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Trustee Act, 1893 (No. 53)Introductory TextPart I Investments (ss. 1-9)1. Authorised investments.2. Purchase at a premium of redeemable stocks.3. Discretion of trustees.4. Application of preceding sections.5. Enlargement of express powers of investment.6. Power to invest, notwithstanding drainage charge.7. Trustees not to convert inscribed stock into certificates to bearer.8. Loans and investments by trustees not chargeable as breaches of trust.9. Liability or loss by reason of improper investments.Part II Various Powers and Duties of Trustees (ss. 10-24)Appointment of New Trustees (ss. 10-12)10. Power of appointing new trustees.11. Retirement of trustee.12. Vesting of trust property in new or continuing trustees.Purchase and Sale (ss. 13-16)13. Power of trustee for sale to sell by auction, c.14. Power to sell subject to depreciatory conditions.15. Power to sell under 37 38 Vict. c. 78.16. Married woman as bare trustee may convey.Various Powers and Liabilities (ss. 17-24)17. Power to authorise receipt of money by banker or solicitor.18. Power to insure building.19. Power of trustees of renewable leaseholds to renew and raise money for the purpose.20. Power of trustee to give receipts.21. Power for executors and trustees to compound, c.22. Powers of two or more trustees.23. Exoneration of trustees in respect of certain powers of attorney.24. Implied indemnity of trustees.Part III Powers of the Court (ss. 25-46)Appointment of New Trustees and Vesting Orders (ss. 25-41)25. Power of the Court to appoint new trustees.26. Vesting orders as to land.27. Orders as to contingent rights of unborn persons.28. Vesting order in place of conveyance by infant mortgagee.29. Vesting order in place of conveyance by heir, or devisee of heir, c., or personal representative of mortgagee.30. Vesting order consequential on judgment for sale or mortgage of land.31. Vesting order consequential on judgment for specific performance, c.32. Effect of vesting order.33. Power appoint person to convey.34. Effect of vesting order as to copyhold.35. Vesting orders as to stock and choses in action.36. Persons entitled to apply for orders.37. Powers of new trustee appointed by Court.38. Power to charge costs on trust estate.39. Trustees of charities.40. Orders made upon certain allegations to be conclusive evidence.41. Application of vesting order to land out of England.Payment into Court by Trustees (s. 42)42. Payment into Court by trustees.Miscellaneous (ss. 43-46)45. Power to make beneficiary indemnify for breach of trust.46. Jurisdiction of palatine and county courts.44. Power to sanction sale of land or minerals separately.43. Power to give judgment in absence of a trustee.Part IV Miscellaneous and Supplemental (ss. 47-54)53. Short title.48. Trust estates not affected by trustee becoming a convict.49. Indemnity.50. Definitions.51. Repeal.52. Extent of Act.54. Commencement.47. Application to trustees under Settled Land Acts of provisions as to appointment of trustees.Schedule
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 1894 - onwards
Version 2 of 2

7. Trustees not to convert inscribed stock into certificates to bearer.

(1) A trustee, unless authorised by the terms of his trust, shall not apply for or hold any certificate to bearer issued under the authority of any of the following Acts, that is to say:

(a) The India Stock Certificate Act, 1863;

(b) The National Debt Act, 1870;

(c) The Local Loans Act, 1875;

(d) The Colonial Stock Act, 1877.

(2) Nothing in this section shall impose on the Bank of England or of Ireland, or on any person authorised to issue any such certificates, any obligation to inquire whether a person applying for such a certificate is or is not a trustee, or subject them to any liability in the event of their granting any such certificate to a trustee, nor invalidate any such certificate if granted.

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