Singapore legislation
Section 41I
Section 41I
Investment in bearer securities
(1)
If trustees retain or invest in securities payable to bearer, they must appoint a person to act as a custodian of the securities.
(2)
Subsection (1) does not apply if the trust instrument or any written law contains any provision which (however expressed) permits the trustees to retain or invest in securities payable to bearer without appointing a person to act as a custodian.
(3)
An appointment under this section must be in writing or evidenced in writing.
(4)
This section does not impose a duty on a sole trustee if that trustee is a trust corporation.