TRUSTEES ORDINANCE, 1901

TRUSTEES ORDINANCE, 1901

No. 5 of 1901.
An Ordinance to consolidate d amend th, 1 r ating to
trustees.

[1st July, 1901.]

1. This Ordinance may be ted as the Trustees Ordinance,
1901.

2. In this Ordinance,

(a) Contingent right as applied to land, includes 'a
contingent or executory interest, a possibility coupled with
As amended by Law Revrev1924. Outlawry in criniinal c~18(3q is abolished
by No. 9 of 1899, s. 48
As amended by Law Rev. rd., 19241





an interest, whether the object of the gift or limition of the

interest or possibility is ol. is not ascertained, also, a right of
entry, -whether immediate or future and whether vested ol.
c(b) Convey and conveyance, applied to any person,

,,-include the execution by that person of necessary or
suitable assurance for conveying, assignirfg, appointing, sur-
rendering, or otherwise transferring oydisposing of land
whereof he is seized or possessed, or wherein he is entitled
to a contingent right, either for his wholr estate or for any
:,less estate, together with the perfoymance of .01 formalities
required by law to the validity of the conveyance, including
the acts to be performed by marrfied woment ',in accordance
with the provisions of the Mai, led Wome (Disposition of
Property) Ordinance, 1885.
(c) The court . means the Court

(d) Devisee includes the heri of adevisee and the devisee

of an heir, and any person who may claim right by devolution
of title of a similar description.

(e) 'Instrument inc des Act of Parliament and Ordi-
nance.

(f) Land includ porealwell as corporeal here-
ditaments, and any interest terein, and also an undivided
share of land.
(g) Mortgage nd mortgagee include and relate to
every estate and i terest regarded in equity as merely a
security for mone and every ,person deriving title under
the original mortgagee.

(h) Pay and paymetn , as appleid in relaiton to stocks
and ssecurittie and in connexion with the expression into
court include th edeposit or transfer of th smae inor into
court.
(i) possessed applies to receipt of income of, and to
any vested estate and interet in any property,movable or
immovable, and any debt, and any thing in action, and any
other right or interest,whether in possession or not.





(k) Rights includes estates and interests-.

(1) Securities include stocks, funds, and shares, and, so
far as relates to payments into court, include Imperial
Government securities, and any security of any foreign state,
any British possession, or any body co'rporate or company, or
standing in 'books ' kept 'by any body corporate, company, or
person in the United Kingdom or,' in this Colony, and all
stocks, funds, and effects.

(in) Stock includes fully paid up shares; an cl, so far as
relates to vestin orders made Py the court under this
Ordinance, includes any fund, annuity, or security transfer-
able in books kept by any company or society, or by
instrument of transfer, either alone or accompanied by other
formalities, and any share or interest therein.

(n) Transfer , in relation to,; stock, includes the perform-
ance and execution of every deed, power of attorney, act, and
thing on the part of the transfet'or to effect and complete the
title in the transferee.

.(o) Trust does not include the duties incident to. an
estate conveyed by way of mortgage,; but with this exception
trust and trustee include imlied and aconstructive
trusts, and cases where the trustee hs a beneficial nteres

in the trust property, and the' duties incident to the office of
. personal representative of a deceased person.

PikRT 1.

THE OFFICIAL TRUSTEE.

8.~(1) For the purpos6 of carrying into effect the provi-
sions of this Part, it shall be lawful for the Governor to appoint
a fit and proper person t be Official Trustee.

(2) The said office shall have perpetual succession, and all
lands or any interest. LAerein, and all itioneys, stocks, and
securities and -- land which may be vested. in the Official
Trustee.under this Part shall be deemed to be vested:in the
Official Trustee. for the time being, Without any further
transfer or conveyance!


4. Trustees, or the majority of trustees, having in their
hands or under therir control any moneys belonging to any
trust, shall be at liberty, on filing in the Registry of the court
an affidavit shortly describing the instrumetn creating teh
trust, according to the best of their knowledge and belief, to
pay the same,with the privity of the Official Trusetee and in
accordance with such directions as they may receive for the
purpose fromhim,into the court; an the said trust moneys
shall be paid through the Treasury into a bank authorised
by the Governor on deposit beaing interest,or otherwise,
to the account of the Official Trustee (by his offical designa-
tion) in the matter of hte particular trust (descreibing the
same by the names of the parties, as accurately as may be,
for the purposeof distinguishing it), in trust ot attend the
orders of the court.

5.Trustees, or the majority of trustees, having any
securities standing in their names in the books of any
public company or corporation established in the Colony,
or in the names of any deceased persons of whom
they are personal representatives, upon any trust, shall be at
liberty,n filing such affidavit as aforesaid, t transfer such
securities, with such privity and in accordance with such
directions as aforesaid, into the name of he Official Trustee
(by his official designation) or to dposti the same in his
name in such bank as aforesaid in the matter of the
particular trust (describin gthe same as aforesaid), in trust
to attend the oredres of the court.

6. Trustees, or the majority of trustees,in whom any land
within the Colonyis or becomes vested upon ahy trust, shall
be at libert,on filing such affidavit as aforesaid, to convey
such land, with such privity and in accordance with such
directions as aforesaid, to the Official Trustee, in trustot
attend the orders of court.

7 In every such case as aforesaid, the certificate of the
Official Trustee for the moneys so paid , or of the transfer or
deposit of such securities, or of the conveyance of such land
shll be a sufficient discharge to such trustees or other
persons foar the money so paid, or the stocks or securities so
transferred or deposited, or the land soconveyed as
aforesaid.






8.(1) Where any moneys or securities, or any land, are,
or is vested in any persons as trustees, and 'the majority of
them are. desirous of paying, transferring, depositing, or
conveying the'same as aforesaid, but the concurrence-of the
other or' others cannot be obtained, the court inay order the
payment, transfer, deposit, 'or conveyance t . o be made by
the majority without the concurrence of the ' other or others;
and where-any such moneys or securities are deposited with
any banker, broker, or other deposityary, the court may order
payment or delivery of hte moneys or securities ot the
majority of the trustees for the purpose of payment into
court.

(2) Every payment, transfer, deposit, delivery, and con-
veyance made in pursuance of any such,' order shall be valid
and, take effect as if the same had been made on the authority
or by the act of all the persons entitled to the moneys,
securities, or land so paid, transferred, deposited, delivered,
or conveyed.

9.-(1) Such orders as may seem fit shall be inade by the
court in respect of the trust estate and for the investment
and payment of any such moneys or of any dividends or
interest on any such securities, and for the transfer and
delivery out of any such securities, and for the administra-
tionof any such trust generally, upon a pettion to be
presented in a summary way to hte court by suh pary or
parties as to th court may appear to be competent and
necessary in that behalf, and service of such petitionshall

(2) Every order made upon any guch petition shall have
the same authority and effect, and shall be enforced-in the
same nianner, as if the same had been made in an action
regularly instituted in the court.

(3) If in any case it appears thah the trust estate cannot
be safely administered without t& institution of one or more
action or actions, the court y direct any such action or
actions to be instituted.

10.-(1) There shall be imposed and levied for the use of
.the Crown upon every trust Istate administered under this
Y Part a charge equivalent to the following percentage on the
net value of the trust estate: ltwo per cent. where the value





of the trust estate does not exceed ten thousand dollars, and
where the value exceeds ten thousand dollars two per cent.
on the first ten thousand dollars and one per cent. on the

(2) The' said charge shall constitute a primary lien upon
the trust eftate, and shall ten levied, in the case of trust
inoneys deposited in a bank, by an order of the court,
authorisinj tke, payment thereof to the Official'Trustee for
ihe use of the Crown, andl in the case of securities or land,
ly sale, mortgage, or otherwiseas the court 'may direct, and
in case of any such sale or mortgage, the court may, by the
same or any further . o+r, empower the Official Trustee to
execute.all instruments jecessary for carrying out this provi-
sion, and instruments po executed shall be as valid and
effectual to all intents ed purposes as if the same had been
executed by all person ` who, but for this provision, would
.have been necessary parties thereto.

(3) There shall. alsp be imposed and levied for the use of
the Crown upon every such estate a charge equivalent to two
per cent. on the annual revenue of the trust estate. The
Official Trustee shall 'deduct such charge in making up the
annual accounts of the estate.

11. In the administration of any trust estate, the Official
Trustee shall have and may exercise all the rights and
pwers conferred upon trustee by this Ordinance, so far as
they are applicable to such tr st estate.

12. The Official Trustee hall incur no personal liability
'by reason of any securities b ing transferred into, his name
as aforesaid, or by reason of any land. being conveyed to
him as. aforesaid, ot affct any of any loss accruing to any
trust estate in his hands,otherwise that by his own wilful
neglect or dfault: Provided that nothing in htis Part shall
be deemed to affect any reights or remedies against the trust
estate or any cestui que trust or any person other than the
Official Trustee and the trustee so discharged as aforesaid.

