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Section 18 Investment in bearer securities

Northern Ireland

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

(1)

If trustees retain or invest in securities payable to bearer, they must appoint a person to act as a custodian of the securities.

(2)

Subsection (1) does not apply if the trust instrument or any statutory provision contains provision which (however expressed) permits the trustees to retain or invest in securities payable to bearer without appointing a person to act as a custodian.

(3)

An appointment under this section must be in or evidenced in writing.