TRUSTEE ORDINANCE ORDINANCE

TRUSTEE ORDINANCE ORDINANCE

CHAPTER 29.

THE TRUSTEE ORDINANCE.

ARRANGEMENT OF SECTIONS.

PART I.
Section ........... Page
PRELIMINARY.

1-3. Short title,..interpretation and application .... ... ... ... 461-463

PART II.

4-12. INVESTMENTS. 464-468

PART III.

GENERAL POWERS OF TRUSTEES AND PERSONAL
REPRESENTATIVES.

13-27............General powers ............... . ... ... ... 468-476
28-32..........Indemnities ................. ... ... ... ... ... 478-481
33-35. Maintenance, advancement and protective trusts ... ... ... 481-484

PART IV.

36-41. APPOINTMENT AND DISCHARGE oF TRUSTEES. 485-490

PART V

POWERS OF THE COURT.

42-44....................Appointment of new trustees ... ... .... ... ... ... 492-493
45-55............Vesting orders ............... ... ... ... ... ... ... 493-498
56-61......................Jurisdiction to make other order ... ... ... ... ... 499-500
62. Payment into court ................... ... ... 501

PART VI.

63-65. THE JUDICIAL TRUSTEE. 501-503

PART VII.

66-76. THE OFFICIAL TRUSTEE. 504-507

PART VIII.

77-108. TRUST COMPANIES. 507-521
109-110. GENERAL PROVISIONS. 521-522

SCHEDULE.

(Fees for Trust Companies).





CHAPTER 29.

TRUSTEE.

To amend the law relaltiig to trustees.

[27th July, 1934.]

PART I

PRELIMINARY.

1. This Ordinance may be cited as the Trustee
Ordinance

2. In this Ordinance-
'authorized investments' means investments authorized by
the instrument, if any, creating the trust for the invest-
ment of money subject to the trust, or by law;
'contingent right' as applied to land includes a contingent
or executory interest, a possibility coupled with an
interest, whether the object of the gift or limitation of
the interest or possibility is or is not ascertained, also a
right of entry, whether immediate or future, and whether
vested or contingent;
'convey,' and 'conveyance' as applied to any person include
the execution by that person of every necessary or
suitable assurance (including an assent) for conveying,
assigning, appointing, surrendering, or otherwise trans-
ferring or disposing of land whereof he is seised or
possessed, or wherein he is entitled to a contingent
right, either for his whole estate or for any less estate,
together with the performance of all formalities required
by law for the validity of the conveyance;
'income' includes rents and profits;
'instrument' includes enactment;
'land' includes land of any tenure, and mines and minerals,
whether or not severed from the surface, buildings or
parts of buildings, whether the division is horizontal,
vertical or made in any other way, and other corporeal
hereditaments; also a rent and other incorporeal
hereditaments, and an easement, right, privilege, or
benefit in, over; or derived from land, or an undivided
share in land; and in this definition 'mines and
minerals' include any strata or seam of minerals or





substances in or under any land, and powers of working
and getting.the same, and an undivided share thereof;
'lunatic' means any person who has been found by due
course of law to be of unsound mind and incapable of
managing his, affairs;
'mortgage' and 'mortgagee' include and relate to every
estate and interest regarded in equity as merely a
security for money, and every person deriving title under
the original mortgagee;
'pay' and 'payment' as applied in relation to stocks and
securities and in connexion with the expression 'into
court' include the deposit or transfer of the same in or
into court;

representation, or administrator for the time being of a
deceased person
'person of unsound mind' means any person, not a minor,
who not having been found to be a lunatic is incapable
from infirmity of mind of managing his own affairs;
6$possession' includes receipt of rents and profits or the
right to receive the same, if any ; and 'possessed'
applies to receipt of income of and to any vested estate
less than a life interest in possession or in expectancy
in any land;
giproperty' includes movable and immovable property, and
any estate, share and interest 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;
'rights' include estates and interests;
'sale' includes an exchange;
'securities' include stocks, funds and shares, and so far as
relates to payments into court has the same meaning
as in the enactments relating to funds in court and
'securities payable to bearer' includes securities trans-
ferable by delivery or by delivery and endorsement;
'stock' includes fully paid up shares, and, so far as relates
to vesting orders made by the court under this Ordin-
ance, includes any fund, annuity, or security transfer-
able in books kept by any corporation, company or.
society, or by instrument or transfer either alone or





accompanied by other formalities, and any share or
interest therein ;
'transfer', in relation to stock or securities, includes the
performance and execution of every deed, power of
attorney, act, and thing on the part of the transferor
to effect and complete the title in the transferee ;
'trust' does not include the duties incident to an estate
conveyed by way of mortgage, but with this exception
the expression 'trust' and 'trustee' extend to implied
and constructive trusts,. and to cases where the trustee
has a beneficial interest in the trust property, and to the
duties incident to the office of a personal representative,
and 'trustee' where the context admits includes a
personal representative, and 'new trustee' includes an
additional trustee;
'trust corporation' means the Public Trustee in England or
a corporation appointed by the court in any particular
case to be a trustee (if authorized by its constitution to
act as trustee) or any trust company registered under
Part VIII;
'trust for sale', in relation to land, means an immediate
binding trust for sale, whether or not exercisable at the
request or with the consent of any person, and with or
without power at discretion to postpone the sale; and
'trustees for sale' means the persons (including a
personal representative) holding land on trust for sale.

3. (1) This Ordinance, except where otherwise ex-
pressly provided, applies to trusts including, so far as this
Ordinance applies thereto, executorships and administrator-
ships constituted or created either before or after the com-
mencement of this Ordinance.

(2) The powers conferred by this Ordinance on trustees
are in addition to the powers conferred by the instrument,
if any, creating the trust, but those powers, unless otherwise
stated, apply if and so far only as a contrary intention is not
expressed in the instrument, if any, creating the trust, and
have effect subject to the terms of that instrument.

(3) This Ordinance does not affect the legality or
validity of anything done before the commencement of this
Ordinance, except as otherwise expressly provided.





PART II.

INVESTMENTS.

A trustee may invest any trust funds in his hands
whether at the time in a state of investment or not, in manner
following-
(a)in any manner authorized by the Trustee Act, I925,
or in any manner which may be authorized by any
Act amending or replacing the said Act;
(b) in any Government securities of the Colony;
(c) on mortgage of property in the Colony held under
Crown lease. for an unexpired term of not less than
fift years including the term, if any, for which such
Crown lease can be renewed without premium at
the option of the lessee;
(d)in any securities, authorized by the court, on sum-
mary application for that purpose made in chambers.

5. A trustee may retain until redemption any redeem-
able stock, fund, or security which may have been purchased
in accordance with the powers of this Ordinance, or any
Ordinance replaced by this Ordinance.

6. Every power conferred by sections 4 and 5 shall be
exercised, according to the discretion. of the trustee, but sub-
ject to any consent or direction with respect to the investment
of the trust funds, required by the instrument, if any,
creating the trust or by any Ordinance.

7. A trustee shall not be liable for breach of trust by
reason only of his continuing to hold an investment which
has ceased to be an investment authorized by the trust
instrument or by the general law.

8. (1) A trustee may, unless expressly prohibited by
the instrument creating the trust, retain or invest in
securities payable to bearer which, if not so payable, would
have beep authorized investments.

(2) Securities payable to bearer retained or taken as an
investment by a trustee (not being a trust corporation) shall,
until sold, be deposited by him for safe custody and collec-
tion of income with a banker or banking company.





(3) A direction that investments shall be retained or
made in the name of a trustee shall not, for the. purposes
of this section, be deemed to be such an express prohibition
as aforesaid.

(4) A trustee shall not be responsible for any loss
incurred by reason of such deposit, and any sum payable
in respect of such deposit and collection shall be paid out
of the income of the trust property.

9. (1) A trustee lending money on the security of. any
property on which he can properly lend shall not be charge-
able with breach of trust by reason only of the proportion
borne by the amount of the loan to the value of the property
at the time when the loan was made, if it appears to the
court-
(a) that in makifig the loan the trustee was acting upon
ù report as to the value of the property made by
ù person whom he reasonably believed to be an
able practical surveyor or valuer instructed and
employed independently of any owner of the pro-
perty, whether such surveyor or valuer carried on
business in the locality where the property is situate
or elsewhere; and
(b)that the amount of the loan does not exceed two
third parts of the value of the property as stated in
the report; and
(c)that the loan was made under the advice of the
surveyor or valuer expressed in the report.

(2) A trustee lending money on the security of any
leasehold property shall not be chargeable with breach of
trust only upon the ground that in making such loan he
dispensed either wholly or partly with the production or
investigation of the lessor's title.

(3) A trustee shall not be chargeable with breach of
trust only upon the ground that in effecting the purchase,
or in lending money upon the security, of any property he
has accepted a shorter title than the title which a purchaser
is, in the absence of a special contract, entitled to require,
if in the opinion of the court the title accepted be such as
a person acting with prudence and caution would have
accepted.





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

10. (1) Where a trustee improperly advances trust
money on a mortgage security which would at the time of.
the investment be a proper investment in all respects for a
smaller sum than is actually advanced thereon, the security
shall be deemed an authorized investment for the smaller
sum, and the trustee shall only be liable to make good the
sum advanced in excess thereof with interest.

(2) This sect ion applies to investments made before as
well as after the commencement of this Ordinance.

11. (1) Trustees lending money on the security of any
property on which they can lawfully lend may contract that
such money shall not be called in during any period not
exceeding seven years from the time when the loan was
made, provided interest be paid within a specified time not
exceeding thirty days after every half-yearly or other day
on which it becomes due, and provided there be no breach
of any covenant by the mortgagor contained in the instru-
ment of mortgage or charge for the maintenance and protec-
tion of the property.

(2) On a sale by trustees of land for a term having
at least sixty years to run, the trustees may, where the
proceeds are liable to be invested, contract that the payment
of any part, not exceeding two-thirds, of the purchase money
shall be secured by mortgage of the land sold, with or
without the security of any other property, but such
mortgage, if any buildings are comprised therein, shall con-
tain a covenant by the mortgagor to keep such buildings
Prisured against loss or damage by fire to the full value
thereof.

(3) The trustees shall not be bound to obtain any report
as to the value of the land or other property to be comprised
in such mortgage, or any advice as to the making of the
loan, and shall not be liable for any loss which may be
incurred by reason only of the security being insufficient
at the date of the mortgage.





(4) Where any securities of a company are subject to
a trust, the trustees may concur in any scheme or arrange-
ment-
(a) for the reconstruction of the company;
(b)for the sale of all or any part of the property and
undertaking of the cotn~any to another company;
(c)for the amalgamation of the company with another
company;
(d)for the release, modification, or variation of any
rights, privileges or liabilities attached to the
securities or any of them,
in like manner as if they were entitled to such securkies
beneficially, with power to accept any securities of any
denomination or description of the reconstructed or purchas-
ing or new company in lieu of or in exchange for all or any
of the first-mentioned securities ; and the trustees shall not
be responsible for any loss occasioned by any act or thing
so done in good faith, and may retain any securities so
accepted as aforesaid for any period for Which they could
have properly retained the original securities.

(5) If any conditional or preferential right to subscribe
for any securities in any company is offered to trustees in
respect of any holding in such company, they may as to all
or any of such securities, either exercise such right and apply
capital money subject to the trust in payment of the con-
sideration, or renounce such right, or assign for the best
consideration that can be reasonably obtained the benefit of
such right or the title thereto to any person, including any
beneficiary under the trust, without being responsible for
any loss occasioned by any act or thing so done by them
in good faith : Provided that the consideration for any such
assignment shall be held as capital money of the trust.

(6) The powers conferred by this section shall be
exercisable subject to the consent of any person whose con-
sent to a change of investment is required by law or by the
instrument, if any, creating the trust.

(7) Where the loan referred to in subsection (i), or the
sale referred to in subsection (2), is made under the order of
the court, the powers conferred by those subsections
respectively shall apply only if and as far as the court may
by order direct.





12. (I) Trustees may, pending the negotiation and
preparation of any mortgage or charge, or during any other
time while an investment is being sought for, pay any trust
money into a bank to a deposit or other account, and all
interest, if any, payable in respect thereof shall be applied
as income.

(2) Trustees may apply capital money subject to a trust
in payment of the calls on any shares subject to the same
trust.

PART III
GENERAL POWERS OF TRUSTEES AND PERSONAL
REPRESENTATIVES.

General Powers.

131. (I) Where a trust for sale or a power of sale of
property is vested in a trustee, he may sell or concur with
any other person in selling all or any part of the property,
either subject to prior charges or not, and either together or
in lots, by public auction or by private contract, subject to
any such conditions' respecting title or evidence of title or
other matter as the trustee thinks fit, with power to vary
any contract for sale, and to buy in at any auction, or to
rescind any contract for sale and to resell, without being
answerable for any loss.

(2) A trust or power to sell or dispose of land includes
a trust or power to sell or dispose of part thereof, whether
the division is horizontal, vertical, or made in any other way.

14. (I) No sale made by a trustee shall be impeached
by any beneficiary upon the ground that any of the condi-
tions subject to which the sale was made may have been
unnecessarily depreciatory, unless it also appears that the
consideration for the sale was thereby rendered inadequate.

(2) No sale made by a trustee shall, after the execution
of the conveyance, be impeached as against the purchaser
upon the ground that any of the conditions subject to which
the sale was made may have been unnecessarily depreciatory,
unless it appears that the purchaser was acting in collusion
with the trustee at the time when the contract for sale was
made.





(3) No purchaser, upon any sale made by a trustee,
shall be at liberty to make any objection against the title
upon any of the grounds aforesaid.

