Section 1. An individual acting as co-fiduciary with a bank and trust company, or trust company, is hereby authorized with respect to investments received, held or made by said bank and trust company, or trust company, and said individual, as co- fiduciaries, to consent to the holding of said investments in the name of a nominee of said bank and trust company, or trust company, to the same extent that said bank and trust company, or trust company, as a sole fiduciary, would be authorized to hold such investments in the name of its nominee. Any such consent heretofore given by an individual co-fiduciary is hereby validated.
The term "fiduciary" as used herein shall mean an executor, an administrator, or a trustee of a trust, created by will, deed, declaration of trust, court order, or other instrument, a guardian of a minor, or incompetent, or a committee of the estate of a lunatic, or habitual drunkard; and the term "co- fiduciary" as used herein shall mean a person who is a co- executor, a co-administrator, or a co-trustee of a trust, created by will, deed, declaration of trust, court order, or other instrument, a co-guardian of a minor, or incompetent, or a co-committee of the estate of a lunatic, or habitual drunkard.