Central Bank Act, 1942

Legalisation of bank deposit as a trustee investment.

67.—A trustee, unless expressly forbidden by the instrument (if any) creating the trust, may, in addition to any other mode of investment for the time being authorised by law or by the said instrument (if any), invest any trust funds in his hands (whether such funds are or are not at the time in a state of investment) by placing such funds in an interest bearing deposit account with an Associated Bank or a bank of which a controlling interest is held by an Associated Bank.