b), a body corporate is controlled by the trustees if the trustees have power to secure —
(a)
by means of the holding of shares or the possession of voting power in or in relation to that or any other body corporate; or
(b)
by virtue of any powers conferred by the articles of association or other document regulating that or any other body corporate,
that the affairs of the first-mentioned body corporate are conducted in accordance with the wishes of the trustees.
[45/2004]
(3) The trustees of a charitable trust which is registered under the Charities Act (Cap. 37) shall act in accordance with any guidance given by the Commissioner of Charities concerning the selection of a person for appointment as a nominee or custodian under section 41G, 41H or 41I.
[45/2004]
(4) Subject to subsections (1) and (3), the persons whom the trustees may, under section 41G, 41H or 41I, appoint as a nominee or custodian include —
(a)
one of their number, if that one is a trust corporation; or
(b)
2 or more of their number, if they are to act as joint nominees or joint custodians.
[45/2004]
(5) The trustees may, under section 41G, appoint a person to act as their nominee even though he is also —
(a)
appointed to act as their custodian (whether under section 41H or 41I or any other power); or
(b)
authorised to exercise functions as their agent (whether under section 41B or any other power).
[45/2004]
(6) The trustees may, under section 41H or 41I, appoint a person to act as their custodian even though he is also —
(a)
appointed to act as their nominee (whether under section 41G or any other power); or
(b)
authorised to exercise functions as their agent (whether under section 41B or any other power).
[[UK Trustee 2000, s. 19] ]
[45/2004]
41K.
—(1) Subject to subsection (2) and sections 41R, 41S and 41T, the trustees may, under section 41G, 41H or 41I, appoint a person to act as a nominee or custodian on such terms as to remuneration and other matters as they may determine.
[45/2004]
(2) The trustees may not, under section 41G, 41H or 41I, appoint a person to act as a nominee or custodian on any of the terms set out in subsection (3) unless it is reasonably necessary for them to do so.
[45/2004]
(3) The terms for the purposes of subsection (2) are —
(a)
a term permitting the nominee or custodian to appoint a substitute;
(b)
a term restricting the liability of the nominee or custodian or his substitute to the trustees or to any beneficiary; and
(c)
a term permitting the nominee or custodian to act in circumstances capable of giving rise to a conflict of interest.
[[UK Trustee 2000, s. 20] ]
[45/2004]