464
(2) Trustees may apply capital money subject to a trust in payment of the calls on any shares subject to the same trust.
Power of trustees for sale to sell by auction, &c.
15 Geo. 5, c 19, s. 12.
Power to
sell subject to depre- ciatory conditions. 15 Geo. 5, 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.
PART III.
GENERAL POWERS OF TRUSTEES AND PERSONAL REPRESENTATIVES.
General Powers.
13. (1) Where a trust for sale or a power of sale of property is vested in a trustee, he may sell or con- cur 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 re- specting 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.-(1) No sale made by a trustee shall be im- peached by any beneficiary upon the ground that any of the conditions 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 execu- tion 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 the commencement of this Ordinance.
15.-(1) The receipt in writing of a 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 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 mis- application 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 trus- tees acting together, or, subject to the restrictions imposed in regard to receipts by a sole trustee not being a trust corporation, a sole acting trustee where by the instrument, if any, creating the trust, or by