D. 1901.]
TRUSTEES.
[No. 5.
837
rect subject to the terms of that instrument and to any provisions therein contained.
(4) This section applies to trusts created either before or after the commencement of this Ordinance.
25 (1.) Where a deed by which a new trustee is appointed to per-form any trust contains a declaration by the appointor to the effect that any estate or interest in any land subject to the trust or in any chattel so subject, or the right to recover and receive any debt or other thing in action so subject, shall vest in the persons who by virtue of the deed become and are the trustees for performing the trust, that declaration shall, without any conveyance or assignment, operate to vest in those persons, as joint tenants and for the purposes of the trust, that estate, interest, or right.
Where a deed by which a retiring trustee is discharged under this Ordinance contains such a declaration as is mentioned in this section by the retiring and continuing trustees, and by the other person, if any, empowered to appoint trustees, that declaration shall, without any conveyance or assignment, operate to vest in the continuing trustees alone, as joint tenants and for the purposes of the trust, the estate, interest, or right to which the declaration relates.
(3.) This section does not extend to land conveyed by way of mortgage for securing money subject to the trust, or to any such share, stock, annuity, or property as is only transferable in books kept by a company or other body, or in manner directed by or under any Act of Parliament or Ordinance.
(4.) For the purposes of registration of the deed in any registry, the person or persons making the declaration shall be deemed the conveying party or parties, and the conveyance shall be deemed to be made by him or them under a power conferred by this Ordinance.
(5) This section applies only to deeds executed after the commencement of this Ordinance.
Vesting of property in new or continuing 56 & 57 Vict. c. 53 s. 12.
trustees.
Purchase and Sale.
26-(1.) Where a trust for sale or a power of sale of property is vested in a trustee, he may sell or concur with any other person in selling all or any part of the property, either subject to prior charges or not and either together or in lots, by public auction or by private contract, subject to any such conditions respecting title or evidence of title or other matter as the trustee thinks fit, with power to vary any contract for sale and to buy in at any auction, or to rescind any contract for sale and to re-sell, without being answerable for any loss.
(2.) This section applies only if and as far as a contrary intention is.
Power of sale to sell by public auction etc.
D. 1901.]
TRUSTEES.
[No. 5.
837
rect subject to the terms of that instrument and to any provisions therein contained. -
(4) This section applies to trusts created either before or after the Commencement of this Ordinance.
form
25 (1.) Where a deed by which a new trustee is appointed to per- many trust contains a declaration by the appointor to the effect that any estate of interest in any land subject to the trust or in any chattel o subject, or the right to recover and receive any debt or other thing in action so subject, shall vest in the persons who by virtue of the deed become and are the trustees for performing the trust, that declaration shall, without any conveyance or assignment, operate to vest in those persons, as joint tenants and for the purposes of the trust, that estate, interest, or right.
Where a deed by which a retiring trustee is discharged under this Ordinance contains such a declaration as is mentioned in this section by the retiring and continuing trustees, and by the other person, if any, empowered to appoint trustees, that declaration shall, without any con-- veyance or assignment, operate to vest in the continuing trustees alone, as joint tenants and for the purposes of the trust, the estate, interest, or right to which the declaration relates.
1
(3.) This section does not extend to land conveyed by way of mort- gage for securing money subject to the trust, or to any such share, stock, annuity, or property as is only transferable in books kept by a company or ther body, or in manner directed by or under any Act of Parliament or Ordinance.
(4.) For the purposes of registration of the deed in any registry, the person or persons making the declaration shall be deemed the conveying party or parties, and the conveyance shall be deemed to be made by him or them under a power conferred by this Ordinance.
(5) This section applies only to deeds executed after the commence- ment of this Ordinance.
Vesting of perty in new or continuing 56 & 67 Vict. c. 53 s. 12.
trust pro-
. trustees.
Purchase and Sale.
26-(1.) Where a trust for sale or a power of sale. of property is vested in a trustee, he may sell or concur with any other person in selling all or any part of the property, either subject to prior charges or not and either together or in lots, by public auction or by private contract, subject to any such conditions respecting title or evidence of title or other matter as the trustee thinks fit, with power to vary any contract for sale and to buy in at any auction, or to rescind any contract for sale and to re-sell, without being answerable for any loss.
(2.) This section applies only if and as far as a contrary intention is.
Power of sale to sell by public 16.13
trustee for
auction etc
No comments yet.
Private notes are available after approval.