ORDINANCE No. 7 of 1873.
Property and Trustees Relief.
the persons paying such money from seeing to the application thereof, or from being answerable for any loss or misapplication thereof.
Powers to executors to compound.
22. It shall be lawful for any executors to pay any debts or claims upon any evidence that they may think sufficient and to accept any composition, or any security, real or personal, for any debts due to the deceased, and to allow any time for payment of any such debts as they shall think fit, and also to compromise, compound or submit to arbitration all debts, accounts, claims and things whatsoever relating to the estate of the deceased, and for any of the purposes aforesaid to enter into, give and execute such agreements, instruments of composition, releases and other things, as they shall think expedient, without being responsible for any loss to be occasioned thereby.
In what cases powers hereby conferred shall not take effect.
Executors may compound, &c. [23 & 24 Vic., c. 145, s. 30]
Powers, &c., hereby given may be negatived by express declaration. [23 & 24 Vic., c. 145, s. 39.]
23. None of the powers or incidents hereby conferred or annexed to particular offices, estates, or circumstances shall take effect or be exerciseable if it is declared in the deed, will, or other instrument creating such offices, estates, or circumstances, that they shall not take effect, and where there is no such declaration, then if any variations or limitations of any of the powers or incidents hereby conferred or annexed are contained in such deed, will, or other instrument, such powers or incidents shall be exerciseable or shall take effect only subject to such variations or limitations.
Extent of powers hereby conferred. [23 & 24 Vic., c. 145, s. 33.]
24. Nothing in this Ordinance contained shall be deemed to empower any trustees or other persons to deal with or affect the estates or rights of any persons soever, except to the extent to which they might have dealt with or affected the estates or rights of such persons if the deed, will or other instrument under which such trustees or other persons are empowered to act had contained express powers for such trustees or other persons so to deal with or affect such estates or rights.
Application of Ordinance.
25. The provisions of this Ordinance shall extend to persons entitled or acting under a deed, will, codicil, or other instrument executed as well before as after passing thereof.
Provisions retrospective.
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