698155-1873-Relief-of-Trustees-Ordinance- — Page 5

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THE HONGKONG GOVERNMENT GAZETTE, 12TH JULY, 1873.

Provisions for

of new Trustees

accumulate all the Residue of such Income by Way of compound Interest, by investing the same and the resulting Income thereof from Time to Time in proper Securities, for the Benefit of the Ferson who shall ultimately become entitled to the Property from which such Accumulations shall have arisen: Provided always, that it shall be lawful for such Trustees at any Time, if it shall appear to them expedient, to apply the whole or any Part of such Accumulations as if the same were Part of the Income arising in the then current Year.

Appointment of New Trustees.

XIX. Whenever any Trustee, either original or substituted, Appointment and whether appointed by the Supreme Court or otherwise, shall or Death, &c. die, or desire to be discharged from, or refuse, or become unfit or 123 & 24 Vic., incapable to act in the Trusts or Powers in him reposed, before c. 145, s. 27.] the same shall have been fully discharged and performed, it shall be lawful for the Person or Persons nominated for that Purpose by the Deed, Will, or other Instrument creating the Trust (if any) or if there be no such Person, or no such Person able and willing to act, then for the surviving or continuing Trustees or Trustee for the Time being, or the acting Executors, or Executor or Admini- strators, or Administrator of the last surviving and continuing Trustee, or for the last retiring Trustee, by Writing, to appoint any other Person or Persons to be a Trustee or Trustees in the Place of the Trustee or Trustees so dying, or desiring to be discharged, or refusing or becoming unfit or incapable to act as aforesaid; and so often as any new Trustee or Trustees shall be so appointed as aforesaid, all the Trust Property (if any) which for the Time being shall be vested in the surviving or continuing Trustees or Trustee or in the Heirs, Executors, or Administrators of any Trustee, shall with all convenient Speed be conveyed, assigned and transferred, so that the same may be legally and effectually vested in such new Trustee or Trustees, either solely or jointly with the surviving or continuing Trustees or Trustee, as the Case may require; and every new Trustee or Trustees to be appointed as aforesaid, as well before as after such Conveyance or Assignment as aforesaid, and also every Trustee appointed by the Supreme Court either before or after the Passing of this Ordinance, shall have the same Powers, Authorities and Discretions and shall in all Respects act as if he had been originally nominated a Trustce by the Deed, Will, or other Instrument creating the Trust.

Appointment

XX. The Power of appointing new Trustees hereinbefore cou- of new Trustees tained may be exercised in Cases where a Trustee nominated in a in Cases herein Will has died in the Lifetime of the Testator.

named.

[23 & 24 Vic.,

c. 145, s. 28.]

Trustee's

Discharges.

Trustee's Receipts.

XXI. The Receipts in Writing of any Trustees or Trustee Receipts to be for any Money payable to them or him by reason or in the [23 & 24 Vic., Exercise of any Trusts or Powers reposed or vested in them or c. 145, s. 29.]' him shall be sufficient Discharges for the Money therein expressed to be received, and shall effectually exonerate the Persons paying such Money from seeing to the Application thereof, or from being answerable for any Loss or Misapplication thereof.

Powers to Executors to compound.

Executors may XXII. 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 Vic.,

to accept any Composition, or any Security, real or personal, c. 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.

Powers, &c.,

may be

hereby given negatived by

express Declaration.

In what Cases Powers hereby conferred shall not take Effect. XXIII. 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 c. 145, s. 32. Powers or Incidents hereby conferred or annexed are contained in such Deed, Will, or other Instrument, such Powers or Incidents shall be exerciseable or shall take Effect only subject to such Variations or Limitations.