1334
Discretion of trustee.
[56 & 57 Vict. c. 53 s. 3.]
Application of preceding sections of Part II. [ib. s. 4.]
Enlargement of express powers of investment.
[ib. s. 5.]
[27 & 28 Vict. c. 114.]
No. 5 of 1901.
TRUSTEES.
16. Every power conferred by the preceding sections of this Part shall be exercised according to the discretion of the trustee, but subject to any consent required by the instrument, if any, creating the trust with respect to the investment of trust funds.
17. The preceding sections of this Part shall apply as well to trusts created before as to trusts created after the commencement of this Ordinance, and the powers thereby conferred shall be in addition to the powers conferred by the instrument, if any, creating the trust.
18. (1) A trustee having power to invest in real securities, unless expressly forbidden by the instrument creating the trust, may invest, and shall be deemed to have always had power to invest,-
(a) on mortgage of property in the United Kingdom held for an unexpired term of not less than 200 years, and not subject to a reservation of rent greater than a shilling a year, or to any right of redemption, or to any condition for re-entry, except for non-payment of rent;
(b) on mortgage of property in this Colony held under Crown lease for an unexpired term of not less than 50 years; and
(c) on any charge, or on mortgage of any charge, made under the Improvement of Land Act, 1864.
(2) A trustee having power to invest in the mortgages or bonds of any railway company or of any other description of company may, unless the contrary is expressed in the instrument authorising the investment, invest in the debenture stock of a railway company or such other company as aforesaid.
(3) A trustee having power to invest money in the debentures or debenture stock of any railway or other company may, unless the contrary is expressed in the instrument authorising the investment, invest in any nominal debentures or nominal debenture stock issued under the Local Loans Act, 1875. [38 & 39 Vict. c. 83.]
(4) A trustee having power to invest money in securities in the Isle of Man, or in securities of the Government of a British Colony, may, unless the contrary is expressed in the instrument authorising the investment, invest in any securities of the Government of the Isle of Man, under the Isle of Man Loans Act, 1880. [43 & 44 Vict. c. 8.]
1334
Discretion of trustee.
[56 & 57 Vict. c. 53 s. 3.1
Application of preceding sections
of Part II. [ib. s. 4.]
Enlargement
of express powers of investment.
[ib. s. 5.]
[27 & 28 Vict. c. 114.]
No. 5 of 1901.
TRUSTEES.
16. Every power conferred by the preceding sections of this Part shall be exercised according to the discretion of the trustee, but subject to any consent required by the instrument, if any, creating the trust with respect to the investment of trust funds.
17. The preceding sections of this Part shall apply as well to trusts created before as to trusts created after the commencement of this Ordinance, and the powers thereby conferred shall be in addition to the powers conferred by the instrument, if any, creating the trust.
18. (1) A trustee having power to invest in real securities, unless expressly forbidden by the instrument creating the trust, may invest, and shall be deemed to have always had power to invest,-
(a) on mortgage of property in the United Kingdom held for an unexpired term of not less than 200 years, and not subject to a reservation of rent greater than a shilling a year, or to any right of redemption, or to any condition for re-entry, except for non-pay- ment of rent;
(b) on mortgage of property in this Colony held under Crown lease for an unexpired term of not less than 50 years; and
(c) on any charge, or on mortgage of any charge, made under the Improvement of Land Act, 1864.
(2) A trustee having power to invest in the mortgages or bonds. of any railway company or of any other description of company may, unless the contrary is expressed in the instrument authorising the investment, invest in the debenture stock of a railway company or such other company as aforesaid.
(3) A trustee having power to invest money in the debentures or debenture stock of any railway or other company may, unless the contrary is expressed in the instrument authorising the investment, invest in any nominal debentures or nominal debenture stock issued [38 & 39 Vict. under the Local Loans Act, 1875. c. 83.]
(4) A trustee having power to invest money in securities in the Isle of Man, or in securities of the Government of a British Colony, may, unless the contrary is expressed in the instrument authorising the investment, invest in any securities of the Government of the [43 & 44 Vict. Isle of Man, under the Isle of Man Loans Act, 1880. 0.8.1
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