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reconstruction of the company, for the sale of any of its property to another company or for its amal- gamation with another company, and, if any pre- ferential 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).
(d) 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 disposi- tion on trust for the sale of land, notwithstanding anything to the contrary in the instrument creating the trust (s. 15).
(e) A personal representative, or two or more trustees acting together, or in some cases a gole 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 always to have had, power to raise the money required by sale or mortgage, notwithstand- ing anything to the contrary contained in the trust instrument. This does not apply to trustees of a charity (s. 18).
(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).
(j) Power is given to a trustee, who intends to remain out of the Colony for a period exceeding one month, to delegate to any person by power of attorney the execution or exercise of the trust (s. 27).
(k) Additional protection is afforded to trustees (ss. 28,
29, 30 and 31).
(1) An elaborate maintenance clause is provided and an
advancement clause (ss. 33 and 34).
(m) A statutory protective trust is provided similar to that which is often inserted in a will or settlement where the legatee or beneficiary is improvident. It will be sufficient to direct that the fund is to be held on "protective trusts" (s. 35).
(n) In the case of future settlements and dispositions on trust for the sale of land the number of trustees shall not exceed four. In the case of existing trustees holding land on trust for sale the number of trustees, if over four, is to be reduced to four by means of leaving vacancies unfilled-these restric- tions are not to apply in the case of land vested in trustees for charitable or public purposes (s. 36).
(0) The donees of a power of appointment of new trustees may appoint themselves, and & new trustee may be appointed in place of an infant Additional trustees may be appointed, although there is no vacancy, but the number of trustees must not be increased beyond four (s. 37).
(p) Where the court appoints a corporation as trustee, it may authorise it to charge remuneration (s. 43).
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