Regulation 25 Notice of trust not receivable by Director of Savings

Subject to the provisions of these Regulations, no notice of acharge, trust or other equitable interest shall be receivable by theDirector of Savings in respect of a certificate.

Neither the Director of Savings nor any person acquiring anyinterest in a certificate shall, by reason that the certificate is heldin the name of any person as trustee (whether jointly with any otherperson or solely), be affected with notice of any trust or of thefiduciary character of the holder or of any fiduciary obligationattaching to the holding of the certificate.