HC Deb 07 May 1863 vol 170 cc1367-8

Order read, for resuming Adjourned Debate on Question [4th May], "That he Bill be now taken into Consideration."

Question again proposed.

Debate resumed.

Bill considered.

Amendments made.

Clause 4 (Restriction as to Trustees taking Certificates of Title).

MR. HUNT

said, he felt considerable anxiety to prohibit trustees of stock from having stock certificates to bearer made out in their favour. A trustee selling out stock knew that he was committing a fraudulent act; but a trustee might cheat his conscience into the belief that in making a deposit of the stock certificate under pressure of circumstances he was not intentionally cheating his cestui que trust. Men committing a fraud generally believed in the first instance that they would be able to retrieve themselves; the power contained in the Act, therefore, would hold out a great temptation to irregular practices. He would therefore move the omission of the words "unless authorized to do so by the terms of his trust."

Amendment proposed, in page 2, line 8, to leave out the words "unless he is authorized so to do by the terms of his trust."

THE CHANCELLOR OF THE EXCHEQUER

said, he was willing to concur in any fair and reasonable proposition for restraining trustees from exercising a discretion as to the taking of these certificates; but the Amendment of the hon. Member went to the restriction of the power of disposition of the person who constituted the trust.

MR. ALDERMAN SALOMONS

said, he should oppose the Amendment. It would materially interfere with the working of the bank with which he was connected.

THE ATTORNEY GENERAL

said, that the omission of these words would in some cases make the exact performance of a trust a breach of it, and render the trustee liable to punishment.

Question, "That the words proposed to be left out stand part of the Bill,"—put, and agreed to.

Other Amendments made.

Bill to be read 3° on Monday next, and to be printed. [Bill 114.]