TRUSTEES.
No. 5 of 1901.
1335
(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.
[28 & 29 Vict. c. 78.]
C. 53 s. 6.
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 the same is charged with a rent under the powers of the Public Money Drainage Acts, 1846 to 1856, or the Landed Property Improvement (Ireland) Act, 1847, or by an absolute order made under the Improvement of Land Act, 1864, unless the terms of the trust expressly provide that the land to be purchased or taken in mortgage shall not be subject to any such prior charge.
[9 & 10 Vict. c. 101; 10 & 11 Vict. c. 11; 11 & 12 Vict. c. 119; 13 & 14 Vict. c. 31; 19 & 20 Vict. c. 9; 27 & 28 Vict. c. 114.]
Trustees not to convert
20.—(1) A trustee, unless authorised by the terms of his trust, shall not apply for or hold any certificate to bearer issued under the authority of any of the following Acts—
(a) the India Stock Certificate Act, 1863;
(b) the National Debt Act, 1870;
(c) the Local Loan Act, 1875; and
(d) the Colonial Stock Act, 1877.
stock into certificates to bearer.
[56 & 57 Vict. c. 53 s. 7; 26 & 27 Vict. c. 73; 33 & 34 Vict. c. 71; 38 & 39 Vict. c. 83; 40 & 41 Vict. c. 59.]
(2) Nothing in this section shall impose on the Bank of England or the Bank of Ireland, or on any person authorised to issue any such certificates, any obligation to inquire whether a person applying for such a certificate is or is not a trustee, or subject them to any liability in the event of their granting any such certificate to a trustee, or invalidate any such certificate, if granted.
*
(*See however the subsequent Ordinance No. 20 of 1901.)
Loans and investments not chargeable as breaches of trust.
21. (1) A trustee lending money on the security of any property on which he can lawfully lend shall not be chargeable with breach of trust by reason only of the proportion borne by the amount of the loan to the value of the property at the time when the loan was made, provided that it appears to the Court that, in making the loan, the trustee was acting upon a report as to the value of the property made by a person whom he reasonably believed to be an expert.
[56 & 57 Vict. c. 53 s. 8.]
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