TRUSTEES.
No. 5 of 1901.
1339
(2) 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.
Purchase and Sale.
trustee for sale to sell
auction, etc.
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 not expressed in the instrument creating the trust or power, and shall have effect subject to the terms of that instrument and to the provisions therein contained.
(3) This section applies only to a trust or power created by an instrument coming into operation after the commencement of this Ordinance.
27.--(1) No sale made by a trustee shall be impeached by any beneficiary upon the ground that any of the conditions subject to depreciatory conditions.
TRUSTEES.
No. 5 of 1901.
1339
(2) 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 com- mencement of this Ordinance.
Purchase and Sale.
trustee for sale to sell
auction, etc.
26.-(1) Where a trust for sale or a power of sale of property is Power of 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 by public or not and either together or in lots, by public auction or by private [56 & 57 l'ict. contract, subject to any such conditions respecting title or evidence c. 53 s. 13.] 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 not expressed in the instrument creating the trust or power, and shall have effect subject to the terms of that instrument and to the provisions therein contained.
(3) This section applies only to a trust or power created by an instrument coming into operation after the commencement of this Ordinance.
27.--(1) No sale made by a trustee shall be impeached by any Power to sell beneficiary upon the ground that any of the conditions subject to subject to
depreciatory conditions. [ib. s. 14.]
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