Trustee Act 1956

  • repealed
  • Trustee Act 1956: repealed, on 30 January 2021, by section 162(a) of the Trusts Act 2019 (2019 No 38).
81 Operation on bank account of trustees

(1)

Where there are more trustees than 1, and the trustees, by writing under their hands communicated to a bank at which their account is kept, arrange that the account may be operated upon by cheques or drafts signed by 1 or more of them, or by 1 of them and a delegate or delegates named in the writing of another or others of them, the bank shall be entitled to honour and pay the cheques or drafts as if they had been signed by all the trustees, until the bank receives notice in writing of the revocation, by death or otherwise, of the arrangement.

(2)

Nothing in this section or in any rule of law shall prevent trustees from opening a bank account named as an imprest account and from authorising any 1 or more of their number or any other person or persons to operate upon the imprest account.

Compare: 1908 No 200 s 101