Saving for rights of joint holders, etc
32.—(1) Nothing in these Regulations relating to joint holders of certificates shall affect the mutual rights of any joint holders.
(2) Nothing in these Regulations relating to trustees shall as between either trustee or as between any trustee and the beneficiary under a trust be deemed to authorise the trustees to act otherwise than in accordance with the rules of law applying to the trust and the terms of the instrument (if any) constituting the trust.