Transfer
of trust securities
into name of Official Trustee.
10 & 11 Vict.
c. 96, s. 1.
Conveyance
of land in trust to Official Trustee.
10 & 11 Vict,
c. 96, s. 1.
488
68. Trustees, or the majority of trustees, having any securities standing in their names in the books of any public company or corporation established in the Colony, or in the names of any deceased persons of whom they are personal representatives, upon any trust, shall be at liberty, on filing such affidavit as aforesaid, to transfer such securities, with such con- sent and in accordance with such directions as afore- said, into the name of the Official Trustee (by his official designation) or to deposit the same in his name in such bank as aforesaid in the matter of the parti- cular trust (describing the same as aforesaid), in trust to attend the orders of the court.
69. Trustees, or the majority of trustees, in whom any land within the Colony is or becomes vested upon any trust, shall be at liberty, on filing such affidavit as aforesaid, to convey such land, with such consent and in accordance with such directions as aforesaid, to the Official Trustee, in trust to attend the orders of the court.
Certificate
to be given
by Official Trustee.
70. In every such case as aforesaid, the certificate of the Official Trustee for the moneys so paid, or of the transfer or deposit of such securities, or of the con- 10 & 11 Vict. Veyance of such land shall be a sufficient discharge to such trustees or other persons for the moneys so paid, or the stocks or securities so transferred or deposited, or the land so conveyed as aforesaid.
c. 96, s. 1.
Order for payment, etc. by majority
of trustees without
concurrence of others.
56 & 57 Vict, c. 53, s. 42.
Administra- tion of trust
estate.
10 & 11 Vict. c. 96, s. 2.
71.-(1) Where any moneys or securities, or any land, are or is vested in any persons as trustees, and the majority of them are desirous of paying, transfer- ring, depositing, or conveying the same as aforesaid, but the concurrence of the other or others cannot be obtained, the court may order the payment, transfer, deposit, or conveyance to be made by the majority without the concurrence of the other or others; and where any such moneys or securities are deposited with any banker, broker, or other depositary, the court may order payment or delivery of the moneys or securities to the majority of the trustees for the pur- pose of payment into court.
(2) Every payment, transfer, deposit, delivery, and conveyance made in pursuance of any such order shall be valid and take effect as if the same had been made on the authority or by the act of all the persons entitled to the moneys, securities, or land so paid, transferred, deposited, delivered, or conveyed.
72.-(1) Such orders as may seem fit shall be made by the court in respect of the trust estate and for the investment and payment of any such moneys or of any dividends or interest on any such securities, and for the transfer and delivery out of any such securities, and for the administration of any such trust generally, upon a petition to be presented in a summary way to the court by such party or parties as to the court may appear to be competent and necessary in that behalf, and service of such petition shall be made on such person or persons as the court may see fit and direct.
(2) Every order made upon any such petition shall have the same authority and effect, and shall be enforced in the same manner, as if the same had been made in an action regularly instituted in the
court.
(3) If in any case it appears that the trust estate cannot be safely administered without the institution of one or more action or actions, the court may direct any such action or actions to be instituted.
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