Full legislation
s.12
Power to deposit at bank and to pay calls
(1) Trustees may, pending the negotiation and preparation of any mortgage or charge, or during any other time while an investment is being sought for, pay any trust money into a bank to a deposit or other account, and all interest, if any, payable in respect thereof shall be applied as income. (2) Trustees may apply the trust funds of the trust in payment of a call on any shares subject to the trust. (Replaced 13 of 2013 s. 10 ) [cf. 1925 c. 19 s. 11 U.K.]