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Power to employ agents. 15 Geo. 5, c. 19, s. 23.
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interested under the trust, and unless also due pro- vision is made to their satisfaction for payment of the costs of any proceedings required to be taken:
Provided that nothing in this sub-section shall re- lieve the trustees of the obligation to get in and obtain payment or transfer of such share or interest or other thing in action on the same falling into possession.
(3) Trustees may, for the purpose of giving effect to the trust, or any of the provisions of the instru- ment, if any, creating the trust or of any statute, from time to time (by duly qualified agents) ascertain and fix the value of any trust property in such man- ner as they think proper, and any valuation so made in good faith shall be binding upon all persons terested under the trust.
in-
(4) Trustees may, in their absolute discretion, from time to time, but not more than once in every year unless the nature of the trust or any special dealings with the trust property make a more frequent exercise of the right reasonable, cause the accounts of the trust property to be examined or audited by an in- dependent accountant, and shall, for that purpose, produce such vouchers and give such information to him as he may require; and the costs of such examina- tion or audit, including the fee of the auditor, shall be paid out of the capital or income of the trust property, or partly in one way and partly in the other as the trustees, in their absolute discretion, think fit, but, in default of any direction by the trustees to the con- trary in any special case, costs attributable to capital shall be borne by capital and those attributable to income by income.
25.-(1) Trustees or personal representatives may, instead of acting personally, employ and pay an agent, whether a solicitor, banker, stockbroker, or other person, to transact any business or do any act required to be transacted or done in the execution of the trust, or the administration of the testator's or intestate's estate, including the receipt and payment of money, and shall be entitled to be allowed and paid all charges and expenses so incurred, and shall not be responsible for the default of any such agent if employed in good faith.
(2) Trustees or personal representatives may ap point any person to act as their agent or attorney for the purpose of selling, converting, collecting, getting in, and executing and perfecting insurances of, or managing or cultivating, or otherwise administering any property, movable or immovable, subject to the trust or forming part of the testator's or intestate's estate, in any place outside the Colony, or executing or exercising any discretion or trust or power vested in them in relation to any such property, with such ancillary powers, and with and subject to such pro- Visions and restrictions as they may think fit, includ. ing a power to appoint substitutes, and shall not, by reason only of their having made such appointment, be responsible for any loss arising thereby.
(3) Without prejudice to such general power of ap- pointing agents as aforesaid—--
(a) a trustee may appoint a solicitor to be his agent to receive and give a discharge for any money or valuable consideration or property receivable by the trustee under the trust, by permitting the solicitor to have the custody of, and to produce, a deed having in the body thereof or endorsed thereon a receipt for such money or valuable consideration or property, the deed being executed, or the endorsed re- ceipt being signed, by the person entitled to give a receipt for that consideration;
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(b) a trustee shall not be chargeable with breach of trust by reason only of his having made or concurred in making any such appoint- ment; and the production of any such deed by the solicitor shall have the same statutory validity and effect as if the person appointing the solicitor had not been a trustee;
(c) a trustee may appoint a banker or solicitor to be his agent to receive and give a discharge for any money payable to the trustee under or by virtue of a policy of insurance, by per- mitting the banker or solicitor to have the custody of and to produce the policy of insurance with a receipt signed by the trustee, and a trustee shall not be chargeable with a breach of trust by reason only of his having made or concurred in making any such appointment:
Provided that nothing in this sub-section shall ex- empt a trustee from any liability which he would have incurred if this Ordinance and any enactment replaced by this Ordinance had not been passed, in case be permits any such money, valuable consideration, or property to remain in the hands or under the control of the banker or solicitor for a period longer than is reasonably necessary to enable the banker or solicitor, as the case may be, to pay or transfer the same to the trustee.
This sub-section applies whether the money or valu- able consideration or property was or is received before
or after the commencement of this Ordinance,
26. Where an undivided share in the proceeds of Power to sale of land directed to be sold, or in any other pro- concur with perty, is subject to a trust, or forms part of the estate others. of a testator or intestate, the trustees or personal 15 Geo. 5.
c. 19, s. 24, representatives may (without prejudice to the trust for sale affecting the entirety of the land and the powers of the trustees for sale in reference thereto) execute or exercise any trust or power vested in them in relation to such share in conjunction with the per- sons entitled to or having power in that behalf over the other share or shares, and notwithstanding that any one or more of the trustees or personal represen. tatives may be entitled to or interested in any such other share, either in his or their own right or in a fiduciary capacity.
27.-(1) A trustee intending to remain out of the Power to Colony for a period exceeding one month may, not- delegate withstanding any rule of law or equity to the contrary, trusts during by power of attorney, delegate to any person (includ- absence ing a trust corporation) the execution or exercise dur- 15 Geo. 5, ing his absence from the Colony of all or any trusts, c. 19, s. 25. powers and discretions vested in him as such trustee, either alone or jointly with any other person or per-
Bons:
Provided that a person being the only other co- trustee and not being a trust corporation shall not be appointed to be an attorney under this sub-section.
(2) The donor of a power of attorney given under this section shall be liable for the acts or defaults of the donee in the same manner as if they were the acts or defaults of the donor
(3) The power of attorney shall not come into opera- tion unless and until the donor is out of the Colony and shall be revoked by his return.
(4) The power of attorney shall be attested by at least one witness, and shall be deposited in the Registry of the Supreme Court within ten days after the execution thereof, or where not executed in the
abroad.
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