Protection
in regard to notice. 15 Gen. 5, c. 19, s. 28.
Exoneration
of trustees in respect of certain powers of attorney. 15 Geo. 5. c. 19, s. 29.
472
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 sub- ject to any disability or bankrupt 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 effect 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 pay- ment is made as he would have had against the trustee.
Implied
32.—(1) A trustee shall be chargeable only for indemnity of money and securities actually received by him not-
trustees.
15 Geo. 5, c. 19, s. 30.
withstanding 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, 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 in- curred in or about the execution of the trusts or powers.
Power to
Maintenance, Advancement and Protective Trusts.
33.-(1) Where any property is held by trustees in apply income trust for any person for any interest whatsoever, whe- ther vested or contingent, then, subject to any prior interests or charges affecting that property——
for
maintenance
and to
accumulate
surplus income during a minority. 15 Geo. 5. c. 19, s. 31.
(i) during the infancy of any such person, if his interest 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 maintenance, education or bene- fit, 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
(a) any other fund applicable to the
same purpose; or
(b) any person bound by law to provide for his maintenance or education; and
(i) 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 ac- cretion thereto under sub-section (2) of this section to him, until he either attains a vested interest therein or dies, or until failure of his interest: