TRUSTEES ORDINANCE, 1901

TRUSTEES ORDINANCE, 1901

ORDINANCE NO. 5 OF 1901.

Trustee

AN ORDINANCE to consolidate and amend the laws relating
to trustees. [1st july, 1901.]

BE it enacted by the Governor of hongkong, with the advice and
consent of the legislative council thereof, as follows:-
1 this ordinance may be cited as the trustee ordinance, 1901.
2 in this ordinance, unless the context otherwise requires,-
'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
further and whether vested or contingent:
'convey' and 'conveyance' applied to any person include the
execution by that person of every necessary or suitable assurance
for conveying, assigning, appointing, surrendering, or otherwise
transferring or disposing of land whereof he is seized or possessed,
or wherein he is entitled to a contingent right, either for his whole
estae or for any less estate, together with the performance of all
formalities requried by law to the validity of the conveyance, including
the acts to be performed by married women in accordance with
the provisions of the married women's disposition of property
ordinance, 1885:
'devisee' includes the heir of a devisee and the devisee of an heir,
and any person who may claim right by devolution of title of a
similar description:
'instrument' includes act of parliament and ordinance:
'land' includes incorporeal as weel as corporeal hereditaments,
and any interest therin, and also an undivided share of land: '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 staocks and securities
and in connexion iwht the expression 'into court,' include
the deposit or transfer of the same in or into court:
'possessed' applies to receipt of income of, and to any vested
estate less than a life estate, legal or equitable, in possession or in
expectancy, in, any land:
'property' includes movable and immovable proerty, and any
estate 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:
'rigths' include estates and interests:
'securities' include stocks, funds, and shares, and, so far as
relates to payments into court, include imperial goverment securities,
and any security of any foreign state, any british possession,
or any body corporate or company, or standing in boods keept by
any body corporate, company, or person in the united kingdom o
in this colony, and all stocks, funds, and effects:
'stock' includes fully paid up shares; and, so far as relates to
vesting orders made by the court under this ordinance, includes
any fund, annuity, or security transferable in books kept by any
comany or society, or by instrument of transfer, either alone or
accompanied by other formalities, and any share or interest therein:
'the court' means the supreme court:
'transer,' in relation to stock, 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 'trust' and 'trustee'
include implied and constructive trusts, and cases where the trustee
has a benefiical interest in the trust property, and the duties incident
to the office of personal representative of a deceased person.

PART I.
THE OFFICIAL TRUSTEE.

3(1) for the purpose of carrying into effect the provisions of this
Part, it shall be lawful for the governor from time to time to appoint a
fit and proper person to be 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 ested i nthe official trustee under this part shall be
deemed to be vested in the official trustee for the time being, without
any further transfer or conveyance.
4 trustees, or the majority of trustees, having in their hands or under
their control any moneys belonging to any trust, shall be at liberty, on
filling 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 privity of the official trustee and
in accordance with such directions as they may receie for the purposes
from him, into the court; and the said trust moneys shall be paid through
the colonial treasury into the bank of the government 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.
5 trustees, or the majority of trustees, having any securities standing
in their names in the books of any public company or corporation
established in the colony, or in the names of any deceased persons of
whom they are personal representatives, upon any trust, shall be at
liberty, on filing such affidavit as aforesaid, to transfer such securities,
with such privity and in accordance with such directions as aforesaid,
into the same in his name in such bank as aforesaid in the matter of
the particular trust (describing the same as aforesaid), in trust to attend
the orders of the court.
6 trustees, or the majority of trustess, in whom any land within the
colony is or becomes vested upon any trust shall be at libery, on filing
such affidavit as aforesaid, to convey such land, with such privity and
in accordance with such directions as aforesaid, to the official trustee,
in trust to attend the orders of the court.
7 in every such case as afroesaid, the certificate of the official trustee
for the moneys so paid, or of teh transfer or deposit of such securities,
or of the conveyance of such land shall be a sufficient discharge to such
trustees or other persons for the moneys so paid, or the stocks or securities so
transferred or deposited, or the land so conveyed as aforesaid.
8(1) where any moneys or securities, or any land, are or is vested
in any persons as trustees, and the majority of them are desirous of paying,
transferring, depositing, or conveying the same as aforesaid, but the concurrence of the other or others cannot be obtained, the court 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, delviery, 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.
9(1) such orders as may seem it shall from time to time 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 administration 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 saem
authority and effect, and shall 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 institution of one or more action or actions, the
court may direct any such action or actions to be instituted.
10(1) there shall be imposed and levied for the use of the crown
upon every trust estate administered under this part a charge equivalent
to the following percentage on the net value of the trust estate, that is
to say, two per cent. where the value exceeds ten thousand dollars
two per cent. on the first ten thousand dollars and one per cent. on the
excees.
(2) the said charge shall consitie 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 ocurt, 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, adn 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, and pay the
same into the colonial treasury
11 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.
12 the official trustee shall incur no personal liablity by reason of
any securities being transferred into his name as aforesaid, or by reason
of any land being conveyed 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 part shall be
deemed to affect any rights or remedies against the trust estate or against
any cestui que trust or any person other than the official trustee and teh
trustee so discharged as aforesaid.
13 the rules contained in the schedule to this ordinance shall be
observed in proceedings under the provisions of this part relating to the
summary administration of trust funds, subject to the appeal or variation
thereof under the powers for the time being vested in the court in relation
to the making of general rules and orders.

PART II.
INVESTMENTS.

