AD 1901.]
TRUSTEES.
[No. 5.
843
(4.) This section applies whether that instrument comes into operation before or after the commencement of this Ordinance.
payment by power of attorney
89-(1.) A trustee making or doing any payment or act, in good faith, in pursuance of a power of attorney, shall not be liable in respect of the payment or act by reason that before the payment or act the donor of the power had died, or become lunatic, of unsound mind, or bankrupt, or had revoked the power, if the fact of death, lunacy, unsoundness of mind, bankruptcy, or revocation was not, at the time of the payment or act, known to the trustee.
notice of death, etc. 44 & 45 Vict. c. 41 s. 47 and 56 & 57 Vict. c. 53 s. 23.
(2.) This section shall not affect any right against the payee of any person interested in any money so paid; and that person shall have the like remedy against the payee as he would have had against the trustee if the payment had not been made by him.
40.--(1.) Where a power or trust is given to or vested in two or more trustees jointly, then, unless the contrary is expressed in the instrument creating the power or trust, the same may be exercised or performed by the survivor or survivors of them for the time being.
(2) This section applies only to trusts constituted after, or created by instruments coming into operation after, the commencement of this Ordinance.
trustee.
41. A trustee shall, without prejudice to the provisions of the instrument, if any, creating the trust, be chargeable only for money and securities actually received by him notwithstanding his signing any receipt for the sake of conformity, and shall be answerable and accountable only for his own acts, receipts, neglects, or defaults, and not for those of any other trustee, 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 securities, nor for any other loss, unless the same happens through his own wilful default; and may reimburse himself, or pay or discharge out of the trust premises, all expenses incurred in or about the execution of his trusts or powers.
PART IV.
POWERS OF THE COURT.
Appointment of New Trustees and Vesting Orders.
42.-(1.) The Court may, whenever it is expedient to appoint a new trustee or new trustees, and it is found inexpedient, difficult, or impracticable to do so without the assistance of the Court, make an order for the appointment of a new trustee or new trustees, either in substitution-
Power of the Court to appoint new trustees.. `Ib. s. 25.
AD 1901.]
TRUSTEES.
[No. 5.
843
(4.) This section applies whether that instrument comes into operation before or after the commencement of this Ordinance.
payment by
power of without
attorney
89-(1.) A trustee making or doing any payment or act, in good Validity of faith, in pursuance of a power of attorney, shall not be liable in respect trustee under of the payment or act by reason that before the payment or act the donor of the power had died, or become lunatic, of unsound mind, or bankrupt, or had revoked the power, if the fact of death, lunacy, un- soundness of mind, bankruptcy, or revocation was not, at the time of the payment or act, known to the trustee.
notice of death, etc. 44 & 45 Vict.
c. 41 s. 47 and
56 & 57 Victo
(2.) This section shall not affect any right against the payee of any c. 53 s. 23. person interested in any money so paid; and that person shall have the like remedy against the payee as he would have had against the trustee
the payment had not been made by him.
40.--(1.) Where a power or trust is given to or vested in two or more Powers of trustees jointly, then, unless the contrary is expressed in the instrument, two or more if any, creating the power or trust, the same may be exercised or per- 16. s. 22. formed by the survivor or survivors of them for the time being.
(2)
This section applies only to trusts constituted after, or created by instruments coming into operation after, the commencement of this Or-
dinance.
trustee.
41. A trustee shall, without prejudice to the provisions of the instru- Implied ment, if any, creating the trust, be chargeable only for money and indemnity of securities actually received by him notwithstanding his signing any Ib. 8. 24. receipt for the sake of conformity, and shall be answerable and account- able only for his own acts, receipts, neglects, or defaults, and not for those of any other trustee, 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 securities, nor for any other loss, unless the same happens through his own wilful default; and may reimburse himself, or pay or discharge out of the trust premises, all expenses incurred in or about the execution of his trusts or powers.
PART IV.
POWERS OF THE COURT.
Appointment of New Trustees and Vesting Orders.
".
42.-(1.) The Court may, whenever it is expedient to appoint a new trustee or new trustees, and it is found inexpedient, difficult, or im- practicable to do so without the assistance of the Court, make an order for the appointment of a new trustee or new trustees, either in substitu-
Power of the
Court to appoint new trustees..
`Ib. 9. 25.
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