Bare trusteeship limits Treasurer to record-keeping while trust administrators retain control and application of non securities income. A Treasurer holding property under the Act acts as a bare trustee and must not engage in trust administration. He must keep separate accounts for vested securities and apply capital or income according to the vesting order or Scheme. For non-securities, unless specially directed otherwise by the vesting authority, he must permit the trust administrators to possess, manage and control the property and to apply its income as if it were vested in them.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Bare trusteeship limits Treasurer to record-keeping while trust administrators retain control and application of non securities income.
A Treasurer holding property under the Act acts as a bare trustee and must not engage in trust administration. He must keep separate accounts for vested securities and apply capital or income according to the vesting order or Scheme. For non-securities, unless specially directed otherwise by the vesting authority, he must permit the trust administrators to possess, manage and control the property and to apply its income as if it were vested in them.
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