14 a trustee may, unless expressly forbidden by the instrument, if
any, creating the trust, invest any trust funds in his hands, whether at
the time in a state of investment or not, in manner following; that is to
say,-
(1) in any of the parliamentary stocks, or public funds, or government
securities of the united kingdom;
(2) on real or heritable securities in great britain or ireland or in
this colony;
(3) in the stock of the bank of englan or the bank of irland;
(4) in india three and a half per cent. stock and india three per cent.
stock, or in any other catial stock which may at any time hereafter
be issued by the secretary of state in council of india under the authority of any act of parliament and charge on the revenues of
india;
(5) in any securities the interest of which is for the time being guaranteed
by parliament;
(6) in consolidated stock created by the metropolitan board of works
or by the london country council, or in debenture stock created by
the receiver for the metropolitan police district;
(7) in the debenture, or rentcharge, or guaranteed, or preference stock
of any railway company in great britain or ireland incorporated
by special act of parliament, and having, during each of the ten
years last past before the dae of investment, paid a dividend at the
rate of not less than three per cent. per annum on its ordinary
stock;
(8) in the stock of any railway or canal company in great britain
or ireland whose undertaking is leased in perpetuity, or for a term of
not less than two hundred years, at a fixed rental to any such railway
company as is mentioned in sub-section (7), either alone or
jointly with any other railway company;
(9) in the debenture stock of any railway company in india the
interest on which is paid or guaranteed by the secretary of state in
council of india;
(10) in the 'B' annuities of the eastern bengal, the east indian,
and the scinde, punjaub, and delhi railways, and any like annuities
which may at any time hereafter be created on the purchase of
any other railway by the secretary of state in council of india,
and charged on the revenues of india, and which may be authorized
by act of parliament to be accepted by trustees in lieu of any stock
held by them in the purchased railway; also in deferred annuities
comprised in the registerof holders of annuit class D and annuities
comprised in teh register of annuitantsclass C of the east
indian railway company;
(11) in the stock of any railway company in india upon which a
fixed or minimum dividend in sterling is paid or guaranteed by the
secretary of state in council of india or upon the capital of which
the interest is so guaranteed;
(12) in the debenture or guaranteed or preference stock of any company
in creat britain or ireland established for the supply of
water for profit, and incorporated by special act f parliament or
by royal charger, and having, during each of the ten years last
past before the date ofinvestment, paid a divident of not less than
five pounds per cent. on its ordinary stock;
(13) in nominal or inscribed stock issued, or to be issued, by the
corporation of any municipal borough in the united kingdom having, according to the returns of the last cnsus prior to the date
of investment, a population exceeding fifty thousand, or by any
county council in the united kingdom, under the authority of any
act of parliament or provisional order;
(14) in nominal or inscribed stock issued, or to be issued, by any commissioners
incorporated by act of parliament for the purpose of
suplying water, and having a compulsory power of levying rates
over an area having, according to the returns of the last census
prior to the date of investment, a population exceeding fifty
thousand, provided that, during each of the ten years last past before
the date of investment, the rates levied by such commissioners have
not exceeded eighty per cent. of the amount authorized by law to
be levied;
(15) in any colonial stock which is registered in the unitedkingdom
in accordance with the provisions of the colonial stock acts,
1877 to 1900, and with respect to whoch all conditions prescribed by
the imperial treasury, by order notified in the london gazette,
have been observed;
(16) in any of the securities for the time being authorized for the investment
of cash under the control or subject to the order of the
high court of justice in england; and
(17) in any securities authorized by the court, on summary application
for that purpose made in chambers,
and may also from time to time vary any such investment.
15(1) a trustee may, under the powers of this ordinance, invest
in any of the securities mentioned or referred to in the last preceding
section, notwithstanding that the same may be redeemable and that the
price exceeds the redemption value.
(2) provided that a trustee may not, under the powers of this ordinance,
purchase at a price exceeding its reemption value any stock mentioned
or referred to in sub-sections (7), (9), (11), (12), (13), and
(15) of the last preceding section which is liable to be redeemed within
fifteen years of the date of purchase at par or at some other fixed rate, or
purchase any such stock as is mentioned or referred to in the sub-sections
aforesaid which is liable to be redeemed at par or at some other fixed
rate, at a price exceeding fifteen per cent. above par or such other fixed
rate.
(3) a trustee may retain until redemption any redeemable stock, fund,
or security which may have been purchased in accordance with the
powers of this ordinance.
16 every pwoer conferred by the preceding sections of this part
shall be exeercised according to the discretion of the trustee, but subject to any consent required by the instrument, if any, creating the trust wiht
respect to the investment of the trust funds.
17 the precedign sections of this part shall apply as well to trusts
created before as to trusts created after the commencement of this ordinance,
and the powers thereby conferred shall be in addition to the
pwers conferred by the instrument, if any, creating the trust.
18(1) a trustee having power to invest in real securities, unless
expressly forbidden by the instrument creating the trust, may invest, and
shall be deemed to have always had power to invest,-
(a) on mortgage of property in the united kingdom held for an
unexpired term of not less than two hundred years, and not subject
to a reservation of rent greater than a shilling a year, or to
any right of redemption, or to any condition for re-entry, except
for non-payment of rent;
(b) on mortgage of property in this colony held under crown
lease for an unexpired term of not less than fifty years; and
(c) on any charge, or on mortgage of any charge, made under the
improvement of land act, 1864.
(2) a trustee having power to invest in the mortgages or bonds of any
railway company or of any other description of company may, unless the
contrary is expressed in the instrument authorizing the investment, invest
in the debentrue stock of a railway company or such other company
as aforesaid.
(3) a trustee having power to invest money in the debentrues or
debenture stock of any railway or other company may, unless the contrary is
expressed in the instrument authorizing the investment, invest
in any nominal debentures or nominal debenture stock issued under the
local loans act, 1875.
(4) a trustee having pwer to invest money in securities in the isle
of man, or in securities of the government of a british colony, may,
unless the contrary is expressed in the instrument authorizing the investment,
invest in any securities of the government of the isle of man,
under the isle of man loans act, 1880.
(5) a trustee having a general power to invest trust moneys in or
upon the security of shares, stock, mortgages, bonds, or debentures of
companies incorporated by or acting under the authority of an act of
parliament or ordinance may invest in, or upon the security of, mortgage debentures
duly issued under and in accordance with the provisions
of the mortgage debenture act, 1885.
19 a trustee having power to invest in the purchase of land or on
mortgage of land may invest in the purchase or on mortgage of any land, notwithstanding the same is charged with a rent under the powers of
the public money drainage acts, 1846 to 1856, or the landed proeprty
improvement (ireland) act, 1847, or by an absolute order made udner
the improvement of land act, 1864, unless the terms of the trusts expressly
provide that the land to be purchased or taken in mortgage shall
not be subject to any such prior charge.
20(1) a trustee, unless authorized by the terms of his trust, shall
not aply for or hold any certificate to bearer issued under the authority
of any of the following acts; that is to say,-
(a) the india stock certificate act, 1863;
(b) the national debt act, 1870;
(c) the local loans act, 1875; and
(d) the colonial stock act, 1877.
(2) nothing in this section shall impose on the bank of england or
the bank of ireland, or on any erson authorized to issue any such certificates,
any obligation to inquire whether a person applying for such a
certificate is or is not a trustee, or subject them to any liability in the
event of their granting any such certificate to a trustee, or invalidate any
such certificate, if granted.
21(1) a trustee lending money on the security of any proeprty on
which he can lawfully lend shall not be chargeable 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, providied that
it appears to the court that, in making the loan, the trustee was acting
upon a report as to the value of the property made by a person whom he
reasonably believed to be an able practical surveyor or valuer instructed
and employed independently of any owner of the proeprty, whether such
surveyor or valuer carried on business in the locality where the property
is situate or else where, and that the amount of the loan does not exceed
two equal third parts of the value of the property as stated in the report,
and 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 beach of trust only upon the
ground that, in making the 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 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 is such as a
person acting with prudence and caution would have accepted. (4) this section aplies to transfers of existing securities as well as to
new securiies, and to investments made as well before as after the
commencement of this ordinance.
22(1) where a trustee improperly advances trust money on a
mortgage security which would, at the time ofthe investment, be a proper
investment in all respect for a smaller sum thatn is actually advanced
thereon, the security shall be deemed an authorized in vestment for the
smaller sum, and the trustee shall only be liable to make good the sum
advanced in excess thereof, with interest.
(2) 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 ivnestmetn
authorized by the instrument creating the trust or by the general
law.
(3) this section applies to investments made as well before as after
the commencement of this ordinance.