13. The rules contained in the Schedule shall be observed
in proceedings under the provisons of this Part relating to
the summmary administration of trust funds, subject to the
repeal or variation thereof under the powers vested in the
court in relation to the making of general rules and orders.





PART II
INVESTIMENTS

14. A trustee may, unles expressly forbidden by the
instrument, if any, creating he trust, invest any trust hinds
in.his hands, whether me in a state of investment or
not, in manner following:

(1) in any of hte parliamentary stocks, or public funds,or
government securities of the United Kingdom;

(2) on real or heritable securities in Great Britainor
Ireland or in this Colony;

(3) in the stock of the Bank of England or the Bank of
Ireland;

(4) in India per cont. stock and India 3 per cent stock,
or in any other capital stock which may at any time
hereafter be issued by the Secretary of State in Counil of
India under the authourtiy of any Act of Parliament and
charged on the revnues of India;

(5) in any securtites the interest of which is for the time
being guaranteed by Parliament ;

(6) in consolidated stock created by the Metropolitan
Board of Wordks or by the LondonCounty Council,or in
debenture stock created by the Receiver for the metropolitan
Police District;

(7) in the debenture, or rent-charge, or guaranteed, or
preference stock of anh railway company in Great Britain or
Ireland incorporated by special Act of Parliament, and
haveing, during each of he ten years last past befoe the
date of investment, paid a dividentd at athe rate of not less
than three per cent. per annum onits ordinary stocks;

(8) in the stock of any railway or canal company in Great
Britaing or Ireland whose undertaking is leased in perpetuity
or for a term of nto less than two hundred years, at a fixed
rentral to any such railway company as is mentioned in sub-
secton (7) either alone or jointly with any other railway
company;

(9) in th debentur stock of any railway company in
India th interest on whcih is paid or guaranteed by the
Secretayof State in Council of india;




(10) in the B annuities of hte Easteern Bengal, the
East Indian, and the Scinde, Punjaub, and Delhi Railways
and any like annuities which may at any time hereafter
be created' on the purchase of any otyr railway by the
Secretary of State in Council of Ind' and charged on the
revenues of India, and which may be authorised be Act of
Parliament to be accepted by t stees in lien of any stock
held by them in the purchased railway; also in deferred
annuities comprised i the register of holders of annuity
Class D and annuities comrised int he registerof annui-
tants Class C of whih the interest is so guaranteed;

(11)in the stock of any railway company in India upon
which a fixed or minimum devidend in sterling is paid or
guaranteed by teh Secretary of State in Council of India or
upon th capital of which the interetis so guaranteed;

(12) in the debenture or guaranteed or preference stock
of any company in Great Britain or Ireland estabised for
the supply of water for profit, and incorporated by special
Act of Parliament or by Royal Charter, an having, during
each of the ten years last past before the date of investment
paid a dividend of not less than five pounds per cent. on its
ordinary stock;

(13) in nominal or inscribed stock issued, or to be issued,
by th corporationof any municipal borogh in htUnited
Kingdom having, according to the returns of thelast census
prior to the date of investment, apopulation exceeding fifty
thousand, or by anyCounty Council in th eUnited Kingdom,
under th autourity of anyActor Parliament or Provisional
Order;

(14) in nominal or inscribed stock issued,r tobe issued,
by nay commissiners incorporated by Act Parliament for
the purpose to suppling water, and having a compulsory
power of levyin grates over an area having, accordign to the
returns of the last cenuseu prior to the date of invetment, a
population exceeding fifty tousand; Provided that, during
each of the ten years last past before the date of investment
the rates levied by such comissioners have nto exceeded
eighty per scent. of he amountauthourised by law tobe bevied;

(15) in any colonial stock which is registerred in the United
Kindgomi in accordance with the provisions of fhte Colonial
Sotck Act, 1877 to1900, and with respecto whcih all condi-
tions prescribed by the imperial Trreasury, by order notified
in the London Gazette, have been observed;





(16) in any bonds issued under the authoryt of th War
Loan Ordinance, 1916;

(17) in any of hte securities for ht time being authorised
for the investment of eash under the control or subject to the
order of the High Court of Justice in England; and

(18) in any securities authorised by the court,on summary
application for thalt purposemade in chambers,
and may also vary any such investment.

15-(1) A trusteemay, under the powers of this Ordi-
nance, invest in any of th securities mentioned or referred
to in section 14, notwithstanding that hte same may be re-
deemanle and tha t the price exceeds the redemption value.

(2) Provided that a trustee may not, under th powers of
this Ordinance,purchase at a price exceeding its rredemption
value any stock mentioned or referred to insection 14 (7),
(9), (11), (12), (13), and (15), which is liable to be redeemed
within fifteenyears of the date of purchase at par or at some
other fixed rate, or purchase any such stock as is mentioned
or referred to in the sub-sectins aforesaid whcih is laible to
be redeemed at par or at some other fixed rate, at a price
exceeding fifteenper cont. above par or such other fixed rate.

(3) A trustee may rtain until redemptiona ny redeemable
stock, fund,or security which may have been purchased in
accordance with the powers of this Ordinance.

16. Every power conferred by sections 14 and 15 shal be
exerciesed accordign to the disecretion of the trustee, but sub-
ject to any consent require by the insturment, if any,
creating the trust with respect to the investment of trust
funds.

17 Sectons 14, 15, and 16 shall apply as well to trusts
created before as to trusts created after the commencement
of this Ordinance, and the powers thereby conferred shall be
in addition to the powers conferred by the instrument, if any,
creating the trust.






18.-(1) A trustee having power to invest in real securities,
unless expressly forbidden by the instrumetn creating the
trust, may invest, and shall be dhave always had
power to invest-

(a) on mortgage of property in the United Kingdom held
for an unexpired term of not less than two hundred years,
and not subject to a eservation of rent greater than a
shiling a year,or to any right or redemption, or to any
condition for re-entry, except for non-payment of rent;


(b) on mortgage of property in this Colony held under
Crown lease for in unexpired term of not less than fifty
years: and

(c) on any charge, or on mortgage of any charge, made
under the Improvement of and Act, 1864.

(2) A trustee having power to invest in the mortgages or
bonds of any railway conipany or of any other description of
company rnav, unle he contrary is expressed in the instru-
ment authorising t investment, invest in the debenture
stock of a railway company or such other company as
aforesaid.

(3) A trustee having power to invest money in the deben-
tures or debenture stock of any railway or other company
may, unless the contrary is expressed in the instrument
authorising the investment, invedt in any nominal debentures
or nominal debenture stock. igsued under the Local Loans
Act, 1875.

(4) A trustee having power to invest money in securities in
the Isle of Man, or in securities of the Government of a
British Colony, may, unless the contrary is expressed in the
instrument authorising the investment, invest in any securi-
ties of the Government of the Isle of Man, under Isle of
Man Loans Act 1880.

(5) A trustee having a general power to invest trust
moneys in or upon the security of shares, stock, mortgaes,
bonds, or debentures of companies in corporated by or acting
under the authority of an Act of Parliament or Ordinance
may invest in, or upon the security of, mortgage debntures
duly issued under and in accordance with the provision of
teh Mortgage Debenture Act, 1865




19. A trustee having power to nvest in the purchase of
land or on mortgage of-land ma nvest in the purchase ol.
on mortgage of any land, twithstanding. the saine is

charged with a rent under e powers of 1he Pablic Money
Drainage Acts, 1846 to 56, or the Landed Property
Improvement (Ireland) U2 1847, or by an absolute order
made under the Improvement of Land Act, 1864, -unless the
terms of the trust expressl provide that he land tobe
purcbased or taken in mortgage shall not be subject to any
such prior charge.

20-(1) A trustee, unless authorised by the terms of his
trust,shallnot apply for or hold any certificate to bearer
isssued under the authourity of any of the following Acts:-
(a) the India Stock Certificate Act, 1863;
(b) the National Debt Act, 1870:
(c) the Local Loan Act, 1875; and
(d) the Colonial stock Act, 1877.
(2) Nothing in thsi setction shall impose on the Bank of
England or th Bank of Ireland, or on ay person autorised
ot issue any such certificates, any obligation to inquire
whether a person applying or such a certificate is or is not
a trustee or subject them to any liability inthe event of
their granting any such certificate to a trustee,or invalidate
any such certificate, if granted.


