4 Custodian trustee
Public Trustee Act 1906 (1906 c 55) | Legislation

(2) As Custodian Trustee

4  Custodian trustee

(1)     Subject to rules under this Act the public trustee may, if he consents to act as such, and whether or not the number of trustees has been reduced below the original number, be appointed to be custodian trustee of any trust—

(a)     by order of the court made on the application of any person on whose application the court may order the appointment of a new trustee; or

(b)     by the testator, settlor, or other creator of any trust; or

(c)     by the person having power to appoint new trustees.

(2)     Where the public trustee is appointed to be custodian trustee of any trust—

(a)     The trust property shall be transferred to the custodian trustee as if he were sole trustee, and for that purpose vesting orders may, where necessary, be made under the Trustee Act 1893:

(b)     The management of the trust property and the exercise of any power or discretion exercisable by the trustees under the trust shall remain vested in the trustees other

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