PART III.
VARIOUS POWERS AND DUTIES OF TRUSTESS.
Appointment of new trustess.
23(1) where a trustee, either original or substituted and whether
appointed by a court or otherwise, is dead, or remains out ofthe colony
for more than 12 months, or desires to be discharged from all or
any of the trusts or powers reposed in or conferred on him, or refuses or
is unfit to act therein, or is incapable of acting therein, then the person
or persons nominated for the purpose of appointing new trustees by the
instrument, if any, creating the trust, or, if there is no such person or no
such person able and willing to act, then the surviving or continuing
trustees or turstee for the time being or the personal representatives of
the last surviving or continuing trustee, may, by writing, appoint another
person or other persons to be a trustee or trustees in the place of the
trustee dead, remaining out of the colony, desiring to be discharged,
refusing, or being unfit, or being incapable, as aforesaid.
(2) on the appointment of a new trustee for the whole or any part
of trust property,-
(a) the number of trustees may be increased; and
(b) a separate set of trustees may be appointed for any part of the
trust property held on trusts distinct from those relating to any
other part or parts of the trust projperty, notwithstanding that no
new trustees or trustee are or is to be appointed for other parts of the trust property, and any existing trustee may be appointed or
remain one of such separate set of trstees; or, if only one
trustee was originally appoint, then one separate trustee may
be so appointed for the the first-mentioned part; and
(c) it shall not be obligatory to appoint more than one new trustee
where only one trustee was originally appointed, or to fill up the
original number of trustees whee more than 2 trustees wer
originally appointed; but, except wher only one trustee was
originally appointed, a trustee shall not be discharged under this
section from his trust unless there will be at least 2 trustees to
perform the trust; and
(d) any assurance or thing requisite for vesting the trust property,
or any part thereof, jointly in teh persons who are the trustees
shall be executed or done.
(3) every new trustee so appointed, as well before as after all the
trust property becomes by law, or by assurance or otherwise, vested in
him, shall have the same powers, authorities, and discretions, and may in
all respects act, as if he had been originally appointed a trustee by
the instrument, if any, creating the trust.
(4) the provisions of this section relative to a trustee who is dead
include the case of a person nominated trustee in a will but dying before
the testator, and those relative to a continuing trustee include a refusing
or retiring trustee, if willing to act in the execution of the provisions of
this section.
(5) this section applies only if and as far as a contrar intention is
not expressed in the instrument, if any, creating the trust, and shall
have effect subject to the terms of that instrument and to any provisions
therein contained.
(6) this section applies to trusts created either before or after the
commencement of this ordinance.
24(1) where there are more than 2 trustees, if one of them 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, then 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 proeprty in
the continuing trustees alone shall be executed or alone.
(3) this section aplies only if and as far as a contrary intention is
not expressed in the instrument, if any creating the trust, and shall have effect subject to the terms of that instrument and to any provisions
therein contained.
(4) this section applies to trusts created either before or after the
commencement of this ordinance.
25(1) where a deed by which a new trustee is appointed to perform
any trust 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 and receive any debt or other thing in
action so subject, shall vest in the persons who by virtue of the deed
become and are the trustees for performing the trust, that declaration
shall, without any conveyance or assignment, operate to vest in those
persons, as joint tenants and for the purposes of the trust, that estate,
interest, or right.
(2) where a deed by which a retiring trustee is discharged under
this ordinance contains such a declaration as is mentioned in this section
by the retiring and continuing trustees, and by the other person, if any,
empowered to appoint trustees, that declaration shall, without any conveyance
or assignment, operate to vest in the continuing trustees alone,
as joint tenants and for the purposes of the trust, the estate, interest, or
right to which the declaration relates.
(3) this section does not extend to land conveyed by way ofmortgage
for securing money subject to the trust, or to any such share, stock,
annuity, or property as is only transferable in books kept by a company
or other body, or in manner directed by or under any act of parliament
or ordinance.
(4) for the purposes of registration of the deed in any registry, the
person or persons making the declaration shall be demed the conveying
party or parties, and the conveyance shall be demed to be made by him
or them under a power conferred by this ordinance.
(5) this section applies only to deeds executed after the commencement
of this ordinance.

purchase and sale.
26(1) whee 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
re-sell, without being answerable for any loss.
(2) this section aplies only if and as far as a contrary intention is not expressed in the instrument creating the trust or power, and shall
have effect subject to the terms of that instrument and to the provisions
therein contained.
(3) this section applies only to a trust or power created by an
instrument coming into operation after the commencement of this ordinance.
27(1) no sale made by a trustee shall be impeachedd by any beneficiary
upon the ground that any ofthe conditions subject to which the
sale was made may have been unnecessarily depreciatory, unless it
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 the ground aforesaid.
(4) this section applies only to sales made after the commencement
of this ordinance.
28 when any land is vested in a married woman as a bare trustee,
she may convey or surrender it as if she wer a feme sole.

various powers and liablilities.