(4) This section applies to sales made before or after
Ihe commencement of this Ordinance.

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

(2) This section does not, except where the trustee is a
trust corporation, enable a sole trustee to give a valid receipt
for the proceeds of sale or other capital money arising under
a trust for sale of land.

(3) This section applies notwithstanding anything to the
contrary in the instrument, if any, creating the trust.

16. A personal representative, or two or more trustees
acting together, or, subject to the restrictions imposed in
regard to receipts by a sole trustee not being a trust corpora-
tion, a sole acting trustee where by the instrument, if any,
creating the trust, or by statute, a sole trustee is authorized
to execute the trusts and powers reposed in him, may, if and
as he or they think fit-
(a)accept any property, before the time at which it is
made transferable or payable; or
(b)sever and apportion any blended trust funds or
property; or
(c)pay or allow any debt or claim on any evidence that
he or they think sufficient; or
(d)accept any composition or any security, for any
debt, or for any property, claimed; or
(e)allow any time for payment of any debt; or
compromise, compound, abandon, submit to arbitra-
tion or otherwise settle any debt, account claim or
thing whatever relating to the testator's or intestate's
estate or to the trust,





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

17. (1) A trustee of any leaseholds 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 con-
tingent, in the leaseholds, use his best endeavours to obtain
from time to time a renewed lease of the same hereditaments
on the accustomed and reasonable terms, and for that pur-
pose 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 are 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 pay for the renewal, the
trustee affecting 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 renewal lease,
and if he has not in his hands sufficient money for the
purpose he may raise the money required by mortgage of the
hereditaments to be comprised in the renewed lease, or of
any other hereditaments for the time being subject to the
uses or trusts to which those hereditaments are subject, 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, or otherwise as to the application thereof.

(3) This section applies to trusts created either before
or after the commencement of this Ordinance, but nothing in
this section shall authorize any trustee to do anything which
he is in express terms forbidden to do, or to omit to do any-





thing which he is in express terms directed to do, by the
instrument creating the trust.

18. (1) Where trustees are authorized by the instru-
ment, if any, creating the trust or by law to pay or apply
capital money subject to the trust for any purpose. or in any
manner, they shall have and shall be deemed always to have
had power to raise the money required by sale, conversion,
calling in, or mortgage of all or any part of the trust property
for the time being in possession.

(2) This section applies notwithstanding anything to the
contrary contained in the instrument, if any, creating the
trust, but does not apply to trustees of property held for
charitable purposes.

19. No purchaser or mortgagee, paying or advancing
money on a sale or mortgage purporting to be made under
any trust or power vested in trustees, shall be concerned to
see that such money is wanted, or that no more than is
wanted is raised, or otherwise as to the application thereof.

20. (I) Where a power or trust is given to or imposed
on two or more trustees jointly, the same may be exercised
or performed by the survivors or survivor of them for the
time being.

(2) Until the appointment of new trustees, the personal
representatives or representative for the time being of a sole
trustee, or, where there were two or more trustees of the
last surviving or continuing trustee, shall be capable of
exercising or performing any power or trust which was
given to, or capable of being exercised by, the sole or last
surviving or continuing trustee, or other the trustees or
trustee for the time being of the trust.

(3) This section takes effect subject to the restrictions
imposed in regard to receipts by a sole trustee, not being a
trust corporation.

(4) In this section 'personal representative' does not
include an executor who has renounced or has not proved.

21. (1) A trustee may insure against loss or damage
by fire and typhoon any building or other insurable property





to any amount, including the amount of any insurance
already on foot, up to the full value of tile building or
property, and pay the premitinis for such insurance out of
the income thereof or out of the income of any other pro-
perty, subject to the sarne trusts without obtaining the consent
of any person. who may be entitled wholly or partly to Such
income.

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

22. (1) Money, receivable by trustees or any beneficiary,
under a policy of insurance against the loss or damage of
any property subject to a trust, whether by fire or otherwise,
shall, where the policy has been kept up under any trust in
that behalf or under any power statutory or otherwise, or ill
performance of any covenant or of any obligation statutory
or otherwise, or by a tenant for life impeachable for waste,
be capital money for the purpose of the trust as the case
may be.

(2) If any such money is receivable by any person,
other than the trustees of the trust, that person shall use his
best endeavours to recover and receive the money, and shall
pay the net residue thereof after discharging costs of
recovering and receiving it, to the trustees of the trust, or,
it there are no trustees capable of giving a discharge therefor,
into court.

(3) Any such money-
(a) if it was receivable in respect of property held upon
trust for sale, shall be held upon the trusts and
subject to the powers and provisions applicable to
money arising by a sale under such trust;
(b)in any other case, shall be held upon trusts corres-
ponding as nearly as may be with the trusts affecting
the property in respect of which it was Payable.

(4) Such money, or any part thereof, may also be
applied by the trustees, or, if in court, under the direction
of the court, in rebuilding, reinstating, replacing, or, repair-
ing the property lost or damaged, but any such application,
by the trustees shall be subject to the consent of any person
whose consent is required by the instrument, if any, creating
the trust to the investment of money subject to the trust.





(5) Nothing contained in this section shall prejudice or
affect the right of any person to require any such money or
any part thereof to be applied in rebuilding, reinstating, or
repairing the property lost or damaged, or the right of any
mortgagee, lessor, or lessee, whether under any statute or
otherwise.

(6) This section applies to policies effected either before
or after the commencement of this Ordinance, but only to
money received after such commencement.

23. Trustees may deposit any documents held by them
relating to the trust, or to the trust property, with any banker
or banking company or any other company whose business
includes the undertaking of the safe custody of documents,
and any sum payable in respect of such deposit shall be
paid out of the income of the trust property.

24. (I) Where trust property includes any share or
interest in property not vested in the trustees, or the proceeds
of Sale of any such property, or any other thing in action,
the trustees on the same falling into possession, or becoming
payable or transferable may-
(a) agree or ascertain the amount or value thereof or
any part thereof in such manner as they may think
fit ;
(b)accept in or towards satisfaction thereof, at the
market or current value, or upon any valuation or
estimate of value which they may think fit, any
authorized investments;
(c) allow any deductions for duties, costs, charges and
expenses which they may think proper or reason-
able ;
(d)execute any release in respect of the premises so as
effectually to discharge all accountable parties from
all liability in respect of any matters coming Within
the scope of such release,
without being responsible in any such case for any loss
occasioned by any act or thing so done by thern in good
faith.

(2) The trustees sliall riot be under any obligation and
shall not be chargeable with any breach of trust by reason
of any omission-





(a)to apply for any stop or other like order upon any
securities or other property out of or on which such
share or interest or other thing in action as afore-
said is derived, payable or charged; or
(b)to take any proceedings on account of any act,
default, or neglect on the part of the 1)ersons ill
whom such securities or other property or any of
them or any part thereof are for the time being, or
had at any time been, vested,
unless and until required in writing so to do by some person,
or the guardian of some person, beneficially interested under
the trust, and unless also due provision is made to their
satisfaction for payment of the costs of any proceedings
required to be taken : Provided that nothing in this sub-

section shall relieve the trustees of the obligation to get in
and obtain payment or transfer of such share or interest or
other thing in action on the same falling into-possession.

(3) Trustees may, for the purpose of giving effect to
the trust, or any of the provisions of the instrument, if any,
creating the trust or of any statute, from time to time (by
duly qualified agents) ascertain and fix the value of any trust
property in such manner as they think proper, and any
valuation so rnade in good faith shall be binding upon all
persons interested under the trust.

(4) Trustees may, in their absolute discretion, from
tirne to time, but not more than once in every year unless the
nature of the trust or any special dealings with the trust
property make a more frequent exercise of the right reason-
able, cause the accounts of the trust propert to be examined
or audited by an independent accountant, and shall, for
that purpose, produce such vouchers and give such in-
formation to him as he may require; and the costs of such
examination or audit, including the fee of the auditor, shall
be paid out of the capital or income of the trustees.

or partly in one way and partly in the other as the trustees,
in their absolute discretion, think fit, but, in default of any
direction by the trustees to tile contrary in any special case,
costs attributable to capital shall be borne by capital and
those attributable to income by income.

25. (I) Trustees or personal representatives may,
instead of acting personally, employ and pay an agent,





whether a solicitor, banker, stockbroker, or other person, to
transact any business or do any act required to be transacted
or done in the execution of the trust, or the administration of
the testator's or intestate's estate, including the receipt and
payment of money, and shall be entitled to be allowed and
paid all charges and expenses so incurred, and shall not
be responsible for the default of any such agent if employed
in good faith.

(2) Trustees or personal representatives may appoint
any person to act as their agent or attorney for the purpose
of selling, converting, collecting, getting in, and executing
and perfecting insurances of, or managing or cultivating, or
otherwise administering any property, movable or immov-
able, subject to the trust or forming part of the testator's or
intestate's estate, in any place outside the Colony, or executing
or exercising any discretion or trust or power vested in them
in relation to any such property, with such ancillary powers,
and with and subject to such provisions and restrictions as
they may think fit, including a power to appoint substitutes,
and shall not, by reason only of their having made such
appointment, be responsible for any loss arising thereby.
(3) Without prejudice to such general power of appoint-
ing agents as aforesaid-
(a)a trustee inay appoint a solicitor to be his agent to
receive and give a discharge for any money or
valuable consideration or property receivable by the
trustee under the trust, by permitting the solicitor
to have the. custody of, and to produce, a deed
having in Ihe body thereof or endorsed thereon a
receipt for such money or valuable consideration or
property, the deed being executed, or the endorsed
receipt being signed, by the person entitled to give
a receipt for that consideration;
(b)a trustee shall not be chargeable with breach of
trust by reason only of his having made or concurred
in making any such appointment; and the produc-
tion of any such deed by the solicitor shall have the
same statutory validity and effect as if the person
appointing the solicitor bad not been a trustee;
(c)a trustee may appoint a banker or solicitor to be his
agent to receive and give a discharge for any money
payable to the trustee under or by virtue of a policy





of insurance, by permitting the banker or solicitor
to have the custody of and to produce the policy of
insurance with a receipt signed by the trustee, and
a trustee shall not be chargeable with a breach of
trust by reason only of his having made or C011CUrred
in making any such appointment :
Provided that nothing in this subsection shall exempt
a trustee from any liability which lie would have incurred
if this Ordinance and any enactment replaced by this Ordill-
ance had not been passed, in case lie permits any such
money, valuable consideration, or property to remain in the
hands or under the control of the banker or solicitor for
a period longer than is reasonably necessary to enable the
banker or solicitor, as the case may be, to pay or transfer
the same to the trustee. This subsection applies whether
the money or valuable consideration or property was or is
received before or after the commencement of this Ordin-
ance.

26. Where an undivided share in the proceeds of sale
of land directed to be sold, or in any other property, is
subject to a trust, or forms part of the estate of a testator
or intestate, the trustees or personal representatives may
(without prejudice to the trust for sale affecting the entirety
of the land and the powers of the trustees for sale in re-
ference thereto) execute or exercise any trust or power vested
in them in relation to such share in conjunction with the
persons entitled to or having power in that behalf over the
other share or shares, and notwithstanding that any one
or more of the trustees or personal representatives may be
entitled to or interested in any such other share, either in
his or their own right or in a fiduciary capacity.

27. (1) A trustee intending to remain out of the
Colony for a period exceeding one month may, notwith-
standing any rule of law or equity to the contrary, by, power
of attorney, delegate to any person (including a trust cor-
poration) the execution or exercise during his absence from
the Colony of all or any trusts, powers and discretions
vested in him as such trustee, either alone or jointly with
any other person or persons : Provided that a person being
the only other co-trustee and not being a trust corporation





shall not be appointed to be an attorney under this sub-
section.

(2) The donor of a power of attorney given under this
section shall be liable for the acts or defaults of the donee
in the sarne manner as if they were the acts or defaults of
the donor.

(3) The power of attorney shall not come into opera-
tion unless and until the donor is out of the Colony and
shall be revoked by his return.

(4) The power of attorney shall be attested by at least
one witness, and shall be deposited in the Registry of the
Supreme Court within ten days after the execution thereof,
or where not executed in the Colony within ten days after
its receipt in the Colony, with a statutory declaration by
the donor that he intends to remain out of the Colony for
a period exceeding one month from the date of such declara-
tion, or from a date therein mentioned.

(5) The execution of such instrument and statutory
declaration may be verified-
(a)by an affidavit or statutory declaration sworn or
made by the attesting witness or some other person
in whose presence the same were executed, or by
some impartial person who knows the signature of.
the grantor; or
(b)by any other evidence which in the opinion of the
Registrar of the Supreme Court is sufficient, or
which is hereafter required by any enactment in
the case of powers of attorney deposited in the
Registry of the Supreme Court.

(6) The statutory declaration aforesaid and a statutory
declaration by the donee of the power of attorney that the
power has come into operation and has not been revoked by
the return of the donor shall be conclusive evidence of the
facts stated in favour of any person dealing with the donee.

(7) In favour of any person dealing with the donee,
any act done or instrument executed by the donee shall,
notwithstanding that the power has never come into opera-
tion or has become revoked by the act of the donor or by
his death or otherwise, be as valid and effectual as if the





donor were alive and Of full capacity, and had himself done
such act or executed stich instrument, unless such person
had actual notice that the power had never come into opera-
tion or of the revocation of the power before such act was
done or instrument executed.