21.-(1) A trustee 19nding nioney on the security of any
property on which he can lawfully lend shall not be charge-
able with breach of ifrust by reasoA only of the proportion
borne by the amount of the loan to vale of the propery
at the time when the loan was made, provided that it appears
to the court that, in making the trustee was acting
upon a report as to the va of the property made by a
person whom he reasonably b eyfed to be an able practical
surveyor or valuer instructed and employed independently
of any owner of the prperty whether such surveyor or
valuer carried on business in the locality where the property
is situate or elsewhere, and that he amount of the loan does
not exceed two equal third parts of he value to the property
as stated inthe report, and that te loan was made under
the advices of the surveyor or valuer expressed in the report.




(2) A trustee lending money on the security of any lease-
hold property shall not be chargeable with breach ofY trust
only upon the ground that, in makingthe loan, he dispensed
either wholly or partly with the production ro investigateion

(3) A trustee shall not be char breach of trust
only upon the ground that, in effurchase of or in
lending money upon the se'euri roperty, he has
accepted a shorter title than th a purchaser is,
in the absence of a special co-a act, entitled to require, if'
in the opinion of the court, the title accepted is such as a
person acting with prudence and caution would have accepted.

(4) This section alies to transfers of existing securities
as well as to new securities, and to investments made as
well before as after the commencement of this Ordinance.

22.-(1) Where a trustee improperly advdnees trust
money on a mortgage security which woould at the time of
the investment, be a proper in vestment iw all respects for a
smaller sum than is actually advanced thereon, the security
shall be deenied an authorised investment for the smaller
sum, and the trustee shall only be libale to make good the
sum advanced in excess th interest.
(2) A trustee shall not be liable for breadh of trust by
reason only of his continuing to hold aninvestment which
has ceased to be an investment authorised by the instIrunient
creating the trust or by the generaflaw.
(3) This section applies to investments mde well before
as after the commencement of this Ordinace.

PART 1.
VARIUS POWERS AND DUTISES OR TRUSTREES.
Appointment of new trustees

23-(1) Wher a trustee, either origainal or substiuted
and wherther appointed by a cort or otherwise, is dead ,or
remains orut of the Colony or more than twelve monthes, or
desires to be discharged from all or any of the tursts or powers
reposed in or conferred onhim,or refuses or is unfit to act
therin,or is incapble of action therein, then the person or
persons nominated for the purppose of applointing new turstees


by the nsturment, if any, creating teh trust,or, if there is
no such person or no such person able an willin to act,
then the surviving or continuing trustees or trustee for the
time being or the personal representatives of the alst surviving
or continuing thrstee, may, by writing, appoint another
person or other persons tobe a trustee or trustees in the
place of the trustee dead, remaining ourt of the Colony,
desiring ot be discharged, refusitn, or being unfit,or being
incapable, as aforesaid.

(2) On the appointment of a new atrstee for the whole or
any part of trust property,-
(a) the numbre of turstees may be incrrease; and
(b) a separate set of trustees may be appointed, for any
part of the trust property held on trusts distinct form those
relatin got any totherpartoor parts of the trust property, not-
withstanding that no new trustees or trustee are or is to be
appointed or other parts of hte trust propety, and any
existing trusteemay be appointed or remain one of such
separatee set of trustees; or, if only one trustee was originally
appointed, then one separate trusteemay be so appointed or
the first-mentioned part; and

(c) it shall not be obilagory to appoint mroe than one new
trustee wher onlyone trustee was originally appointed, or
to fill upthe origainal nuber of trustees wher more than
two trustees were originally appointed; but, except where
only one trustec was originally appointed, a trustee shall not
be discharged under this section from his trust unless there
will be at least two trustees to perform the trust; and

(d) any assrance or thing requiste for vessting the trust
property, or any part thereof, jointly in thepersons who are
the trustees shallbe executed or done.

(3) Every new trustee so appointed, as wel beforer as after
all the trust property becomes by law, or by assurance or
otherwise, vestedin him, shall have th same powers
authorities, and discretions, and mamy in all rspects act, as
if he had been originally appointed atrusteeby the instru-
ment, if any, creating ht turst.

(4) The provisions of this section relative to a trstee who
is dead inclde the case of a peson nominated trusteeina
wil but dying before hte testator, and those relative to a
continuing trustee include a refusin gor retirin trustee, if
willing to actin the exeutionof the provisions of the is section.







(5) This section applies only if and as for as contrary
intention is not expressed in the instrument, if any, creating
the trust, and shall have effect subject to theAerms of that
,instrument and to nay provisions therein contained.

(6) This section applies to trusts created before or after
the commencement of this Ordinance.

24.-(1) Where there are moretwo trustees, if one
of them by deed declares that he is desirous of -being dis
Charged form the trust, and if his co-trustects otlier
person, if day as is empowered to appoint trustees, by deed
consent to the discharge the trustee and to the vesting in
the co-trustees alone ofr the trust property, then the trustee
desirous of being disdharged shall be deemed to have retired
from the trust, and sahll by the deed, be discharged there
from under this Ordinance, without any new trustee being
appointed in his place.

(2) Any assurance or thing requisite for vesting the trust
property in the continuing trustees alone shall be executed
or done.
(3) This section applies only if and as ar as a contrary
intention is not expressed in the instrument, if any, creating
the tritst, and shall have effect subject to the terins of that
instrument and to any provisions therein contained.

(4) This sectiion applies to tursts created either before or
after the commencement of this ordinance.

25-(1) Where a deed by which a new trustee is appointed
to peform any trust contains a declarationby th appointor
to th effectthat any estate or intersest in any land subjec to
the trust or in any chattel so subject,or the right to recover
and receive any debt or other thing in action so subject, shall
vest in the persons who by virtre of the deed become and are
the trustees for performing the turst, that declaration shall,
without any conveyanc eor assignment, oprate to vest in those
perons, as joint tenants and for the purposes ot teh truas,
that estate, intrest, right.

(2) Where a deedby which a retiring turstee is discharged
under htis Ordinance contains such a declaration aa is men-
tioned in this sectionby the retiring and continuing trustees,
and by the other person,of any, empowered to appoint trustees,
that declaration shall, withur nay onveryance or assignment,





operate to vest in the continuing turstees alone,as joint
tenants and for the purposed of the trust, the estate, interst,
or right to which the declaration relates.

(3) This sectiondoes noth extend to land conveyed by way
of mortgae fro securign money subjectot he trust,or to
any such share, stock, annutiy, or propery as is only trans-
ferabelin books kept by a companyor ther body, or in
maneer directed by or undre any Actor Parliament or
Ordinance.

(4) For the purposes of registraiton of the deed in any
registry, the person or persons makeing the declaration shall
be deemend the conveyingparty or parties, and the convey-
ance shall be deemed tobe amde by hmor htem under a
power conferred by this Oardinance.

(5) This section applies only to deeds executed aftere the
commencement of this Ordinace.

Purchase and sale.

26-(1) Whr a trust for sale r powr of sale or prop-
erty is vested in a trustee, he may sel or concur with any
other person in selling al or any part of teh propery, either
subject to prior charges or nto and either togethe or in lots
by public auctionor by private contract, subjecto any such
conditions respecting title or evidence tov ary any contract for
as the trustee thinks fit, wih power to vayr any contract for
sale and to buy in at any auction,or to rescind any contract
for sale and to re-sell , without being answerable for any loss.

(2) This section applies only if and as for as a contrary
intertion is not expressed in the instrument creatin the
trust or power, and shll have effect subjecto the tersm of
that instrument and to the provisions therei contained.

(3) this seciton applies only to a trust or powr created
by an instrument coming into operation after commence-
ment of theis Ordinace.

27-(1) No sale made by a trustee shallbe impeached
by any beneficiary upon the ground that any of hte conditions
subject to whcih the sale was made my have been unneces-
sarily depreciatory, unless it appears that the consideration
for the sale was thereby rendered inadequate.







(2) No sale made by a trustee shall, a after the exectlion o

the conveyance, be impeached as against hte purchaser upor
the ground that any of the conditions subject to wKich the
sale was made may have been -unnecessarily dreciatory
,unless it appears that the purcha er was acting~in collusion
with the trustee at the time when the co act for sale was
made.

(3) No purchaser, upon any sale de by a trustee, shall
be at liberty to make ally obi on against the title upon
the ground aforesaid.

(4) This section applies only to sales made after the com-
mencement of this Ordinance.

28.When any land is vested in a married wonam as a
bare trustee, she may convery or surrender it as if she were
a feme sole.

Various powers and liablilitics.

29-(1) A trustee may appoint a solicitor ot be hsi agent
to receive and give discharge fo any money or valuable
consideratioor property receivabel by the trustee under the
trust,by permitting the solicitor to have teh custody of and
to produce a deedaving in the body thereof or indorsed
thereon a receipt for consideration money or ther considera-
tion, the deed being executed or the indorsed receipt being
signed by the trustee; and a trustee shall nto be chargeable
with a breach of trust by reason onlyof his having made of
concrred in makeing any such apppo9ntemtn, The produching
of any such deed by the solicitor shall have the smae validity
and effect as if the prson appointeing hte solicitor had not
been a trustee.