29(1) a trustee may 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 the body thereof or
indorsed thereon a receipt for consideration money or other consideration,
the deed being executed or the indorsed receipt being signed by the
trustee; and a trustee shall not be chargeable with a breach of trust by
reason only of his having made or concurred in making any such
appointment. the producing of any such deed by the solicitor shall have the same
validity and effect as if the person appointing the solicitor
had not been a trustee.
(2) a trustee may apoint a banker or solicitor to be his agent to
receive or give a discharge for any money payable to the trustee under
or by virtue of a policy of assurance, by permitting the banker or solicitor
to have the custody of and to produce the policy of assurance wiht 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 concurred in
making any such appointment.
(3) nothing in this section shall exempt a trustee from any liability
which he would have incurred if this ordinance had not been passed, in
case he permits any such money, valuable consideration, or proeprty to
remain in the hands or under the control of the solicitor or banker for a
period longer than is reasonably necessary t enable the solicitor or
banker, as the case may be, to pay or transfer the same to the trustee.
(4) this section applies only where the money or valuable consideration
or property is received after the commencement of this ordinance.
(5) nothing in this section shall authorize a trustee to do anything
which he is in express terms forbidden to do, or to omit to do anything
which he is in express terms directed to do, by the instrument creating
the trust.
30(1) a trustee may insure against loss or damage by fire any
building or other insurable property to any amount (including the
amount of any insurance already on foot) not exceeding three equal
fourth parts of the full value of such building or property, and pay the
premiums for such insurance out of the income thereof or out of the
income of any other property subject to the same 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 proeprty which a
trustee is bound forthwith to convey absolutely to any benefficiary upon
being requested to do so.
(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 anything which he is in express terms
directed to do, by the instrument creating the trust.
31(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
contingent, in the leaseholds, use his best endeavours to obtain from time
to time a renewed lease of the same hereditaments on the accustomed
and reasonable terms, and for that purpose may from time to time make
or concur in making a surrender of the lease for the time being subsisting,
and do all such other acts as may be requisite: provided that where,
by the terms of the settlement or will, the person in possession for his
life or other limited interest is entitled to enjoy the same without any obligation to renew or to contribute to the expense of renewal, this
section shall not apply unless the consent in writing of that person is
obtained to the renewal on the part of the trustee.
(2) if money is requried to pay for the renewal, the trustee effecting
the renewal may pay the same out of any money then in his hands in
trust for th persons beneficially interested in the lands to be comprised
in the renewed lease, and if he has not in his hands sufficient money for
the 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 subjectt; and no person advancing money upon a mortgage purporting
to be under this power shall be bound to see that the
money is wanted or that no more is raised than is wanted for the purpose.
(3) 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 anything which is in express terms
direct to do, by the instrument creating the trust.
32 in all cases where by any will, deed, or other instrument of settlement
it is expressly declared that trustees or other persons therein named
or indicated shall have a power of sale, either generally or in any particular
event, over any land named or referred to in or from time to
time subject to the trusts of such will, deed, or other instrument, it shall
be lawful for such trustees or other persons, whether the land is vested
in them or not, to exercise the power of sale by selling the land either
together or inlots, and either by public auction or by private contract,
and either at one time or several times, and (in case the power expressly
authorizes an exchange) to exchange any alnd which for the time being
may be subject to the trusts aforesaid for any other land in the colony,
as the case may be, and upon such exchange to give or receive any
money for equality of exchange.
33 it shall be lawful for the persons making any such sale or exchange to
insert any such speical or other stipulations, either as to title
or evidence of title or otherwise, in any conditions of sale, or contract
for sale or exchange, as they may think fit, and also to buy in the land
or any part thereof at any sale by public auction, and to rescind or ary
any contract for sale or exchange, and to resell the land which is so
bought in or as to which the contract is sos rescinded, wihtout being
responsible for any loss which may be occassioned thereby; and no purchaser
under any such sale shall be bound to inquire whether the persons
making the same may or may not have in contemplation any particular re-investment of the purchase of any other land
or otherwise.
34 for the purpose of completing any such sale or exchange as
aforesaid, the persons empowered to sell or exchange as aforesaid shall
have full power to convey or otherwise dispose of the land in question,
as may be necessary.
35(1) the receipt in writing of any trustee for any money,
securities, or other personal property or effects payable, transferable, or
deliverable to him under any trust or power shall be a sufficient discharge
for the same, and shall effectually exonerate the person paying, transferring,
or delivering the same from seeing to the application or being
answerable for any loss or misapplication thereof.
(2) this section applies to trusts created either before or after the
commencement of this ordinance.
36(1) an executor or administrator may pay or allow any debt or
claim on any evidence that he thinks sufficient.
(2) an executor or administrator, or two or more trustees, acting
together, or a sole acting trustee is authorized to execute the trusts and
creating the trust a sole trustee is athorized to execute the trusts and
powers thereof, may, if and as he or they may think fit, accept any
composition or any security, movable or immovable, for any debt or for
any property, movable or immovable, claimed, and may allow any time
for payment of any debt, and may compromise, compound, abandon,
submit to arbitration, or otherwise settle any debt, account, claim, or
thing whatever relating to the testator's or intestate's estate or to the
trust, and for any of those purposes may m=enter into, give, execute, and
do such agreements, instruments of composition or arrangement, releases,
and other things as to him or them may seem expedient, without being
responsible for any loss occasioned by any act or thing so done by him
or them in god faith.
(3) this section applies only if and as far as a contrary intention is
not expressed in the instrument, if any, creating the trust, and shall
have effect subject to the terms of that instrument and to thee provisions
therein contained.
(4) this section apples to executorships, administratorships, and
trusts constituted or created either before or after the commencement of
this ordinance.
37(1) where an executor or administrator, liable as such to the
rents, covenants, or agreements contained in any lease or agreement for
a lease granted or assigned to the testator or intestate whose estate is
being administered, ahs satisfied all such liabilities under the lease or agreement for a lease as may have accrued due and been claimed up to
the time of the assignment hereinafter mentioned, and has set apart a
sufficient fund to answer any future claim that may be made in respect
of any fixed and ascertained sum covenanted or agreed by the lessee to
the laid out on the property demised or agreed to bedemised, although
the period for laying out the same may not have arrived, and has
assigned the lease or agreement for a lease to a purchaser thereof, he
shall be at liberty to distribute the residuary personal estate of the
deceased to and amongst the parties entitled thereto respectively, wihtout
appropriating any part or any further part, as the case may be, of the
personal estate of the deceased to meet any future liability under the
lease or agreement for a lease; and the executor or administrator so distrubuting
the residuary estate shall not, after having assigned the lease
or agreement for a lease and having, where necessart, set apart such
sufficient fund as aforesaid, be personally liable in respect of any subsequent claim
under the lease or agreement for a lease.
(2) nothing in this section shall prejudice the right of thelessor or
those claiming under thim to folow the assets of the deceased into the
hands of the person or persons to or amongst whom the said assets may
have been distributted.
38(1) where any property is held by trustees in trust for an
infant, either for life or for any greater interest and whether absolutely\
or contingently on his attaining the age of 21 years or on the
occurrence of any event before his attaining that age, the trustees may,
at their sole discretion, pay to the infant's parent or guardian, if any,
or otherwise apply for or towards the infant's maintenance, education, or
benefit, the income of that proeprty or any part thereof, whether there
is any other fund applicable to the same purpose or any person bound
by law to provide for the infant's maintenance or education or not.
(2) the trustees shall accumulate all the residue of that income in
the way of compound interest, by investing the same and the resulting
income thereof from time to time on securities on which they are, by the
settlement, if any, or by law authorized to invest trust money, and shall
hold those accumulations forthe benefit of the person who ultimately
becomes entitled to the property from which the same arise; but so that
the trustees may at any time, if they think fit, apply those accumulations,
or any part thereof, as if the same were income arising in the then
current year.
(3) this section applies only if and as far as a contrary intention is
not expressed in the instrument under which the interest of the infant
arises, and shall have effect subject to the teerms of that instrument and
to the provisions therein contained. (4) this section applies whether that instrument comes into operation
before or after the commencement of this ordinance.
39(1) a trustee making or doing any payment or act, in good
faith, in pursuance of a power of attorney, shall not be liable in respect
of the payment or act by reason that before the payment or act the
donor of the power had died, or become lunatic, of unsound mind, or
bankrupt, or had revoked the power, if the fact of death, lunacy, unsoundness
of mind, bankrptcy, or revocation was not, at the time of
the payment or act, know to the trustee.
(2) this section shall not affect any right against the payee of any
person interested in any money so paid; and that person shall have the
like remedy against the payee as he would have had against the trustee
if the payment had not been made by him.
40(1) where a power or trust is given to or vested in two or more
trustees jointly, then, unless the contrary is expressed in the instrument,
if any, creating the power or trust, the same may be exercised or performed
by the survivor or survivors of them for the time being.
(2) the section applies only to trusts constituted after, or created by
instruments coming into operation after, the commencement of this ordinance.
41 a trustee shall, without prejudice to the provisions of the instrument,
if any, creating the trust, be chargeable only for money and
securities actually received by him notwithstanding his signing any
receipt for the sake of conformity, and shall be answerable and accountable
only for his own acts, receipts, neglects, or defaults, and not for
those of any other trustee, nor for any banker, broker, or other person
with whom any trust moneys or securities may be deposited, nor for
the insufficiency or deficiency of any securities, nor for any other loss,
unless the same happens trhrough his own wilful default; and may
reimburse himself, or pay or discharge out of th trust premises, all
expenses incurred in or about the execution of his trusts or powers.
