1336
Insurance of
building and
payment of premiums.
56 & 57 Vict.
c. 53, s. 18.
Power of
trustee of renewable
No. 5 of 1901.
TRUSTEES.
valuable consideration, or property to remain in the hands or under the control of the solicitor or banker for a period longer than is reasonably necessary to enable the solicitor or banker, as the case may be, to pay or transfer the same to the trustee.
(4) This section applies only where the money or valuable consideration or property is received after the commencement of this Ordinance.
(5) Nothing in this section shall authorise a 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.
30.-(1) A trustee may insure against loss or damage by fire any building or other insurable property to any amount (including the amount of any insurance already on foot) not exceeding three equal fourth parts of the full value of such building or property, and pay the premiums for such insurance out of the income thereof or out of the income of any other property subject to the same trusts, without obtaining the consent of any person who may be entitled wholly or partly to such income.
(2) This section does not apply to any building or property which a trustee is bound forthwith to convey absolutely to any beneficiary upon being requested to do so.
(3) This section applies to trusts created either before or after the commencement of this Ordinance, but nothing in this section shall authorise 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.
31.-(1) A trustee of any leaseholds for lives or years which are renewable from time to time, either under any leaseholds to covenant or contract or by custom or usual practice, may, if he thinks fit, and shall, if thereto required by any person having any beneficial interest, present or future or contingent, in the leaseholds use his best endeavours to obtain from time to time a renewed lease of the same hereditaments on the accustomed and reasonable terms, and for that purpose may from time to time make or concur in making a surrender of the lease for the time being subsisting, and do all such other acts as are requisite for renewing and raising money for the purpose. 56 & 57 Vict. c. 53, s. 19.
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