CO129-548-9 Trustee Ordinance 1934 21-7-1934 - 1-8-1934 — Page 38

(b) Trustees, when

lending money, may contract that the

money shall not be called in during any period not exceeding seven years. On a sale of land, they may contract that the

payment of a part, not exceeding two-thirds, of the purchase

Where money shall be secured by mortgage of the land sold. securities of a company are subject to a trust, the trustees may concur in any arrangement for the reconstruction of the company, for the sale of any of its property to another com- pany or for its amalgamation with another company, and, if any preferential right is offered to the trustees in respect

of their holding, they may exercise or renounce or assign

it (s.11).

(c)

Trustees are given power to deposit money at a bank and to pay calls out of capital money (s.12).

(a) A sole trustee, not being a trust corporation, will not be able to give a valid receipt for the proceeds of sale or other capital money arising under a disposition on trust for the sale of land, notwiths tand ing anything to the contrary in the instrument creating the trust (s.15).

49

(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 al-

ways to have had, power to raise the money required by sale

or mortgage, notwithstanding any thing to the contrary con-

tained in the trust instrument.

trustees of a charity (s.18).

This does not apply to

(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).

(1)

Trustees and personal representatives may employ

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