PART IV.
POWERS OF THE COURT.
Appointment of new trustees and vesting orders.
42(1) the court may, whenever it is expedient to appoint a new
trustee or new trustees, and it is found inexpedient, difficult, or impracticable
to do so without the assistance of the court, make an order
for the appointment of a new trustee or new trustees, either in substitu- tion 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 preceding provision, the court may make an order
for the appointment of a new trustee in substitution for a trustee who is
convicted of felony or is a bankrupt.
(2) an order under this section, and any consequential vesting order
or conveance, 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 shall give power to appoint an executor
or administrator.
43 in the following cases, namely,-
(1) where the court appoints or has appointed a new trustee; and
(2) where a trust entitled to or possessed of any land, or entitled
to a contingent right therein, either solely or jointly with any
other person,-
(a) is an infant; or
(b) is out of the jurisdiction of the court; or
(c) cannot be found; and
(3) where it is uncertain who was the survivor of two or more trustees
jointly entitled to or possessed of any land; and
(4) where, as to the last trustee known to have been entitled to or
possessed of any land, it is uncertain whether he is living or dead;
and
(5) where there is no heir or personal representative of a trustee who
was entitled to or possessed of land and has died intestate as to that
land, or where it is uncertain who is the heir or personal representative
or devisee of a trustee who was entitled to or possessed of land
and is dead; and
(6) where a trustee jointly or solely entitled to or possessed of any
land, or entitled to a contingent right therein, has been required, by
or on behalf of a person entitled to require a conveyance of the land
or a release of the right, to convey the land or to release the right
and haswilfully refused or neglected to convey the land or release
the right for 28 days after the date of the requirement,
the court may make an order (in this ordinance callled a 'vesting
order') vesting the land in any such person, in any such manner, and for
any such estate as the court may direct, or releasing or disposing of the
contingent right to such persons as the court may direct:
provided that-
(a) where the order is consequential on the appointment of a new trustee, the land shall be vested for such estate as the court may
direct in the persons who, on the appointment, are the trustees;
and
(b) where the order relates to a trustee entitled jointly with another
person, and such trustee is out of the jurisdiction of the court or
cannot be found, the land or right shall be vested in such other
person, either alone or with some other person.
44 where any land is subject to a contingent 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 the land on any
trust, the court may make an order vesting in any person the estate to or
of which the unborn person or class of unborn persons would, on coming
into existence, be entitled or possessed in the land.
45 where any person entitled to or possessed of land, or entitled to
a contingent right in land, by was of security for money, is an infant,
the court may make an order vesting or releasing or disposing of the
land or right in like manner as in the case of an infant trustee.
46 where a mortgagee of land has died without having entered into the
possession or into the receipt of the rents and profits thereof, and the
money due in the respect of the mortgage has been paid to a person
entitled to receive the same, or that last-mentioned person consents to
any order for the reconveyance of the land, then the court may make
an order vesting the land in such person or persons, in such manner, and
for such estate as the court may direct in any of the following cases,
namely,-
(1) where an heir or personal representative or devisee of the mortgagee
is out of the jurisdiction of the oucrt or cannot be found;
(2) where heir or personal representative or devisee of the mortgagee,
on demand made by or on behalf of a person entitled to requir a
conveyance of the land, has stated in writing that he will
not convey the same or does not convey the same for the space of
28 days next after a proper deed for conveying the land
has been tendered to him by or on behlaf of the person so entitled;
(3) where it is uncertain which of several devisees of the mortgagee
was the survivor;
(4) where it is uncertain as to the survivor of several devisees of the
mortgagee, or as to the heir or personal representative of the mortgagee, whether
he is living or dead; and
(5) where there is no heir or personal representative of a mortgagee
who has died intestate as to the land, or where the mortgagee has died and it is uncertain who is his heir or personal representative or
devisee.
47 where the court gives a judgment or makes an order directing
the sale or mortgage of any land, every person who is entitled or
possessed of the land or entitled to a contingent right therein, andis a
party to the action or proceeding in which the judgment or order is given
or made or is otherwise bound by the judgment or order, shall be deemed
to be so entitled or possessed, as the case may be, as a trustee within the
meaning of this ordinance, and the court may, if it thinks fit, make an
order vesting the land or any part thereof for such estate as the court
thinks fit in the purchaser or mortgagee or in any other person.
48 where a judgment is givien for the specific performance of a
contract concerning any land, or for the partition, or sale in lieu of
partition, or exchange of any land, or generally where any judgment is
given for theconveyance of any land either in cases arising out of the
doctrine of election or otherwise, the court may declare that any of the
parties to the action are trustees of the land or any part thereof within
the meaning of this ordinnance, or may declare that the interests of
unborn persons who might claim under any party to the action, or under
the will or voluntary settlement of any person deceased who was, during
his lifetime, a party to the contract or transactions concerning which the
judgment is given, are theinterests of persons who, on coming into
existence, would be trustees within the meaning of this ordinance, and
thereupon the court may make a vesting order relating to the rights of
those persons, born and unbron, as if they had been trustees.
49 a vesting order under any of the preceeding provisions shall, in
the case of a vesting order consequential on the appointment of a new
trustee, have the same effect as if the persons who before the appointment
were the trustees, if, and had duly executed all proper conveyances
of the land for such estate as the court directs, or if there is no such person,
or no such person of full capacity, then as if such person had existed
had been of fully capacity and had duly executed all proper conveyances
of the land for such estate as the court directs, and shall in every other
case have the same effect as if the trustee or other person or description
or class of persons to whose rights or supposed rights the said provisions
respectively relate had been an ascertained and existing person of full
capacity, and had executed a conveyance or release to the effect intended
by the order.
50 in all cases where a vesting order can be made under any of the
preceding provisions, the court may, if it is more conventient, appoint a
person to convey the land or elease the contingent right, and a convey- ance or release by that person in conformity with the order shall have
the same effect as an order under the appropriate provision.
51(1) in any of the following cases, namely,-
(a) where the court appoints or has appointed a new trustee; and
(b) where a trustee entitled alone or jointly wiht another person to
stock or to a chose in action-
(i) is an infanct; or
(ii) is out of the jurisdiction of the court; or
(iii) cannot be found; or
(iv) refuses or neglects to transfer stock or receive the dividends
or income thereof, or to sue for or recover a chose in action,
according to the direction of the person absolutely entitled
thereto, for 28 days next after a request in writing
has been made to him by the person so entitled; or
(v) refuses or neglects to transfer stock or receive the dividends
or income thereof, or to sue for or recover a chose in action, for
28 days next after an order of the court for that
purpose has been served on him; or
(c) where it is uncertain whether a trustee entitled alone or jointly
with another person to stock or to a chose in action is living
or dead,
the court may make an order vesting the right to transfer or call for a
transfer of stock, or to receive the dividends or income thereof, or to sue
for or recover a chose in action in any such person as the court may appoint:
provided that-
(a) where the order is consequential on the appointment by the
court of a new trustee, the right shall be vested in the persons
who, on the appointment, are the trustees; and
(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 proeprt person to
make or join in making the transfer.
(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 banks and companies shall obey every order under this
section according to its tneor.
(4) after notice in writing of an order under this section it shall not be lawful for any bank or company to transfer any stock to which the
order relates or to pay any dividends thereon except in accordance with
the order.
(5) the court may make declarations and give directions concerning
the manner in which the right to any stock or chose 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 acts or ordinances relating to
merchant shipping as if they were stock.
52(1) an order under this ordinance for the appointment of a
new strustee, or concerning any land, stock, or chose in action subject to
a trust, may be made on the application of any person beneficially interested
in the land, stock, or chose in action, whether under disability or
not, or on the application of any person duly apointed trusee thereof.
(2) an order under this ordinance concerning any land, stock, or
chose in action subject to a mortgage may be made on the application of
any person beneficially interested in the equity of redemeption, whether
under disability or not, or of any person interested in the money secured
by the mortgage.
53 every trustee appointed by a court of competent jurisdiction shall,
as well before as after the ttrust property become by law or by assurance
or otherwise vested in him, have the same powers, authorities, and
dircretions, an may in all respects act, as if he had been originally
appointed a trustee by the instrument, if any, creating the trust.
54 the court may order the costs and expense of and incident to
any application for an order appointing a new trustee or for a vesting
order, or of and incidient to any such order or any conveyance or transfer
in pursuance thereof, to the paid or reaised out of the land or personal
estate in respect whereof the same is made or out of the income thereof,
or to be borned and paid in such manner and by such persons as to the
court may seem just.
55 the powers conferred by this ordinance as to vesting orders may be
exercised for vesting any land, stock or chose in action in any trustee
of a charity or society over which the court would have jurisdcition
upon action duly institued, whether the appintment ofthe trustee was
made by instrument under a power or by the court under its general or
statutory jurisdiction.
56 wher a vesting order is made as to any land under this ordinance,
or under any ordinance relaing to lunacy, founded on an allegation
of the personal incapacity of a trustee or mortgagee, or on an allegation that a trustee or the heir or personal representative or devisee
of a mortgagee is out of the jurisdiction of the court or cannot be found,
or that it is uncertain which off several trustees or which of serveral
devisees of a mortgagee was the survivor, or whether the last trustee or the
heir or personal representative or last surviving devisee of a mortgagee
is living or dead, or on an allegation that any trustee or mortgage has
died intestate without an heir or has died and it is not know who is his
heir or personal representative or devisee, the fact the at the order has been
so made shall be conclusive evidence of the matter so alleged i nany
court upon any question as to the validity of the order; but this section
shall not prevent the court from directing a reconveyance or the payment
of costs occasioned by any such order, if impropertly obtained.

