Trust accounts
9.—(1) Deposits may be made by one person as trustee for another person in the joint names of the trustee and the beneficiary.
(2) A declaration in the approved form shall be made by the trustee.
(3) Any application to withdraw the deposits shall be made jointly by the parties to the account, or by the survivor of them.
(4) Where one of the parties to the account has become a mentally disordered person or bankrupt, the Director of Savings may, in his discretion, pay the deposits to the other party to the account, with or without the concurrence of the receiver or of the Official Receiver or trustee in bankruptcy (if any) of the party who is a mentally disordered person or bankrupt.
(5) The Director of Savings may, if he thinks fit, on the application of either party to the account, cause the account to be put in the name of the beneficiary alone or in the names of the beneficiary and another trustee; where the name of another trustee is substituted, he shall make a declaration in the approved form.