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TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 11

Power to deposit money at bank and to pay calls.

11.(1) Trustees may, pending the negotiation and preparation of any mortgage,
or during any other time while an investment is being sought for, pay any
trust money into a bank to a deposit or other account, and all interest, if
any, payable in respect thereof shall be applied as income.

(2) Trustees may apply capital money subject to a trust in payment of the
calls on any shares subject to the same trust.

(3) In sub-section (1) "bank" means any trustee savings bank and any joint
stock banking company which is also a trust corporation.

Power of trustees for sale to sell by auction, etc.

© 1958 Crown Copyright

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