House of Commons Members’ Fund Act 1939 (repealed)

Section 2.

SECOND SCHEDULE U.K. Certain Provisions of Subsection (2) of Section Four of the Public Trustee Act, 1906, as modified for the purposes of this Act.

1 U.K. All sums payable to or out of the income or capital of the fund shall be paid to or by the custodian trustee, and the assets of the fund shall be vested in him as if he were sole trustee.

2 U.K. The management of the fund and the exercise of any power or discretion exercisable in relation thereto shall be vested in the managing trustees.

3 U.K. As between the custodian trustee and the managing trustees, the custodian trustee shall have the custody of all securities and documents of title relating to the property of the fund but the managing trustees shall have free access thereto and be entitled to take copies thereof or extracts therefrom.

4 U.K. The custodian trustee shall concur in and perform all acts necessary to enable the trustees to exercise their powers of management or any other power or discretion vested in them, unless the matter in which he is requested to concur is a breach of trust or involves a personal liability upon him in respect of calls or otherwise, but unless he so concurs the custodian trustee shall not be liable for any act or default on the part of the managing trustees or any of them.

5 U.K. The custodian trustee, if he acts in good faith, shall not be liable for accepting as correct and acting upon the faith of any statement of the managing trustees as to any matter of fact, nor for acting upon any legal advice obtained by the managing trustees independently of the custodian trustee, nor for acting in accordance with any directions given to him in writing and purporting to be signed by or on behalf of the managing trustees.