TRUSTEES.
No. 5 of 1901.
1345
same purpose or any person bound by law to provide for the infant's maintenance or education or not.
(2) The trustees shall accumulate all the residue of that income in the way of compound interest, by investing the same and the resulting income thereof from time to time on securities on which they are, by the settlement, if any, or by law authorised to invest trust money, and shall hold those accumulations for the benefit of the person who ultimately becomes entitled to the property from which the same arise; but so that the trustees may at any time, if they think fit, apply those accumulations, or any part thereof, as if the same were income arising in the then current year.
(3) This section applies only if and as far as a contrary intention is not expressed in the instrument under which the interest of the infant arises, and shall have effect subject to the terms of that instrument and to the provisions therein contained.
(4) This section applies whether that instrument comes into operation before or after the commencement of this Ordinance.
trustee under
39.-(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, or 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.
without
notice of [44 & 45 Vict.
death, etc.
c. 41 s. 47;
56 & 57 Vict.
(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.
trustees.
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, if any, 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.
indemnity
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
Page 20
Page 21
TRUSTEES.
No. 5 of 1901.
1345
same purpose or any person bound by law to provide for the infant's maintenance or education or not.
(2) The trustees shall accumulate all the residue of that income in the way of compound interest, by investing the same and the resulting income thereof from time to time on securities on which they are, by the settlement, if any, or by law authorised to invest trust money, and shall hold those accumulations for the benefit of the person who ultimately becomes entitled to the property from which the same arise; but so that the trustees may at any time, if they think fit, apply those accumulations, or any part thereof, as if the same were income arising in the then current year.
(3) This section applies only if and as far as a contrary intention is not expressed in the instrument under which the interest of the infant arises, and shall have effect subject to the terms of that instrument and to the provisions therein contained.
(4) This section applies whether that instrument comes into operation before or after the commencement of this Ordinance.
trustee under
39.-(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 payment by respect of the payment or act by reason that before the payment power of or act the donor of the power had died, or become lunatic, of un- attorney sound 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.
without
notice of [44 & 45 Vict.
death, etc.
c. 41 s. 47;
56 & 57 Vict.
(2) This section shall not affect any right against the payee of c. 53 s. 23.] 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.
trustees.
40.--(1) Where a power or trust is given to or vested in two or Powers of more trustees jointly, then, unless the contrary is expressed in the two or more instrument, if any, creating the power or trust, the same may be [ib. s. 22.] 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.
indemnity
41. A trustee shall, without prejudice to the provisions of the Implied instrument, if any, creating the trust, be chargeable only for money industeo. and securities actually received by him notwithstanding his signing [ib. s. 24.]
of
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