697756-1873-Bills-read-first-time- — Page 9

170

THE HONGKONG GOVERNMENT GAZETTE, 19TH APRIL,

Agreements,

as may have acerned due and been claimed up to the Time of [22 & 23 Vic., the Assignment hereafter mentioned, and shall have set apart c. 35, s. 27.] a sufficient fund to answer any future Claim that may be made in respect of any fixed and ascertained sum covenanted or agreed by the Lessee to be laid out on the Property demised or agreed to be demised, although the Period for laying out the same may not have arrived, and shall have assigned the Lease or Agreement for a Lease to a Purchaser thereof, he shall be at liberty to dis- tribute the Residuary Personal Estate of the Deceased to and amongst the Parties entitled thereto respectively, without ap- propriating any Part or any further Part (as the Case may be) of the Personal Estate of the Deceased to meet any future Liability under the said Lease or Agreement for a Lease; and the Executor or Administrator so distributing the Residuary Estate shall not, after having assigned the said Lease or Agreement for a Lease, and having, where necessary, set apart such sufficient Fund as aforesaid, be personally liable in respect of any sub- sequent Claim under the said Lease or Agreement for a Lease; bu nothing herein contained shall prejudice the Right of the Les or or those claiming under him, to follow the Assets of the Deceased into the Hands of the Person or Persons to or amongst whom the said Assets may have been distributed.

contain Clauses

the Trustees.

[22 & 23 Vic., +. 35, s. 31.]

Indemnity to Trustees.

"That the

Every Trust X. Every Deed, Will, or other Instrument creating a Trust Instrument to either expressly or by implication shall, without Prejudice to the be deemed to Clauses actually contained therein, be deemed to contain a Clause for the Indem-in the Words or to the Effect following; that is to say:-- nity and Reim-Trustees or Trustee for the Time being of the said Deed, Will, or other bursement of Instrument shall be respectively chargeable only for such Moneys, Stocks, Funds and Securities as they shall respectively actually receive, notwithstanding their respectively signing any Receipt for the Sake of Conformity, and shall be answerable and account- able only for their own Acts, Receipts, Neglects, or Defaults, and not for those of each other, nor for any Banker, Broker, or other Person, with whom any Trust Moneys or Securities may be deposited, nor for the Insufficiency or Deficiency of any Stocks, Funds, or Securities, nor for any other Loss, unless the same shall hapen through their own wilful Default respectively; and also that it shall be lawful for the Trustees or Trustee for the Time being of the said Deed, Will, or other Instrument, to reimburse themselves or himself, or pay or discharge out of the Trust Premises all Expenses incurred in or about the Execution of the Trusts or Powers of the said Deed, Will, or other Instrument."

Trustees

empowered to sell may sell in Lots, and either by Auction or private

Contract. [23 & 24 Vic.,

Powers of Sale and Exchange.

XI. In all Cases where by any Will, Deed, or other Instru- ment of Settlement it is expressly declared that Trustees or other Persons therein named or indicated shall have a Power of Sale, either generally or in any particular Event, over any Heredita- ments named or referred to in or from Time to Time subject to the Trusts of such Will, Deed, or other Instrument, it shall be lawful for such Trustees or other Persons, whether such Heredita- c. 145, s. 1.] ments be vested in them or not, to exercise such Power of Sale by selling such Hereditaments either together or in Lots, and either by Auction or private Contract, and either at one Time or several Times, and (in Case the Power shall expressly authorise an Exchange) to exchange any Hereditaments which for the Time being shall be subject to the Trusts aforesaid for any other Here- ditaments in Hongkong (as the Case may be), and upon such Exchange to give or receive any Money for Equality of Exchange.

Sale may be mnde under special Condi- tions and

Trustees may buy in, &c.

XII. It shall be lawful for the Persons making any such Sale or Exchange to insert any such special or other Stipulations, either as to Title or Evidence of Title, or otherwise, in any Con- ditions of Sale, or Contract for Sale or Exchange, as they shall think fit, and also to buy in the Hereditaments or any Part [23 & 24 Vic., thereof at any Sale by Auction, and to rescind or vary any Contract e. 145, s. 2.] for Sale or Exchange, and to resell the Hereditaments which shall be so bought in, or as to which the Contract shall be so rescinded, without being responsible for any Loss which may be occasioned thereby, and no Purchaser under any such Sale shall be bound to inquire whether the Persons making the same may or may not have in Contemplation any particular Re-investment of the Purchase Money in the Purchase of any other Hereditaments or otherwise. XIII. For the Purpose of completing any such Sale or Exchange as aforesaid, the Persons empowered to sell or exchange as aforesaid Power of Sale, shall have full Power to convey or otherwise dispose of the Here- ed to convey. ditaments in question, as may Бе necessary.

Trustees exercising

&c., empower-

[23 & 24 Vic., e. 145, s. 3.]

On what

Securities Trust Funds

Investment of Trust Funds.

XIV. Trustees having Trust Money in their Hands which it is their Duty to invest at Interest, shall be at Liberty, at their Dis-

cretion, to invest the same in any of the Public Stocks, Funds, or

な

1873.