s 20 Terms of appointment of nominees and custodians.
(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.