Full legislation
s.41J
Persons who may be appointed as nominees or custodians
(1) A person may not be appointed under section 41G as a nominee unless one of the conditions mentioned in subsection (2) is satisfied. (2) The conditions are— (a) the person carries on a business that consists of, or includes, acting as a nominee; (b) the person is a body corporate that is controlled by the trustees. (3) A person may not be appointed under section 41H or 41I as a custodian to undertake the safe custody of the assets or of any documents of title concerning the assets unless one of the conditions mentioned in subsection (4) is satisfied. (4) The conditions are— (a) the person carries on a business that consists of, or includes, acting as a custodian; (b) the person is a body corporate that is controlled by the trustees. (5) For the purpose of subsections (2 )( b) and (4 )( b) , a body corporate is controlled by the trustees if the trustees have the power to ensure that the affairs of the body corporate are conducted in accordance with the wishes of the trustees— (a) by means of holding shares or possessing voting power in, or in relation to, that body corporate or any other body corporate; or (b) because of any powers conferred by the articles of association or other document regulating that body corporate or any other body corporate. (6) Subject to subsections (1) and (3), the persons whom the trustees may under section 41G , 41H or 41I (as the case requires) appoint as a nominee or custodian— (a) include one of the trustees, if that one is a trust corporation; or (b) include 2 or more of the trustees, if they are to act as joint nominees or joint custodians. (7) The trustees may under section 41G appoint a person to act as their nominee even though the person is also— (a) authorized to exercise functions as the trustees’ agent (whether under section 41B or any other power); or (b) appointed to act as the trustees’ custodian (whether under section 41H or 41I or any other power). (8) The trustees may under section 41H or 41I appoint a person to act as their custodian even though the person is also— (a) authorized to exercise functions as the trustees’ agent (whether under section 41B or any other power); or (b) appointed to act as the trustees’ nominee (whether under section 41G or any other power).