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Power of trustees for sale to sell by auction, &c.
15 Geo. 5, c. 19, s. 12.
Power to
sell subject to depre- ciatory conditions.
15 Geo. 5, c. 19, s. 13.
Power of
trustees
to give
receipts.
15 Geo. 5,
c. 19, s. 14.
Power to compound liabilities.
15 Geo. 5,
c 19, s. 15.
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(2) Trustees may apply capital money subject to a trust in payment of the calls on any shares subject to the same trust.
PART III.
GENERAL POWERS OF TRUSTEES AND PERSONAL
REPRESENTATIVES.
General Powers.
13. (1) Where a trust for sale or a power of sale of property is vested in a trustee, he may sell or con- cur with any other person in selling all or any part of the property, either subject to prior charges or not, and either together or in lots, by public auction or by private contract, subject to any such conditions re- specting title or evidence of title or other matter as the trustee thinks fit, with power to vary any contract for sale, and to buy in at any auction, or to rescind any contract for sale and to resell, without being answerable for any loss.
(2) A trust or power to sell or dispose of land includes a trust or power to sell or dispose of part thereof, whether the division is horizontal, vertical, or made in any other way.
14. (1) No sale made by a trustee shall be im- peached by any beneficiary upon the ground that any of the conditions subject to which the sale was made may have been unnecessarily depreciatory, unless it also appears that the consideration for the sale was thereby rendered inadequate.
(2) No sale made by a trustee shall, after the execu- tion of the conveyance, be impeached as against the purchaser upon the ground that any of the conditions subject to which the sale was made may have been unnecessarily depreciatory, unless it appears that the purchaser was acting in collusion with the trustee at the time when the contract for sale was made.
(3) No purchaser, upon any sale made by a trustee, shall be at liberty to make any objection against the title upon any of the grounds aforesaid.
(4) This section applies to sales made before or after the commencement of this Ordinance.
15.-(1) The receipt in writing of a trustee for any money, securities, or other personal property or effects payable, transferable, or deliverable to him under any trust or power shall be a sufficient discharge to the person paying, transferring, or delivering the same and shall effectually exonerate him from seeing to the application or being answerable for any loss or mis- application thereof.
(2) This section does not, except where the trustee is a trust corporation, enable a sole trustee to give a valid receipt for the proceeds of sale or other capital money arising under a trust for sale of land.
(3) This section applies notwithstanding anything to the contrary in the instrument, if any, creating the trust.
16. A personal representative, or two or more trus- tees acting together, or, subject to the restrictions imposed in regard to receipts by a sole trustee not being a trust corporation, a sole acting trustee where by the instrument, if any, creating the trust, or by
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statute, a sole trustee is authorised to execute the trusts and powers reposed in him, may, if and as he
or they think fit-
(a) accept any property, before the time at which
it is made transferable or payable; or
(b) sever and apportion any blended trust funds
or property; or
(c) pay or allow any debt or claim on any evid. ence that he or they think sufficient; or (d) accept any composition or any security, for
any debt, or for any property, claimed; or (e) allow any time for payment of any debt; or
compromise, compound, abandon, submit to arbitration or otherwise settle any debt, ac- count claim or thing whatever relating to the testator's or intestate's estate or to the trust;
and for any of those purposes may enter into, give, execute and do such agreements, instruments of com- position or arrangement, releases, and other things as to him or them seem expedient, without being res- ponsible for any loss occasioned by any act or thing
so done by him or them in good faith.
17. (1) A trustee of any leaseholds for lives or Powers of years which are renewable from time to time either trustees of under any covenant or contract, or by custom or usual renewable
leaseholds to practice, may, if he thinks fit, and shall, if thereto
renew and required by any person having any beneficial interest, raise money present or future, or contingent, in the leaseholds, for the use his best endeavours to obtain from time to time purpose.
