(Trustee's Capacity)

1. (a) If the trustee is a natural person, he must have the capacity to take, hold, and deal with property for his own benefit and must be at least eighteen (18) years of age, be of sound mind and of good moral character.
2. (b) If the trustee is a corporation, it must have the power to take, hold, and deal with property for its own benefit and have the power to act as a trustee.

3. (c) Subject to IC 1971, 30-4-2-8 , the fact that the person named to be trustee is also a beneficiary will not disqualify him from acting as trustee if he is otherwise qualified.

   Formerly: Acts 1971, P.L.416, SEC.3; Acts 1973, P.L.293, SEC.6.