THE HONGKONG GOVERNMENT GAZETTE, 12тH JULY, 1873.
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 happen 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.”
Powers of Sale and Exchange.
in Lots, and
XIV. In all Cases where by any Will, Deed, or other Instru- Trustees ment of Settlement it is expressly declared that Trustees or other empowered to Persons therein named or indicated shall have a Power of Sale, sell may sell either generally or in any particular Event, over any Heredita- either by ments named or referred to in or from Time to Time subject Auction or to the Trusts of such Will, Deed, or other Instrument, it shall be private lawful for such Trustees or other Persons, whether such Heredita- Contract. ments be vested in them or not, to exercise such Power of Sale by c. 145, s. 1.]
[23 & 24 Vic., 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.
tions and
XV. It shall be lawful for the Persons making any such Sale may be Sale or Exchange to insert any such special or other Stipulations, made under either as to Title or Evidence of Title, or otherwise, in any Con-special Condi- ditions of Sale, or Contract for Sale or Exchange, as they shall Trustees may think fit, and also to buy in the Hereditaments or any Part buy in, &c. thereof at any Sale by Auction, and to rescind or vary any Contract (23 & 24 Vic., for Sale or Exchange, and to resell the Hereditaments which shall c. 145, s. 2.] 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.
XVI. For the Purpose of completing any such Sale or Exchange Trustees as aforesaid, the Persons empowered to sell or exchange as aforesaid exercising shall have full Power to convey or otherwise dispose of the Here- Power of Sale, ditaments in question, as may be
necessary.
Investment of Trust Funds.
&c., empower- ed to convey. [23 & 24 Vic., c. 145, s. 3.]
inay be
Vic., c. 35, s.
XVII. Trustees having Trust Money in their Hands which it is On what their Duty to invest at Interest, shall be at Liberty, at their Dis- Securities cretion, to invest the same in any of the Public Stocks, Funds, or Trust Funds Securities in England, or in real Securities in any Part of the invested. United Kingdom, or on East India Stock, or on the Stock of East [23 & 24 Vic., Indian Railways guaranteed by the Government of India, and, by c. 145, s. 25, leave of the Court, in any Securities or Investments within the and 22 & 23, Colony which the Court shall sanction and approve, and such 32.1 Trustees shall also be at Liberty, at their Discretion, to call in any Trust Funds invested in any other Securities than as aforesaid, and to invest the same on any such Securities as aforesaid, and also, from Time to Tine, at their Discretion, to vary any such Investments as aforesaid for others of the same Nature; and such Trustees shall not be liable on that Account as for a Breach of Trust, if such Investment shall in other Respects be reasonable and proper: Pro- vided always, that no such original Investment as aforesaid (except in the three per cent Consolidated Bank Annuities) and no such Change of Investment as aforesaid, shall be made where there is a Person under no Disability entitled in Possession to receive the income of the Trust Fund for his Life, or for a Term of Years determinable with his Life, or for any greater Estate, without the Consent in writing of such Person.
Maintenance and Education of Infants.
XVIII. In all Cases where any Property is held by Trustees in Trustees may Trust for an Infant, either absolutely or contingently on his at- apply Income taining the Age of Twenty-one Years, or on the Occurrence of any Infants, &c.,
of Property of Event previously to his attaining that Age, it shall be lawful for for their such Trustees, at their sole Discretion, to pay to the Guardians (if Maintenance. any) of such Infant, or otherwise to apply for or towards the [23 & 24 Vic., Maintenance.or Education of such Infant, the whole or any Part . 145, s. 26. ]. of the Income to which such Infant may be entitled in respect of such Property, whether there be any other Fund applicable to the same Purpose, or any other Person bound by Law to provide for such Maintenance or Education or not, and such Trustees shall
C.
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ཊྛི ' ༧ *་། །ཉྙཾ་
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