(8) For the purpose of executing or exercising the
trusts or powers delegated to him, the donee may exercise
any of the powers conferred on the donor as trustee by
stalute or by the instrument creating the trust, includin-
power for the purpose of the transfer of any inscribed stock,
himself to delegate to an attorney power to transfer but not
including the power of delegation conferred by this section,

(9) The fact that it appears from ally power of attor-
ney given under this section, Or frorn any evidence required
for the purposes of any such power of attorney,- or other-
wise, that in dealing with ally stock the donee of the
power is acting in the execution of a trust shall not bc
deeiried for ally purpose to affect any person in whosse books
the stock is inscribed or registered with any notice of the
trust.

litdevbibities.

28. (1) Where a personal representative or trustee
liable as such for-
(a)any rent, covenant, or agreement reserved by or
contained in any lease; or
(b)any rent, covenant or agreement payable tinder or
contained in any grant rnade in consideration of a
rentcharge ; or
(c)any indemnity given in respect of any rent,
covenant or, agreement referred to in either of the
foregoing paragraphs;
satisfies 'all liabilities under the lease or grant which may
have accrued, and been claimed, up to the date of the con-
veyance hereinafter mentioned, and, where necessary, sets
apart a sufficient fund to answer any future claim that may
be made in respect of any fixed and ascertained sum which
the leasee or grantee agreed to lay out oil the property
demised or granted, although the period for laying out the
same may not have arrived, then and in any such case the
personal representative or trustee may convey the property





demised or granted to a purchaser, legatee, devisee or other
person entitled to call for a conveyance thereof and there-
after-

(I) (i) he may distribute the residuary estate of the
deceased testator or intestate, or, as the case may
be, the trust estate (other than the fund, if any,
set apart as aforesaid) to or amongst the persons
entitled thereto, without appropriating any part, or
any further part, as the case may be, of the estate
of the deceased or of the trust estate to meet any
future liability under the said lease or grant;
(ii) notwithstanding such distribution, he shall
not be personally liable in respect of any subse-
quent claim tinder the said lease or grant.

(2) This section operates without prejudice to the right
of the lessor or grantor, or the persons deriving title under
the lessor or grantor., to follow the assets of the deceased or
the trust property into the hands of the persons amongst
whom the same may have been respectively distributed, and
applies notwithstanding anything to the contrary in the
will or other instrument, if any, creating the trust.

(3) In this section 'lease' includes an underlease and
-in agreement for a lease or tinderlease and any instrument
giving any such indemnity as aforesaid or varying the
liabilities under the lease; 'grant' applies to a grant
whether the rent is created.by limitation, grant, reservation,
or otherwise, and includes an agreement for a grant and
any instrument giving any such indemnity as aforesaid or
varying the liabilities under the grant; 'lessee' and
'grantee' include persons respectively deriving title under
them.

29. (1) With a view to the conveyance to or distribu-
tion among the persons entitled to any movable or immov-
able property, trustees or personal representatives may give
notice by advertisement in the Gazette, and such other like
notices, including notices elsewhere than in the Colony, as
would, in any special case, have been directed by a court
of competent jurisdiction in an action for administration, of
their intention to make such conveyance or distribution as
aforesaid, and requiring any person interested to send to
the trustees or personal representatives within the time, not





being less than two months, fixed in the notice or, where
more than one notice is given, in the last of the notices,
particulars of his claim in respect of the property or any,
part thereof to which the notice relates.

(2) At the expiration of the time fixed by the notice
the trustees or personal representatives may convey Or dis-
tribute the property or any part thereof to which the notice
relates, to or among the persons entitled thereto, having
regard only to the claims, whether formal or not, of which
the trustees or personal representatives then had notice and
shall not, as respects the property so conveyed or distribut-
ed, be liable to any person of whose claim the trustees or
personal representatives have not bad notice at the time, of
conveyance or distribution ; but nothing in this section
shall-
(a)prejudice the right of any person to follow the pro-
perty, or any property representing the same, into
the hands of any person, other than a purchaser,
who may have received it; or
(b)free the trustees or personal representatives from
ary obligation to make searches similar to those
which an intending purchaser would be advised to
make or obtain.

(3) This section applies notwithstanding anything to
the contrary in the will or other instrument, if any, creating
the trust.

30. A trustee or personal representative acting for the
purposes of more than one trust or estate shall not, in the
absence of fraud, be affected by notice of any instrument,
matter, fact or thing in relation to any particular trust or
estate if he has obtained notice thereof merely by reason of
his acting or having acted for the purposes of another trust
or estate.

31. A trustee acting. or paying money in good faith
under or in pursuance of any power of attorney shall not
be liable for any such act or payment by reason of the fact
that at the time of the act or payment the person who gave
the power of attorney was subject to any disability or bank-
rupt or dead, or had done or suffered some act or thing to
avoid the power, if this fact was not known to the trustee
at the time of his so acting or paying: Provided that-





(a)nothing in this section shall affect the right of any
person entitled to the money against the person to
whom the payment is made;
(b)the person so entitled shall have the same remedy
against the person to whom the payment is made
as lie would have had against the trustee.

32. (1) A trustee shall be chargeable only for money
and securities actually received by him notwithstanding his
signing any receipt for the sake of conformity, and sliall
be answerable and 'accountable only for his own acts, re-
ceipts, neglects, or defaults, and not for those of any other
trustee, or of any banker, broker, or other person with
whom any trust money or securities may be deposited, nor
for the insufficiency or deficiency of any securities, nor for
any other loss, unless the same happens through his own
Wilful default.

(2) A trustee may reimburse himself or pay or dis-
charge out of the trust premises all expenses incurred in or
about the execution of the trusts or powers.

Maintenance, Advancement and Protective Trusts.
33. (1) Where any property is held by trustees in
trust for any person for any interest whatsoever, whether
vested or contingent, then, subject to any prior interests or
charges affecting that property-
(a) during the infancy of any such person, if his in-
terest so long continues, the trustees may, at their
sole discretion, pay to his parent or guardian, if
any, or otherwise apply for or towards his in-
tenance, education or benefit, the whole or such
part, if any, of the income of that property as may,
in all the circumstances, be reasonable, whether or
not there is-
(i) any other fund applicable to the same pur-
pose; or
(ii) any person bound by law to provide for his
maintenance or education ; and
(b)if such person on attaining the age of twenty-one
years has not a vested interest in such income, the
trustees shall thenceforth pay the income of that
property and of any accretion thereto under sub-
section (2) to him, until he either attains a vested





interest therein Or dies, Or until faillire of his
interest:
Provided that, in deciding whether the whole or an),
part of the income of the property is during a minority to
be paid or applied for the purposes aforesaid, the trustees
shall have regard to the age of the infant and his require-
ments and generally to the circumstances of the case, and
in particular to what other incoine, it' any, is applicable for
the same purposes; and where trustees have notice that the
income of more than one fund is applicable for those pur-
poses, then, so far as practicable, unless the entire income
of the funds is paid or applied as aforesaid or the court
otherwise directs, a proportionate part only of the income
of each fund shall be so paid or applied.

(2) During the infancy of any such person, if his in-
terest so long continues, 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 in authorized investments, and shall hold those
accumulations as follows-
(a) if any such person-
(1) attains the age of twenty-one years, or
marries tinder that age, and his interest in such
income during. his infancy or until his marriage is
a vested interest; or
(5) on attaining the age of twenty-one years or
on marriage under that are becomes entitled to the

property from which such income arose absolutely;
the trustees shall hold tlIC aCCUMUlatiOnS in trust
for such person absolutely, and so that the receipt
of such person after marriage, and though still an
infant, shall be a good discharge; and
(b)in any other case the trustees shall, notwithstand-
ing that such person had a vested interest in such
income, hold the accumulations as an accretion to
the capital of the property front which such accum-
ulations arose, and as one fund with such capital
for all purposes;
but the trustees may, at any time during the infancy of such
person if his interest so long continues, apply those accumu
lations, or any part thereof, as if they were income arising
in the then current year.





(3) This section applies in the case of a contingent
interest only if the limitation or trust Carries the intermediate
income of the property, but it applies to a future or contin-
gent legacy by the parent of, or a person standing in loco
parentis to, the legatee, if and for such period as, under the
general law, the legacy carries interest for the maintenance
of the legatee, and in any such case as fast aforesaid the
rate of interest shall (if the income available is sufficient,
and
Subject to any rules of court to the contrary) be. five
dollars per cent per annum.

(4) This section applies to a vested annuity in like
manner as if the annuity, were the income of property field
by trustees in trust to pay the income thereof to the annuitant
for the same period for which the annuity is payable, save
ffiat in any case accumulations made during the infancy of
the annuitant shall be field in trust for the annuitant or his
personal representatives

(5) This section does not apply where the instrument,
if any, under which the interest arises came into operation
before the commencement of this Ordinance.

34. (I) Trustees may at any time or times pay or apply
any capital money subject to a trust, for the advancement
or benefit in such manner as they may, in their absolute
discretion, think fit, of any person entitled to the capital
of the trust property or of any share thereof, whether
absolutely or contingently on his attaining any specified age
or on the occurrence of any other event, or subject to a gift
.over on his death under any specified age or on the occur-
rence of any other event, and whether in possession or in
remainder or reversion, and such payment or application may
be made notwithstanding that the interest of such person is
liable to be defeated by flie exercise of a power of appoint-
nient or revocation, or to be diminished by the increase of
tile class to which he belongs: Provided that-
(a)the money so paid or applied for the advancement
or benefit of any person shall not exceed altogether
in amount one half of the presumptive or vested share
or interest of that person in the trust property; and
(b)If that person is or becomes absolutely and in-
defeasibly entitled to a share in the trust property





the money so paid or applied shall be brought into
account as part of such share; and
(c) no stich payment or application shall be made so
to prejudice any person entitled to any prior life
or other interest, whether vested or contingent, in
the money paid or applied unless such person is in
existence and of full age and consents in writing to
such payment or application.

(2) This section applies only where the trust property
consists of money or securities or of property held upon
trust for sale calling in and conversion, and such money or
securities, or the proceeds of such sale calling in and con-
version are not by statute or in equity considered as land.

(3) This section does not apply to trusts constituted or
created before the commencement of this Ordinance.

35. (1) Where any income, including an annuity or
other periodical income payment, is directed to be held on
protective trusts for the benefit of any person (in this section
called the principal beneficiary) for the period of his life or
for any less period, then, during the period (in this section.
called the trust period) the said income shall, without pre-
judice to any prior interest, be held on the following trusts,
namely-
(a)upon trust for the principal beneficiary during the
trust period or until he, whether before or after the
termination of any prior interest, does or attempts
to do or suffers any act or thing, or until any event
happens, other than an advance under any statutory
or express power, whereby, if the said income were
payable during the trust period to the principal
beneficiary absolutely during that period, he would
be deprived of the right to receive the same or any
part thereof, in any of which cases, as well as on
the termination of the trust period, whichever first
happens, this trust of the said income shall fail or
determine;
(b)if the trust aforesaid falls or determines during the
subsistence of the trust period, then, during the
residue of that period, the said income shall be
held upon trust for the application thereof for the
maintenance or support, or otherwise for the benefit,





of all or any one or more exclusively of the other
or others of the following persons (that is to say)-
(i) the principal beneficiary and his or her wife
or husband, if any, and his or her children or more
remote issue, if any; or
(ii) if there is no wife or husband or issue of the
principal beneficiary in existence, the principal
beneficiary and the persons who would, if he were
actually dead, be entitled to the trust property or
the income thereof or to the annuity fund, if any,
or arrears of the annuity, as the case may be;
as the trustees in their absolute discretion, without
being liable to account for the exercise of such dis-
cretion, think fit.

(2) This section does not apply to trusts coming into
operation before the commencement of this Ordinance, and
has effect subject to any variation of the implied trusts afore-
said contained in the instrument creating the trust.

(3) Nothing in this section operates to validate any
trust which would, if contained in the instrument creating
the trust, be liable to be set aside.

PART IV.

APPOINTMENT AND DISCHARGE OF TRUSTEES.

36. (1) Where, at the commencement of this Ordinance
there are more than four trustees of a settlement of land or
more than four trustees holding land on trust for sale, no
new trustees shall (except where as a result of the appoint-
ment the number is reduced to four or less) be capable of
being appointed until the number is reduced to less than
four, and thereafter the number shall not be increased beyond
four.

(2) In the case of settlements and dispositions on trust
for sale of land made or coming into operation after the
commencement of this Ordinance-
(a)the number of trustees thereof shall not in any case
exceed four, and where more than four persons are
named as such trustees, the four first named (who
are able and willing to act) shall alone be the





trustees, and the other persons named shall not be
trustees unless appointed on the occurrence of a
vacancy;
(b)the nurnbel. of the trustees shall not be iricreased
beyond four.

The restrictions hereby imposed on the number of
trustees do not apply in the case of land vested in trustees
for charitable, ecclesiastical, or public purposes or where
the net proceeds of Ilie salt. ol' the property are held for
the purposes.

37. (1) Where a trustee either original or substituted,
anwhether appointed by a court or otherwise, is dead,
or remains out of the Colony, for more than twelve month ,
from all or aily of tile trusts
or powers reposed in or conferred on him, or refuses or
is unfit to act therein, or is incapable of acting therin, Or
is an infant then, subject to the restrictions imposed
this Ordinance on the number of trustees-
(a)the person or persons nominated for the purpose
of appointing new trustees by the instrument if
any, creating the trust; or
(b) if there is no such person, or no such person able
and willing to act, then the surviving or continuing
trustees or truste for the time being, or the per-
sonal representative of the last surviving or con-
tinuing trustee.
may by writing appoint one or more other persons.
(whether or not being the persons exercising the power) to
be a trustee or trustees in the place of the trustee so
deceased, remaining out of the Colony, desiring to he dis-
charged, refusing, or being unfit or being incapable, or
being an infant, as aforesaid.