giving judgment in absence of trustee, etc.

57 where in an action the court is satisfied that diligent searach has
been made for any person who, in the character of trustee, is made a
defendant i nany 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 judement therein against that person in his character of a
trustee, as if he had been duly served or had entered an appearance in
the action, and had also appeared by his counsel and solicitor at the
hearing, but without prejudice to any interest which he may have in the
matters in question in the action in any other character.
58(1) where a trustee or other person is for the time being
authorized to dispose of land by way of sale, exchange, or partition, the
court may sanction his so disposing of the land wiht an exception or
reservation of any minerals, and with or without rights and powers
or incidental to the working, getting, or carrying away of the minerals,
or so disposing of the minerals, with or wihtout the said rights or powers,
separately from the residue of the land.
(2) any such trustee or other person, with the said sanaction previously
obtained, may, unless forbidden by the instrument creating the trust
or direction, from time to time, without any further application to the
court, so dispose of any such land or minerals.
(3) nothing in this section shall derogate from any power which a
trustee may have under any other ordinance.
59(1) where a trustee commits a breach of trust at the instigation
or request or wiht the consent in writing of a beneficiary, the court may,
if it thinks fit, and notwithstanding that the beneficiary may be a
married womand entitled for her separate use and restrained from
anticipation, make such order as to the court may seem just for impounding all or any part ofthe interest of the beneficiary in the trust estate by
way of indemnity to the trustee or person claiming throught him.
(2) this section shall apply to breaches of trust committed as well
before as after the commencement of this ordinace, but shall not apply
so as to prejudice any question in an action or other proceeding which
is pending at the commencmenet of this ordinance.

