CO129-548-9 Trustee Ordinance 1934 21-7-1934 - 1-8-1934 — Page 17

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others of the following persons (that is to say)-

(a) the principal beneficiary and his or her wife or husband, if any, and his or her children or more remote issue, if any; or

(b) if there is no wife or husband or issue of the principal beneficiary in exist- ence, the principal beneficiary and the persons who would, if he were actually dead, be entitled to the trust property or the income thereof or to the annuity fund, if any, or arrears of the annuity, as the case may be;

as the trustees in their absolute discretion, without being liable to account for the exer- cise of such discretion, think fit.

(2) This section does not apply to trusts coming into operation before the commencement of this Ordinance, and has effect subject to any variation of the implied trusts aforesaid contained in the instru- ment creating the trust.

(3) Nothing in this section operates to validate any trust which would, if contained in the instrument creating the trust, be liable to be set aside.

PART IV.

APPOINTMENT AND DISCHARGE OF TRUSTEES.

trustees.

36.-(1) Where, at the commencement of this Limitation Ordinance there are more than four trustees of a settle- of the ment of land or more than four trustees holding land number of on trust for sale, no new trustees shall (except where 15 Geo. 5, as a result of the appointment the number is reduced c. 19, s. 34. to four or less) be capable of being appointed until the number is reduced to less than four, and thereafter the number shall not be increased beyond four.

(2) In the case of settlements and dispositions on trust for sale of land made or coming into opera- tion after the commencement of this Ordinance-

(a) the number of trustees thereof shall not in any case exceed four, and where more than four persons are named as such trustees, the four first named (who are able and willing to act) shall alone be the trustees, and the other persons named shall not be trustees unless appointed on the occurrence of a vacancy; (b) the number of the trustees shall not be in-

creased beyond four.

(3) The restrictions hereby imposed on the number of trustees do not apply in the case of land vested in trustees for charitable, ecclesiastical, or public purposes or where the net proceeds of the sale of the property are held for like purposes.

new or

37.-(1) Where a trustee, either original or sub- Power of stituted, and whether appointed by a court or other- appointing wise, is dead, or remains out of the Colony for more additional than twelve months, or desires to be discharged from trustees. all or any of the trusts or powers reposed in or con- 15 Geo. 5, ferred on him, or refuses or is unfit to act herein, or c 19, s. 36. is incapable of acting therein, or is an infant, then, subject to the restrictions imposed by this Ordinance on the number of trustees-

(a) the person or persons nominated for the pur- pose of appointing new trustees by the instrument if any, creating the trust; or

(b) if there is no such person, or no such person able and willing to act, then the surviving or continuing trustees or trustee for the time being, or the personal representatives of the last surviving or continuing trustee;

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