(2) Where a truslee has been removed mider a power
contained in the instrument creating the trust:, a new
trustee or new trustees may be appointed in tile place of
the trustees who is renioved, as if fie were dead, or, in
the case of a corporation, as if the corporation desired to
be discharged from the trust, and the provisions of this
section shall apply accordingly, but subject to the restric-
tions imposed by this Ordinance on the number of trustees.





(3) Where a corporation being a trustee is or has been
dissolved, either before or after the commencement of this
Ordinance, then, for the purposes of this section and of
any enactment replaced thereby, the corporation shall be
deemed to be and to have been from the date of the dis-
solution incapable of acting in the trusts or powers reposed
in or conferred on tile corporation.

(4) The power of appointment given by subsection (i)
or any si-milar previous enactment to the personal repre-
sentatives of a last surviving or continuing trustee shall
be and shall be deemed always to have been exercisable
by the executors for the time being (whether original or
by representation) of such surviving or continuing trustee
who liave proved the will of their testator or by the ad-
iiiiiiistrators for the tline being of such trustee without the
concurrence ol any executor who has renounced or has not
proved.

(5) But a sole or fast surviving executor intending to
renounce, or all the executors where they all intend to
renounce, shall have and shall be deemed always to have
had power, at any time before renouncing probate, to exer-
cise the power of appointment given by this section, or
by any similar previous enactment, if willing to act for
that purpose and without thereby accepting the office of
executor.

(6) Where a sole trustee, other than a trust corpora-
tion, is or.has been originally appointed to act in a trust,
or where, in the case of any trust, there are not more than
three trustees (none of them being a trust corporation) either
original or substituted and whether appointed by the court
or otherwise, then and in any such case-
(a)the person or persons nominated for the purpose
of appointing new trustees by the instrument, if
any, creating the trust; or
(b)if there is no such person, or no such person able
and, willing to act, then the trustee or trustees for
the time being,
may, by writing, appoint another person or other persons
to be an additional trustee or additional trustees, but it
shall. not be obligatory to appoint any additional trustee,
unless the instrument, if any, creating the trust, or any





statutory enactment provides to the contrary, nor shall the
number of trustees be increased beyond four by virtue Of
any such appointment.

(7) Every new trustee appointed under this section, as
well before as after all the trust property becomes bv law,
or by assurance, or otherwise, vested in hirn, shall have
the same powers, authorities, and discretions, and may in
all respects act as if lie had been originally appoinled a
trustee by the instrument, if ally, creating tile trust.

(8) The provisions of this section relating to a truslee
who is dead include the case of a person. nominated trustee
in a will but dying before the testator, and those relative
'Lo a continuing trustee include a refusing or retiring trustee,
if wil ling to act in the execution of the provisions of this
section.

(9) Where a lunatic or person of unsound mind,
being a trustee, is also entitled in possession to some bene-
ficial interest in the trust property, no appointment of a
new trustee in his place shall be made by the continuing
trustees or trustee, under this section, unless leave has
been given by the court to make the appointment.

38. (1) On the appointment of a trustee for the whole
or any part of trust property-
(a)the number of trustees may, subject to the restric-
tions imposed by this Ordinance on the number
of trustees, be increased; and
(b)a separate set of trustees, not exceeding four may
be appointed for any part of the trust property
held on trusts distinct from those relating to any
other part or parts of tile trust propelty, notwith-
standing that no new trustees or trustee are or is
to be appointed for other parts of the trust pro-
perty, and any existing trustee may be appointed
or remain one of such separate set of trustees, or,
if only one trustee was originally appointed, then,
save as hereinafter provided, one separate trustee
may be appointed; and
(c)it shall not be obligatory, save as hereinafter pro-
vided, to appoint more than one new trustee where
only one trustee was originally appointed, or to





fill up the original number of trustees where more
than two trustees were originally appointed, but,
except where only one trustee was originally
appointed, and a sole trustee when appointed will
be able to give valid receipts for all capital money,
a trustee shall not be discharged from his trust
unless there will be either a trust corporation or
at least two individuals to act as trustees to per-
form the trust; and
(d)any assurance or thing requisite for vesting the
trust property, or any part thereof, in a sole trustee,
or jointly in the persons who are the trustees, shall
be executed or done.

(2) Nothing in this Ordinance shall authorize the
appointment of a sole trustee, not being a trust corpora-
tion, where the trustee, when appointed, would not be able
to give valid receipts for all capital money arising under
the trust.

39. (I) A statement, contained in any instrument
coming into operation after the commencement of this
Ordinance by which a new trustee is appointed for any
purpose connected with land, to the effect that a trustee
has remained out of the Colony for more than twelve
months or refuses or is unfit to act, or is incapable of
acting, or that he is not entitled to a beneficial interest in
the trust property in possession, shall, in favour of a
purchaser of a legal estate, be conclusive evidence of the
mnatter stated.

(2) In favour of such purchaser any appointment of
a new trustee depending on that statement, and any vesting
declaration, express or implied, consequent on the appoint-
ment, shall be valid.

40. (I) Where a trustee is desirous of being dis-
charged from the trust, and after his discharge there will
be either a trust corporation or at least two individuals to
act as trustees to perform the trust, then, if such trustee
as aforesaid by deed declares that he is desirous of being
discharged from the trust, and if his co-trustees and such
other person, if any, as is empowered to appoint trustees,





by deed consent to the discharge of the trustee, and to
the vesting in the co-trustees alone of the trust property,
the trustee desirous of being discharged shall be deemed
to have retired from the trust, and shall, by the deed, be
discharged therefrom 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.

41. (1) Where by a deed a new trustee is appointed
to perform any trust, then-
(a)if the, deed contains a declaration by the appointor
to the effect that any estate or interest in any land
subject to the trust, or in any chattel so subject,
or the right to recover or receive any debt 6r other
thing in action so subject, shall vest in the persons
who by virtue of the deed become or are the
trustees for performing the trust, the deed shall
operate, without any conveyance or assignment, to
vest in those persons as joint tenants and for the
purposes of the trust the estate, interest or right
to which the declaration relates; and
(b)if the deed is made after the commencement of
this Ordinance and does not contain such a
declaration, the deed shall, subject to any express
provision to the contrary therein contained, operate
as if it had contained such a declaration by the
appointor extending to all the estates, interests and
rights with respect to which a declaration could
have been made.

(2) Where by a deed a retiring trustee is discharged
under the statutory power without a new trustee being
appointed, then-
(a)if the deed contains such a declaration as aforesaid
by the retiring and continuing trustees, and by the
other person, if any, empowered to appoint
trustees, the deed shall, without any conveyance
or assignment, operate to vest in the continuing
trustees alone, as joint tenants, and for the pur-
poses of the trust, the estate, interest or right to
which the declaration relates; and





(b)if the deed is made after the commencement of this
Ordinance and does not contain such a declara-
tion, the deed shall, subject to any express pro-
vision to the contrary therein contained, operate
as if it had contained such a declaration by such
person as aforesaid extending to all the estates,
interests and rights with respect to which a declara-
tion could have been made.

(3) An express vesting declaration, whether made
before or after the commencement of this Ordinance, shall,
notwithstanding that the estate, interest or right to be
vested is not expressly referred to, and provided that the
other statutory requirements were or are complied with,
operate and be deemed always to have operated (but with-
out prejudice to any express provision to the contrary
contained in the deed of appointment or discharge) to vest
in the persons respectively referred to in subsections (i)
and (2), as the case may require, such estates, interests and
rights as are capable of being and ought to be vested in
those persons.

(4) This section does not extend-
(a)to land conveyed by way of mortgage for securing
money subject to the trust, except land conveyed
on trust for securing debehitures or debenture stock;
(b)to land held under a lease which contains any
covenant, condition or agreement against assign-
ment or disposing of the land without licence or
consent, unless, prior to the execution of the deed
containing expressly or impliedly the vesting
declaration, the requisite licence or consent has
been obtained, or unless, by virtue of any statute
or rule of law, the vesting declaration, express or
implied, would not operate as a breach of covenant
or give rise to a forfeiture; -
(c) to any share, stock, annuity or property which is
only transferable in books kept by a company or
other body, or in manner directed by or under any
enactment.
in this subsection 'lease' includes an underlease and
an agreement for a lease or underlease.





(5) For purposes of registration of the deed, the person
or persons making the declaration, expressly or impliedly,
shall be deemed the conveying party or parties, and the
conveyance shall be deemed to be made by him or them
under a power conferred by this Ordinance.

(6) This section applies to deeds of appointment or
discharge executed on or after the ist day of July, igoi.

PART V.

POWERS OF THE COURT.

Appointment of new Trustees.

42. (1) The court may, whenever it. is expedient to
appoint a new trustee or new trustees, and it is found in-
expedient, difficult or impracticable so to do without the
assistance of the court, make an order appointing a new
trustee or new trustees either in substitution for or in
addition to any existing trustee or trustees, or although
there is no existing trustee. In particular and without
prejudice to the generality of the foregoing provision, the
court may make an order appointing a new trustee in
substitution for a trustee who is sentenced to a term of
imprisonment or is a lunatic or a person of unsound mind
or is a bankrupt or is a corporation which is.in liquida-
tion or has been dissolved.

(2) An order under this section, and any consequential
vesting order or conveyance, shall not operate further or
otherwise as a discharge to any former or continuing trustee
than an appointment of new trustees under any power for
that purpose contained in any instrument would have
operated.

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

43. Where the court appoints a corporation, other
than the Public Trustee in England, to be a trustee either
solely or jointly with another person, the court may
authorize the corporation to charge such remuneration for
its services as trustee as the court may think fit.





. 44. Every trustee appointed by a court of competen
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, authorities, and disc ' retions,
and may in all respects act as if he had been originally
appointed a trustee by'the instrument, if any, creating the
trust.

Vesting Orders.

45. In any of the following cases, namely-
(a)where the court appoints or has appointed a trustee,
or where a trustee has been appointed out of court
under any statutory or express power;
b.)where a trustee entitled to or possessed of any land
or interest therein, whether by way of mortgage or
otherwise, or entitled to a contingent right therein,
either solely or jointly with any. other person-
(i) is under disability; or
(ii) is out of the' jurisdiction of the court ; 'Or
(iii) cannot be found, or, being a corporation,
has been dissolved;
(c)where it is uncertain who was the survivor of two
or more trustees jointly entitled to or possessed of
any interest in land;
(d)where it is uncertain whether the last trustee known
to have been entitled to or possessed of any interest
in land is living or dead;
(e)where there is no personal representative of a
deceased trustee who was entitled to or possessed
of any interest in land, or where it is, uncertain
who is the personal representative of a deceased
trustee who was entitled to or possessed of any
interest in land;
(f) where a trustee jointly or solely entitled to or
possessed of any interest in land, or entitled to a
contingent right therein, has been required, by or
on behalf of a person entitled to require a convey-
ance of the land or interest or a release of the
right, to convey the land or interest or to release
the right, and has wilfully refused or neglected to
convey the land or interest or release the right for
twenty-eight days after the date of the requirement;





(g)where land or any interest therein is vested in a
trustee whether by way of mortgage or otherwise,
and it appears to the court to be expedient,
the court may make an order (in this Ordinance called a
vesting order) vesting the land or interest therein in any
such person in any such manner and for any such estate
or interest as the court may direct, or releasing or dis-
posing of the contingent right to such person as the court
may direct : Provided that-
(a)where the order is consequential on the. appoint-
ment of a trustee the land or interest therein 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 or
formerly entitled jointly with another person, and
such trustee is'under disability or out of the juris-
diction of the court or cannot be found, or being
a corporation has been dissolved, the land, interest
or right shall be vested in such other person who
remains' entitled, either alone or with any other
person the court may appoint.

46. Where any interest in land is subject to a contin-
gent right in an unborn person or class of unborn persons
who, on coming into existence would, in respect thereof,
become entitled to or possessed of that interest on any
trust, the court may make an order releasing the land or
interest therein frorn the contingent right, or may make
an order vesting in any person the estate or interest to or
of which the unborn person or class of unborn persons
would, on coming into existence, be enititled or possessed
in. the land.

47. Where any person entitled to or possessed of any
interest in land, or entitled to a contingent right in land,
by way of security for money, is,an infant, the court may
make an order vesting or releasing or disposing of the
interest in the land or the right in like manner as in the
case of a trustee under disability.

48. Where any court gives a judgment or makes an
order directing the sale or mortgage of any land, every





person who is entitled to or possessed of any interest in
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 for t he purposes
of this Ordinance, and the court may' if it thinks expedient,
niake an order vesting the land or any part thereof for
such estate or interest as the court thinks fit in the pur-
chaser or mortgagee or in any other person.

49. Where a judgment is given for the specific per-
formance of a contract concerning any interest in land, or
for sale or exchange of any interest in land, or generally
where any judgment is given for the conveyance of any
interest in land either in cases arising out of the doctrine
of election or otherwise, the court may declare-
(a)that any of the parties to the action are trustees
of any interest in the land or any part thereof within
the meaning of this Ordinance; or
(b)that the interests of unborn persons who might
claim under any party to the action, or under the
will or voluntary settlement of any deceased person
who was during his lifetime a party to the contract
or transaction concerning which the judgment is
given, are the interests of persons who, on coming
into existence, would be trustees within the mean-
ing of this Ordinance,
and thereupon the court may make a vesting order relating
to the rights of those persons, born and unborn, as if they
had been trustees.

