New South Wales Consolidated Acts
[Search this Act]
TRUSTEE ACT 1925 - SECT 50
Deposit for safe custody
50 Deposit for safe custody
(1) A trustee may deposit any documents held by the trustee relating to the
trust, or to the trust property, with any bank, building society or credit
union or with any incorporated company whose business it is to undertake the
safe custody of documents.
(2) Any sum payable in respect of the deposit may
be paid out of the income of the trust property.
(3) This section applies
only if and as far as a contrary intention is not expressed in the instrument,
if any, creating the trust, and shall have effect subject to the terms of that
instrument and to the provisions therein contained.
(4) This section applies
to trusts created either before or after the commencement of this Act.
AustLII: Copyright Policy