National Loan (Conversion) Act, 1935

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Provisions for protection of trustees.

4.—(1) Trustees and other persons holding any stock of the loan in a fiduciary capacity and persons having the control or management of any stock of the loan are hereby authorised at their discretion to apply under this Act for the conversion of the whole or any part of such stock or to apply under this Act for the redemption of the whole or any part of such stock or to refrain from making any such application, and no such person shall be liable for any loss resulting from his making or refraining from making (as the case may be) any such application.

(2) Where any stock of the loan is held by trustees or other persons in a fiduciary capacity, neither an application under this Act for the conversion or for the redemption of such stock or of any part thereof nor the refraining from making any such application shall be a variation of the investment of the trust funds within the meaning of any provision in the instrument creating or regulating the trust whereby the consent of any person to any such variation is required or such variation is otherwise restricted or controlled.