THE HONGKONG GOVERNMENT GAZETTE, 19TH APRIL, 1873.
may be
c. 145, s. 25,
Securities in England, or in real Securities in any Part of the United Kingdom, or on East India Stock, or on the Stock of East invested. Indian Railways guaranteed by the Government of India, and, by [23 & 24 Vic., leave of the Court, in any Securities or Investments within the and 22 & 23, Colony which the Court shall sanction and approve, and such vic., c. 35, s. Trustees shall also be at Liberty, at their Discretion, to call in any 32.] Trust Funds invested in any other Securities than as aforesaid, and to invest the same on any such Securities as aforesaid, and also, from Time to Time, at their Discretion, to vary any such Investments as aforesaid for others of the same Nature; and such Trustees shall not be liable on that Account as for a Breach of Trust, if such Investment shall in other Respects be reasonable and proper: Pro- vided always, that no such original Investment as aforesaid (except in the three per cent Consolidated Bank Annuities) and no such Change of Investment as aforesaid, shall be made where there is a Person under no Disability entitled in Possession to receive the income of the Trust Fund for his Life, or for a Term of Years determinable with his Life, or for any greater Estate, without the Consent in writing of such Person.
Maintenance and Education of Infants.
of Property of
C.
XV. In all Cases where any Property is held by Trustees in Trustees may Trust for an Infant, either absolutely or contingently on his at- apply Income taining the Age of Twenty-one Years, or on the Occurrence of any Infants, &c., Event previously to his attaining that Age, it shall be lawful for for their such Trustees, at their sole Discretion, to pay to the Guardians (if Maintenance. any) of such Infant, or otherwise to apply for or towards the [23 & 24 Vie., Maintenance or Education of such Infant, the whole or any Part . 145, s. 26. ] of the Income to which such Infant may be entitled in respect of such Property, whether there be any other Fund applicable to the same Purpose, or any other Person bound by Law to provide for such Maintenance or Education or not, and such Trustees shall accumulate all the Residue of such Income by Way of compound Interest, by investing the same and the resulting Income thereof from Time to Time in proper Securities, for the Benefit of the Person who shall ultimately become entitled to the Property from which such Accumulations sld have arisen: Provided always, that it shall be lawful for such Trustees at any Time, if it shall appear to them expedient, to apply the whole or any Part of such Accumulations as if the same vere Part of the Income arising in the then current Year.
Appointment of New Trustees
of new Trustees
XVI. Whenever any Trustee, either original or substituted, Frovisions for and whether appointed by the Supreme Court or otherwise, shall Appointment die, or desire to be discharged from, or refuse, or become unfit or on Death, &c. incapable to act in the Trusts or Powers in him reposed, before [23 & 24 Vic., the same shall have been fully discharged and performed, it shall e. 145, s. 27.] be lawful for the Person or Persons nominated for that Purpose by the Deed, Will, or other Instrument creating the Trust (if any) or if there be no such Person, or no such Person able and willing to act, then for the surviving or continuing Trustees or Trustee for the Time being, or the acting Executors, or Executor or Admini- strators, or Administrator of the last surviving and continuing Trustee, or for the last retiring Trustee, by Writing, to appoint any other Person or Persons to be a Trustee or Trustees in the Place of the Trustee or Trustees so dying, or desiring to be discharged, or refusing or becoming unfit or incapable to act as aforesaid; and so often as any new Trustee or Trustees shall be so appointed as aforesaid, all the Trust Property (if any) which for the Time being shall be vested in the surviving or continuing Trustees or Trustee or in the Heirs, Executors, or Administrators of any Trustee, shall with all convenient Speed be cor.veyed, assigned and transferred, so that the same may be legally and effectually vested in such new Trustee or Trustees, either solely or jointly with the surviving or continuing Trustees or Trustee, as the Case may require; and every new Trustee or Trustees to be appointed as aforesaid, as well before as after such Conveyance or Assignment as aforesaid, and also every Trustee appointed by the Supreme Court either before or after the Passing of this Ordinance, shall have the same Powers, Authorities and Discretions and shall in all Respects act as if he had been originally nominated a Trustee by the Deed, Will, or other Instrument creating the Trust.
XVII. The Power of appointing new Trustees hereinbefore Appointment contained may be exercised in Cases where a Trustee nominated in of new Trustees a Will has died in the Lifetime of the Testator.
Trustee's Receipts.
in Cases herein nained. [23 & 24 Vic., c. 145, s. 28.]
Discharges.
XVIII. The Receipts in Writing of any Trustees or Trustee Trustee's for any Money payable to them or him by reason or in the Receipts to be Exercise of any Trusts or Powers reposed or vested in them or [23 & 24 Vie., him shall be sufficient Discharges for the Money therein expressed c. 145, s. 29.] to be received, and shall effectually exonerate the Persons paying such Money from seeing to the Application thereof, or from being answerable for any Loss or Misapplication thereof.
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