(1) Subject to the provisions of this section and to the instrument (if any)
creating the trust, any corporation may be appointed to be custodian trustee
of any trust in any case where, and in the same manner as, it could be
appointed to be trustee.
(2) Subject to the provisions of the instrument (if
any) creating the trust, where a custodian trustee is appointed of any
trust—
(a) the trust property shall be vested in the custodian trustee as if
the custodian trustee were the sole trustee, and for that purpose
vesting orders may, where necessary, be made under this Act; and
(b) the
management of the trust property and the exercise of all powers and
discretions exercisable by the trustee under the trust shall be and remain
vested in managing trustees other than the custodian trustee (
"the managing trustees" ) as fully and effectually as if there were no
custodian trustee; and
(c) 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, for which purpose the
custodian trustee shall execute all such documents and perform all such acts
as the managing trustees in writing direct; and
(d) for the purposes of
paragraph (c), a direction given by the majority of the managing trustees,
where there are more than 1, shall be deemed to be given by all
the managing trustees; and
(e) the custodian trustee shall not be liable for
acting on any direction to which paragraph (c) refers; but if the custodian
trustee is of opinion that any such direction conflicts with the trusts or the
law, or exposes the custodian trustee to any liability, or is otherwise
objectionable, the custodian trustee may apply to the court for directions in
the matter; and any order giving directions shall bind both the custodian
trustee and the managing trustees; and the court may make such order as to
costs as it thinks proper; and
(f) the custodian trustee shall not be liable
for any act or default on the part of any of the managing trustees; and
(g)
all actions and proceedings touching or concerning the trust property shall be
brought or defended in the name of the custodian trustee at the written
direction of the managing trustees, and the custodian trustee shall not be
liable for the costs thereof apart from any payable out of the trust property;
and
(h) a person dealing with the custodian trustee shall not be concerned to
inquire as to any direction, concurrence or otherwise of the managing trustees
or be affected by notice of the fact that the managing trustees have not
concurred; and
(i) the power of appointing new trustees, when exercisable by
the trustee, shall be exercisable by the managing trustees alone, but the
custodian trustee shall have the same power as any other trustee of applying
to the court for the appointment of a new trustee.
(3) 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 general wish of the beneficiaries or
that on other grounds it is expedient 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 in the circumstances seem to the
court to be necessary or expedient.