sec.40When public trustee being custodian trustee or statutory trustee may act as general trustee

### sec.40 When public trustee being custodian trustee or statutory trustee may act as general trustee Where by reason of any of the events enumerated in section 12 (1) (a) to (h) of the Trusts Act 1973 there is no managing trustee capable of acting in the execution of a trust of which the public trustee has been appointed custodian trustee under the provisions of section 19 of that Act, the public trustee may act as managing trustee and shall have all the powers given to managing trustees by section 19 of the Trusts Act 1973 until such time as new managing trustees are appointed, but it shall not be obligatory for the public trustee to so act. Nothing in this section affects the power of any court or person to appoint new managing trustees, but no such appointment shall take effect until notice thereof in writing is given to the public trustee. Where the public trustee, apart from the provisions of this subsection, is a statutory trustee within the meaning of the Trusts Act 1973 , the public trustee shall, until some other person becomes trustee, have all the powers given to and may in every respect act as a trustee who is not a statutory trustee. s 40 amd 1994 No. 24 s 3 (1) sch (sec.40-ssec.1) Where by reason of any of the events enumerated in section 12 (1) (a) to (h) of the Trusts Act 1973 there is no managing trustee capable of acting in the execution of a trust of which the public trustee has been appointed custodian trustee under the provisions of section 19 of that Act, the public trustee may act as managing trustee and shall have all the powers given to managing trustees by section 19 of the Trusts Act 1973 until such time as new managing trustees are appointed, but it shall not be obligatory for the public trustee to so act. (sec.40-ssec.2) Nothing in this section affects the power of any court or person to appoint new managing trustees, but no such appointment shall take effect until notice thereof in writing is given to the public trustee. (sec.40-ssec.3) Where the public trustee, apart from the provisions of this subsection, is a statutory trustee within the meaning of the Trusts Act 1973 , the public trustee shall, until some other person becomes trustee, have all the powers given to and may in every respect act as a trustee who is not a statutory trustee.