New South Wales Consolidated Acts

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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.

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