1330
Power to invest, notwithstanding drainage charges.
c. 53, s. 6.
No. 5 of 1901.
TRUSTEES.
19. A trustee having power to invest in the purchase of land or on mortgage of land may invest in the purchase or on mortgage of any land, notwithstanding the same is charged with a rent under the powers of the Public Money Drainage Acts, 1846 to 1856, or the Landed Property Improvement (Ireland) Act, 1847, or by an absolute order made under the Improvement of Land Act, 1864, unless the terms of the trust expressly provide that the land to be purchased or taken in mortgage shall not be subject to any such prior charge.
c. 119; 13 & 19 Vict. c. 9; 10 & 11 Vict. c. 32; 27 & 28 Vict. c. 114.
Trustees not to convert inscribed stock into certificates to bearer.
56 & 57 Vict. c. 53, s. 7; 26 & 27 Vict. c. 73; 33 & 34 Vict. c. 71; 38 & 39 Vict. c. 83; c. 59.
20.--(1) A trustee, unless authorised by the terms of his trust, shall not apply for or hold any certificate to bearer issued under the authority of any of the following Acts:--
(a) the India Stock Certificate Act, 1863;
(b) the National Debt Act, 1870;
(c) the Local Loan Act, 1875; and
(d) the Colonial Stock Act, 1877.
(2) Nothing in this section shall impose on the Bank of England or the Bank of Ireland, or on any person authorised to issue any such certificates, any obligation to inquire whether a person applying for such a certificate is or is not a trustee or subject them to any liability in the event of their granting any such certificate to a trustee, or invalidate any such certificate, if granted.
Loans and investments by trustees not chargeable as breaches of trust.
56 & 57 Vict. c. 53, s. 8.
21.—(1) A trustee lending money on the security of any property on which he can lawfully lend shall not be chargeable with breach of trust by reason only of the proportion borne by the amount of the loan to the value of the property at the time when the loan was made, provided that it appears to the court that, in making the loan, the trustee was acting upon a report as to the value of the property made by a person whom he reasonably believed to be an able practical surveyor or valuer instructed and employed independently of any owner of the property, whether such surveyor or valuer carried on business in the locality where the property is situate or elsewhere, and that the amount of the loan does not exceed two equal third parts of the value of the property as stated in the report, and that the loan was made under the advice of the surveyor or valuer expressed in the report.
* See also the subsequent Ordinance No. 20 of 1901.
2000
:
1330
Power to invest, not- withstanding drainage charges.
c. 53, s. 6.
No. 5 of 1901.
TRUSTEES.
19. A trustee having power to invest in the purchase of land or on mortgage of land may invest in the purchase or on mortgage of any land, notwithstanding the same is 67 Vict. charged with a rent under the powers of the Public Money Drainage Acts, 1846 to 1856, or the Landed Property c. 101; 10 & Improvement (Ireland) Act, 1847, or by an absolute order 11 Vict. c. 11; made under the Improvement of Land Act, 1864, unless the 11 & 12 Vict. terms of the trust expressly provide that the land to be 14 Vict. c. 31; purchased or taken in mortgage shall not be subject to any
such prior charge..
c. 119; 13 &
19 Vict.
c. 9; 10 & 11 Vict. c. 32;
27 & 28 Vict. c. 114.
Trustees not to convert inscribed
stock into certificates to bearer.
56 & 57 Vict. c. 53, s. 7;
26 & 27 Vict. c. 73;
33 & 34 Vict. c. 71;
38 & 39 Vict. c. 83;
c. 59.
*
20.--(1) A trustee, unless authorised by the terms of his trust, shall not apply for or hold any certificate to bearer issued under the authority of any of the following Acts:--
(a) the India Stock Certificate Act, 1863;
(b) the National Debt Act, 1870; (c) the Local Loan Act, 1875; and (d) the Colonial Stock Act, 1877.
(2) Nothing in this section shall impose on the Bank of 40 & 41 Vict. England or the Bank of Ireland, of on any person authorised to issue any such certificates, any obligation to inquire whether a person applying for such a certificate is or is not a trustee or subject them to any liability in the event of their granting any such certificate to a trustee, or invalidate any such certificate, if grapted.
Loans and investments by trustees not charge- able as breaches of trust.
56 & 57 Vict. c. 53, s. 8.
21.—(1) A trustee lending money on the security of any property on which he can lawfully lend shall not be charge- able with breach of trust by reason only of the proportion borne by the amount of the loan to the value of the property at the time when the loan was made, provided that it appears to the court that, in making the loan, the trustee was acting upon a report as to the value of the property made by a person whom he reasonably believed to be an able practical surveyor or valuer instructed and employed independently of any owner of the property, whether such surveyor or valuer carried on business in the locality where the property is situate or elsewhere, and that the amount of the loan does not exceed two equal third parts of the value of the property as stated in the report, and that the loan was made under the advice of the surveyor or valuer expressed in the report. * See also the subsequent Ordinance No, 20 of 1901,
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