(2) A trustee may appoint a banker or solicitor tobe his
agent o receive or give a discharge for any money payabel
to the trustee under or by virtue of a policy of assurance, by
permitting the banker or solicitor to have the coustody of and
to produce the policy of assuance with a receitp signed by
the trustee; and a trstee shall not be chargeable with a
breach of trust be reason onl;y of his having made or
concurred in makeing any such appointment

(3) Nothing in theis sectioshall exempt a trustee form any
liability which he would have incurred if theis Ordinance
had nto been passed, in case hepermits any such money,





valuable consideration, or property to remain in the hadns or
under the control of the solicitor or banker for a period
longer than is reasonably necessary necessary to enable the solicitor or
banker, as the case may be, to pay or transfer the same to the
trustee.

(4) this section applies only where the money or valuable
consideration or property is received after the commencement
of this Ordinance,

(5) Nothing in this section shall authorise a trustee to do
anything which he is in express terms forbidden to do,or to
omit to do anything which he is in express terms directed to
do, by the instrument creating the trust.

30-(1) A trustee may insure against loss or damage by
fire any building or other insurable property to any amount
(including the amount of any insurance already on foot)not
exceeding three equal furth parts of the full value of such
building or property, and pay the premiums for such insurance
out of the imcome thereof or out of the income of any other
property subject to the same trusts, without obtaining the
consent o f any person who may be entitled wholly or partly
to such income.

(2) this section does not apply to any building property
which a trustee is bound forthwith to convey absolutely to
any beneficiary upon being requested to do so.

(3) This section applies to tusts created either before or
after the commencement of this Ordinance, but nothing in
this section shall authorise any trustee to do anything
which he is in express terms forbidden to do, or to omit ot
do anything which he is in express terms directed to do, by
the insturment creating the trust.

31.-(1) A trustee of any leasheolds for lives or years
which are renewable from time to time, either under any
covenant or contract or by custom or usual practice,may, if
he thinks fit, and shall, if thereto required by any person
having any beneficial interest, present or future or contingent.
in the leaseholds, use his best endeavours to obtain from
time to time a renewed lease of the same hereditaments on
the accustomed and resonable terms, and for that purpose
may from time to time make or concur in making a surrender
of the lease for the time being subsisting, and do all such




other acts as may be requisite: Provided that where, by the
terms of the settlement or will , the person in possession for
his life or other limited interest is entitled to enjoy the same
without any obligation to renew or to contribute to the expense
of renewal, this section shall not apply unless the consent
in writing of that person is obtained to the renewal on the
part of the trustee.

(2) If money is required to pa for the reneal, the trustee
effecting the renewal may pay the same out of any money
then in his hands in trust for the persons beneficially
interested in the lands to be comprised in the renewed lease.
and if he has not in his hands sufficient money for the puprpose,
he may raise the money required by mortgage of the heredita-
ments to be comprised in the renewed lease or of any other
hereditaments for the time being subject to the uses pr trusts
to which those hereditaments are subjects; and no person
advancing money upon a mortgage purporting to be under
this power shall be bound to see that the money is wanted or
that no more is raised than is wanted for the purpose.

(3) In all cases where by any will, deed, or other instru-
ment of settlement it is expressly declared that trustees or
other persons therein named or indicated shall have a power
of sale, either generally or in any particular event, over any
land named or referred to in or from time to time subject to
the trusts of such will, deed, or other instrument, it shall be
lawful for such trustees or other persons, whether the land
is vested in them or not, to exercise the power of sale by
selling the land either togeeher or in lots, and either by
public auction or private contract, and either at one time or
several times, and 9in case the power expressly authorises an
exchange) to exchange any land which for the time being
may be subject to the trusts aforesaid for any other land in
the Colony,as the case may be, and upon such exchange to
give or receive any money for equality of exchange.





33. It shall be lawful for the persons making any such sale
or exchange to insert any such special or other stipulations,
either as to title or evidence of title or otherwise, in any
conditions of sale, or contract for sale or exchange, as they
may think fit, and also to buy in the land or any part thereof
at any sale by public auction, and to rescind or vary any
contract for sale or exchange, and to re-sell the land which is
so bought in or as to which the contract is so rescinded,
without being responsible for any loss which may be
occasioned thereby: and no purchaser under any such sale
shall be bound to inquire whether the persons makings the
same may or may not have in contemplation any particular
re-investment of the purchase money in the purchase of any
other land or oterwise.

34.For the purpose of completing any such sale or ex-
change as aforesaid, the persons empowered tosell or ex-
change as aforesaid shall have full power to convey or other-
wise dispose of the land in question, as may be necessary.

35-(1) The receipt in writin gof any trustee for any
money, securities, or other personal property or effects
payable, transferable, or deliverable to him under any trust
or power shall be a sufficient discharge for the same, and
shall effectually exonerate the person paying, transferring,
or delivering the same from seeing to the application or being
answerable for any loss or misappllication thereof.

(2) This section applies to trusts created either before or
after the commencement of this Ordinance.

37-(1) An executor or administrator may pay or allow
any debt or claim on any evidence that he thinks sufficient.

(2) An executor or administrator, or two or more trustees,
acting together, or a sole acting trustee where by the instru-
ment, if any, creating the trust a sloe trustee is authorised
to execute the trusts and powers thereof, may, if and as he
or they may think fit, accept any composition or any security,
movable or immovable, for any debt or for any proerty,
movable or immovable, claimed, and may allow any time for
payment of any debt, and may compromise, compound.
abandon, submit to arbitration, or otherwise settle any debt,
account, claim, or thing whatever relating to the testator's
or intestate's estate or to the trust, and any of those






purposes may enter into, give, execute, and do such agree-
ments, instruments of composition or arrangement, releases,
and other things as tohim or them may seem expedient,
without being responsible for any loss occasioned by any act
or thing so done by him or them in good faith.

(3) This section applies only if and as far as a contrary
intention is not expressed in the instrument, if any, creating
the trust, and shall have effect subject to the terms of that
instrument and to the provisions therein contained.

(4) this section applies to executorships, administrator-
ships, and trusts constituted or created either before or after
the commencement of this Ordinance.

37-(1) Where an executor or administrator, liable as
such to the rents, covenants or agreements contained in any
lease or agreement for a lease granted, or assigned to the
testator or intestate whose estate is being administered, has
satisfied all such liabilities under the lease or agreement for
a lease as may have accrued due and been claimed up to the
time fo the assignment hereinafter mentioned, and has set
apart a suffficient fund to answer any future claim that may
be made in respect of any fixed and ascertained sum
covenanted or agreed by the lessee to be laid out on the
property demised or agreed to bve demised, although the
period for laying out the same may not have arrived,and has
assigned the lease or agreement for a lease to a purchaser
thereof, he shall be at liberty to distribute the residuary per-
sonal estate of the deceased to and amongst the parties
entitled thereto respectively, without appropriating any part
or any further part, as the case may be, of the personal
estate of the deceased to meet any future libility under the
trator so disributing the residuary estate shall not, after
having assigned the lease or agreement for a lease and
having, where necessary, set apart such sufficient fund as
aforesaid, be personally liable in respect of any subsequent
claim under the lease or agreement for a lease.

(2) Nothing in this section shall prejudice the right of the
lessor or those claiming under him to follow the assets of the
deceased into the hands of the person or persons to or
amongst whom the said assets may have been distributed.
-*/




38.-(1) Where any property is held by trustees in trust
for an infant, either for life or for any greater interest and
whether absolutely or ontingently on his attaining the age
of twenty-one years or on the occurrence of any event before
his attaining that age, the trustees may, at their sole discre-
tion, pay to the infant's parent or guardian, if any, or other-
wise apply for or towards the infant's maintenance, educa-
tion, or benefit, the income of that property or any part
thereof, whether there is any other fund applicable to the
same purpose or any person bound by law to provide for the
infant's maintenance or education or not.

(2) The trustees shall accumulate all the residue of that
income in the way of compound interest, by investing the
same and the resulting income thereof from time to time on
securities on which they are, by the settlement, if any, or by
law authorised to invest trust money, and shall hold those
accumulations for the benefit of the person who ultimately
becomes entitled to the property from which the same arise;
but so that the trustees may at any time, if they think fit,
apply those accumulations, or any part therof, as if the same
were income arising in the then current year.

(3) This section appllies only if and as far as a countrary
intention is not expressed in the instrument under which the
interest of the infant arises, and shall have effect subject to
the terms of that instrument and to the provisions therein
contained.

(4) This section applies whether that instrument cones
into operation before or after the commencement of this
Ordinance.

