1964 Ed.]
Judicial Trustee Rules.
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(3) Where an official of the court is judicial trustee, any trust property vested in or held by him, shall be vested in and held by him under his official title and not in his own name.
(4) Where an official of the court appointed to be a judicial trustee of a trust dies, or ceases to hold office, his successor in office shall, unless the court otherwise directs, become judicial trustee of the trust without any order of the court or formal appointment, and the trust property shall, without any conveyance, assignment, or transfer, in such a case become vested in the successor as it was vested in his predecessor in office.
(5) For the purpose of the definition of “official of the court”, in section 65 of the Ordinance, any paid office in or connected with the court shall be a prescribed office.
Administration of the Trust.
8. (1) A judicial trustee shall, unless in any case the court considers that it is unnecessary, as soon as may be after his appointment, furnish the court with a complete statement of the trust property, accompanied with an approximate estimate of the income and capital value of each item.
(2) The judicial trustee shall give such information to the court as may be necessary for the purpose of keeping the statement of the trust property correct for the time being.
9. (1) A judicial trustee, if not an official of the court, shall give security to the court for the due application of the trust property, unless the court dispenses with security under this rule.
(2) The court may, on the appointment of a judicial trustee, or at any time during his continuance in office as judicial trustee, dispense with security on the application either of the person who is to be appointed or is judicial trustee, or of any person appearing to the court to be interested in the trust, and shall do so where a judicial trustee is appointed on the application of a person creating or intending to create a trust, and that person desires that security should be dispensed with, unless for special reasons the court considers that security is in such a case necessary or desirable.
(3) The security shall be given, either by recognizance, bond, or otherwise, as the court directs, and with such sureties as the court approves.
(4) If the court is satisfied that sufficient provision is made for the safety of the capital of the trust property, the amount of the security shall, in ordinary cases, be an amount exceeding by twenty per cent the annual income of the trust property as estimated by the court.
B5
[Subsidiary]
Statement of trust property.
Security.
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