50. A vesting order under any of the foregoing pro-
visions shall in the case of a vesting order consequential
on the appointment of a trustee, have the same effect-
(a)as if the persons who before the appointment were
the trustees, if any, had duly executed all proper
conveyances of the land for such estate or interest
as the court directs; or
(b)if there is no such person, or no such person of
full capacity, as if such person had existed and
been of full capacity and had duly executed all





proper conveyances of the land for such estate or
interest as the court directs,
and shall in every other case have the same effect as if
the trustee, or other person or description or class of persons
to whose rights or supposed rights the said provisions res-
pectively relate had been an ascertained and existing person
of full capacity, and had executed a conveyance or release
to the effect intended by the order.

51. In all cases where a vesting order can be made
under any of the foregoing provisions, the court may, if
it is more convenient, appoint a person to convey the land
or any interest therein or release the contingent right, and
a conveyance or release by that person in conformity With
the order shall have the same effect as an order under the
appropriate provision.

52. (1) In any of the following cases, namely-
(a)where the court appoints or has appointed a trustee,
or where a trustee has been appointed out of court
under any statutory or express power;
(b)where a trustee entitled, whether by way of mort-
gage or otherwise, alone or jointly with another
person to stock or to a thing in action-
(i) is under disability; or
(ii) is out of the jurisdiction of the court ; or
(iii) cannot be found, or, being a corporation, has
been dissolved; or
(iv) neglects or refuses to transfer stock or receive
the dividends or income thereof, or to sue for or
recover a thing in action, according to the direction
of the person absolutely entitled thereto for twenty-
eight days next after a request in writing has been
made to him by the person so entitled; or
(v) neglects or refuses to transfer stock or receive
the dividends or income thereof, or to sue for or
recover a thing in action for twenty-eight days next
after an order of the court for that purpose has
been served on him;
(c)where it is uncertain whether a trustee entitled alone
or jointly with another person to.stock or to a thing
in action is alive or dead;





(d)where stock is standing in the name of a deceased
person whose personal representative is under
disability;
(e)where stock or a thing in action is vested in a trustee
whether by way of mortgage or otherwise and it
appears to the court to be expedient;
the court may make. an order vesting the right to transfer
or call ' for a transfer of stock, or to receive the dividends or
i ncome thereof, or to sue for or recover the. thing in action,
in any such person as the court may appoint: Provided
that-
(a)where the order is consequential on the appointment
of a trustee, the right shall be vested in the persons
who, on'the appointment, are the trustees; and
(b)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 with any other person whom
the court may appoint.

(2) 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: Provided that the person appointed to make or
join in making a transfer of stock shall be some proper officer
of the bank, or the company or society whose stock is to be
transferred.

(3) The Person in whom the right to transfer or call for
the transfer of any stock is vested by an order of the court
under this Ordinance may transfer the stock to himself or
any other person, according to the order, and all companies,
banks and societies shall obey every order under this section
according to its tenor.

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

(5) The court may make declarations and give direc-
tions concerning the manner in which the right to transfer
any stock or thing in. action vested under the provisions of
this Ordinance is to be exercised.





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

.53. The powers conferred by this Ordinance as to vest-
ing orders may be exercised for vesting any interest in land,
stock or thing-in action in any trustee of a charity ot. society
over which the ' court would have jurisdiction upon action
duly instituted, whether Gie appointment of the trustee was
made by instrument under a power or by the court under
its general or statutory jurisdiction.

54. Where an infant is beneficially entitled to any pro-
perty, the court may, with a view to the application of the
capital or income thereof for the maintenance, education or
benefit of the infant, make an order--
(a) Appointing a person to convey such property; or
(b)in the case of'stock, or a thing in action, vesting
in any person the right to transfer or call for a
transfer of such stock, or to receive the dividends or
income thereof, or to sue for and recover such thing
in action, upon such terms as the court may think fit.

55. Where a vesting order is made as to any land under
this Ordinance founded on an allegation of any of the fol-
lowing matters namely-
(a)the personal incapacity of a trustee or mortgagee;
or
(b)that a trustee or mortgagee or the personal represen-
tative of or other person deriving title under a
trustee or mortgagee is out of the jurisdiction of
the court or cannot be found, or being a corporation
has been dissolved;.or
(c) that it is uncertain which oftwo or more trustees,
or which of two or more persons interested in a
mortgage, was the survivor; or
(d)that it is uncertain whether the last trustee or the
petsonal representative of or other person deriving
title under a trustee or mortgagee, or the last
surviving, person interested in a mortgage is living
or dead; or





(e)that any trustee or mortgagee has died intestate
without leaving a person beneficially interested
under the intestacy or has died and it is not known
who is his personal representative or the person
interested,
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 validity of the order; but this section
does not prevent the court from directing a reconveyance
or surrender or the payment of costs occasioned by any. such
order if improperly obtained.

jurisdiction to malw other order.

56. (1) Where in the management or administration of
any property vested in trustees, any sale, lease, mortgage,
surrender, release, or other disposition, or any purchase,
investment, acquisition, expenditure, or other transaction,
is in the opinion of the court expedient, but the same cannot
be effected by reason of the absence of any power for that
purpose vested in the trustees by. the trust instrument, if any,
or by law, the court may, be order confer upon the trustees,
either generally or in any particular instance, the necessary
power for the purpose, on such terms, and subject to such
provisions and conditions, if any, as the court may think
fit and. may direct in what manner any money authorized
to be expended, and the costs of any transaction, are to be
paid or borne as between capital and income. -

(2) The court may, from time to time, rescind or vary
any order under this section, or may make any new or
further order.

(3) An application to the court under this section may
be made by the trustees, or by any of them., or by any person
beneficially interested under the trust.

57. (1) An order undef this Ordinance for the appoint-
ment of a new trustee or concerning any interest in land,
stock or thing in action subject to a trust, may be made
on the application of any person beneficially interested in
the land, stock, or thing 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
interest in land, stock, or thing in action subject to a
mortgage may 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 securedby the mortgage.

58. Where in any action the court is satisfied that
diligent search has been made 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
solicitor at the hearing, but without prejudice to any interest
he may have in the matters in question in the action in any
other character.

59. The court may order the costs an d expenses of and
incident to any application for an order appointing a new
trustee, or or a vesting order, or of and incident to any such
order, or any conveyance or transfer in pursuance thereof,
to be raised and paid out of the property in respect whereof
the same is made, 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 just.

60. If it appears to the court that a trustee, whether
appointed by the court or otherwise, is or rnay be personally
liable for any breach of trust, whether the transaction alleged
to be a breach of trust occurred before or after the com-
mencement 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, then the
court may relieve him either wholly or partly from personal
liability for the same.

61. (1) Where a trustee commits a breach of trust at
the instigation or request or witth the consent in writing of
a beneficiary, the court may, if it thinks fit, and notwith-
standing that the beneficiary may be a married woman





restrained from anticipation, make such order as to the court
seems 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 persons claiming through him.

(2) This section applies to breaches of trust committed
as well before as after the commencement of this Ordinance.

Payment into Court.

62. (1) Trustees, or the majority of trustees, having
in their hands or under their control money or securities
belonging to a trust, may pay the same into court, and the
same shall, subject to the rules of court, be dealt with
according to the orders of the court.

(2) The receipt or certificate of the proper officer shall
be a sufficient discharge to trustees for the money or
securities so paid into court.

(3) Where money or securities is or are vested in any
persons as trustees, and the majority are desirous of paying
the same into, court, but the concurrence of the other or
others cannot be obtained, the court may order the payment
into court to be made by the majority without the concur-
rence of the other or others.

(4) Where any such money or securities are deposited
with any banker, broker, or other depositary,the court may
order payment or delivery of the money or securities to the
majority of the trustees for the purpose of payment into
court.

(5) Every transfer, payment and delivery 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 money and securities
so transferred, paid or delivered.

PART VI.

THE JUDICIAL TRUSTEE.

63. (1) Where application is made to the court by or
oil behalf of the persop creating or intending to create a
trust, or by or on behalf of a trustee or beneficiary, the





court may, in its discretion, appoint a person. (in this Part
called a judicial trustee) to be a trustee of that trust, either
jointly with any other person or as sole trustee, and, if
sufficient cause is shown, in place of all or any existing
trustees.

(2) The administration of the property of a deceased
person, whether a testator or intestate, shall be a trust, and
the executor or administrator a trustee, within the meaning
of this Part.

(3) Any fit and proper person nominated for the purpose
in the application may be appointed a judicial trustee, and,
in the absence of such nomination, or if the court is not
satisfied of the fitness of a person so nominated, an.official
of the court may be appointed, and in any case a judicial
trustee shall be subject to the control and supervision of the
court as an officer thereof.

(4) The court may, either on request or without request,
give to a judicial trustee any general or special directions in
regard to the trust or the administration thereof.

(5) There may be paid to the judicial trustee out of the
trust property such remuneration, not exceeding any
prescribed limits, as the court may assign in each case,
subject to any rules under this Part respecting the application
of such remuneration' where the judicial trustee is an official
of the court, and the remuneration so assigned to any.judicial
trustee shall, save as the court may for special reasons other-
wise order, cover all his work and personal outlay.

(6) Once in every year the accounts of every trust of
which a judicial trustee has been appointed shall be audited,
and a report thereon made to the court by such perso ns as
may be prescribed, and, in any case where the court shall
so direct, an inquiry into the administration by a judicial
trustee of any trust, or into any dealing or transaction of a
judicial trustee, shall be made in such manner as may be
prescribed.

64. (1) The Chief justice may with the approval of the
Legislative Council make rules for carrying into effect this
part of this Ordinance and especially to prescribe or provide
for-





(a)requiring judicial trustees, who are not officials of
the court, to give security for the due application
of any trust property under their control;
(b)the safety of the trust property, and the custody
thereof;
(c)the remuneration of judicial trustees and the fees
to be taken under this Part so as to cover the
expenses of the administration of this Part, and the
payment of such remuneration and fees out of th.e
trust property, and, where the judicial trustee is an
official of the court, the application of the remunera-
tion and fees payable to him;
(d)dispensing with formal proof of facts in proper
cases;
(e)facilitating the discharge by the court of adminis-
trative duties under this Part without judicial
proceedings and otherwise regulating procedure
under this Part and making it simple and.inexpen-
sive
the suspension or removal of any judicial trustee,
and the succession of another person to the office
of any judicial trustee who may cease to hold office,
and the vesting in such person of any trust property ;
(g)the classes of trusts in which officials of the court
are not to be judicial trustees, or are to be so tem-
porarily or conditionally;
(h)the procedure to be followed where the judicial
trustee is executor or administrator;
(i)preventing the employment by judicial trustees of
other persons at the expenses of the trust, except in
cases of strict necessity;
(j)filing and auditing of the accounts of any trust of
which a judicial trustee has been appointed.

65. In this Part-
'official of the court' means the holder of such paid office
in or cnnnected with the court as may be prescribed;
'prescribed' means prescribed by rules made under this.
Part.





PART VII.

THE OFFICIAL TRUSTEE.

66. (1). For the purpose of carrying into effect the
provisions of this Part, it shall be lawful for the Governor
to appoint a fit and proper person to bc Official Trustee :
Provided that, until such appointment is made, the Registrar
General appointed under the Registrar General (Establish-
ment) Ordinance shall ex officio exercise all the powers,
privileges and discretions, and discharge the duties required
to be performed by the Official Trustee under this Ordinance.

(2) The said office shall have perpetual succession, and
all lands or any interest therein, and all moneys, 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.

67. Trustees, or the majority of trustees, having in
their hands or under their control any moneys belonging
to any trust, shall be at liberty, on filing in the Registry of
the court an affidavit shortly describing the instrument
creating the trust, according to the best of their knowledge
and belief, to pay the same, with the consent of the Official
Trustee and in accordance with such directions as they may
receive for the purpose from him, into the court; and the
said trust moneys shall be paid through the Treasury into a
bank authorized by the Governor on deposit bearing interest,
or otherwise, to the account of the Official Trustee (by
his official designation) in the matter of the particular trust
(describing the same by the names of the parties, as
accurately as may be, for the purpose of distinguishing it),
in trust to attend the orders of the court.

68. 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,
on filing such affidavit as aforesaid, to transfer such
securities, with such consent and in accordance with such
directions as aforesaid, into the name of the Official Trustee





(by his official designation) or to deposit the same in his
name in such bank as aforesaid in the matter of the parti-
cular trust (describing the same as aforesaid), in trust to
attend the orders of the court.

69. Trustees, or the majoity of trustees, in whom any
land within the Colony is or becomes vested upon any trust,
shall be at liberty, on filing such affidavit as aforesaid, to
convey such land, with such consent and in accordance with
such directions as aforesaid, to the Official Trustee, in trust
to attend the orders of the court.

70. In every such case as aforesaid, the certificaie 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 shall be a sufficient discharge to such trustees ol. other
persons for the moneys so paid, or the stocks or securities
so transferred or deposited, or the land so conveyed as
aforesaid.

71. (1) Where any moneys or securities, or any land,
are or is vested in any persons as trustees, arid the majority
of them are desirous of paying, transferring, depositing, or
conveying the same as aforesaid, but the concurrence of he
other or others cannot be obtained, the court may order the
payment, transfer, deposit, or conveyance to 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 depositary, the court may order
payment or delivery of the moneys or securities to the
majority of the trustees for the purpose of payment into
court.

(2) Every payment, transfer, deposit delivery, and
conveyance 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.

72. (I) Such orders as may seem fit shall be made 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-
tion of any such trust generally, upon a petition to be
presented in a summary way to the court by such party
or parties as to the court may appear to be competent and
necessary in that behalf, and service of such petition
shall be made on such person or persons as the court may
see fit and direct.

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

(3) If in any case it appears that the trust estate cannot
be safely administered without the instituion of one or more
acion or actions, the court may direct any such action or
actions to be instituted.

73. (1) There shall be imposed and levied for the use
of the Crown upon every trust estate administered under
this Part of this Ordinance a charge equivalent to the
following percentage on the net value of the trust estate-
two 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 excess.

