11.
| (1) The Custodian Trustee shall, on behalf of the Trust, hold all the assets of the Fund both movable and immovable in his name as Custodian Trustee, |
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| (2) All investments and recalling and reinvesting of investments shall be done by the Custodian Trustee on the directions of the Board. |
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| (3) All sums payable to the Fund under paragraph (d) of section 12 shall be paid to the Custodian Trustee to be deposited in the Fund, |
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| (4) The Custodian Trustee may allow the dividends and other income derived from the Fund to be paid to the Board or to such persons or into such bank to the credit of such persons as the Board may in writing direct and in such case he shall be exonerated from seeing to the application thereof, and shall not be answerable for any loss or misapplication thereof. |
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| (5) The Custodian Trustee or any person authorized in writing in that behalf by him shall receive all grants, gifts and donations made to the Trust and issue receipts therefor. |
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| (6) Subject to and without prejudice to the rights of any other persons, the Custodian Trustee shall have the custody of all securities and documents of title relating to the Trust property, but the Board shall have free access thereto and be entitled to take copies thereof or extracts therefrom. |
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| (7) The Custodian Trustee shall concur in and perform all acts necessary to enable the Board to exercise its powers of management or any other power or discretion vested in them unless the matter in which he is required to concur in is a breach of trust, or involves a personal liability upon him in respect of calls or otherwise, but the Custodian Trustee shall not be liable for any act or default on the part of the Board. |
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Sri Lanka Consolidated Acts