Trustees Act 1967 · 2020 Revised Edition · Part 4A · Agents, Nominees and Custodians
41I. Investment in bearer securities
Feedback & supportIf trustees retain or invest in securities payable to bearer, they must appoint a person to act as a custodian of the securities.
securities payable to bearer
“securities payable to bearer” includes securities transferable by delivery or by delivery and endorsement;
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.
An appointment under this section must be in writing or evidenced in writing.
This section does not impose a duty on a sole trustee if that trustee is a trust corporation.
trust corporation
“trust corporation” means the Public Trustee or a corporation either appointed by the court in any particular case to be a trustee, or licensed as a trust company under the Trust Companies Act 2005;