(2) The said charge shall constitute a primary lien upon
the trust estate, and 'shall be levied, in the case of trust
moneys deposited in a bank, by an order of the court,
authorizing the payment thereof to the Official Trustee for
the use of the Crown, and in the case of securities or land,
by sale, mortgage, or otherwise as the court may direct,
and in case of any such sale or mortgage, the. court may,
by the same or any further order, empower the Official
Trustee to execute all instruments necessary for carrying out
this provision, and instruments so executed shall be as valid
and effectual to all intents and purposes as if the same had
been executed by all persons' who, but for this provision,
would have been necessary parties thereto.

(3) There shall also 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.

74. (1) In the administration of any trust estate, the
Official Trustee shall have and may exercise all the rights
and powers conferred upon trustees by this Ordinance, so
far as they are applicable to such trust estate.

(2) The Ofticial Trustee may, subject to any rules that
may be made under section 76, employ for the purposes of
any trust such solicitors, bankers, accountants, brokers or
other persons, as he may consider necessary, and, in deter-
mining the persons to be employed in relation to any trust,
he shall have regard to the interests of the trust,- but subject
to this lie shall, whenever practicable, take into consideration
the wishes of the creator of the trust and of the other trustees
(if any) and of the beneficiaries, either expressed or implied
by the practice of the creator of the trust, or in the previous
management of the trust.

75. The Official, Trustee shall incur no personal
liability by reason of any securities being transferred 'into
his name as aforesaid, or by reason of any land being con-
veyed to him as aforesaid, or by reason of any loss accruing
to any trust estate ' in his hands, otherwise than by his own
wilful neglect or default : Provided that nothing in this
Flart of this Ordinance shall be deemed to affect any rights
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.

76., The Governor in Council may make rules for the
administration of trust funds.

PART VIII.

TRUST. COMPANIES.

77. Any public company incorporated in the Colony
may apply to the Registrar of Companies to be registered.
as a trust company Provided that-
(a)the objects of the company are restricted to some
or all of the objects set out in section 8I ;





(b)the authorized capital of the company is not less
that five hundred thousand dollars divided into
shares of not less than ten dollars each;
(c)at least half of the amount of every share issued by
the company remains unpaid and is not liable to
be called tip, except in the event of and for the
purpose of the winding-up or dissolution of the
company;
(d)the board of directors has been duly appointed in
accordance, with. the articles of association of the
company;
(e)at least one hundred and fifty thousand dollars of
the authorized capital has been bona fide paid up;
(f) the company has deposited with the Accountant
General securities to be approved by the Governor
in Council to the value of one hundred thousand
dollars; and
(g) the company is able to meet its obligations, apart
from its liability to its shareholders, without taking
into account the securities so deposited with the
Accountant General.

78. (1) On the receipt of an application under section
77, the Registrar of Companies shall make such inquiry
as he deems necessary, and, if satisfied that all the require-
ments of section 77 have been complied with, shall register
the company applying for registration as a trust company
in the register prescribed by section 79 and shall issue to it
a certificate that the company is registered as a trust com-
pany, and thereupon the company shall be invested with
all the powers, privileges and immunities and shall be
subject to all the liabilities imposed by this Part.

(2) Notice of the issue of such certificate shall be
published by the Registrar of Companies in the Gazette for
four consecutive weeks next following the issue.

(3) If the Registrar of Companies is not satisfied that
all ihe requirements of section 77 have been complied with,
he shall refuse to register the company as a trust company :
Provided that the company may appeal from such refusal
to the Governor in Council, whose decision shall be final.





79. There shall be kept in the office of the Registrar
of Companies a register, to be called the 'Register of Trust
Companies', in which shall be entered the names of all
trust companies registered under this Ordinance, together
with such other particulars as the Registrar of Companies
may think necessary. [80

80. (1) From the time of the issue to any company
of a certificate under section 78 the securities deposited by
the company with the Accountant General under section 77
shall be held by the Accountant General as security for the
depositors and creditors of the company and foi the faithful
execution of all trusts which may be accepted by or imposed
upon the company and for its obligations generally.

(2) if at any time, by reason of the decline in value
of any securities so held by the Accountant General or of
increase of the gross liabilities of any trust company, the
Registrar of Companies is of opinion that additional
Security ought to be furnished by the trust company, he
may order the company to make, within a period to be
stated in the order, a further deposit of a specified value
with the Accountant General : Provided that the company
may appeal froni such order to the Governor in Council,
whose decision shall be final.

(3) Any trust company may from- time to time, with
the approval of the' Governor in Council, substitute other
securities for alli or any of the securities deposited with the
Accountant General.

(4) the interest accruing due on the securities de-
posited shall be paid to the company. [81

81. (1) The objects of a trust company may be some
or'all of', but shall not exceed the following---
(a)to accept and execute the offices of executor, ad-
ministrator, trustee, receiver, receiver and manager,
assignee, liquidator, guardian of the property of
infants, committee of the estates of lunatics, or
other like office of a fiduciary nature;
(b)to act as attorney or agent for the collection; receipt
and payment oi money and for winding up estates.
and for the sale or purchase of any movable or
immovable Property;





(c)to act as agent for the management and control
of movable and immovable property for and on
behalf of the owners thereof or for or on behalf
of executors, administrators or trustees.;
(d)to act as investing and financial agent for and on
behalf of executors, administrators, and trustees or
any other persons whatsoever and to receive money
in trust for investment and to allow interest thereon
until invested; and to undertake for and on behalf
of executors, administrators and trustees or any
other persons whatsoever the negotiation of loans
of all descriptions and the procuring and lending
of money on the security of any description of
property immovable or movable or without taking
any security on such terms as may be arranged,
and to advance and lend moneys to protect any
estate, trust or property entrusted to the company
as aforesaid and to charge interest upon any such
advances : Provided that nothing herein contained
shall be held either to restrict or extend the powers
of the company as trustee or agent under the terms
of any trust or agency that may be conferred upon
it;
(e)to take securities of such nature as are deemed
expedient for any moneys owing to the company;
(f) to be the custodian on such terms as are agreed
upon of any moneys, securities, jewellery, plate
or other valuable property and of papers, docu-
ments, deeds, wills, debentures and other evidence
of title or indebtedness;
(g) to receive and manage any sinking, redemption,
guarantee or any other special fund or deposit and
to act as agent for countersigning, registering or
otherwise ascertaining and certifying to the
genuineness of any issue of shares, stocks, bonds,
debentures or other securities for 'money of any
Government, municipal or other corporate body or
of any association, whether incorporated or not,
duly authorized to issue and make such issue and
to hold any such securities as agent or trustee and
to act generally as agent for any such Government,
municipal, or corporate body or association;





(h)to acquire and hold immovable property for the
actual use and occupation of the company or any
of its officers and servants and to erect, construct,
enlarge, alter and maintain any buildings necessary
or convenient for the said purposes and to sell or
otherwise dispose of any such immovable property
if not required for the said purposes;
(i)to hold land which having been mortgaged to the
company is acquired by it for the protection of its
investments; and from time to time sell, mortgage,
lease or otherwise dispose thereof;
to deposit the moneys of the company not imme-
diately required with any bank or banks at interest
.until such moneys can be more permanently
invested and to invest the moneys of the company
in accordance with the provisions of section 9I ;
(k)to borrow moneys and secure the repayment thereof.
with interest in accordance with the provisions of
section 93;
(l)to receive and collect such remuneration for its
services as is agreed upon or as fixed or allowed
from time to time by law and all usual and custom-
ary charges, costs and expenses;
(m)to support and subscribe to any charitable or public.
object and any institution, society or club which
may be for the benefit of the company or its
employees or may be connected with any town or
.place where the company carries on business; to
give pensions, gratuities or charitable aid to any
person or persons who mayserve or have served
the company or to the wives, children or other
relatives of such persons; to make payments
towards insurance and to form and contribute to
provident and benefit funds for the benefit of any
persons employed by the company: Provided
that no such subscription, gift, payment or con-
tribution shall be given or made, except. out of
profits of the company available for distribution as
dividend;
(v)to acquire and undertake the whole or any part
of the business of any person or company of a
like nature to any business.which a trust company





is authorized to carry on and in consideration for
such acquisition to undertake all or any of the
liabilities of such person or company and to issue
shares lo such person or company;
(o)to.do all such other things as are incidental or
conductive to the attainment of the beforementioned
objects or any of them.

(2) Nothing in this section shall be construed to
authorize any trust company to engage in the business of
banking or of insurance or the business of a deposit, pro-
vident or benefit society.

(3) No trust company shall carry on any business or
execute any office other than the businesses or offices
included in the objects set out in subsection (1). [82

82. If at any time a trust compan3i shall be appointed
executor of the will of any testator, it shall be lawful for
the company to apply to the court for probate of the will
and if probate be granted, to exercise and discharge all
the powers and duties of an executor. [83

83. (1) If and whenever any person shall be entitled
to apply for probate of the will of any testator without
leave being reserved to any other person to apply for
probate, it shall be lawful for such person, whether absent
from the Colony or not, and notwithstanding the provisions
of any other enactment, instead of himself applying for
such probate, to authorize a trust company to apply to the
court for a grant of administration with the will annexed
of the estate of such testator, and such grant may be made
to the trust company upon its own application, when so
authorized, but the provisions of this section shall not
apply to any case in which a will provides that a company
shall not act as executor or in the trusts thereof.

(2) If and whenever any person shall be entitled to
apply for letters of administration with the will of any
testator annexed of the estate of such testator, it shall be
lawful for such person, whether absent from the Colony or
not, and notwithstanding-the provisions of any other enact-
ment, to authorize a trust company, either alone, or jointly
with any other person, to apply to the court for a grant





of letters of administration with the will annexed of the
estate of such testator, and such grant may be made to
the company upon its own application when so authorized,
but the provisions of this section shall not apply to a case
in Which a will provides that a company shall not act as
executor, or in the trusts thereof.

(3) It shall be lawful for any person or persons entitled
to apply for administration of the estate of any intestate,
whether such person or persons be absent from the Colony
or not, and notwithstanding the provisions of any other
enactment, to authorize a trust company to apply to the
court for such letters of administration, either alone or
jointly with any other person, and administration of the
estate of any such intestate may be granted to the company
either alone or jointly as aforesaid, upon its own applica-
tion, when so authorized.

(4) For the purposes of any application to the court
for letters of administration to the estate of any deceased
person, the court shall consider a trust company, when
authorized as aforesaid, to be in law entitled, equally with
any other person or class of persons to apply for and
obtain a grant, but a trust company, being so entitled,
shall not on that account alone, be preferred to the widower,
widow, or next-of-kin of any intestate.

(5) No grant of probate or of letters of administration
shall be granted to a syndic or nominee on behalf of a
trust company. [84

. 84. (1) In all cases in which a trust company is
empowered under this Part to apply for probate or letters
of administration, any petition, declaration, account or
affidavit or other necessary document may be made or sworn
by any officer of the company duly authorized by the com-
pany in that behalf.

(2) Any officer of the company appointed by a trust
company for that purpose may, on behalf of the company,
sign any petition, account or statement, take any oath,
swear any affidavit, make any declaration, verify any act,
give personal. attendance at any court or place, and do any
act or thing whats, ver, which may require to be signed,
taken, sworn, made, verified, given, or done on behalf of





the company: Provided . always that nothing in this Part
contained shall confer upon any person, not otherwise.
entitled thereto, any right to appear or be heard before or
in any court on behalf of the company or to do any act
whatsoever on behalf of the company which could other-
wise be lawfully done only by a barrister or by a
solicitor. [85

85. In all cases -in which the court or any person or
persons has or have power to appoint a trustee, whether
as an original or new or additional trustee, to perform any
legal trust or duty a trust company may be appointed in
the same manner as if the company were a private indivi
dual: Provided that no trust company shall b c appointed
in any case in which the instrument creating the trust, or
the power authorizing the appointtnent, forbids the appoint
ment of a company :Provided also that nothing in this
section shall be deemed to derogate from the provisions of
sections 38 and 40. [86

86. A trust company, acting in a fiduciary capacity,
shall be capable of acquiring and holding any property in
joint tenancy in the same manner as if it were a private.
individual. [87

87. It shall be lawful for a trust company to act under
any deed or instrument by which the company is appointed
agent or attorney for any person, and all the powers con
ferred upon the company by any such deed or instrument
may be exercised by such officer of the company as the
company may appoint for that purpose :Provided that
nothing in this section shall be deemed to authorize any
person to confer upon a trust company any power which
may not lawfully be delegated by him. [88

88. (1) Notwithstanding the provisions of any other
enactment, no trust company to which a grant of letters
of administration has been made shall be required to
furnish security for the due administration of the estate.

(2) Notwithstanding the provisions of any other enact-
ment, no trust company appointed by the court to perform
theduties of receiver, guardian, committee or any other





office or trust shall be required to furnish security for the
due performance of such duties. [89

89. All moneys, property and securities received or
held by any trust company in a fiduciary capacity shall
always be kept distinct from those of the company and in
separate accounts, and so marked in the books of the com-
pany for each particular trust as always to be distinguished
from any other in the registers and other books of account
to be kept by the company, so that at no time shall trust
moneys form part of or be mixed with the general assets
of the company; and all investments made by the company
as trustee shall be so designated that the trusts to which
such investments belong can be readily identified at any
time. [90

90. (I) A trust company may invest trust. moneys in
its hands in or upon any securities in which private trustees
may by law invest trust moneys and may from time to
time vary any such investment for others of the same
nature : Provided that the company shall not in any case
invest the moneys of any trust in or upon securities pro-
hibited by the instrument creating the trust, and whenever
any special directions are given in any order, judgment,
decree or will or in any other instrument creating the trust,
as to the particular class or kind of securities or property'
in or upon which any investment shall be made, the com-
pany shall follow such directions. The company may also,
in its discretion, retain and continue any investment and
securities coming into its possession in any fiduciary
capacity.