39-(1) A trustee making or doing any payment or act,
in good faith, in pursuance of a power of attorney, shall not
be liable in respect of the payment or act by reason that
before the payment or act the donor of the power had died,
or become lunatic, opf unsound mind, or bankrupt, or had
revoked the power, if the fact of death, lunacy, unsoundness
of mind, bankruptcy, or revocation was not, at the time of
the payment or act, known to the trustee.

(2) This section shall not affect any right against the payee
of any person interested in any money so paid; and that
person shall have the like remedy against the payee as he
would have had against the trustee if the payment had not
been made by him.





40-(1) Where a power or turst is given to or vested in
two or more trustees jointly, then, unless the contrary is
expressed in the instrument, if any, creating the power or
trust, the same may be exercised or performed by the
servivor or survivors of them for the time being.

(2) This section applies only to trusts constituted after, or
created by instruments coming into operation after, the
commencement of this Ordinance.

41. A trustee shall, without prejudice to the provisions of
the insturment, if any, creating the turst, be charageable only
for money and securities actually received by him notwith-
standing his signing any receipt for the sake of conformity,
and shall be answerable and accountable only for his own
acts, receipts, neglects, or defaults, and not for those of any
other turstee, nor for any banker, broker, or toher person with
whom any trust moneys or securities may be deposited, nor
for the insufficiency or deficieny of any sercurities, nor for
any other loss, unless the same happens through his own
wilful default; and may reimburse himself, or pay or
discharge out of the trust premises all expenses incurred in or
about the execution of his trusts or powers.

PART IV.
POWERS OF THE COURT.
Aooiontment of new trustees and vesting orders.

42-(1) The court may, whenever it is e expedient to
appoint a new trustee or new trustees, and it is found
inexpedient, difficult, or impracticable to do so without the
assistance of the court, make an order for the appointment
of a new trustee or new trustees, either in substitution for or
in addition to any existing trusee or turstees or although
there is no existing trustee. In particular and without
prejudice to the generality of the preceding provision, the
court may make an order for the appoimtment of a new
trustee in substistuion for a trusee who is convicted of
felony or is a bankrupt.

(2) An order under this section , and any consequential
vesting order or conveyance, shall nor operate further or
otherwise as a discharge to an former or continuing trustee
than an appoimtment of new trustees under any power for



that purpose contained in any insturment would have
operated.

(3) Nothing in this section shall give power to appoint an
executor or administrator.

43. In the following cases, namely,-

(1) where the court appoints or has appoined a new
trustee; and

(2) where a trustee entitled to or possessed of any land,
or entitled toa contingen right therein, either solely or
jointly with any other person,-

(a) is an infant; or
(b) is out of the jurisdiction of the court; or
(c) cannot be found; and

(3) where it is uncertain who was the survivor of two or
more trustees jointly entitled to or possessed of any land'
and

(4) where, as the last trustee known to have been entitled
to or posssessed of any land, it is uncertain whether he is
living or dead; and

(5) where there is no heir or personal representative of a
trustee who was entitled to or possessed of land and has died
intestate as to that land, or where it is uncertain who is the
heir or personal respresentative or devisee of a trustee who
was entitled to or possessed of land and is dead; and

(6) where a trustee jointly or solely entitled to or possessed
of any land, or entitled to a contingent right therein, has been
required, by or on behalf of a person entitled to require a
conveyance of the land or a release of the right, to convey
the land or to release the right, and has vilfully refused or
neglected to convey the land or release the right for twenty-
eight days after the date of the requirement,

the court may make an order (in this Ordinance called a
vesting order) vesting the land in any such person, in any
such manner, and for any such estate as the court may direct,
or releasing or disposing of the contingent right to such
persons as the court may direct:








Provided that-

(a) where the order is consequential on the appointment
of a new trustee, the land shall be vested for such estate as
the court may direct in the persons who, on the appointment,
are the trustees; and

(b) where the order relates to a trustee entitled jointly
with another person, and such trustee is outof the jurisdiction
of the court or cannot be found, the land or right shall be
vested in such other person, either alone or with some other
person.

44. When any land is subject to a contingent right in an
unbron person or class of unborn person who, on comming into
existence, would, in respect thereof, become entitled to or
possessed of the land on any trust, the court may make an
order releasing the land from the contingent right, or may
make an order visting in any person the estate to or of which
the unborn person or class of unbrn persons would, on coming
into existence, be entitled or possessed in the land.

45. Where a mortgagee of land has died without having
entered into the possession or into the receipt of the rents
and profits thereof, and the money due in respect of the
mortgage has been paid to a person entitled to receive the
same, or that last-mentioned person consents to any order for
the re-conveyance of the land, then the court may make
an order vesting the land in such person or person, in such
manner, and for such estate as the court may direct in any of
the following cases, namely,-

(1) where an heir or personal representative or devisee of
the mortgagee is out of the jurisdiction of the court of cannot
be found;

(2) where an heir or personal representativ or devisee of
the mortgagee, on demand made by or on behalf of a person
entitled to requirea conveyance of the land, has stated in
writing that he will cont convey the same or does not convey







the same for the space of twenty-eight days next after proper
deed for conveying the land has been tendered to him by or
on behalf of the person so entitled;

(3) where it is uncertain which of serveral devisees of the
mortgage was the survivor;

(4) where it is uncertain as to the survivor of several
devisees of the mortgagee, or as to the heir or personal
representative of the mortgagee, whether he is living or
dead; and

(5) where there is no heir or personal representative of a
mortgagee who has died intestate as to the land, or where
the mortgagee has died and it is uncertain who is his heir or
personal representative of devisee.

47. Where the court gives a judgment or makes an order
directing the sale or mortgage of any land, every person who
is entitled ot or possessed of the land or entitled to a contingent
right therein, and is a party to the action or proceeding in
which the judgment or order is given or made or is otherwise
bound by the judgment or order, shall be deemed to be so
entitled or possessed, as the case may be, as a trustee within
the meaning of this Ordinance, and the court may, if it thinks
fit, make an order vesting the land or any part thereof for
such estate as the court thinks fit in the purchaser or
mortgagee or in any other person.

48. Where a judgment is given for the specific perform-
ance of a contract concerning any land, or for the partition,
or sale in lieu of partition, or exchange of any land, or
generally ehre any judgment i s given for the conveyance
of any land either in cases arising out of the doctrine of
election or otherwie, the court may declare that any of the
parties to the action are trustees of the land or any part
thereof within the meaning of this Ordinance, or may declare
that the interestes of unborn persons who might claim under
any party to the action, or under the will or voluntary
settleement of any person deceased who wasm during his
lifetime, a party to the contract or transactions concerning
which the judgment is give, are the interest of persons
who, on coming into existence, would be trustees within the
meaning of this Ordinance, and therupon the court may
make a vesting order relating to the rights of those person,
born an dunborn, as if they had been trustees.




49. A vesting order under any of the preceding provisions
shall, in the case of a vesting order condequential on the
appointment of a new trustee, have the same effect as if the
persons who before the appoimtment were the trustees, if
any, had duly executed all proper conveyances of the land
for such estate as the court directs, or if there is no such
person, or no such person of full capacity, then as if such
executed all proper conveyances of the land for such estate
as the court directs, and shall in every other case have the
same effect as if the trustee or other person or descirption
or class of persons to whose rights or supposed rights the
said provisions respectively relate had been an ascertained
and existing person of full capacity, and had ececuted a
conveyance or release to the effect intended by the order.

50. In all cases where a vesting order can be made under
any of the preceding provisions, the court may, if it is more
convenient, appoint a person to cnvey the land or release
person in conformity with the order shall have the same
effect as an order under the appropriate provision.

51-(1) In any of the following cases, namely,-

(a) where the court appoints or has appointed a new
trustee; and

(b) where a trustee entitled alone or jointly with another
person to stock or to a chose in action-

(i) is an infant; or

(ii) is out of the jurisdiction of the court; or

(iii) cannot be found; or

(iv) refuses or neglects to transfer stock or receive the
dividends or income thereof, or to sue for or recover a chose
in action, according to the direction of the person absolutely
entitled thereto, for twenty-eight days next after a request in
writinghas been made to hime by the person so entitled; or

(v) refuses or neglects to transfer stock or receive the
dividends or income thereof, or to sue for or recover a chose
in action, for twenty-eight days next after an order of the
court for the prupose has been served on him; or








(c) where it is uncertain whether a trustee entitled alone
or jointly with another person to stock or to a chose in
action is living or dead,
the court may make an order vesting the right to transfer
or call for a transfer of stock, or to receive the dividends or
income thereof, or to sue for or recover a chose in action in
any cush person as the court may appoint:

Provided that-

(1) where the order is condequential on the appointment
by the court of a new trustee, the right shall be vested in the
persons who, on the appointment, are the trustees; and

(2) where the person whose right is dealt with by the
order was entitled jointly with another person, the right
shall be vested in that last-mentioned person,either alone or
jointly wiht nay other person whom the court may appoint,

(3) In all cases where a vesting order can be made under
this section the court may, if it is more convenient, appoint
some proper person to make or join in making the transfer,

(4) The person in whom the right to transfer or call for
the transfer of any tock is vested by an order of the court
under this Ordinance may transfer the stock to himself or
any other person, accofing to the order, and all bankds and
companies shall obey every order under this section accord-
ing to its tenor.