56 & 57 a renewed lease of the same hereditaments on the Vict. s. 53, accustomed and reasonable terms, and for that pur- s. 19. pose 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; provided that, where by the terms of the settlement or will the person in possession for his life or other limited interest is entitled to enjoy the same without any obligation to renew or to contribute to the expense of renewal, this section shall not apply unless the con- sent in writing of that person is obtained to the renewal on the part of the trustee.
(2) If money is required to pay for the renewal, the trustee affecting the renewal may pay the same out
of any money then in his hands in trust for the per- sons beneficially interested in the lands to be com- prised in the renewal lease, and if he has not in his hands sufficient money for the purpose he may raise the money required by mortgage of the hereditaments to be comprised in the renewed lease, or of any other hereditaments for the time being subject to the uses or trusts to which those hereditaments are subject, and no person advancing money upon & mortgage pur- porting to be under this power shall be bound to see that the money is wanted, or that no more is raised than is wanted for the purpose, or otherwise as to the application thereof.
(3) This section applies to trusts created either be- fore 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.
18. (1) Where trustees are authorised by the in- Power to strument, if any, creating the trust or by law to pay raise money or apply capital money subject to the trust for any by sale, purpose or in any manner, they shall have and shall mortgage, be deemed always to have had power to raise the 15 Geo. 5, money required by sale, conversion, calling in, or c. 19, s. 16. mortgage of all or any part of the trust property for
the time being in possession.
&c.
Page
Page
Page
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Protection to purchasers and
mortgagees dealing with trustees. 15 Geo. 5, c. 19, s. 17.
Devolution
of powers or trusts. 15 Geo. 5, c. 19, s. 18.
Power to insure. 15 Geo. 5,
c. 19, s. 19.
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(2) This section applies notwithstanding anything to the contrary contained in the instrument, if any, creating the trust, but does not apply to trustees of property held for charitable purposes.
19. No purchaser or mortgagee, paying or advanc- ing money on a sale or mortgage purporting to be made under any trust or power vested in trustees, shall be concerned to see that such money is wanted, or that no more than is wanted is raised, or otherwise as to the application thereof.
20.-(1) Where a power or trust is given to or imposed on two or more trustees jointly, the same may be exercised or performed by the survivors or survivor of them for the time being.
(2) Until the appointment of new trustees, the per- sonal representatives or representative for the time being of a sole trustee, or, where there were two or more trustees, of the last surviving or continuing trustee, shall be capable of exercising or performing any power or trust which was given to, or capable of being exercised by, the sole or last surviving or con- tinuing trustee, or other the trustees or trustee for the time being of the trust.
(3) This section takes effect subject to the restric- tions imposed in regard to receipts by a sole trustee, not being a trust corporation.
(4) In this section "personal representative" does not include an executor who has renounced or has not proved.
21.—(1) A trustee may insure against loss or damage by fire and typhoon any building or other in- surable property to any amount, including the amount of any insurance already on foot, up to the full value of the 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.
Application 22.-(1) Money receivable by trustees or any bene- of insurance ficiary under a policy of insurance against the loss or inoney where damage of any property subject to a trust, whether policy kept up under any
by fire or otherwise, shall, where the policy has been trust, power kept up under any trust in that behalf or under any or obligation. power statutory or otherwise, or in performance of any covenant or of any obligation statutory or other- wise, or by a tenant for life impeachable for waste, be capital money for the purpose of the trust as the case may be.
15 Geo. 5, c. 19, s. 20.
(2) If any such money is receivable by any person, other than the trustees of the trust, that person shall use his best endeavours to recover and receive the money, and shall pay the net residue thereof after discharging any costs of recovering and receiving it, to the trustees of the trust, or, if there are no trustees capable of giving a discharge therefor, into court.
(3) Any such money-
(a) if it was receivable in respect of property held upon trust for sale, shall be held upon the trusts and subject to the powers and provisions applicable to money arising by a sale under such trust;
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