Powers of Public Trustee

(1) The Public Trustee shall not, nor shall any of his officers, act under this Act for reward, except as provided by this Act. (2) The Public Trustee, subject to the rules, may employ for the purposes of any trust or administration the attorneys, bankers, accountants and brokers, or other persons, whom he considers necessary. (3) Where a bond or security would be required from a private person upon the grant to him of administration, or upon his appointment to act in any capacity, the Public Trustee, if administration is granted to him, or if he is appointed to act in that capacity, shall not be required to give such bond or security, but shall be subject to the same liabilities and duties as if he had given such bond or security. (4) The entry of the Public Trustee by that name in the books of a company shall not constitute notice of a trust, and a company shall not be entitled to object to enter the name of the Public Trustee on its books by reason only that the Public Trustee is a corporation, and in dealings with property the fact that the person or one of the persons dealt with is the Public Trustee shall not of itself constitute notice of a trust. 20