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(g) "Mortgage" and "mortgagee" include and relate to every estate and interest regarded in equity as merely a security for money, and every person deriv- ing title under the original mortgagee.
(h) "Pay" and "payment" as applied in relation to stocks and securities and in connexion with the ex- pression "into court" include the deposit or transfer of the same in or into court.
("Personal representative" means the executor, original or by representation, or administrator for the time being of a deceased person.
(1) Person of unsound miud" means any person, nou a minor, who not having been found to be a lunatic is incapable from infirmity of mind of manag- ug his own affairs.
(k) Possession" includes receipt of rents and pro- fits or the right to receive the same, if any; and "possessed" applies to receipt of income of and to any vested estate less than a life interest in possession er in expectancy in any land. "Income" includes rents and profits.
(1) "Property" includes movable and immovable property, and any estate, share and interest in any property, movable or immovable, and any debt, and any thing in action, and any other right or interest, whether in possession or not.
(m) "Rights" include estates and interests.
(n) "Sale" includes an exchange.
(o) "Securities" include stocks, funds and shares, and so far as relates to payments into court has the Same meaning as in the enactments relating to funds in court; and "securities payable to bearer" includes securities transferable by delivery or by delivery and endorsement.
(p) "Stock" includes fully paid up shares, and, so far as relates to vesting orders made by the court under this Ordinance, includes any fund, annuity, or security transferable in books kept by any corporation, company or society, or by instrument or transfer either alone or accompanied by other formalities, and any share or interest therein.
(q) "Transfer", in relation to stock or securities, in- cludes the performance and execution of every deed, power of attorney, act, and thing on the part of the transferor to effect and complete the title in the trans- feree.
ex-
(r) "Trust" does not include the duties incident to an estate conveyed by way of mortgage, but with this exception the expression "trust" and "trustee” tend to implied and constructive trusts, and to cases where the trustee has a beneficial interest in the trust property, and to the duties incident to the office of a personal representative, and "trustee" where the con- text admits includes a personal representative, and "new trustee" includes an additional trustee.
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(8) "Trust corporation' means the Public Trustee in England or a corporation appointed by the court in any particular case to be a trustee (if authorised by its constitution to act as trustee) or any Trust Com- pany registered under Part VIII of this Ordinance.
(t) Trust for sale", in relation to land, means an immediate binding trust for sale, whether or not exer- cisable at the request or with the consent of any per- son, and with or without power at discretion to post- pone the sale; and "trustees for sale" means the persons (including a personal representative) holding land on trust for sale.
(u) "United Kingdom" means the United Kingdom of Great Britain and Northern Ireland.
;
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Application
3. (1) This Ordinance, except where otherwise expressly provided, applies to trusts including, so far of as this Ordinance applies thereto, executorships and Ordinance, administratorships constituted or created either before 15 Geo. 5, or after the commencement of this Ordinance.
(2) The powers conferred by this Ordinance on trustees are in addition to the powers conferred by the instrument, if any, creating the trust, but those powers, unless otherwise stated, apply if and so far only as a contrary intention is not expressed in the instrument, if any, creating the trust, and have effect subject to the terms of that instrument.
(3) This Ordinance does not affect the legality or validity of anything done before the commence- ment of this Ordinance, except 8.8 otherwise expressly provided.
PART II.
INVESTMENTS.
c. 19, s. 69.
4. A trustee may invest any trust funds in his Authorised hands whether at the time in a state of investment investments.
15 Geo. 6, c. 19, s. 1.
or not, in manner following:-
(a) in any
manner authorised by the Trustee Act, 1925, or in any manner which may be authorised by any Act amending or replacing the said Act;
(b) in any Government securities of the Colony;
(c) on mortgage of property in the Colony held under Crown lease for an unexpired term of not less than fifty years including the term, if any, for which such Crown lease can be renewed without premium at the option of the lessee;
(d) in any securities authorised by the court, on summary application for that purpose made in chambers.
5. A trustee may retain until redemption any re- Retention of deemable stock, fund, or security which may have redeemable been purchased in accordance with the powers of this stocks until Ordinance, or any Ordinance replaced by this Ordin- redemption.
ance.
15 Geo. 5, c. 19, s. 2,
6. Every power conferred by sections 4 and 5 shall Discretion of be exercised according to the discretion of the trustee, trustees. but subject to any consent or direction with respect 15 Geo. 5, to the investment of the trust funds, required by the . 19, s. 3. instrument, if any, creating the trust or by any Ordinance,
7. A trustee shall not be liable for breach of trust Power to by reason only of his continuing to hold an invest- retain ment which has ceased to be an investment authorised investment by the trust instrument or by the general law. which has
ceased to be authorised.
15 Geo. 5,
c. 19, s. 4.
8. (1) A trustee may, unless expressly prohibited Investment by the instrument creating the trust, retain or invest in bearer in securities payable to bearer which, if not so pay- 15 Geo. 5, securities. able, would have been authorised investments.
c. 19, s. 7.
(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.
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