(2) No trust company shall directly or indirectly invest
any trust moneys otherwise than in accordance with the
provisions of subsection (I). [91

91. (1) A trust company may invest moneys forming
part of its own capital or reserve or accumulated profits-
(a)in or upon any securities in or upon which private
trustees may by law invest trust moneys; and
(b)in or upon such other securities as the Governor
. in Council may from time to time Approve.





(2) A trust company may acquire and hold immovable
property for the actual use and occupation of itself or of
any of its officers or servants and may sell and dispose of
the same.

(3) A trust company may, for the protection of its
investments, acquire land which has been mortgaged to it,
but shall sell any land so acquired within three years after
the acquisition thereof, unless such time is extended by the
Governor in Council.

(4) No trust company shall directly or indirectly invest
any of its moneys otherwise than in accordance with sub
sections (1), (2) and (3) :Provided that nothing in this
section shall be deemed to prevent the acceptance by a trust
company of any securities whatsoever to secure the payment
of a debt previously contracted in good faith; but any
security so acquired by the company which it would other
wise be prohibited from taking or holding shall, within two
years from the time of its acquisition, or within such further
time as may be allowed by the Registrar of Companies,
be sold or disposed of. [92

92. No loan shall be made by any trust company to
any director or other officer or servant thereof or to any
company or firm in the management of which any such
director or other officer or servant is actively engaged. if
any loan is made in contravention of this section, all direc-
tors and officers of the company who made. the loan or
assented thereto shall be jointly and severally liable to the
company for the amount thereof with interest. [93

93. (1) For the purpose of attaining the objects of the
company as set out in section 8I (or such of them as the
company may have adopted), and for no other purpose, a
trust company may from time to time borrow money pro-
vided that the aggregate of the sums of money borrowed
shall at no time exceed the amount of the company's capital,
for the time being paid up.

(2) Moneys borrowed by a trust company shall not be
secured, by debenture or otherwise, on its capital or general
undertaking, but may be secured on any of the company's
property (not being property held by it on any trust), other





than the securities deposited by it with the Accountant
General under the provision of this Part. [94

94. (1) Every trust company shall forward annually to
the Registrar of Companies, together with the return
required by section 107 of the Companies Ordinance, a
statement of the liabilities of the company to the public in
its trustee capacity and of the investments and holdings of
the company on trust account.

(2) The statement shall be verified by the affidavit of
the chairman or vice-chairman and of the manager or secre-
tary of the company.
(3) Every document purporting to be certified by the
Registrar of Companieg to be a copy of any such state
ment or of part thereof shall be deemed to be a copy of
that statement or of part thereof, and shall be received in
evidence as if it were the original statement or part thereof,
unless some variation between it and the original statement
is proved. [95

95. (1) The Governor in Council may at any time
appoint an inspectorto investigate the affairs and manage-
ment of any trust compqny and may prescribe the manner
in, and the extent to, which the investigation shall be
conducted.
(2) It shall be the duty of all officers and servants of
the company to produce for examination by the inspector
all books, accounts, vouchers and other documents in their
custody or control in relation to matters under investigation,
and to answer truly all inquiries addressed to them by the
inspector respecting any matter affecting the affairs of the
company.
(3) The inspector shall make a report of his investiga-
tion to the Colonial Secretary.

(4) All expenses of and incidental to any such investi-
gation shall be paid by the company, if the Governor in
Council so directs. [96

96. (1) The court may order the winding up of a trust
company in accordance with the Companies Ordinance, and
the provisions of that Ordinance shall apply accordingly





subject however to the modification that the company may
also be ordered to be wound up on application made.by the
Attorney General if-
(a)the company has made default in complying with
a requirement of this Part and such default has
continued for a period of two months after. notice
of default has been served upon the company; or
(b)from the consideration of the report ofan inspector
appointed, under section 95 it appears that the com-
pany has committed a breach of trust.
(2) Upon the winding up of a trust company every,
person who has been a director of the company at any time
within the period of two years immediately preceding the
commencement of the winding up shall be liable for the
balance unpaid on every share which he may have trans-
ferred during such two years. [97

97. Where a trust company holds the office of executor,
administrator or trustele, every person employed by the
company to discharge any of the duties of such office shall,
in respect of the duties entrusted to him, be personally
responsible to the court and be subject to the process. of
the court, as though he had been personally appointed to
such office. [98

98. (1) Any director, officer or servant of a trust com-
pany who wilfully and with intent to defraud neglects to
make any entry in the books of the company which it is his
duty to make shall be guilty of a misdemeanor.
(2) Any director, officer or servant of a trust company,
who wilfully and with intent to defraud makes or abets the
making of any false entry in the books of the company, or
subscribes or exhibits any false document with intent to
deceive any person appointed under this Part to investigate
the affairs and management of the company shall be guilty
of a misdemeanor.

(3) Any director, officer or servant of a trust. company
who refuses to produce for examination to any person
appointed under this Part to investigate the affairs and
management of the company all . books and documents
relevant to such investigation which are in his custody or
control shall be guilty of a misdemeanor.





(4) Any trust company which makes default in forward
ing to the Registrar of Companies the verified statement as
required by section 94 shall be liable on summary conviction
to a fine of one hundred dollars for every dayduring which
the default continues, in addition to any penalty which it
may incur under the , Companies Ordinance, and any
director or manager of the company who knowingly and
wilfully authorizes the default shall be liable on summary
conviction to the like penalty. [99

99. No trust company shall be appointed to be guardian
of the person of an infant or committee ofthe person of
a lunatic.
[100

100. No member of a trust company shall at any time
hold shares in the capital of the company to an amount
exceeding one fifth of the issued capital of the company for
the time being. [101

101. So long as any estate in respect of which a trust
company is trustee shall remain in whole or in part
unadministered, it shall not be lawful to proceed to wind up
the company voluntarily, unless with the sanction of the
court, and it shall be lawful for any person interested in
such estate, or who may have any claim in respect thereof,
to apply to the court in a summary way by motion to restrain
any director or iany shareholder frorn Isposing of any shares
which such director or shareholder may hold in the company
or to restrain the winding up voluntarily of the company;
and the court shall have power to make such order as it
deems just. [102

102. Subject to the provisions of this Part, the liability
of every trust company to the person or persons interested
in any estate held by the company as executor, administrator,
trustee, receiver, liquidator, assignee, guardian or com-
mittee or in, any other official or business capacity shall be
the same as if the estate had been held by a private person
in the like capacity; and the powers of the company shall be
the same as those of a private person in the like capacity.
[103





103. Neither the application by a trust company for
registration as a member or shareholder in the books of any
company or corporation nor the entry of the name of a trust
company in the books of any company or corporation shall
constitute notice of trust, and no company or corporation
shall be entitled to object to enter the name of a trust com-
pany on its books by reason only that the company may
be or is a trustee, and, in dealings with property, the fact
that the person or one of the persons dealt with is a trust
company shall not of itself constitute notice of a trust. [104

104. All money and securities which shall remain in the
hands of a trust company, as trustee, unclaimed by the
person entitled to the same for a period of six years after the
time when the same shall have become payable to such
person (except where payment has been restrained by order
of a court of competent jurisdiction), together with such
interest, if any, as shall have been received by the company
in respect thereof, less any commission or other charges
properly chargeable bv the company, shall be paid by the
company into court under and in accordance with section 62 :
Provided that it shall not be necessary for the company to
comply with the provisions of this section more often than
once in any year nor shall it be necessary for the company
to obtain the concurrence or consent of any person to such
payment into court. [105

105. (1) There shall be paid by every trust company
to the Registrar of Companies, in respect of the matters
mentioned in the Schedule, the several fees specified therein.

(2) All such fees shall be paid by the Registrar of
Companies into the Treasury.

(3) It shall be lawful for the Governor in Council from
time to time, by notification in the Gazette, to add to or alter
the said Schedule. [106

106. (1) Notwithstanding the foregoing, any company
lawfully carrying on banking business in the Colony and
having a capital (in stock or shares) for the time being issued
of not less than four million dollars (of which not less than
one million six hundred thousand dollars shall have been





paid up in cash) may with the consent of the Governor in
Council be registered as a trust company: Provided that
the Governor in Council shall not give such consent unless
lie is satisfied that the extent and nature of the company's
business in the Colony is sufficient to justify such special
registration.

(2) Consent of the Governor in Council under sub-
section (I) shall be notified to the Registrar of Companies
who shali register the company in the register prescribed
by section 79, issue to it a certificate that the company is
registered as a trust company, and publish notice thereof in
the Gazette for four consecutive weeks next following such
issue.

(3) The provisions of sections 77, 78, 80, 81, 91, 92, 93,
96 and ioo shall not apply to such company or to such
registration, but subject to such exceptions and to the pro-
visions of the succeeding section the said company shall be
investedwith all the powers, privileges and immunities and
shall be subject to all the liabilities imposed by this Part.
[106A

107. The powers of investigation conferred upon inspec-
tors under section 95 shall in the case of a corporation
registered as a Irtist company under section I06 be limited
to the trust business of the corporation. [106B

108. On application made by the Attorney General the
court may order that any corporation registered under the
provisions of section io6 as a trust company shall be struck
off the register of trust companies if it ceases to be qualified
for registration tinder that section or if from the consideration
of the report of an inspector appointed under section 95 it
appears that the corporation has committed a breach of trust,
and the court may appoint a new trustee, or new trustees, for
any trust property held by the corporation. [106C

PART IX.

GENERAL PROVISIONS.

109. 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 pursu ant
thereto, and it shall not be necessary for any bank or person
to inquire concerning the propriety of the order, or whether.
the court by which the order was made had jurisdiction to
make it. [107

110. (1) In any action or other proceeding against a
trustee or any person claiming through him, except Micre
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
converted to his use, the following 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 claiming through him had riot been a trustee
or person claiming through him; and
(bif 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 tirne as a bar to such action or other
proceeding to 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, neverthe-
less, that the statute shall run against a married
wonlan entitled in possession for her separate use,
whether with or without a restraint upon anticipa-
tion, but shall not begin to run against any
beneficiary unless and until the interest of such
beneficiary shall be 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 several joint trustees as to a sole trustee.

(5) This section shall not deprive any executor or
administrator of any right or defence to which he is entitled
under any existing statute of limitations. [108

SCHEDULE. [s. 105.]

Fees to be paid by Trust Companies to the
Registrar of Companies.

