Explanatory note

These Rules amend and consolidate rule 30 of the Public Trustee Rules 1912, which specifies the corporations which may act as custodian trustees under the Public Trustees Act 1906, and thus as trust corporations.

The new rule 30 implements Council Directive No. 73/183/EEC by authorising corporations constituted in other EEC Member States to act as custodian trustees if they comply with the conditions prescribed for United Kingdom corporations, including the requirement of a place of business in the United Kingdom through or at which the trust business is carried on.

The new rule also takes account of changes made by the Local Government Act 1972, the Gas Act 1972 and the National Health Service Reorganisation Act 1973 and enables the London Transport Executive to act as a custodian trustee of pension schemes and pension funds for the benefit of its employees.