AND 1901.]
TRUSTEES.
[No. 5.
833
any consent required by the instrument, if any, creating the trust with respect to the investment of the trust funds.
Part II
56 & 57 Vict. c. 53 s. 4.
17. The preceding sections of this Part shall apply as well to trusts created before as to trusts created after the commencement of this Ordinance, and the powers thereby conferred shall be in addition to the powers conferred by the instrument, if any, creating the trust.
18.(1.) A trustee having power to invest in real securities, unless expressly forbidden by the instrument creating the trust, may invest, and shall be deemed to have always had power to invest,
(a.) on mortgage of property in the United Kingdom held for an unexpired term of not less than two hundred years, and not subject to a reservation of rent greater than a shilling a year, or to any right of redemption, or to any condition for re-entry, except for non-payment of rent;
(b) on mortgage of property in this Colony held under Crown lease for an unexpired term of not less than fifty years;
(c) on any charge, or on mortgage of any charge, made under the Improvement of Land Act, 1864.
(2.) A trustee having power to invest in the mortgages or bonds of any railway company or of any other description of company may, unless the contrary is expressed in the instrument authorizing the investment, invest in the debenture stock of a railway company or such other company as aforesaid.
(3) A trustee having power to invest money in the debentures or debenture stock of any railway or other company may, unless the contrary is expressed in the instrument authorizing the investment, invest in any nominal debentures or nominal debenture stock issued under the Local Loans Act, 1875.
Enlargement of express powers of investment. Ib. s. 5.
27 & 28 Vict. c. 114.
38 & 39 Vict. c. 83.
(4) A trustee having power to invest money in securities in the Isle of Man, or in securities of the Government of a British Colony, may, unless the contrary is expressed in the instrument authorizing the investment, invest in any securities of the Government of the Isle of Man, under the Isle of Man Loans Act, 1880.
(5.) A trustee having a general power to invest trust moneys in or upon the security of shares, stock, mortgages, bonds, or debentures of companies incorporated by or acting under the authority of an Act of Parliament or Ordinance may invest in, or upon the security of, mortgage debentures duly issued under and in accordance with the provisions of the Mortgage Debenture Act, 1865.
43 & 44 Vict. c. 8.
28 & 29 Vict. c. 78.
19. A trustee having power to invest in the purchase of land or on mortgage of land may invest in the purchase or on mortgage of any land, notwithstanding...