1. On application for registration under section 77 $5.00
2....................................For certificate of registration under section 78-
(a) where the authorized capital does not exceed
$500,000 .....................$100.00
(b) where the authorized capital exceeds $500,000
but does not exceed $1,000,000 $150.00
(c) where the authorized capital exceeds $1,000,000 .. $200.00
3.On filing annual statement under section 94 ......... $10.00
18 of 1934. 17 of 1939. 9 of 1950. 22 of 1950. 24 of 1950. Short title. Interpretation. [cf. 15 Geo. 5, c. 19, s. 68.] [s. 2 cont.] Application. 15 Geo. 5, c. 19, s. 69. Authorized investments. [cf. 15 geo. 5, c. 19, s. 1.] Retention of redeemable stocks until redemption. [cf. 15 Geo. 5, c. 19, s. 2.] Discretion of trustees. 15 Geo. 5, c. 19, s. 3. Retention of unauthorized investment. Ibid. s. 4. Investment in bearer securities. 15 Geo. 5, c. 19, s. 7. Loans and investments by trustees not chargeable as breaches of trust. 15 Geo. 5, c. 19, s. 8. [s. 9 cont.] Liability for loss by reason of improper investment. 15 Geo. 5, c. 19, s. 9. Powers supplementary to powers of investment. 15 Geo. 5, c. 19, s. 10. Power to deposit at Bank and to pay calls. 15 Geo. 5, c. 19, s. 11. Power of trustees for sale to sell by auction, etc. 15 Geo. 5, c. 19, s. 12. Power to sell subject to depreciatory conditions. 15 Geo. T5, c. 19, s. 13. Power of trustees to give receipts. 15 Geo. 5, c. 19, s. 14. Power to compound liabilities. 15 Geo. 5, c. 19, s. 15. [s. 16 cont.] Powers of trustees of renewable leaseholds to renew and raise money for the purpose. 56& 57 Vict. S. 53, s. 19. Power to raise money by sale, mortgage, etc. 15 Geo. 5, c. 19, s. 16. Protection to purchasers and mortgagees dealing with trustees. 15 Geo. 5, c. 19, s. 17. Devolution of powers or trusts. 15 Geo. 5, c. 19, s. 18. Power to insure. 15 Geo. 5, c.19, s. 19. [s. 21 cont.] Application of insurance money where policy kept up under any trust, power or obligation. 15 Geo. 5, c. 19, s. 20. Deposit of documents for safe custody. 15 Geo. 5, c. 19, s. 21. Reversionary interest, valuations and audit. 15 Geo. 5, c. 19, s. 22. [s. 24 cont.] Power to employ agents. 15 Geo. 5, c. 19, s. 23. [s. 25 cont.] Power to concur with others. 15 Geo. 5, c. 19, s. 24. Power to delegate trusts during absence abroad. [cf. 15 Geo. 5, c. 19, s. 25.] 9 of 1950, Schedule. [s. 27 cont.] Protection against liability in respect of rents and covenants. 15 Geo. 5, c. 19, s. 26. Protection by means of advertisement. 15 Geo. 5, c. 19, s. 27. [s. 29 cont.] Protection in regard to notice. 15 Geo. 5, c. 19, s. 28. Exoneration of trustees in respect of certain powers of attorney. 15 Geo. 5, c. 19, s. 29. Implied indemnity of trustees. 15 Geo. 5, c. 19, s. 30. Power to apply income for maintenance and to accumulate surplus income during a minority. 15 Geo. 5, c. 19, s. 31. [s. 33 cont.] Power of advancement. 15 Geo. 5, c. 19, s. 32. [s. 34 cont.] Protective trusts. 15 Geo. 5, c. 19, s. 33. Limitation of the number of trustees. 15 Geo. 5, c. 19, s. 34. [s. 36 cont.] Power of appointing new or additional trustees. 15 Geo. 5, c. 19, s. 36. [s. 37 cont.] Supplemental provisions as to appointment of trustees. 15 Geo. 5, c. 19, s. 37. Evidence as to a vacancy in a trust. 15 Geo. 5, c. 19, s. 38. Retirement of trustee without a new appointment. 15 Geo. 5, c. 19, s. 39. [s. 40 cont.] Vesting of trust property in new or continuing trustees. 15 Geo. 5, c. 19, s. 40. [s. 41 cont.] Power of court to appoint new trustees. 15 Geo. 5, c. 19, s. 41. Power to authorize remuneration. 15 Geo. 5, c. 19, s. 42. Powers of new trustee appointed by court. 15 Geo. 5, c. 19, s. 43. Vesting orders of land. 15 Geo. 5, c. 19, s. 44. [s. 45 cont.] Orders as to contingent rights of unborn person. 15 Geo. 5, c. 19, s. 45. Vesting order in place of conveyance by infact mortgagee. 15 Geo. 5, c. 19, s. 46. Vesting order consequential on order for sale or mortgage of land. 15 Geo. 5, c. 19, s. 47. Vesting order consequential on judgment for specific performance etc. 15 Geo. 5, c. 19, s. 48. Effect of vesting order. 15 Geo. 5, c. 19, s. 49. [s. 50 cont.] Power to appoint person to convey. 15 Geo. 5, c. 19, s. 50. Vesting orders as to stock and thing in action. 15 Geo. 5, c. 19, s. 51. [s. 52 cont.] Vesting orders of charity property. 15 Geo. 5, c. 19, s. 52. Vesting orders in relation to infant's beneficial interest. 15 Geo. 5, c. 19, s. 53. Orders made upon certain allegations to be conclusive evidence. 15 Geo. 5, c. 19, s. 55. Power of court to authorize dealing with trust property. 15 Geo. 5, c. 19, s. 57. Person entitled to apply for orders. 15 Geo. 5, c. 19, s. 58. [s. 57 cont.] Power to give judgment in absence of a trustee. 15 Geo. 5, c. 19, s. 59. Power to charge costs on trust estate. 15 Geo. 5, c. 19, s. 60. Power to relieve trustee from personal liability. 15 Geo. 5, c. 19, s. 61. Power to make beneficiary indemnify for breach of trust. 15 Geo. 5, c. 19, s. 62. Payment into court by trustees. 15 Geo. 5, c. 19, s. 63. Power of court on application to appoint judicial trustee. 59 & 60 Vict. C. 35, s. 1. [s. 63 cont.] Rules. 59 & 60 Vict. C. 35, s. 4. Definitions. 59 & 60 Vict. C. 35, s. 5. Appointment of Official Trustee. (Cap. 100). 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 of Official Trustee. 10 & 11 Vict. C. 96, s. 1. Certificate to be given by Official Trustee. 10 & 11 Vict. C. 96, s. 1. Order for payment, etc. b 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. [s. 72 cont.] Charges upon trust estate administered by Official Trustee. General rights and powers of Official Trustee. 6 Ed. 7, c. 55, s. 11 (2). Limitation of liability of Official Trustee. Rules for administration of trust funds. 9 of 1950, Schedule. Application by company to be registered as a trust company. 9 of 1950, Schedule. [s. 77 cont.] Issue of certificate. Register of trust companies to be kept. Deposit to be held as security. 9 of 1950, Schedule. Objects. 24 of 1950, Schedule. [s. 81 cont.] [s. 81 cont.] Trust company may act as executor. Trust company to apply for probate or administration. Procedure as to petitions, etc. [s. 84 cont.] Appointment of a company to be a trustee. 24 of 1950, Schedule. Joint tenancy. Trust company may act as agent. Security not required. Trust funds to be kept separate. Investment of trust funds. Investment of trust company’s own funds. [s. 91 cont.] Loans to trust company officers, etc. prohibited. Borrowing. 9 of 1950, Schedule. Annual Statement. (Cap. 32). Investigation by inspector. Special provision as to winding up trust company. (Cap. 32.) [s. 96 cont.] Personal liability of officers of a trust company. Offences. 22 of 1950, Schedule. (Cap. 32.) Not to be guardian or committee. Restriction on holding shares in a trust company. Voluntary winding-up or disposal may be restrained. Liability and powers of trust company. Registration of a trust company as shareholder, etc. not notice of trust. Unclaimed money to be paid into court. Fees payable by trust companies. Schedule. Resitration of certain banking corporations as trust companies. 24 of 1950, Schedule. Limitation of powers of inspectors under section 95. 17 of 1939, s. 2. Striking off trust company registered under section 106. 17 of 1939, s. 2. Indemnity. 15 Geo. 5, c. 19, s. 66. [s. 109 cont.] Right of trustee to plead statute of limitations. 51 & 52 Vict. C. 59, ss. 1, 8.

18 of 1934. 17 of 1939. 9 of 1950. 22 of 1950. 24 of 1950. Short title. Interpretation. [cf. 15 Geo. 5, c. 19, s. 68.] [s. 2 cont.] Application. 15 Geo. 5, c. 19, s. 69. Authorized investments. [cf. 15 geo. 5, c. 19, s. 1.] Retention of redeemable stocks until redemption. [cf. 15 Geo. 5, c. 19, s. 2.] Discretion of trustees. 15 Geo. 5, c. 19, s. 3. Retention of unauthorized investment. Ibid. s. 4. Investment in bearer securities. 15 Geo. 5, c. 19, s. 7. Loans and investments by trustees not chargeable as breaches of trust. 15 Geo. 5, c. 19, s. 8. [s. 9 cont.] Liability for loss by reason of improper investment. 15 Geo. 5, c. 19, s. 9. Powers supplementary to powers of investment. 15 Geo. 5, c. 19, s. 10. Power to deposit at Bank and to pay calls. 15 Geo. 5, c. 19, s. 11. Power of trustees for sale to sell by auction, etc. 15 Geo. 5, c. 19, s. 12. Power to sell subject to depreciatory conditions. 15 Geo. T5, c. 19, s. 13. Power of trustees to give receipts. 15 Geo. 5, c. 19, s. 14. Power to compound liabilities. 15 Geo. 5, c. 19, s. 15. [s. 16 cont.] Powers of trustees of renewable leaseholds to renew and raise money for the purpose. 56& 57 Vict. S. 53, s. 19. Power to raise money by sale, mortgage, etc. 15 Geo. 5, c. 19, s. 16. Protection to purchasers and mortgagees dealing with trustees. 15 Geo. 5, c. 19, s. 17. Devolution of powers or trusts. 15 Geo. 5, c. 19, s. 18. Power to insure. 15 Geo. 5, c.19, s. 19. [s. 21 cont.] Application of insurance money where policy kept up under any trust, power or obligation. 15 Geo. 5, c. 19, s. 20. Deposit of documents for safe custody. 15 Geo. 5, c. 19, s. 21. Reversionary interest, valuations and audit. 15 Geo. 5, c. 19, s. 22. [s. 24 cont.] Power to employ agents. 15 Geo. 5, c. 19, s. 23. [s. 25 cont.] Power to concur with others. 15 Geo. 5, c. 19, s. 24. Power to delegate trusts during absence abroad. [cf. 15 Geo. 5, c. 19, s. 25.] 9 of 1950, Schedule. [s. 27 cont.] Protection against liability in respect of rents and covenants. 15 Geo. 5, c. 19, s. 26. Protection by means of advertisement. 15 Geo. 5, c. 19, s. 27. [s. 29 cont.] Protection in regard to notice. 15 Geo. 5, c. 19, s. 28. Exoneration of trustees in respect of certain powers of attorney. 15 Geo. 5, c. 19, s. 29. Implied indemnity of trustees. 15 Geo. 5, c. 19, s. 30. Power to apply income for maintenance and to accumulate surplus income during a minority. 15 Geo. 5, c. 19, s. 31. [s. 33 cont.] Power of advancement. 15 Geo. 5, c. 19, s. 32. [s. 34 cont.] Protective trusts. 15 Geo. 5, c. 19, s. 33. Limitation of the number of trustees. 15 Geo. 5, c. 19, s. 34. [s. 36 cont.] Power of appointing new or additional trustees. 15 Geo. 5, c. 19, s. 36. [s. 37 cont.] Supplemental provisions as to appointment of trustees. 15 Geo. 5, c. 19, s. 37. Evidence as to a vacancy in a trust. 15 Geo. 5, c. 19, s. 38. Retirement of trustee without a new appointment. 15 Geo. 5, c. 19, s. 39. [s. 40 cont.] Vesting of trust property in new or continuing trustees. 15 Geo. 5, c. 19, s. 40. [s. 41 cont.] Power of court to appoint new trustees. 15 Geo. 5, c. 19, s. 41. Power to authorize remuneration. 15 Geo. 5, c. 19, s. 42. Powers of new trustee appointed by court. 15 Geo. 5, c. 19, s. 43. Vesting orders of land. 15 Geo. 5, c. 19, s. 44. [s. 45 cont.] Orders as to contingent rights of unborn person. 15 Geo. 5, c. 19, s. 45. Vesting order in place of conveyance by infact mortgagee. 15 Geo. 5, c. 19, s. 46. Vesting order consequential on order for sale or mortgage of land. 15 Geo. 5, c. 19, s. 47. Vesting order consequential on judgment for specific performance etc. 15 Geo. 5, c. 19, s. 48. Effect of vesting order. 15 Geo. 5, c. 19, s. 49. [s. 50 cont.] Power to appoint person to convey. 15 Geo. 5, c. 19, s. 50. Vesting orders as to stock and thing in action. 15 Geo. 5, c. 19, s. 51. [s. 52 cont.] Vesting orders of charity property. 15 Geo. 5, c. 19, s. 52. Vesting orders in relation to infant's beneficial interest. 15 Geo. 5, c. 19, s. 53. Orders made upon certain allegations to be conclusive evidence. 15 Geo. 5, c. 19, s. 55. Power of court to authorize dealing with trust property. 15 Geo. 5, c. 19, s. 57. Person entitled to apply for orders. 15 Geo. 5, c. 19, s. 58. [s. 57 cont.] Power to give judgment in absence of a trustee. 15 Geo. 5, c. 19, s. 59. Power to charge costs on trust estate. 15 Geo. 5, c. 19, s. 60. Power to relieve trustee from personal liability. 15 Geo. 5, c. 19, s. 61. Power to make beneficiary indemnify for breach of trust. 15 Geo. 5, c. 19, s. 62. Payment into court by trustees. 15 Geo. 5, c. 19, s. 63. Power of court on application to appoint judicial trustee. 59 & 60 Vict. C. 35, s. 1. [s. 63 cont.] Rules. 59 & 60 Vict. C. 35, s. 4. Definitions. 59 & 60 Vict. C. 35, s. 5. Appointment of Official Trustee. (Cap. 100). 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 of Official Trustee. 10 & 11 Vict. C. 96, s. 1. Certificate to be given by Official Trustee. 10 & 11 Vict. C. 96, s. 1. Order for payment, etc. b 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. [s. 72 cont.] Charges upon trust estate administered by Official Trustee. General rights and powers of Official Trustee. 6 Ed. 7, c. 55, s. 11 (2). Limitation of liability of Official Trustee. Rules for administration of trust funds. 9 of 1950, Schedule. Application by company to be registered as a trust company. 9 of 1950, Schedule. [s. 77 cont.] Issue of certificate. Register of trust companies to be kept. Deposit to be held as security. 9 of 1950, Schedule. Objects. 24 of 1950, Schedule. [s. 81 cont.] [s. 81 cont.] Trust company may act as executor. Trust company to apply for probate or administration. Procedure as to petitions, etc. [s. 84 cont.] Appointment of a company to be a trustee. 24 of 1950, Schedule. Joint tenancy. Trust company may act as agent. Security not required. Trust funds to be kept separate. Investment of trust funds. Investment of trust companys own funds. [s. 91 cont.] Loans to trust company officers, etc. prohibited. Borrowing. 9 of 1950, Schedule. Annual Statement. (Cap. 32). Investigation by inspector. Special provision as to winding up trust company. (Cap. 32.) [s. 96 cont.] Personal liability of officers of a trust company. Offences. 22 of 1950, Schedule. (Cap. 32.) Not to be guardian or committee. Restriction on holding shares in a trust company. Voluntary winding-up or disposal may be restrained. Liability and powers of trust company. Registration of a trust company as shareholder, etc. not notice of trust. Unclaimed money to be paid into court. Fees payable by trust companies. Schedule. Resitration of certain banking corporations as trust companies. 24 of 1950, Schedule. Limitation of powers of inspectors under section 95. 17 of 1939, s. 2. Striking off trust company registered under section 106. 17 of 1939, s. 2. Indemnity. 15 Geo. 5, c. 19, s. 66. [s. 109 cont.] Right of trustee to plead statute of limitations. 51 & 52 Vict. C. 59, ss. 1, 8.

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