CAP. 29]
Trustee
[1985 Ed.
Retention of redeemable stocks until redemption.
[cf. 1925 c. 19, s. 2.)
Discretion of trustees.
1925 c. 19, s. 3.
Retention of unauthorized investment. 1925 c. 19. s. 4.
Investment in bearer securities.
1925 c. 19, s. 7.
Loans and investments by trustees not chargeable as breaches of trust. 1925 c. 19, s. 8.
(3) The Governor in Council may from time to time by order published in the Gazette amend the Second Schedule.
(Replaced, 48 of 1968, s. 2)
5. A trustee may retain until redemption any redeemable stock, fund, or security which may have been purchased in accordance with the powers of this Ordinance, or any Ordinance replaced by this Ordinance.
6. Every power conferred by sections 4 and 5 shall be exercised according to the discretion of the trustee, but subject to any consent or direction with respect to the investment of the trust funds, required by the instrument, if any, creating the trust or by any Ordinance.
7. A trustee shall not be liable for breach of trust by reason only of his continuing to hold an investment which has ceased to be an investment authorized by the trust instrument or by the general law.
8. (1) A trustee may, unless expressly prohibited by the instrument creating the trust, retain or invest in securities payable to bearer which, if not so payable, would have been authorized investments.
(2) Securities payable to bearer retained or taken as an investment by a trustee (not being a trust corporation) shall, until sold, be deposited by him for safe custody and collection of income with a banker or banking company.
(3) A direction that investments shall be retained or made in the name of a trustee shall not, for the purposes of this section, be deemed to be such an express prohibition as aforesaid.
(4) A trustee shall not be responsible for any loss incurred by reason of such deposit, and any sum payable in respect of such deposit and collection shall be paid out of the income of the trust property.
9. (1) A trustee lending money on the security of any property on which he can properly 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, if it appears to the court-
(a) that immediately prior to the making of the loan the trustee obtained a report as to the value of the property made by a person whom he reasonably believed to be an able practical surveyor or valuer instructed and employed independently of any owner of the property, whether such surveyor or valuer carried on business in the locality where the property is situate or elsewhere; and (Amended, 48 of 1968, s. 3)