Public Trustee Act 1930

Where the Public Trustee is appointed as custodian trustee –

the trust property shall be vested in the Public Trustee as if he were the sole trustee, and for that purpose vesting orders may, where necessary, be made under the Trustee Act 1898;

the management of the trust property, and the exercise of all powers and discretions exercisable by the trustees of the trust, shall remain vested in the trustees other than the custodian trustee, who are hereinafter referred to as "the managing trustees";

as between the custodian trustee and the managing trustees, and without prejudice to the rights of any other persons, the custodian trustee shall have the custody of all securities and documents of title relating to the trust, but the managing trustees shall have free access thereto, and be entitled to take copies thereof or extracts therefrom;

the sole function of the custodian trustee shall be to get in and hold the trust property, and invest its funds, and dispose of the assets, as the managing trustees in writing direct, and for that purpose he shall execute all such documents and perform all such acts as the managing trustees in writing direct;

the direction referred to in paragraph (d) hereof shall mean the direction of both trustees where there are two managing trustees, or of the majority of the managing trustees where there are more than two;

the custodian trustee shall not incur any liability by acting on any such direction, but, if he is of opinion that any such direction conflicts with the trusts or is contrary to law, or is otherwise objectionable, he may submit the matter to the Court, whose decision thereon shall be final, and shall bind both the custodian trustee and the managing trustees;

the custodian trustee shall not be liable for any act or default of any of the managing trustees;

all actions and proceedings touching or concerning the trust shall be brought or defended in the joint names of the custodian trustee and the managing trustees, but the custodian trustee shall be liable for the costs thereof only so far as the trust property in its control shall extend;

no person dealing with the custodian trustee shall be concerned to inquire as to the concurrence or otherwise of the managing trustees in any matter, or be affected by notice of the fact that the managing trustees have not concurred therein;

the power of appointing a new managing trustee when exercisable by the trustees shall be exercisable by the managing trustees alone, but the custodian trustee shall have power to apply to the Court for the appointment of a new managing trustee;

on the application of the custodian trustee, or of any of the managing trustees, or of any beneficiary, and on satisfactory proof that it is the wish of the majority of the beneficiaries or that it is expedient on other grounds to terminate the custodian trusteeship, the Court may make an order for that purpose, and may also make such vesting orders and give such directions as under the circumstances may seem to the Court to be necessary or expedient;

in computing the number of managing trustees who may lawfully act or be appointed, neither an advisory trustee nor custodian trustee shall be included.