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The example "Trust Certificate" states on the reverse side that on the death of the Certificate Holder, the certificate becomes null and void. My understanding is that the Certificate Holder is the benficiary of the trust. Why then is the certificate not reassigned (presumably by the Managing Director)?

This statement is on the certificates to prevent a certificate holder from passing it on in a will as this would involve the Trust in a probate action. The Certificate Holder can transfer the certificate by filling out the form on the certificate and sending it to the Trust. The transfer does not become effective until the new owner is reflected in the books of the Trust, which are under the control of the Managing Director. The Certificate Holder can also transfer ownership of the certificate by sending the Trust, c/o the Managing Director, a 'letter of wishes' stating who the new Certificate Holder will be and under what conditions. (This is the preferred way to do it.) If the Certificate Holder dies without specifying a new Certificate Holder, the Trustees may designate a new one. This is one of the few times you may need to contact the Trustees.