489
estate
73.-(1) There shall be imposed and levied for the Charges use of the Crown upon every trust estate administered upon trust under this Part of this Ordinance a charge equivalent administer- to the following percentage on the net value of the ed by trust estate:-two per cent. where the value of the Official trust estate does not exceed ten thousand dollars, and Trustee. 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, authorising 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 other- wise 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 pro- vision, 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.
powers of
74.-(1) In the administration of any trust estate, General the Official Trustee shall have and may exercise all the rights and rights and powers conferred upon trustees by this Official Ordinance, so far as they are applicable to such trust Trustee. estate.
(2) The Official Trustee may, subject to any rules 6 Ed. 7, that may be made under section 76, employ for the c. 55,
s. 11 (2). purposes of any trust such solicitors, bankers, account- ants, brokers or other persons, as he may consider necessary, and, in determining the persons to be em- ployed in relation to any trust, he shall have regard to the interests of the trust, but subject to this he 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 express- ed or implied by the practice of the creator of the trust, or in the previous management of the trust.
of Official
75. The Official Trustee shall incur no personal Limitation liability by reason of any securities being transferred of liability into his name as aforesaid, or by reason of any land Trustee. 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 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 a
aforesaid.
76. The rules contained in the First Schedule shall Rules for be observed in proceedings under the provisions of administra
tion of this Part of this Ordinance relating to the adminis trust funds. tration of trust funds, subject to the repeal or varia- tion thereof under the powers vested in the court in relation to the making of general rules and orders.
First
Schedule.