ORDINANCE No. 7 OF 1873.
Property and Trustees Relief.
East India Stock, or on the stock of East Indian Railways guaranteed by the Government of India, and, by leave of the Court, in any securities or investments within the Colony which the Court shall sanction and approve, and such trustees shall also be at liberty, at their discretion, to call in any 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: Provided 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.
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and 22 & 23, 32.]
Vict., c. 35, §.
Trustees may apply income of property of infants, &c., for their maintenance. [23 & 24 Vic., c. 145, s. 26.]
18. In all cases where any property is held by trustees in trust for an infant, either absolutely or contingently on his attaining the age of twenty-one years, or on the occurrence of any event previously to his attaining that age, it shall be lawful for such trustees, at their sole discretion, to pay to the guardians (if any) of such infant, or otherwise to apply for or towards the maintenance or education of such infant, the whole or any part 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 shall 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 were part of the income arising in the then current year.