D 1901.]
TRUSTEES.
[No. 5.
835
4) This section applies to transfers of existing securities as well as to securities, and to investments made as well before as after the commencement of this Ordinance.
Loss by improper investment.
02(1.) Where a trustee improperly advances trust money on a mortgage security which would, at the time of the investment, be a proper investment in all respects for a smaller sum than is actually advanced thereon, the security shall be deemed an authorized investment for the smaller sum, and the trustee shall only be liable to make good the sum advanced in excess thereof, with interest:
(2) A trustee shall not be liable for breach of trust by reason only of his continuing to hold an investment which has ceased to be an investment authorized by the instrument creating the trust or by the general law.
(3) This section applies to investments made as well before as after the commencement of this Ordinance.
56 & 57 Vict. c. 53 s. 9 and 57 & 58 Vict. c. 10 s. 4.
PART III.
VARIOUS POWERS AND DUTIES OF TRUSTEES.
Appointment of New Trustees.
23. (1.) Where a trustee, either original or substituted and whether appointed by a Court or otherwise, is dead, or remains out of the Colony for more than twelve months, or desires to be discharged from all or any of the trusts or powers reposed in or conferred on him, or refuses or is unfit to act therein, or is incapable of acting therein, then the person or persons nominated for the purpose of appointing new trustees by the instrument, if any, creating the trust, or, if there is no such person or no such person able and willing to act, then the surviving or continuing trustees or trustee for the time being or the personal representatives of the last surviving or continuing trustee, may, by writing, appoint another person or other persons to be a trustee or trustees in the place of the trustee dead, remaining out of the Colony, desiring to be discharged, refusing, or being unfit, or being incapable, as aforesaid.
(2.) On the appointment of a new trustee for the whole or any part of trust property,
(a) the number of trustees may be increased; and
(b) a separate set of trustees may be appointed for any part of the trust property held on trusts distinct from those relating to any other part or parts of the trust property, notwithstanding that no new trustees or trustee are or is to be appointed for other parts of the trust property.
Page 10
Page 11
D 1901.]
TRUSTEES.
[No. 5.
835
4) This section applies to transfers of existing securities as well as to securities, and to investments made as well before as after the com- ncement of this Ordinance.
loss by..
improper
investment.
02(1.) Where a trustee improperly advances trust money on a Liability for mortgage security which would, at the time of the investment, be a proper reason of investment in all respects for a smaller sum than is actually advanced thereon, the security shall be deemed an authorized investment for the maller sum, and the trustee shall only be liable to make good the sum Advanced in excess thereof, with interest:
(2) A trustee shall not be liable for breach of trust by reason only of his continuing to hold an investment which has ceased to be an invest- ment authorized by the instrument creating the trust or by the general
3) This section applies to investments made as well before as after the commencement of this Ordinance.
56 & 57 Fict. c. 53 s. 9 and
57 & 68. Fict. c. 10 s. 4.
PART III.
VARIOUS POWERS AND DUTIES OF TRUSTEES.
Appointment of New Trustees.
c. 53 s. 10.
23. (1.) Where a trustee, either original or substituted and whether Power of
appointing appointed by a Court or otherwise, is dead, or remains out of the Colony new trustees. for more than twelve months, or desires to be discharged from all or 56 & 57 Vict. any of the trusts or powers reposed in or conferred on him, or refuses or unfit to act therein, or is incapable of acting therein, then the person or persons nominated for the purpose of appointing new trustees by the instrument, if any, creating the trust, or, if there is no such person or no Each person able and willing to act, then the surviving or continuing trustees or trustee for the time being or the personal representatives of the last surviving or continuing trustee, may, by writing, appoint another person or other persons to be a trustee or trustees in the place of the trustee dead, remaining out of the Colony, desiring to be discharged, refusing, or being unfit, or being incapable, as aforesaid.
(2.) On the appointment of a new trustee for the whole or any part of trust property,-
(a) the number of trustees may be increased; and
(b) a separate set of trustees may be appointed for any part of the trust property held on trusts distinct from those relating to any other part or parts of the trust property, notwithstanding that no new trustees or trustee are or is to be appointed for other parts of
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