(5) After notice in writing of an order under this section
is shall not be lawful for any bank or company to transfer
any stock to which the order relates or to pay any dividends
thereon except in accordance with the order.

(6) The provisions of this Ordinance as to vesting orders
shall apply to shares in ships registered under the enact-
ments relating to merchant shipping as if they were stock.

52-(1) An order under this Ordinance for the appoint-
ment of a new trustee, or concerning any land, stock or chose
in action subject to a trust, may be made on the application
of any person beneficially interested in the land, stock,or
chose in action, whether under disability or not, or on the
application of any person duly appointed trustee thereof.







(2) An order under this Ordinance concerning any land,
stock, or chose in action subject to ainay be made
on the application of any person beneficially interested in
the equity of redemption, whether under disability or not,
or of any person interested in the money secured by the
mortgage.

53. Every trustee appointed by a cour of competent
jurisdiction shall, as well before as after the trust property
becomes by law or by assurance or otherwise vested in him,
have the same powers, authoritites, and discretions, and
may in all respects act, as if he had been originally appointed
a trustee by the instrument, if any, creating the trust.

54. The court may order the costs and expenses of and
incident to any application for an order appointing a new
trustee or for a vesting order, or of nad incident to any such
order or any conveyance or transfer in pursuance thereof, to
be paid or raised out of the land or personal estate in respect
whereof the same inamde or out of the income thereof ,or to
be borne and paid in such manner and by such persons as
to the court may seem jsut.

55. The powers conferred by this Ordinance as to vesting
orders may be exercised for vesting any land, stock, or chose
in action in any trustee of a chairty or society over which the
court owuld have jurisdiction upon action duly instituted,
whether the appointment of the trustee was made by instru-
ment under a power or by the court under its general or
statutory jurisdiction.

56. Where a vesting order is made as to any land under
this Ordinance, or under any Ordinance relating to lunacy,
founded on an allegation of the personal incapacity of a
trustee or mortgagee, or an allegation that a trustee or
the heir or tpersonal representative of devisee of a mortgagee
is out of the jurisdiction of the court or cannot be found, or
that it is uncertain which of several trustees or which of
serveral devisees of a mortgagee was the survivor, or whether
the last trustee or the heir or personal representative or
last surviving devisee of a mortgagee is living or dead, or on
an allegation that any trustee or mortgagee has died
intestate without an heir or has died and it is not known
who is his heir or peronal repesentative or devisee, the





fact that the order has been so made shall be conclusive
evidence of the matter so alleged in any court upon any
question as to the vilidity of the order; but this section shall
not pevent the court from directing a re-conveyance or the
payment of costs occasioned by any such order, if improperly
obtained.

Giving judgment in absence of trustee,etc.

57.Where in any action the court is satisfied that diligent
search has been make for any person who, in the character
of trustee, is made a defendant in any action, to serve him
with a process of the court, and that he cannot be found, the
court may hear and determine the action and give judgment
therein against that person in his character of a trustee, as
if he had been duly served or had entered an appearance in
the action, and had also appeared by his counsel and solicitor
at the hearing, but without prejudice to any interest which
he may have in the matters in question in the action in any
other character.

58.-(1) Where a trustee or other person is for the time
being authorised to duspose of land by way of sale, exchange,
or partition, the court may sanction his so disposing of the
land with an exception or reservation of any minerals, and
with or without rights and powers of or incidental to the
working, getting, or carrying away of the minerals, or so
disposing of the minerals, with or without the said rights or
powers, separately from the residue of the land.

(2) Any such trustee or other person, with the said sanction
previously obtained, may unless forbidden by the instrument
creating the trust of direction, from time to time, whithout
any further application to the court, so dispose of any such
land or minerals.

(3) Nothing in this section shall derogate from any power
which a trustee may have under any other Ordinance.

59-(1) Where a trustee commits a breach of turst at the
instigation or request or with the consent in writing of a
beneficiary, the court may if if thinks fit, and notwithstanding
that the vneficiary may be a married woman entitled for her
separate use and restrained from anticipation, make such
order as to the court may seem just for impounding all or
any part of the interest of the beneficiary in the trust estate





by way of indemnity to the trustee or person claiming through
him.

(2) This section shall apply to breaches of turst committed
as well before as aftert the commencement of this Ordinance.

PART V.
MISCELLANEOUS AND SUPPLEMENTARY.

60. Property vested in any person on any trust or by way
of mortgage shall, in case of that person being convicted of
treason or felony, remain in the trustee or mortgagee, or
sruvive to his co-trustee, or descend to his representative as
if he had not been so convicted: Provided that this enactment
shall not affect the title to the property so far as relates to
any beneficial interest therein of any such trustee or
mortgagee.

61-(1) Any trysteem executor, or administrator shall be
at liberty, without the institution of an action, to apply by
petition to the court, or upon a written statement by summons
in chambers, for the opinon, advice, or direction of the court
on any question respecting the management or administration
of the trust property or the assets of any testator or intestate.

(2) The petition or statement shall be signed by counsel,
and the court may require the petitioner or applicant to
attend by counsel either in court or in chambers, where the
court deems it necessary to have the assistance of counsel.

(3) The application shall be served on, or the hearing
thereof shall be attended by, all persons interested in such
application, or such of them as the court may think expedient.

(4) The trustee, executor, or administrator acting upon the
opinion, advice, or direction given by the court shall be
deemed, so far as regards his own responsibility, to have
discharged his duty as such trustee, executor, or administrator
in the subject-matter of the application: Provided, neverthe-
less, that this section shall not extend to indemnufy any
turstee, executor, or administrator in respect of any act done
in accorance with such opinion, advice, or direction, if such
trustee, executor, or adminstrator has been guilty of any
fraud or wilful concealment or misrepresentation in obtaining
such opinion, advice, or direction.






62. If it appears to the court that a trustee is or may be
personally liable for any breach of trust, whether the transac-
tion alleged tob e a breach of trust occurred before or after
the commencement of this Ordinance, but has acted honestly
and reasonably, and ought fairly to be excused for the breach
of trust and for omitting to obtain the directions of the court
in the matter in which he committed such breach, than the
court may relieve the trustee, either wholly or partly, from
personal liablility for the same.

63-(1) In any action or other proceeding against a
trustee or any person claiming through him, except where
the claim is founded upon any fraud or fraudulent breach
of trust to which the trustee was party or privy, or is to
recover trust property, or the proceeds thereof, still retained
by the trustee or previously received by the trustee and
onverted to his use, the fillowing provisions shall apply:

(a) all rights and privileges conferred by any statute of
limitations shall be enjoyed in the like manner and to the
like extent as they would have been enjoyed in such action
or other proceeding if the trustee or person chlaiming throug him;
and

(b) if the action or other proceeding is brought to recover
money or other property, and is one to which no existing
statute of limitations applies, the trustee or person claiming
through him shall be entitled to the benefit of and be at
liberty to plead the lapse of time as a bar to such action or
other prceeding in the like manner and to the like extent as
if the claim had been against him in an action of debt for
money had and received, but so, nevertheles, that the
statuete shall run against a married woman entitled in
possession for her separate use, whether with or without a
restraint upon anticipation, but shall not begin to run against
any beneficiary unless and untilthe interest of such
beneficiary shallbe an interest in possession,

(2) No beneficiary, as against whom there would be a
good defence by virtue of this section, shall derive any
greater or other benefit from a judgment or order obtained
by another beneficiary than he could have obtained if he had
brought such action or other proceeding and this section had
been pleaded.





(3) For the purposes of this section, trustee shall be
deemed to include an executor or administrator and a
trustee whose trust arises by construction or implication of
law as well as an express trustee, but not the official Trustee.

(4) The provisions of this section shall apply as well to
serveral joint trustees as to a sole trustee.

(5) This section shall apply only to actions or other pro-
ceedings commenced on or afterthe 1st day of Juanuary, 1902,
and shall not deprive any executoror administrator of any
right or defence to which he is entitled under any existing
statute of limitiations.

64. This Ordinance, and every order purporting to be
made under this ordinance, shall be a complete indemnity to
any bank and to all persons for any acts done pursuant
thereto; and it shall not be necessary for any bank or person
to inquire concerning the propriety of the order or whether
the court had jurisdiction to make the same

[s.65,rep.No.1 of 1912.]

