SCHEDULE 3 Transitional Provisions and Savings
Trustee Act 2000 (2000 c 29) | Legislation

SCHEDULE 3 Transitional Provisions and Savings

Section 40

The Trustee Act 1925 (c 19)

1

(1)     Sub-paragraph (2) applies if, immediately before the day on which Part IV of this Act comes into force, a banker or banking company holds any bearer securities deposited with him under section 7(1) of the 1925 Act (investment in bearer securities).

(2)     On and after the day on which Part IV comes into force, the banker or banking company shall be treated as if he had been appointed as custodian of the securities under section 18.

2

The repeal of section 8 of the 1925 Act (loans and investments by trustees not chargeable as breaches of trust) does not affect the operation of that section in relation to loans or investments made before the coming into force of that repeal.

3

The repeal of section 9 of the

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