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No. 5.] THE ORDINANCES OF HONGKONG
Power under settlement to sell or exchange land. 23 & 24 Vict. c. 145 s. 1.
Power to stipulate on sale or exchange. Ib. s. 2.
:
[AD190
obligation to renew or to contribute to the expense of renewal the section shall not apply unless the consent in writing of that person obtained to the renewal on the part of the trustee.
(2.) If money is required to pay for the renewal, the trustee effect the renewal may pay the same out of any money then in his hands in trust for the persons beneficially interested in the lands to be comprised in the renewed lease, and if he has not in his hands sufficient money for the purpose, he may raise the money required by mortgage of the hereditaments to be comprised in the renewed lease or of any other hereditaments for the time being subject to the uses or trusts to which those hereditaments are subject; and no person advancing money upon a mortgage purporting to be under this power shall be bound to see that the money is wanted or that no more is raised than is wanted for the purpose.
(3.) This section applies to trusts created either before or after the commencement of this Ordinance, but nothing in this section shall authorize any trustee to do anything which he is in express terms forbidden to do, or to omit to do anything which he is in express terms directed to do, by the instrument creating the trust.
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32. In all cases where by any will, deed, or other instrument of settlement it is expressly declared that trustees or other persons therein named or indicated shall have a power of sale, either generally or in any particular event, over any land named or referred to in or from time to time subject to the trusts of such will, deed, or other instrument, it shall be lawful for such trustees or other persons, whether the land is vested in them or not, to exercise the power of sale by selling the land either together or in lots, and either by public auction or by private contract and either at one time or several times, and (in case the power expressly authorizes an exchange) to exchange any land which for the time being may be subject to the trusts aforesaid for any other land in the Colony as the case may be, and upon such exchange to give or receive any money for equality of exchange.
33. It shall be lawful for the persons making any such sale or exchange to make special stipulations, either as to title or evidence of title or otherwise, in any conditions of sale, or contract for sale or exchange, as they may think fit, and also to buy in the land or any part thereof at any sale by public auction, and to rescind or vary any contract for sale or exchange, and to resell the land which is so bought in or as to which the contract is so rescinded, without being responsible for any loss which may be occasioned thereby; and no purchaser under any such sale shall be bound to inquire whether the persons making the same may or may not have in contemplation any particular ...
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D 1901.]
TRUSTEES.