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3.-(1) This Ordinance, except where otherwise Application -expressly provided, applies to trusts including, so far of

as this Ordinance applies thereto, executorships and Ordinance. administratorships constituted or created either before c. 19, s. 69.

or after the commencement of this Ordinance.

(2) The powers conferred by this Ordinance on trustees are in addition to the powers conferred by the instrument, if any, creating the trust, but those powers, unless otherwise stated, apply if and so far only as a contrary intention is not expressed in the instrument, if any, creating the trust, and have effect subject to the terms of that instrument.

(3) This Ordinance does not affect the legality or validity of anything done before the commence- ment of this Ordinance, except as otherwise expressly provided.

PART II.

INVESTMENTS.

-

15 Geo. 5,

4. A trustee may invest any trust funds in his Authorised hands whether at the time in a state of investment investments. or not, in manner following:-

15 Geo. 5, c 19, s. 1. (a) in any

manner authorised by the Trustee Act, 1925, or in any manner which may be authorised by any Act amending or replacing the said Act;

(b) in any Government securities of the Colony; (c) on mortgage of property in the Colony held under Crown lease for an unexpired term of not less than fifty years including the term, if any, for which such Crown lease can be renewed without premium at the option of the lessee;

(d) in any securities authorised by the court, on summary application for that purpose made in chambers.

5. A trustee may retain until redemption any re- Retention of deemable stock, fund, or security which may have redeemable been purchased in accordance with the powers of this stocks until Ordinance, or any Ordinance replaced by this Ordin- redemption.

ance.

15 Gec. 5, c. 19, s. 2.

6. Every power conferred by sections 4 and 5 shall Discretion of be exercised according to the discretion of the trustee, trustees. but subject to any consent or direction with respect 15 Geo. 5, to the investment of the trust funds, required by the . 19, s. 3. instrument, if any, creating the trust or by any Ordinance.

7. A trustee shall not be liable for breach of trust Power to by reason only of his continuing to hold an invest- retain ment which has ceased to be an investment authorised investment by the trust instrument or by the general law.

which has

ceased to be authorised. 15 Geo. 5, c. 19, s. 4.

8.-(1) A trustee may, unless expressly prohibited Investment by the instrument creating the trust, retain or invest in bearer in securities payable to bearer which, if not so pay 15 Gec. 5, able, would have been authorised investments.

a

(2) Securities payable to bearer retained or taken as an investment by а trustee (not being trust corporation) shall, until sold, be deposited by him for safe custody and collection of income with a banker or banking company.

(3) A direction that investments shall be retained or made in the name of a trustee shall not, for the purposes of this section, be deemed to be such an express prohibition as aforesaid.

securities.

c. 19. s. 7.