TRUSTEES.
No. 5 of 1901.
1331
trustees by this Ordinance, so far as they are applicable to such trust estate.
12. The Official Trustee shall incur no personal liability by reason Limitation of liability of any securities being transferred into his name as aforesaid, or by reason of any land being conveyed to him as aforesaid, or by reason of any loss accruing to any trust estate in his hands, otherwise than by his own wilful neglect or default: Provided that nothing in this Part shall be deemed to affect any rights or remedies against the trust estate or any cestui que trust or any person other than the Official Trustee and the trustee so discharged as aforesaid.
summary
13. The rules contained in the schedule shall be observed in proceedings under the provisions of this Part relating to the summary administration of trust funds, subject to the repeal or variation thereof under the powers vested in the Court in relation to the making of general rules and orders.
Rules for administration of trust funds.
*
PART II.
INVESTMENTS.
Authorised investments.
14. A trustee may, unless expressly forbidden by the instrument, if any, creating the trust, invest any trust funds in his hands, whether at the time in a state of investment or not, in manner following:-
(1) in any of the parliamentary stocks, or public funds, or government securities of the United Kingdom;
(2) on real or heritable securities in Great Britain or Ireland or in this Colony;
(3) in the stock of the Bank of England or the Bank of Ireland;
(4) in India 3 per cent. stock and India 3 per cent. stock, or in any other capital stock which may at any time hereafter be issued by the Secretary of State in Council of India under the authority of any Act of Parliament and charged on the revenues of India;
(5) in any securities the interest of which is for the time being guaranteed by Parliament;
* As amended by No. 50 of 1911 and No. 1 of 1912.
As amended by No. 50 of 1911.
c. 53 s. 1.; 63 & 64 Vict. c. 62 s. 2.]
+
TRUSTEES.
No. 5 of 1901.
1331
trustees by this Ordinance, so far as they are applicable to such trust
estate.
12. The Official Trustee shall incur no personal liability by reason Limitation of liability of any securities being transferred into his name as aforesaid, or by
of Official Trustee. reason of any land being conveyed to him as aforesaid, or by reason of any loss accruing to any trust estate in his hands, otherwise than by his own wilful neglect or default: Provided that nothing in this Part shall be deemed to affect any rights or remedies against the trust estate or any cestui que trust or any person other than the Official Trustee and the trustee so discharged as aforesaid.
summary
13. The rules contained in the schedule shall be observed in pro- Rules for ceedings under the provisions of this Part relating to the summary administra- administration of trust funds, subject to the repeal or variation tion of trust thereof under the powers vested in the Court in relation to the making of general rules and orders.
funds.
*
PART II.
INVESTMENTS.
Authorised investments.
14. A trustee may, unless expressly forbidden by the instrument, if any, creating the trust, invest any trust funds in his hands, 156 & 57 Vict. whether at the time in a state of investment or not, in manner following:-
(1) in any of the parliamentary stocks, or public funds, or govern- ment securities of the United Kingdom;
(2) on real or heritable securities in Great Britain or Ireland or in this Colony;
(3) in the stock of the Bank of England or the Bank of Ireland;
(4) in India 3 per cent. stock and India 3 per cent. stock, or in any other capital stock which may at any time hereafter be issued by the Secretary of State in Council of India under the authority of any Act of Parliament and charged on the revenues of India ;
(5) in any securities the interest of which is for the time being guaranteed by Parliament;
* As amended by No. 50 of 1911 and No. 1 of 1912.
As amended by No. 50 of 1911.
c. 53 s. 1.; 63 & 64 Vict. c. 62 s. 2.]
+
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