PART V.
MISCELLANEOUS AND SUPPLEMENTAL PROVISIONS.

60 property vested in any person on any trust or by way of mortgage
shall, in case of that peson being convicted of treason or felony,
remain in the trustee or mortgagee, or survive to his co-trustee, or descend
to his representative as if he had not been so convicted: provided that
this enactment shall not affect the title to the property so far as reelates
to any beneficial interest therein of any such trustee or mortgagee.
61(1) any trustee, executor, or administratorshall be at liberty,
without the institution of an action, to apply by petition to the court, or
upon a written statement by summons in chambers, for the opinion,
advice, or direction of the court on any question respecting the management
or administration of the trust property or the assets of any testator
or intestate.
(2) the petition or statment shall be signedby counsel, and the
court may require the petitioner or applicant to attend by counsel either
in court or in chambers, where the court deems it necessary to have
the assistance of counsel.
(3) the application shall be served on, or the hearing thereof shall be
attended by, all pesons interested in such application, or such of them as the
court may think expedient.
(4) the trustee, executor, or administrattor acting upon the opinion,
advice, or direction given by the court shall be deemed, so far as regards
his own responsibility, to have discharged his duty as such trustee,
executor, or administrator in the subject-matter of the application:
providied, nevertheless, that this section shall not extend to indemnify
any trustee, executor, or administrator in respect of any act done in
accordance wiht such opinion, advice, or direction, if such trustee,
executor, or administrator has been guilty of any fraud or wilful
concealment or misrepresentation obtaining such opinion, advice, or
direction.
62 if it appears to the court that a trustee is or may be personally
liable for any breach of trust, whether the transaction alleged
to be a breach of trust occurred before or after the commencement of this ordinance, but has acted honestly and reasonably, and ought
fairly to be excused for the breach of trust and for omitting to obtain
the directions of the court in the matter in which he committed such
breach, then the court may relieve the trustee, either wholly or partly,
from personal liability for the same.
63(1) in any action or other proceeding against a trustee or any
person claiming through him, execpt where the claim is founded upon
any fraud or fraudulent breach of trust to which the trustee was party
or privy, or is to recover trust property, or the proceeds thereof, still retained
by the trustee or previously received by the trustee and conveerted
to his use, the foolowing provisions shall apply:-
(a) all rights and privileges confered by any statue 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 not been a trustee or
person claiming through him; and
(b) if the action or other proceeding is brought to recover money
or other property, and is one to which no existing statute of
limitations applies, the truette or person claiming through him
shall be entitled to the benefit of and be at leberty to plead the
lapse of time as a bar to such action or other proceeding in the
like manner and to the like extent as if the claim had been against
him in an action of a debt for money had and received, but so,
nevertheless, that the statute shall run against a married woman
entitled in possession for here separate use, whether with or without
a restrain upon anticipation, 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 ahd been pleaded.
(3) for the purposes of this section, the expression 'trustee' shall be
deemed to include an executor or administrator and a trustee whose trust
arises by construction or implication of law as weel 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 apply only to actions or other proceedins com-
menced on or after the 1st day of January, 1902, and shall not deprive
any executor or administrator of any right or defence to which he is
entitled under any existing statue of limitations. 64 this ordinance, and every order purporting to be made under
this ordinance, shall be a complete indemnity to any bank and to all
persons for any acts done pursuant therto; and it shall not be necessary
for any bank or person to inquire concerning the propriety of the order
or whether the ocurt had jurisdiction to make the same.
65 for the purposes of this ordinance, the present official trustee
shall be deemed to have been duly appointed thereunder.

