9
(b) in any other case, shall be held upon trusts corresponding as nearly as may be with the trusts affecting the property in respect of which it was payable.
(4) Such money, or any part thereof, may also be applied by the trustees, or, if in court, under the direction of the court, in rebuilding, reinstating, replacing, or repairing the property lost or damaged, but any such application by the trustees shall be subject to the consent of any person whose consent is required by the instrument, if any, creating the trust to the investment of money subject to the trust.
(5) Nothing contained in this section shall prejudice or affect the right of any person to require any such money or any part thereof to be applied in rebuilding, reinstating, or repairing the property lost or damaged, or the right of any mortgagee, lessor, or lessee, whe ther under any statute or otherwise.
(6) This section applies to policies effected either before or after the commencement of this Ordinance, but only to money received after such commencement.
Deposit of
23. Trustees may deposit any documents held by them relating to the trust, or to the trust property, documents with any banker or banking company or any other for safe company whose business includes the undertaking of custody. the safe custody of documents, and any sum payable 15 Geo. 5, in respect of such deposit shall be paid out of the income of the trust property.
c. 19, s. 21.
24.—(1) Where trust property includes any share Reversionary or interest in property not vested in the trustees, or interests, the proceeds of the sale of any such property, or any valuations other thing in action, the trustees on the same falling 15 Geo. 5, into possession, or becoming payable or transferable c. 19, s. 22.
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 authorised investments;
(c) allow any deductions for duties, costs, charges and expenses which they may think proper or rea- sonable;
(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 pro- perty 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
and audit.
13