40
CAP. 29]
Administration
of trust estate.
1847 c. 96, s. 2.
Charges upon
trust estate
administered by Official Trustee.
General rights and powers of Official Trustee.
1906 c. 55, s. 11(2),
Trustee
[1985 Ed.
72. (1) Such orders as may seem fit shall be made by the court in respect of the trust estate and for the investment 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 administration 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.
(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.
73. (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 of the net value of the trust estate—10 per cent where the value of the trust estate does not exceed $100,000, or, where the value exceeds $100,000, 10 per cent on the first $100,000 and 5 per cent on the excess.
(2) The said charge shall constitute a primary lien upon the trust estate, and shall be levied, in the case of trust moneys deposited in a bank, by an order of the court, authorizing the payment thereof to the Official Trustee for the use of the Crown, and in the case of securities or land, by sale, mortgage, or otherwise as the court may direct, and in case of any such sale or mortgage, the court may, by the same or any further order, empower the Official Trustee to execute all instruments necessary for carrying out this provision, and instruments so executed shall be as valid and effectual to all intents and purposes as if the same had been executed by all persons who, but for this provision, would have been necessary parties thereto.
(3) There shall also be imposed and levied, for the use of the Crown, upon every such estate a charge equivalent to 5 per cent of the annual revenue of the trust estate. The Official Trustee shall deduct such charge in making up the annual accounts of the estate. (Amended, 27 of 1985, s. 2)
74. (1) In the administration of any trust estate, the Official Trustee shall have and may exercise all the rights and powers conferred upon trustees by this Ordinance, so far as they are applicable to such trust estate.
(2) The Official Trustee may, subject to any rules that may be made under section 76, employ for the purposes of any trust such solicitors, bankers, accountants, brokers or other persons, as he may consider necessary, and, in determining the persons to be employed