212728-1934-Supplementary-Draft-Bills--Exchanges-Trustee-Defence-Contribution-Amendment-Births-and-Deaths-Registration — Page 11

Protection to purchasers and mortgagees dealing with

trustees. 15 Geo. 5, c. 19, s. 17.

Devolution

of powers or trusts. 15 Geo. 5, c. 19, s. 18.

Power to insure.

15 Geo. 5,

c. 19, s. 19.

Application of insurance

noney where policy kept up under any trust, power or obligation.

15 Geo. 5. c 19, s. 20.

466

(2) This section applies notwithstanding anything to the contrary contained in the instrument, if any, creating the trust, but does not apply to trustees of property held for charitable purposes.

19. No purchaser or mortgagee, paying or advanc- ing money on a sale or mortgage purporting to be made under any trust or power vested in trustees, shall be concerned to see that such money is wanted, or that no more than is wanted is raised, or otherwise as to the application thereof.

20.-(1) Where a power or trust is given to or imposed on two or more trustees jointly, the same may be exercised or performed by the survivors or survivor of them for the time being.

(2) Until the appointment of now trustees, the per- soual representatives or representative for the time being of a sole trustee, or, where there were two or more trustees, of the last surviving or continuing trustee, shall be capable of exercising or performing any power or trust which was given to, or capable of being exercised by, the sole or last surviving or con- tinuing trustee, or other the trustees or trustee for the time being of the trust.

(3) This section takes effect subject to the restric- tions imposed in regard to receipts by a sole trustee, not being a trust corporation.

(4) In this section "personal representative" does not include an executor who has renounced or has not proved.

21.-(1) A trustee may insure against loss or damage by fire and typhoon any building or other in- surable property to any amount, including the amount of any insurance already on foot, up to the full value of the building or property, and pay the premiums for such insurance out of the income thereof or out of the income of any other property subject to the same trusts without obtaining the consent of any person who may be entitled wholly or partly to such income.

(2) This section does not apply to any building or property which a trustee is bound forthwith to convey absolutely to any beneficiary upon being requested to do so.

22.-(1) Money receivable by trustees or any bene- ficiary under a policy of insurance against the loss or damage of any property subject to a trust, whether by fire or otherwise, shall, where the policy has been kept up under any trust in that behalf or under any power statutory or otherwise, or in performance of any covenant or of any obligation statutory or other- wise, or by a tenant for life impeachable for waste, be capital money for the purpose of the trust as the case may be.

(2) If any such money is receivable by any person, other than the trustees of the trust, that person shall use his best endeavours to recover and receive the money, and shall pay the net residue thereof after discharging any costs of recovering and receiving it, to the trustees of the trust, or, if there are no trustees capable of giving a discharge therefor, into court.

(3) Any such money-

(a) if it was receivable in respect of property held upon trust for sale, shall be held upon the trusts and subject to the powers and provisions applicable to money arising by a sale under such trust;