SCHEDULE.
RULES RELATING TO THE SUMMARBY ADMINISTRATION OF TRUST FUNDS.

1. Any trustee desiring to pay money to the account of, or to transfer
or deposit shares, stock , or securities into or in the name of, the Official
Trustee under the provisions of the Trustees Ordinance, 1901,relating to
the summary administration of trust funds, shall file an affidavit setting
forth-

(1) his own name and address;

(2) the place where he is to be served with any petition or any notice of
any proceeding or order of the court, or of the judge in chambers, reating
to the trust fund;

(3) the amount of money,shares, stock, o securities, which be proposes
to pay or transfer into or deposit in court, to the credit of the trust;

(4) a short descirption of the trust and of the instrument creating it;





(5) the name of the persons iuterMtSa in or entitled jo the fund, to the
best of the knowledge and belief of.Ahe trustee ; and

(6) the submission of the trustee to answer all such inquiries relating to
the application of the money, shares, stock, or securities paid in, transferred
or deposited under the Ordinance as the court or a judge in chambers may
think proper to make or direct.

2. The Official Trustee, on production of an office copy of the affidavit,
shall give the necessary directions for payment, transfer, or deposit, and
place the money, share, stock, or securities, to the account of the particular
trust; and shall grant a certificate of such payment, transfer, or desposit.

3. where it is deemed unncesessary to have the money, or the dividends
or interest of the shares, stock , or securities, invested in the meantime, the
affidavit shall further contain a statement to that effect. But where the
affdavit contains no such statement, the Official Trustee shall be at lliberty
to invest, as soon as conveniently may be, the money paid in or the
dividends or interest on the shares, stock, or securities transferred, and all
accumulations thereof, in or upon such investments and securities as the
court may direct or approve,and every such investment shall be made in
the matter of the particular trust: Provided that where at any time a
request in writing, by or on behalf of any party claiming to be entitled,
that such investment may be discontinued is left with the Official Trustee,
he shall be at liberty to cease making any further investmenti n the matter
of the pRticular trust until the court has made some order in that behalf.

4. The trustee, having made the payment, transfer, or deposit, shall
forthwith give notice thereof to the several persons named in his affidavit
as interested in or entitled to the fund.

5. Such persons, or any of them, or the trustee may apply by petition,
or, in a case where the fund does not exceed two thousand dollars in value,
by summons, respecting the investment, payment out, or distributionof the
fund or of the dividends or interest thereof.

6. The trustee shall be served with notice of any application made to
the court or in chambers respecting the fund, or the dividends or interest
thereof, by any person interested therein or entitled thereto.

7. The persons interested in or entitled to the fund shall be served with
notice of any application made by the trustee to the court or in chambers
respecting the fund or the dividents or itnerest thereof.

8. No petition shall be set down to be heard; and no summons shall be
sealed, nntil the petitoner or applicant has first anmed in his petition or
summons a place where he may be served with any petition or summons
or notice of any proceeding or order of the court relting to the fund.

9. Every petition presented, summons issued, and affidavit filed under
the said provision shall be entitled in the matter of the Ordinance and in
the matter of the particular trust.


[Originally No.7 of 1901. No.3 of 1916. Law Rev. Ord, 1924.] Short title. Interpretation. 56 & 57 Vict. C.53, s. 50. Ordinance, No.5 of 1885. Appointment of Official Trustee. Payment of trust moneys into bank to credit of Official Trustee. 10 & 11 Vict. C.96, s. 1; 56 & 57 Vict. C. 53, s.42. Transfer of trust securities into name of Official Trustee. 10 & 11 Vict. C. 96, s. 1. Conveyance of land in trust to Official Trustee. 10 & 11Vict. c.96, s.1. Certificate to be given by Official Trustee. 10 & 11 Vict. c.96, s. 1. Order for payment, etc., by majority of trustees without concurrence of others. 56 & 57 Vict. C.53, s. 42. Administration of trust estate. 10 & 11 vict. C. 96, s. 2. Charges upon trust estate administered by Official Trustee. general rights and powers of Official Trustee. Limitation of liability of Official Trustee. Rules for summary administration of trust funds. Schedule. Authorised investments. 56 & 57 Vict, c.53, s. 1; 63 & 64 Vict. C.62, s.2. [s.14 contd.] 40 & 14 Vict. C. 59; 55 & 56 vict. C. 35; 63 & 64 Vict. C. 62. [cf. No. 20 of 1901.] Ordinance, No. 12 of 1916. Purchase at premium of redeedmable stock. 56 & 57 Vict. C.53, s.2. Discretion of trustee. 56 & 57 Vict. C.53, s. 3. Application of sections 14, 15 and 16. 56 & 57 vict. C. 53, s. 4. Enlargement of express powers of investment. 56 & 57 Vict. C.53, s. 5. 27 & 28 Vict. C. 114. 38 & 39 vict. C.83. 43 & 44 Vict. C. 8. 28 & 29 Vict. C. 78. Power to invest, notwithstanding drainage charges. 56 & 57 Vict. C. 53, s. 6. 9 & 10 Vict. C. 101; 10 & 11 Vict. C. 11; 11 & 12 Vict. C.119; 13 & 14 Vict. C. 31; 19 Vict. C. 9; 10 & 11 Vict. C. 32; 27 & 28 vict. C. 114. Trustees not to convert inscribed stock into certificates to bearer. 56 & 27 vict. c. 53, s. 7; 26 & 27 vict. c. 73; 33 & 34 Vict. c. 71; 38 & 39 vict. c.83; 40 & 41 vict. c. 59. Loans and investments by trustees not chargeable as breaches of trust. 56 & 57 vict. c. 53, s. 8. Liability for loss by reason of improper investment. 56 & 57 Vict. C. 53, s.9; 57 & 58 Vict. C. 10, s.4. Power of appointing new trustees. 56 & 57 Vict. C.58, s. 10. [s. 23 contd.] Retirement of trustee. 56 & 57 Vict. C.53, s. 11. Vosting of trust property in new or continuing trustees. 56 & 57 Vict. C.53, s. 12. Power of trustee for sale to sell by public auction, etc. 56 & 57 Vict. C. 53, s. 13. Power to sell subject to depreciatory conditions. 56 & 57 vict. C. 53, s. 14. Case of married woman bare truste. 56 & 57 Vict. C. 53, s. 16. Power to authorise receipt of money by solicitor or banker. 56 & 57 Vict. C. 53, s. 17. Insurance of building and payment of premiums. 56 & 57 Vict. C. 53, s. 18. Power of trustee of renewable leaseholds to renew and raise money for the purpose. 56 & 57 Vict. C. 53, s. 19. Power under settlement to sell or exchange land. 23 & 24 Vict. C. 145, s.1. Powr to make special stipulations on sale or exchange. 23 & 24 Vict. C. 145, s.2. Power to convey on sale or exchange. 23 & 24 Vict. C. 145, s.3. Power of trustee to give receipts. 56 & 57 Vict. C.53, s. 20. Power for executor or trustee to compound debt, etc. 56 & 57 Vict. c. 53, s. 21. Liability of executor in respect of rents, etc., in lease. 22 & 23 Vict. C. 35, s. 27. Application by trustees of income of property of infant for maintenance, etc. 44 & 45 Vict. C. 41, s. 43. Validity of payment by trustee under power of attorney without notice of death, etc. 44 & 45 Vict. C. 41, s. 47; 56 & 57 Vict. C. 53, s. 23. Powers of two or more trustes. 56 & 57 Vict. C. 53, s. 22. Implied indemnity of trustee. 56 & 57 Vict. C. 53, s. 24. Power of the court to appoint new trustees. 56 & 57 Vict. C. 53, s. 25. Vesting order as to land. 56 & 57 Vict. C.53, s. 26. Order as to contingent right of unborn person. 56 & 57 Vict. C. 53, s. 27. Vesting order in place of conveyance by infant mortgagee. 56 & 57 Vict. C. 53, s. 28. Vesting order in place of conveyance by heir, or devisee of heir, etc., or personal representative of mortgagee. 56 & 57 Vict. c. 53, s. 29. Vesting order consequential on judgment for sale or mortgage of land. 56 & 57 Vict. C. 53, s. 30. Vesting order consequential on judgment for specific performance, etc. 56 & 57 Vict. C. 53, s. 31. Effect of vesting order. 56 & 57 Vict. C. 53, s. 32. Power to appoint person to convey. 56 & 57 Vict. C. 53, s. 33. Vesting order as to stock and chose in action. 56 & 57 Vict. C. 53, s. 35. [cf. No. 10 of 1899.] Persons entitled to apply for order. 56 & 57 Vict. C. 53, s. 36. Powers of new trustee appointed by the court. 56 & 57 vict. C. 53, s. 37. Power to charge costs of order, etc. on trust estate 56 & 57 Vict. C. 53, s. 28. Trustees of charities. 56 & 57 Vict. C. 53, s. 39. Order made upon certain allegations to be conclusive evidence. 56 & 57 Vict. c. 53, s. 40. Power to give judgment in absence of trustee. 56 & 57 Vict. C. 53, s. 43. Power to sanction sale of land or minerals separately. 56 & 57 Vict. C. 53, s. 44. 57 & 58 Vict. C. 10, s.3. Power to make beneficiary indemnify trustee for breach of trust. 56 & 57 Vict. c. 53, s. 45. Trust estate not affected by trustee becoming a convict. 56 & 57 Vict. C. 53, s. 48. Power for trustee, etc., to apply to the court for advice as to management of trust property. 22 & 23 Vict. C. 35, s. 30. Jurisdiction of the court to give relief in case of breach of trust. 59 & 60 Vict. C. 35, s. 3. Right of trustee of plead statute of limitations. 51 & 52 Vict. C. 59, ss. 1, 8. [cf. No. 2 of 1901, s. 5.] Indemnity. 56 & 57 Vict. C. 53, s. 49. Affidavit to to filed by trustee desiring to pay money to account of, or to deposit shares, etc., in name of, Official Trustee. Directions for payment of money, etc. Investment of money. Notice of payment, etc., to cestuis que trust. Applications relating to fund. Notice to trustee of application by cestui que trust. Notice to cestui que trust of application by trustee. Place for service on applicant. Title of petition, etc.

