National Debt Act, 1870

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Restriction on trustees taking stock certificates.

29.[¹] A trustee of stock shall not apply for or hold a stock certificate unless authorized to do so by the terms of his trust; and any contravention of this section by a trustee shall be deemed a breach of trust.

But this section shall not impose on the Bank of England or of Ireland any obligation to inquire whether a person applying for a stock certificate is or is not a trustee, or subject either Bank to any liability in the event of their issuing a stock certificate to a trustee, or invalidate any stock certificate issued.

[¹ S. 29 rep. exc. as to Scotland, 56 & 57 Vict. c. 53. s. 51.]