1985 Ed.]
Trustee
[CAP. 29
15
(6) This section applies to policies effected either before or after the commencement of this Ordinance, but only to money received after such commencement.
23. Trustees may deposit any documents held by them relating to the trust, or to the trust property, with any banker or banking company or any other company whose business includes the undertaking of the safe custody of documents, and any sum payable in respect of such deposit shall be paid out of the income of the trust property.
24. (1) Where trust property includes any share or interest in property not vested in the trustees, or the proceeds of sale of any such property, or any other thing in action, the trustees on the same falling into possession, or becoming payable or transferable may---
(a) agree or ascertain the amount or value thereof or any part thereof in such manner as they may think fit;
(b) accept in or towards satisfaction thereof, at the market or current value, or upon any valuation or estimate of value which they may think fit, any authorized investments;
(c) allow any deductions for duties, costs, charges and expenses which they may think proper or reasonable;
(d) execute any release in respect of the premises so as effectually to discharge all accountable parties from all liability in respect of any matters coming within the scope of such release, without being responsible in any such case for any loss occasioned by any act or thing so done by them in good faith.
(2) The trustees shall not be under any obligation and shall not be chargeable with any breach of trust by reason of any omission--
(a) to apply for any stop or other like order upon any securities or other property out of or on which such share or interest or other thing in action as aforesaid is derived, payable or charged; or
(b) to take any proceedings on account of any act, default, or neglect on the part of the persons in whom such securities or other property or any of them or any part thereof are for the time being, or had at any time been, vested, unless and until required in writing so to do by some person, or the guardian of some person, beneficially interested under the trust, and unless also due provision is made to their satisfaction for payment of the costs of any proceedings required to be taken:
Provided that nothing in this subsection shall relieve the trustees of the obligation to get in and obtain payment or transfer of such share or interest or other thing in action on the same falling into possession.
Deposit of documents for safe custody.
1925 c. 19. s. 21.
Reversionary interests, valuations, and audit.
1925 c. 19. s. 22.