B6
[Subsidiary]
Trust account at bank and custody of documents.
CAP. 29]
Judicial Trustee Rules.
[1964 Ed.
(5) The court may at any time require that the amount or nature of the security given by a judicial trustee under this rule be varied, or that security be given where it has previously been dispensed with, and a judicial trustee shall comply with any such requirement.
(6) It shall be a condition of every recognizance, bond, or other form of security given under this rule that the judicial trustee shall give immediate notice to the court of the death or insolvency of any of his sureties.
(7) Any recognizance, bond, or other form of security given for the purpose of this rule may be vacated in such manner and subject to such conditions as the court may direct.
(8) Where security is not dispensed with, the appointment of a person to be judicial trustee shall not take effect until he has given the security required by the court under this rule.
(9) Any premium payable by a judicial trustee to any guarantee company on account of his security may, if the court so directs, be paid out of the trust property.
10. (1) When a judicial trustee is appointed, a separate account for receipts and payments on behalf of the trust shall be kept in the name of the trustees at some bank approved by the court.
(2) All title deeds and all certificates and other documents which are evidence of the title of the trustee to any of the trust property shall be deposited either with that bank or in such other custody as the court directs.
(3) The deeds or documents shall be deposited in the names of the trustees, and the judicial trustee shall give notice to the body or person with whom the deeds or documents are so deposited not to deliver any of them over to any person except on a request signed by the judicial trustee and countersigned by the officer of the court, and also to allow any person authorized by the officer of the court in writing to inspect them during business hours.
(4) The judicial trustee shall deposit with the court a list of all deeds or documents deposited in any custody in pursuance of this rule, and shall give information to the court from time to time of any variation to be made in the list.
(5) The judicial trustee shall, if at any time directed by the court, give an order to the bank at which the trust account is kept, not to pay at any one time any sum over a specified amount out of the trust account except on an order countersigned by the officer of the court.
(6) Any payments on account of the income of the trust property may be provided for by means of a standing order to the bank at which the trust account is kept.