TRUSTEES.
No. 5 of 1901.
1325
of the trust estate does not exceed ten thousand dollars, and where the value exceeds ten thousand dollars two per cent. on the first ten thousand dollars and one per cent. on the excess.
(2) The said charge shall constitute a primary lien upon the trust estate, and shall be levied, in the case of trust moneys deposited in a bank, by an order of the court, authorising the payment thereof to the Official Trustee for the use of the Crown, and in the case of securities or land, by sale, mortgage, or otherwise as the court may direct, and in case of any such sale or mortgage, the court may, by the same or any further order, empower the Official Trustee to execute all instruments necessary for carrying out this provision, and instruments so executed shall be as valid and effectual to all intents and purposes as if the same had been executed by all persons who, but for this provision, would have been necessary parties thereto.
(3) There shall also be imposed and levied for the use of the Crown upon every such estate a charge equivalent to two per cent. on the annual revenue of the trust estate. The Official Trustee shall deduct such charge in making up the annual accounts of the estate.
11. In the administration of any trust estate, the Official Trustee shall have and may exercise all the rights and powers conferred upon 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 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.
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.
ESS ADEPRE
TRUSTEES.
No. 5 of 1901.
1325
of the trust estate does not exceed ten thousand dollars, and where the value exceeds ten thousand dollars two per cent. on the first ten thousand dollars and one per cent. on the
*excess.
(2) The said charge shall constitute a primary lien upon the trust estate, and shall be levied, in the case of trust moneys deposited in a bank, by an order of the court, authorising the payment thereof to the Official Trustee for the use of the Crown, and in the case of securities or land, by sale, mortgage, or otherwise as the court may direct, and in case of any such sale or mortgage, the court may, by the same or any further order, empower the Official Trustee to execute all instruments necessary for carrying out this provi- sion, and instruments so executed shall be as valid and effectual to all intents and purposes as if the same had been éxecuted by all persons who, but for this provision, would have been necessary parties thereto.
(3) There shall also be imposed and levied for the use of the Crown upon every such estate a charge equivalent to two per cent. on the annual revenue of the trust estate. The Official Trustee shall 'deduct such charge in making up the annual accounts of the estate.
11. In the administration of any trust estate, the Official General Trustee shall have and may exercise all the rights and rights and powers conferred upon trustees by this Ordinance, so far as Official they are applicable to such trust estate.
powers of
Trustee.
of Official
12. The Official Trustee shall incur no personal liability Limitation by reason of any securities being transferred into his name of liability as aforesaid, or by reason of any land being conveyed to Trustee. 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.
administra-
13. The rules contained in the Schedule shall be observed Rules for in proceedings under the provisions of this Part relating to summary the summary administration of trust funds, subject to the tion of trust repeal or variation thereof under the powers vested in the funds. court in relation to the making of general rules and orders. Schedule.
ESS ADEPRE
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