[Originally No.7 of 1901. No.3 of 1916. Law Rev. Ord, 1924.] Short title. Interpretation. 56 & 57 Vict. C.53, s. 50. Ordinance, No.5 of 1885. Appointment of Official Trustee. Payment of trust moneys into bank to credit of Official Trustee. 10 & 11 Vict. C.96, s. 1; 56 & 57 Vict. C. 53, s.42. Transfer of trust securities into name of Official Trustee. 10 & 11 Vict. C. 96, s. 1. Conveyance of land in trust to Official Trustee. 10 & 11Vict. c.96, s.1. Certificate to be given by Official Trustee. 10 & 11 Vict. c.96, s. 1. Order for payment, etc., by majority of trustees without concurrence of others. 56 & 57 Vict. C.53, s. 42. Administration of trust estate. 10 & 11 vict. C. 96, s. 2. Charges upon trust estate administered by Official Trustee. general rights and powers of Official Trustee. Limitation of liability of Official Trustee. Rules for summary administration of trust funds. Schedule. Authorised investments. 56 & 57 Vict, c.53, s. 1; 63 & 64 Vict. C.62, s.2. [s.14 contd.] 40 & 14 Vict. C. 59; 55 & 56 vict. C. 35; 63 & 64 Vict. C. 62. [cf. No. 20 of 1901.] Ordinance, No. 12 of 1916. Purchase at premium of redeedmable stock. 56 & 57 Vict. C.53, s.2. Discretion of trustee. 56 & 57 Vict. C.53, s. 3. Application of sections 14, 15 and 16. 56 & 57 vict. C. 53, s. 4. Enlargement of express powers of investment. 56 & 57 Vict. C.53, s. 5. 27 & 28 Vict. C. 114. 38 & 39 vict. C.83. 43 & 44 Vict. C. 8. 28 & 29 Vict. C. 78. Power to invest, notwithstanding drainage charges. 56 & 57 Vict. C. 53, s. 6. 9 & 10 Vict. C. 101; 10 & 11 Vict. C. 11; 11 & 12 Vict. C.119; 13 & 14 Vict. C. 31; 19 Vict. C. 9; 10 & 11 Vict. C. 32; 27 & 28 vict. C. 114. Trustees not to convert inscribed stock into certificates to bearer. 56 & 27 vict. c. 53, s. 7; 26 & 27 vict. c. 73; 33 & 34 Vict. c. 71; 38 & 39 vict. c.83; 40 & 41 vict. c. 59. Loans and investments by trustees not chargeable as breaches of trust. 56 & 57 vict. c. 53, s. 8. Liability for loss by reason of improper investment. 56 & 57 Vict. C. 53, s.9; 57 & 58 Vict. C. 10, s.4. Power of appointing new trustees. 56 & 57 Vict. C.58, s. 10. [s. 23 contd.] Retirement of trustee. 56 & 57 Vict. C.53, s. 11. Vosting of trust property in new or continuing trustees. 56 & 57 Vict. C.53, s. 12. Power of trustee for sale to sell by public auction, etc. 56 & 57 Vict. C. 53, s. 13. Power to sell subject to depreciatory conditions. 56 & 57 vict. C. 53, s. 14. Case of married woman bare truste. 56 & 57 Vict. C. 53, s. 16. Power to authorise receipt of money by solicitor or banker. 56 & 57 Vict. C. 53, s. 17. Insurance of building and payment of premiums. 56 & 57 Vict. C. 53, s. 18. Power of trustee of renewable leaseholds to renew and raise money for the purpose. 56 & 57 Vict. C. 53, s. 19. Power under settlement to sell or exchange land. 23 & 24 Vict. C. 145, s.1. Powr to make special stipulations on sale or exchange. 23 & 24 Vict. C. 145, s.2. Power to convey on sale or exchange. 23 & 24 Vict. C. 145, s.3. Power of trustee to give receipts. 56 & 57 Vict. C.53, s. 20. Power for executor or trustee to compound debt, etc. 56 & 57 Vict. c. 53, s. 21. Liability of executor in respect of rents, etc., in lease. 22 & 23 Vict. C. 35, s. 27. Application by trustees of income of property of infant for maintenance, etc. 44 & 45 Vict. C. 41, s. 43. Validity of payment by trustee under power of attorney without notice of death, etc. 44 & 45 Vict. C. 41, s. 47; 56 & 57 Vict. C. 53, s. 23. Powers of two or more trustes. 56 & 57 Vict. C. 53, s. 22. Implied indemnity of trustee. 56 & 57 Vict. C. 53, s. 24. Power of the court to appoint new trustees. 56 & 57 Vict. C. 53, s. 25. Vesting order as to land. 56 & 57 Vict. C.53, s. 26. Order as to contingent right of unborn person. 56 & 57 Vict. C. 53, s. 27. Vesting order in place of conveyance by infant mortgagee. 56 & 57 Vict. C. 53, s. 28. Vesting order in place of conveyance by heir, or devisee of heir, etc., or personal representative of mortgagee. 56 & 57 Vict. c. 53, s. 29. Vesting order consequential on judgment for sale or mortgage of land. 56 & 57 Vict. C. 53, s. 30. Vesting order consequential on judgment for specific performance, etc. 56 & 57 Vict. C. 53, s. 31. Effect of vesting order. 56 & 57 Vict. C. 53, s. 32. Power to appoint person to convey. 56 & 57 Vict. C. 53, s. 33. Vesting order as to stock and chose in action. 56 & 57 Vict. C. 53, s. 35. [cf. No. 10 of 1899.] Persons entitled to apply for order. 56 & 57 Vict. C. 53, s. 36. Powers of new trustee appointed by the court. 56 & 57 vict. C. 53, s. 37. Power to charge costs of order, etc. on trust estate 56 & 57 Vict. C. 53, s. 28. Trustees of charities. 56 & 57 Vict. C. 53, s. 39. Order made upon certain allegations to be conclusive evidence. 56 & 57 Vict. c. 53, s. 40. Power to give judgment in absence of trustee. 56 & 57 Vict. C. 53, s. 43. Power to sanction sale of land or minerals separately. 56 & 57 Vict. C. 53, s. 44. 57 & 58 Vict. C. 10, s.3. Power to make beneficiary indemnify trustee for breach of trust. 56 & 57 Vict. c. 53, s. 45. Trust estate not affected by trustee becoming a convict. 56 & 57 Vict. C. 53, s. 48. Power for trustee, etc., to apply to the court for advice as to management of trust property. 22 & 23 Vict. C. 35, s. 30. Jurisdiction of the court to give relief in case of breach of trust. 59 & 60 Vict. C. 35, s. 3. Right of trustee of plead statute of limitations. 51 & 52 Vict. C. 59, ss. 1, 8. [cf. No. 2 of 1901, s. 5.] Indemnity. 56 & 57 Vict. C. 53, s. 49. Affidavit to to filed by trustee desiring to pay money to account of, or to deposit shares, etc., in name of, Official Trustee. Directions for payment of money, etc. Investment of money. Notice of payment, etc., to cestuis que trust. Applications relating to fund. Notice to trustee of application by cestui que trust. Notice to cestui que trust of application by trustee. Place for service on applicant. Title of petition, etc.

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