Company may be appointed trustee, receiver, committee, manager or guardian
11 Company may be appointed trustee, receiver, committee, manager or guardian
Where any court, judge or other person has power to appoint any person as:
trustee,
receiver,
committee of the estate of a mentally ill person or manager of the estate of an incapable person within the meaning of the Mental Health Act 1958, or
guardian of the estate of a minor,
a trustee company may be so appointed.
Subject to this section a trustee company may be appointed or may continue to act as sole trustee in all cases notwithstanding that it is provided by the terms of the instrument (if any) creating the trust or of any power or otherwise that there shall be more than one trustee to perform the trust.
Where a trustee company and one or more individuals are co-trustees, any one or more of such individuals may retire, and the trustee company shall for the purposes of any Act now or hereafter in force relating to the retirement of trustees and the vesting of trust property be deemed to be equivalent to 2 trustees.
A trustee company shall not be appointed in any case in which the instrument creating the trust or power forbids the appointment of a trustee company.
A trustee company shall not be appointed or be entitled to act as sole trustee in any case in which the instrument creating the trust or power expressly provides that there shall be another trustee in addition to a trustee company or that a trustee company shall not be appointed or act as sole trustee.
In every case in which a trustee company is appointed or acts in any of the offices mentioned in subsection (1) all the capital of the trustee company, both paid and unpaid, and all other assets of the trustee company and the directors, manager and assistant manager thereof and their respective estates shall be individually and collectively responsible for the proper discharge during the respective tenures of their offices as directors, manager and assistant manager respectively, of their duties of the office in which the trustee company was appointed or acted.
No bond recognizance or other security for the proper discharge of such duties shall be required to be given by or on behalf of the trustee company.
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