Trust accounts held jointly by trustees and beneficiaries
13.—(1) A deposit may be made by one person as trustee for another person as beneficiary jointly in the names of the trustee and the beneficiary, but no new account may be opened under this paragraph.
(2) A declaration in the approved form must be made by the trustee.
(3) An application to withdraw or transfer deposits must be made by the trustee and beneficiary acting jointly or by the survivor of them.
(4) Where the trustee or the beneficiary has become a person who lacks capacity or bankrupt, the Director of Savings may pay the deposits to the other party with or without the agreement of the deputy, Official Receiver or trustee in bankruptcy, if any.
(5) The Director of Savings may, on the application of the trustee or the beneficiary—
(a)put the account in the name of the beneficiary alone; or
(b)substitute the trustee with another trustee, in which case the new trustee must make a declaration in the approved form.