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THE HONGKONG GOVERNMENT GAZETTE, 19TH APRIL, 1873.
Powers to Executors to compound.
Executors may XIX. It shall be lawful for any Executors to pay any Debts compound, &c. or Claims upon any Evidence that they may think sufficient and [23 & 24 Vie, to accept any Composition, or any Security, real or personal, e. 145, s.30.] for any Debts due to the Deceased, and to allow any Time for Payment of any such Debts as they shall think fit, and also to compromise, compound or submit to Arbitration all Debts, Ac- counts, Claims and Things whatsoever relating to the Estate of the Deceased, and for any of the Purposes aforesaid to enter into, give and execute such Agreements, Instruments of Composition, Releases and other Things, as they shall think expedient, without being responsible for any Loss to be occasioned thereby. In what Cases Powers hereby conferred shall not take Effect. XX. None of the Powers or Incidents hereby conferred or annexed to particular Offices, Estates, or Circumstances shall take Effect or be exerciseable if it is declared in the Deed, Will, or other Instrument creating such Offices, Estates, or Circumstances, that they shall not take Effect, and where there is no such [23 & 24 Vic., Declaration, then if any Variations or Limitations of any of the č. 145, s. 32.] Powers or Incidents hereby conferred or annexed are contained in such Deed, Will, or other Instrument, such Powers or Ircidents shall be exerciseable or shall take Effect only subject to such Variations or Limitations.
Powers, &c., hereby given
may be negatived by express Declaration.
Provisions
Application of Ordinance.
XXI. The Provisions of this Ordinance shall extend to Persons retrospective. entitled or acting under a Deed, Will, Codicil, or other Instrument
executed as well before as after Passing thereof.
SCHEDULE.
RULES REFERRED TO IN SECTION VI.
1. Any Trustee desiring to pay Money to the Account of, or transfer or deposit Shares, Stock, or Securities into or in the Name of the Registrar under the Provisions of this Ordinance relating to the Summary Administration of Trust Funds, shall file an Affi lavit, entitled in the Matter of the Ordinance and in the Matter of the Trust, and setting forth :---
(1.) His own Name and Address.
(2.) The Place where he is to be served with any Petition or any Notice of any Proceeding, or Order of the Court, or of the Judge in Chambers, relating to the Trust Fund.
(3.) The Amount of Money, Stock, or Securities, which he proposes to pay
or transfer into or deposit in Court to the Credit of the Trust, (4.) A short Description of the Trust and of the Instrument creating it. (5.) The Names of the Persons interested in or entitled to the Fund, to the
best of the Knowledge and Belief of the Trustee.
(6.) The Submission of the Trustee to answer all such Inquiries relating to the Application of the Money, Stock, or Securities, paid in, trans- ferred, or deposited, under the Act, as the Court or the Judge in Chambers may think proper to make or direct.
Payment, Transfer, or Deposit.
2. The Registrar on Production of an Office Copy of the Affidavit, shall give the necessary Directions for Payment, Transfer, or Deposit, aud place the Money, Stock, or Securities, to the Account of the particular Trust; and shall grant u Certificate of such Payment, Tranfer, or Deposit.
Additional Statement in Affidavit, where Investment not desired.— Investment by Registrur, where, no such Statement.
3. Where it is deemed unnecessary to have the Money or the Dividends or Interest of Shares, Stock, or Securities invested in the meantime, the Affidavit shall further contain a Statement to that Effect. But where the Affidavit contains no such Statement, the Registrar shall be at liberty to invest, as soon as conveniently may be, the Money paid into Court or the Dividends or Interest ou Shares, Stock, or Securities transferred, and all Accumulations thereof in or upon such "Investments and Securities as the Court shall direct or approve, and every such Investment shall be made in the Matter of the par- ticular Trust: Provided always, that where at any Time a Request in Writing, by or on behalf of any Party claiming to be entitled, that such Investment may be discontinued, is left with the Registrar, he shall be at liberty to cease making any further Investment in the Matter of the particular Trust until the Court shall have made some Order in that behalf.
Notice of Payment, Transfer, or Deposit.
4. The Trustee, having made the Payment, Transfer, or Deposit, shall forthwith give notice thereof to the several Persons named in his Affidavit as interested in or entitled to the Fund.
Application by Petition or Summons.
5. Such Persons, or any of them, or the Trustee, may apply by Petition, or, in Cases where the Trust Fund does not exceed $2,000 in value, respecting the Investment, Payment cut, or Distribution of the Fund, or of the Dividends or Interest thereof.
Notice to Trustee of Application by Cestuique Trust.
6. The Trustee shall be served with Notice of any Application made to the Court or in Chambers, respecting the Fund or the Dividends or Interest thereof, by any Person interested therein or entitled thereto.
Notice to the Cestuique Trust of Application by the Truster..
7. The Persons interested in or entitled to the Fund, shall be served with Notice of any Application made by the Trustee to the Court, or in Chambers, respecting the Fund in Court or the Interest or Dividends thereof.
Place for Service on Petitioners.
8. No Petition shall be set down to be heard, and no Summons shall be sealed, until the Petitioner or Applicant has first named in his Petition or Summons à Place where he may be served with any Petition or Summons or Notice of any Proceeding or Order of the Court relating to the Trust Fund.
Title of Petitions, Summons, and Affidavits.
Petitions presented, Sunumons issued, and Affidavits filed under the said Provisions, shall be entitled in the Matter of the said Ordinance, and in the Matter of the particular Trust.
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