Article 2

For rule 17 of the Public Trustee Rules 1912^f1 there shall be substituted the following new rule—

“17

The Public Trustee may—

(a)

invest or retain invested money belonging to any trust or estate and coming into his hands in any mode of investment—

(i)

expressly or implicitly authorised by the trust instrument, or

(ii)

if there is no trust instrument, authorised by law for the investment of trust funds,

(b)

pay and deposit such money in court for investment in any manner authorised by rules made under section 38(7) of the Administration of Justice Act 1982^f2,

(c)

if authorised by the trust instrument or otherwise by law, retain any investment existing at the date of the commencement of the trust.

Provided that he shall not invest in or hold any investment in such manner as to expose him to liability as the holder thereof, unless he is satisfied that he is fully indemnified or secured against loss.”.