Custodian trustee

(1) Subject to the rules, the Public Trustee may, if he consents to act as such and whether or not the number of trustees has been reduced below the original number, be appointed to be custodian trustee of any trust, (a) by order of the court made on the application of any person on whose application the court may order the appointment of a new trustee; (b) by the testator, settlor or other creator of any trust; or 10 (c) by the person having power to appoint new (2) Where the Public Trustee is appointed to be custodian trustee of any trust, (a) the trust property shall be transferred to the custodian trustee as if he were sole trustee, and for that purpose vesting orders may, where necessary, be made under any Act relating to trusts; (b) the management of the trust property and the exercise of any or discretion exercisable by the trustees under the trust shall remain vested in the trustees other than the custodian trustee (which trustees are in this Act referred to as “managing trustees”); (c) as between the custodian trustee and the managing trustees, and subject and without prejudice to the rights of any other persons, the custodian trustee shall have the custody of all securities and documents of title relating to the trust property, but the managing trustees shall have free access thereto and be entitled to take copies thereof or extracts therefrom; (d) the custodian trustee shall concur in and perform all acts necessary to enable the managing trustees to exercise their powers of management or any other power or discretion vested in them, including the power to pay money or securities into court, unless the matter in which he is requested to concur is a breach of trust, or involves a personal liability upon him in respect of calls or otherwise but, unless he so concurs, the custodian trustee shall not be liable for any act or default on the part of the managing trustees or any of them; (e) all sums payable to or out of the income or capital of the trust property shall be paid to or by the custodian trustee, Provided that the custodian trustee may allow the dividends and other income derived from the trust property to be paid to the managing trustees or to such person as they direct, or into such bank to the credit of such person as they may direct and, in such case, shall be exonerated from seeing to the application thereof and shall not be answerable for any loss or misapplication thereof; (f) the power of appointing new trustees, when exercisable by the shall be exercisable by the managing trustees alone, but the custodian trustee shall have the same power of applying to the court for the appointment of a new trustee as any other (g) in determining the number of trustees for the purposes of any law relating to trustees, the custodian trustee shall not be reckoned as a (h) the custodian trustee, if he acts in good faith, shall not be liable for accepting as correct and acting upon the faith of any written statement by the managing trustees as to any birth, death, marriage or other matter of pedigree or relationship, or other matter of fact, upon which the title to the trust property or any part thereof may depend, nor for acting upon any legal advice obtained by the managing trustees independently of the custodian (i) the court may, on the application of either the custodian trustee, or any of the managing trustees, or of any beneficiary, and on proof to its satisfaction that it is the general wish of the beneficiaries, or that on other grounds it is expedient to terminate the custodian trusteeship, make an order for that purpose, and the court may thereupon make such vesting orders and give such directions as under the circumstances may seem to the court to be necessary or expedient.