20 Terms of appointment of nominees and custodians.E+W
(1)Subject to subsection (2) and sections 29 to 32, the trustees may under section 16, 17 or 18 appoint a person to act as a nominee or custodian on such terms as to remuneration and other matters as they may determine.
(2)The trustees may not under section 16, 17 or 18 appoint a person to act as a nominee or custodian on any of the terms mentioned in subsection (3) unless it is reasonably necessary for them to do so.
(3)The terms are—
(a)a term permitting the nominee or custodian to appoint a substitute;
(b)a term restricting the liability of the nominee or custodian or his substitute to the trustees or to any beneficiary;
(c)a term permitting the nominee or custodian to act in circumstances capable of giving rise to a conflict of interest.