Regulation 12 Trust accountsI1

United Kingdom

(1)

A deposit may be made in the name of one or more trustees.

(2)

A declaration in the approved form must be made by—

(a)

each trustee in whose name an account is to be opened; and

(b)

each trustee whose name is to be added in the title of an account.

(3)

Upon application in the approved form by a sole trustee of an account or, where an account is held in the names of two or more trustees, by all of them or by such of them as have survived, the Director of Savings may—

(a)

add the name of a person as a trustee in the title of an account; or

(b)

remove the name of a trustee from the title of an account.

(4)

Where an account is held in the names of more than one trustee, the trustees may authorise in the approved form, made by all of them or such of them as have survived, the Director of Savings to act on an application made by one of those trustees to withdraw or transfer deposits, but in the absence of an authorisation an application to withdraw or transfer deposits must be made by all of the trustees, or such of them as have survived.

(5)

Before giving effect to a multiple trustee application the Director of Savings may require that all the trustees nominate jointly in the approved form no more than two of themselves to—

(a)

make applications to withdraw or transfer deposits; and

(b)

receive payments or communications from the Director of Savings.

(6)

Upon application in the approved form by the trustees (acting jointly), the Director of Savings may substitute a trustee for a trustee nominated under paragraph (5).

(7)

In this regulation a “multiple trustee application” means an application—

(a)

to open an account in the names of more than two trustees; or

(b)

to add the name of a person as a trustee in the title of an account where the account is already held in the names of two or more trustees;

Annotations

Commencement

I1: Reg. 12 in force at 6.4.2015, see reg. 1(1)