1324
Order for payment, etc., by
majority of
trustees
without
concurrence
of others.
No. 5 of 1901.
TRUSTEES.
8. (1) Where any moneys or securities, or any land, are or is vested in any persons as trustees, and the majority of them are desirous of paying, transferring, depositing, or conveying the same as aforesaid, but the concurrence of the other or others cannot be obtained, the court may order the 56 & 57 Vict. payment, transfer, deposit, or conveyance to be made by the majority without the concurrence of the other or others; and where any such moneys or securities are deposited with any banker, broker, or other depositary, the court may order payment or delivery of the moneys or securities to the majority of the trustees for the purpose of payment into
c. 53, s. 42,
Administra- tion of trust estate.
c. 96, s. 2.
court.
(2) Every payment, transfer, deposit delivery, and con- veyance made in pursuance of any such order shall be valid and take effect as if the same had been made on the authority or by the act of all the persons entitled to the moneys, securities, or land so paid, transferred, deposited, delivered, or conveyed.
9.-(1) Such orders as may seem fit shall be made by the court in respect of the trust estate and for the investment 10 & 11 Vict. and payment of any such moneys or of any dividends or interest on any such securities, and for the transfer and delivery out of any such securities, and for the administra- tion of any such trust generally, upon a petition to be presented in a summary way to the court by such party or parties as to the court may appear to be competent and necessary in that behalf, and service of such petition shall be made on such person or persons as the court may see fit and direct.
Charges
upon trust
estate ad-
(2) Every order made upon any such petition shall have the same authority and effect, and shall be enforced in the same manner, as if the same had been made in an action regularly instituted in the court.
(3) If in any case it appears that the trust estate cannot be safely administered without the institution of one or more action or actions, the court may direct any such action or actions to be instituted.
10.-(1) There shall be imposed and levied for the use of the Crown upon every trust estate administered under this Part a charge equivalent to the following percentage on the net value of the trust estate:-two per cent. where the value
Official Trustee.
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