CO129-541-2 Estimates 1931 14-10-1932 - 19-7-1934 — Page 85

HONG KONG LEGISLATIVE COUNCIL.

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sale of land, notwithstanding anything to the contrary in the instrument creating the trust (s. 15).

(e) A personal representative, or two or more trustees acting together, or in some cases a sole acting trustee, may accept any property before the time at which it is made payable and may sever and apportion blended trust funds (s. 16).

(f) Where trustees are authorised to apply capital money for any purpose, they shall have, and shall be deemed always to have had, power to raise the money required by sale or mortgage, notwithstanding anything to the contrary con- tained in the trust instrument. This does not apply to trustees of a charity (s. 18).

(g) A trustee may insure trust property against loss by fire

and typhoon up to the full value of the property (s. 21).

(h) The application of insurance monies received by trustees is

provided for (s. 22).

(i) Trustees and personal representatives may employ agents to

sell or manage property outside the Colony (s. 25).

(j) Power is given to a trustee, who intends to remain out of the Colony for a period exceeding one month, to delegate to any person by power of attorney the execution or exercise of the trust (s. 27).

(k) Additional protection is afforded to trustees (ss. 28, 29, 30

and 31).

(1) An elaborate maintenance clause is provided and an advance-

ment clause (ss. 33 and 34).

(m) A statutory protective trust is provided similar to that which is often inserted in a will or settlement where the legatee or beneficiary is improvident. It will be sufficient to direct that the fund is to be held on "protective trusts" (s. 35).

(n) In the case of future settlements and dispositions on trust for the sale of land the number of trustees shall not exceed four. In the case of existing trustees, if over four, is to be reduced to four by means of leaving vacancies unfilled--these restrictions are not to apply in the case of land vested in trustees for charitable or public purposes (s. 36).

(0) The donees of a power of appointment of new trustees may appoint themselves, and a new trustee may be appointed in place of an infant. Additional trustees may be appointed, although there is no vacancy, but the number of trustees must not be increased beyond four (s. 37).

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