477
(8) The provisions of this section relating 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.
(9) Where a lunatic or person of unsound mind, being a trustee, is also entitled in possession to some beneficial interest in the trust property, no appoint- ment 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 Supple- whole or any part of trust property--
mental provisions
the as to
appoint-
(a) the number of trustees may, subject to
restrictions imposed by this Ordinance on the ment of 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 the trust property, 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 trustees, or, if only one trustee was originally appoint- ed, then, save as hereinafter provided, one separate trustee may be appointed; and
new
(c) it shall not be obligatory, save as hereinafter
provided, to appoint more than one 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 perform 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 authorise the appointment of a sole trustee, not being a trust cor- poration, where the trustee, when appointed, would not be able to give valid receipts for all capital money arising under the trust.
trustees. 15 Geo. 5, c. 19, s. 37.
Evidence
39.-(1) A statement, contained in any instrument coming into operation after the commencement as to a of this Ordinance by which a new trustee is appointed vacancy in for any purpose connected with land, to the effect that a trust. a trustee has remained out of the Colony for more c. 19, s. 33.
15 Geo. 5, 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 posses- sion, shall, in favour of a purchaser of a legal estate, be conclusive evidence of the matter 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 appointment, shall be valid.