Custodian Trustee - Law Dictionary Search Results
Home Dictionary Name: custodian trusteeCustodian trustee
Custodian trustee, a trustee appointed under the Public Tustee Act, 1906, s. 4, to hav the custody as distinct from the management of the trust estate. The appointment may be made by the Court or the settlor or the donee of the power of appointing new trustees, but the only persons eligible are the Public Trustee, or some banking or insurance company or other body corporate entitled by the rules made under the Act to act as custodian trustee, e.g., (English) Public Trustee (Custodian Tustee Rules,1926 (S. R. & O. 1926, No. 1423/L. 37). See Re Cherry's Trusts, (1914) 1 Ch 83, and TRUST CORPORATION....
Public trustee
Public trustee. The office of Public Trustee was established by the (English) Public Trustee Act, 1906, which came into force on 1st January, 1908. The Public Trustee is a corporation sole, and may if he thinks fit act in the administration of estates of deceased persons if under one thousand pounds; act as custodian trustee [see that title, and Re Cherry's Trusts, (1914) 1 Ch 83]; act as an ordinary trustee; be appointed to be a judicial trustee (see that title); be appointed administrator of the property of a convict under the Forfeiture Act, 1870; and he may also be appointed an executor and obtain a grant of probate (s. 5). He may be appointed a trustee whether the trust instrument came into operation before or after the Act, and either as an original or a new trustee, or as an additional trustee, in the same cases and manner and by the same persons or Court as if he were a private trustee, with this addition--that he may be appointed sole trustee although the trustees originally a...
Trust corporation
Trust corporation, is defined by the (English) Settled Land Act, 1925, s. 117 (1) (xxx.), to mean the Public Trustee or a corporation appointed by the Court or entitled under (English) Public Trustee Act Rules [see the Public Trustee [(English) Custodian Trustee] Rules, 1926, S. R. & O., 1926, No. 1423/L. 37]. Trust corporations may exercise solely or jointly all the powers for the exercise of which the Land Legislation Acts of 1925 require two trustees at least (see TRUST; TRUST FOR SALE; SETTLED LAND; ADMINISTRATOR). These corporations include any company incorporated by Special Act or Royal Charter or Companies under the Companies Act, 1929, with an issued capital of not less than 2,50,000l., of which at least 1,00,000l. has been paid up in cash, or any company undertaking trust business for his Majesty's Navy, Army, Air Force or Civil Service having as director or member any person nominated by one of the Government Departments referred to in the Rules or any company authorized by ...
Shebaitship
Shebaitship, property dedicated to an idol vests in it in an ideal sense only; ex necessitas, the possession and management has to be entrusted to some human agent. Such an agent of the idol is known as shebait in Northern India. The legal character of a shebait cannot be defined with precision and exactitude. Broadly described, he is the human ministrant and custodian of the idol, its earthly spokesman, its authorised representative entitled to deal with all its temporal affairs and to manage its property. As regards the administration of the debutter, his position is analogous to that of a trustee; yet, he is not precisely in the position of a trustee in the English sense, because under Hindu Law, property absolutely dedicated to an idol, vests in the idol, and not in the shebait. Although the debutter never vests in the shebait, yet, peculiarly enough, almost in every case, the shebait has a right to a part of the usufruct, the mode of enjoyment; and the amount of the usufruct depen...
The law relating to evacuee property
The law relating to evacuee property, by defining the words 'the law relating to evacuee property' in clause (b) of s. 2 of the Repealing Act to mean the Administration of Evacuee Property Act, 1950, the Evacuee Interest (Separation) Act, 1951, the Dis-placed Persons (Compensation and Rehabilitation) Act, 1954 and any other law for the time being in force in relation to evacuees or evacuee property, the Legislature intended to give the same powers to the Custodian in dealing with the trust properties as he enjoys in respect of other evacuee property, Sir Fazalbhoy Currimbhoy v. Official Trustee of Maharashtra, AIR 1979 SC 687: (1979) 3 SCC 189: (1979) 2 SCR 699....
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