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

1 any trustee desiring to pay money to the account of, or to transfer or
deposit shares, stock, or securiteies into or in the name of, the official trustee
under the provisions of the trustee ordinance, 1901, relating to the summary
administration of trust funds, shall file an affidavit setting forth-
(1) his own name and address;
(2) the place where he is to be served with any petition or any notice of
any proceedin or order of the court, or of the judge in chambers,
relaing to the trust fund;
(3) the amount of money, shares, stock, or securities, which he proposes
to pay or transfer into or deposit in court to the credit of the trust;
(4) a short description of the trust and of the instrument creating it;
(5) the names of the persons interested in or entitled to the fund, to the
best of the knowledge and belief of the trustee; and
(6) the submission ofthe trustee to answer all such inquiries relating to
the application ofthe money, shares, stock, or securities paid in, transferred,
or deposited under the ordinance as the court or a judge in
chambers may think proper to make or direct.
2 the offical trustee, on production of an office copy of the affidavit,
shall give the necessary directions for payment, transfer, or deposit, and place
the money, shares, stock, or securities, to the account of the parrticular trust;
and shall grant a certificate of such payment, transfer, or deposit.
3 where it is deemed unnecessary to have the money, or the dividends or
interest of the shares, stock, or securities, invested in the meantime, the affidavit
shall further contain a statement to that effect. But where the affididavit contains no
such statment, the statement, the official trustee shall be at liberty to
invest, assson as conveniently may be, the money paid in or the dividends or
interest o nthe shares, stock, or securities transferred, and all accumulations
thereof, in or upon suchinvestments and securities as the court may direct or
approve, and every such investment shall be made in the matter of the particular
trust: provided that where at any time a request in writing, by or on behalf of any party claiming to be entitled, that such investment may be dis-
continued is left with the offical trustee, he shall be at liberty to cease
making any further investment in the matter of the particular trust until the
court has made some order in that behalf.
4 the trustee, having made the payment, transfer, or deposit, shall forthewith
give notice therof to the several persons named in his affidavit as
interested in or entitled to the fund.
5 such persons, or any of them, or the trustee may apply by petition, or,
in a case where the fund does not exceed two thousand dollars in value, by
summons, respecting the investment, payment out, or distribution of the fund
or of the dividentds or interest thereof.
6 the trustee shall be served with notice of any aplication made to the
court or in chambers respecting the fund, or the dividends or interest thereof,
by any person interestedt therein or entitled thereto.
7 the persons interested in or entitled to the fund shall be served wiht
notice of any application made by the trustee to the court or in chambers
respecting the fund or the dividends or interest thereof.
8 no petition shall be set down to be heard, and no summons shall be
sealed, untile the petitioner or applicant has first named in his peition or
summons a plicae where he may be served with any petition or summons or
notice of any proceeding or order of the court relating to the fund.
9 every peition presented, summons issued, and affidavit filed under the
said provisions shall be entitled in the matterofthe ordinance and in the
matter of the particular trust.
A.D. 1901. Ordinance No. 7 of 1901. Short title. Interpretation of terms. 56 & 57 Vict.c. 53 s. 50. No. 5 of 1885. Appointment of Official Trustee. Payment of trust moneys into bank to credit of Official Trustee. 10 & 11 Vict.c. 96 s. 1 and 56 & 57 Vict.c. 53 s. 42. Transfer of trust securities into name of Official Trustee. 10 & 11 Vict.c. 96 s. 1. Conveyance of land in trust to Official Trustee Ib. Certificate to be given by Official Trustee. Ib. Order for payment, etc., by majority of trustee without concurrence of others. 56 & 57 Vict.c. 53 s. 42. Administration of trust estate. 10 & 11 Vict.c. 96 s. 2. Charges upon trust estate administered by Official Trustee. General rights and powers of Official Trustee. Limitation of liability of Official Trustee. Rules for summary administration of trust funds. Schedule. Authorised investments. 56 & 57 Vict.c. 53 s. 1 and 63 & 64 Vict.c. 62 s. 2. 40 & 41 Vict.c. 59; 55 & 56 Vict.c. 35; 63 & 64 Vict.c. 62. Purchase at premium of redeemable stock. 56 & 57 Vict.c. 53 s. 2. Discretion of trustee. Ib.s.3. Application of preceding sections of Part II. 56 & 57 Vict.c. 53 s. 4. Enlargement of express powers of investment. Ib.s.5. 27 & 28 Vict.c. 114. 38 & 39 Vict.c. 83. 43 & 44 Vict.c. 8. 28 & 29 Vict.c. 78. Power to invest, notwistand- ing drainage charges. 56 & 57 Vict.c. 53 s. 6. 9 & 10 Vict.c. 101; 10 & 11 Vict.c. 11; 11 & 12 Vict.c. 119; 13 & 14 Vict.c.31; 19 & 20 Vict.c. 9; 10 & 11 Vict.c. 32; 27 & 28 Vict.c. 114. Trustees not to convert inscribed stock into certificates to bearer. Ib.s.7. 26 & 27 Vict.c. 73. 33 & 34 Vict.c. 71. 38 & 39 Vict.c.83. 40 & 41 Vict.c. 59. Loans and investments by trustees not chargeable as breaches of trust. Ib.s.8. Liability for loss by reason of improper investment. 56 & 57 Vict.c. 53 s. 9 and 57 & 58 Vict.c. 10 s. 4. Power of appointing new trustees. 56 & 57 Vict.c. 53 s. 10. Retirement of trustee. 56 & 57 Vict.c. 53 s. 11. Vesting of trust property in new or continuing trustees. 56 & 57 Vict.c. 53 s. 12. Power of trustee for sale to sell by public auction, etc. Ib.s.13. Power to sell subject to depreciatory conditions. 56 & 57 Vict.c. 53 s. 14. Case of married woman bare trustee. Ib.s. 16. Power to authorize receipt of money by solicitor or banker. Ib.s.17. Insurance of building and payment of premiums. 56 & 57 Vict.c. 53 s. 18. Power of trustee of renewable leaseholds to renew and to raise money for the purpose. Ib.s.19. Power under settlement to sell or exchange land. 23 & 24 Vict.c. 145 s. 1. Power to make special stipulations on sale or exchange. Ib.s.2. Power to convey on sale or exchange. 23 & 24 Vict.c. 145 s.3. Power of trustee to give receipts. 56 & 57 Vict.c. 53 s. 20. Power for executor or trustee to compound debt, etc. Ib.s.21. Liability of executor in respect of rents, etc., in lease. 22 & 23 Vict.c. 35 s. 27. Application by trustees of income of property of infant for maintenance, etc 44 & 45 Vict.c. 41 s. 43. Validity of payment by trustee under power of attorney without notice of death, etc. 44 & 45 Vict.c. 41 s. 47 and 56 & 57 Vict.c. 53 s. 23. Powers of two or more trustees. Ib.s.22. Implied indemnity of trustee. Ib.s.24. Power of the Court to appoint new trustees. Ib.s.25. Vesting order as to land. 56 & 57 Vict.c. 53 s. 26. Order as to contingent right of unborn person. 56 & 57 Vict.c. 53 s. 27. Vesting order in place of conveyance by infant mortgagee. Ib.s.28. Vesting under in place of conveyance by heir, or devisee of heir, etc., or personal representative of mortgagee. Ib.s.29. Vesting order consequential on judgment for sale or mortgage of land. 56 & 57 Vict.c. 53 s. 30. Vesting order consequential on judgment for specific performance, etc. Ib.s.31. Effect of vesting order. Ib.s.32. Power to appoint person to convey. Ib.s.33. Vesting order as to stock and chose in action. 56 & 57 Vict.c. 53 s. 35. See Ordinance No. 10 of 1899. Persons entitled to apply for order. 56 & 57 Vict.c. 53 s. 36. Powers of new trustee appointed by court. Ib.s.37. Power to charge costs of order, etc., on trust estate. Ib.s.38. Trustees of charities. Ib.s.39. Order made upon certain allegations to be conclusive evidence. 56 & 57 Vict.c. 53 s. 40. Power to give judgment in absence of trustee. Ib.s.43. Power to sanction sale of land or minerals separately. Ib.s.44 and 57 & 58 Vict.c. 10 s.3. Power to make beneficiary indemnify trustee for breach of trust. 56 & 57 Vict.c. 53 s. 45. Trust estate not affected by trustee becoming a convict. Ib.s.48. Power for trustee, etc., to apply to the Court for advice as to management of trust property. 22 & 23 Vict.c. 35 s. 30. Jurisdiction of the Court to give relief in case of breach of trust. 59 & 60 Vict.c 35 s. 3. Right of trustee to plead statute of limitations. 51 & 52 Vict.c. 59 ss. 1, 8. Indemnity. 56 & 57 Vict.c. 53 s. 49. Present Official Trustee. Section 13. Affidavit to be filed by trustee desiring to pay money to account of, or to deposit shares, etc., in name of, Official Trustee. Directions of payment of money, etc. Investment of moneys. Notice of payment, etc., to cestuis que trustent. Applications relating to fund. Notice to trustee of application by cestui que trust. Notice to cestuis que trustent of application by trustee. Place for service on applicant. Title of petition, etc.

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

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1901

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