48
CAP. 29]
Trustee
[1985 Ed.
Appointment of
a company to be a trustee.
Joint tenancy.
Trust company may act as agent.
Security not required.
Trust funds to be kept separate.
Investment of trust funds.
85. In all cases in which the court or any person or persons has or have power to appoint a trustee, whether as an original or new or additional trustee, to perform any legal trust or duty a trust company may be appointed in the same manner as if the company were a private individual:
Provided that--
(a) no trust company shall be appointed in any case in which the instrument creating the trust, or the power authorizing the appointment, forbids the appointment of a company; (b) nothing in this section shall be deemed to derogate from the provisions of sections 38 and 40. (Added, 24 of 1950, Schedule)
86. A trust company, acting in a fiduciary capacity, shall be capable of acquiring and holding any property in joint tenancy in the same manner as if it were a private individual.
87. It shall be lawful for a trust company to act under any deed or instrument by which the company is appointed agent or attorney for any person, and all the powers conferred upon the company by any such deed or instrument may be exercised by such officer of the company as the company may appoint for that purpose:
Provided that nothing in this section shall be deemed to authorize any person to confer upon a trust company any power which may not lawfully be delegated by him.
88. (1) Notwithstanding the provisions of any other enactment, no trust company to which a grant of letters of administration has been made shall be required to furnish security for the due administration of the estate.
(2) Notwithstanding the provisions of any other enactment, no trust company appointed by the court to perform the duties of receiver, guardian, committee or any other office or trust shall be required to furnish security for the due performance of such duties.
89. All moneys, property and securities received or held by any trust company in a fiduciary capacity shall always be kept distinct from those of the company and in separate accounts, and so marked in the books of the company for each particular trust as always to be distinguished from any other in the registers and other books of account to be kept by the company, so that at no time shall trust moneys form part of or be mixed with the general assets of the company; and all investments made by the company as trustee shall be so designated that the trusts to which such investments belong can be readily identified at any time.
90. (1) A trust company may invest trust moneys in its hands in or upon any securities in which private trustees may by law invest trust moneys and may from time to time vary any such investment for others of the same nature: