Minimum number of trustees
36 Minimum number of trustees
Notwithstanding anything in this Act, capital money arising under this Act shall not be paid to fewer than two persons as trustees of a settlement, unless the settlement authorizes the receipt of capital trust money of the settlement by one trustee, or unless the sole trustee is a company authorized by law to act as a trustee.
Subject thereto, the provisions of this Act referring to the trustees of a settlement apply to the surviving or continuing trustees or trustee of the settlement for the time being.
Any company authorized by law to act as a trustee may be appointed as sole trustee of any settlement whenever made, for the purposes of this Act; and any such trustee whenever appointed may lawfully act as trustee of any such settlement.
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