Section 245: Appointment of trustees.

(1) The Minister, Commissioner, Chairman or other appropriate officer of a body subject to the approval of the approving authority may appoint a registered trustee company or any reputable bank or a reputable insurance company licensed under the applicable laws for the time being in force as trustee for the purpose of acting on behalf of the bond holders with regard to every loan raised under this Act provided that a trustee appointed under this subsection shall not have any fiduciary relationship with the issuers.
(2) A draft copy of any trust deed made pursuant to this part of this Act shall be sent to the Commission for prior approval.