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TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 7

Investment in bearer securities.

7.(1) Nothing in this Act shall authorise a trustee to invest in
securities payable to bearer unless those securities are purchased through a
bank and until sold retained at all times by the bank for safe custody and
collection of income.

(2) A trustee shall not be responsible for any loss incurred by reason of such
retention and any sum payable in respect of the retention and the collection
of income shall be paid out of the income of the trust property.

(3) The purchase through or retention by a bank of bearer securities in
compliance with sub-section (1) shall not operate as a contravention of any
direction in the instrument creating the trust to the effect that investments
shall be retained or made in the name of the trustee.

© 1958 Crown Copyright

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