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Regulation 48 Notice of trust not receivable by Director of Savings

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Subject to the provisions of these Regulations, no notice of any trust, express, implied, or constructive, shall be receivable by the Director of Savings in respect of any deposit.

(2)

The Director of Savings shall not by reason of any description of a depositor as a trustee (whether or not a trust is specified) pursuant to Regulation 5(2) above, or by reason of anything contained in any declaration or any document whatsoever relating to an account, be affected with notice of any trust express, implied or constructive.