Trustee.
[CAP. 29
thing which he is in express terms directed to do, by the instrument creating the trust.
raise money
mortgage,
15 Geo. 5,
c. 19, s. 16
18. (1) Where trustees are authorized by the instrument, if any, creating the trust or by law to pay or apply capital money subject to the trust for any purpose or in any manner, they shall have and shall be deemed always to have had power to raise the money required by sale, conversion, calling in, or mortgage of all or any part of the trust property for the time being in possession.
(2) This section applies notwithstanding anything to the contrary contained in the instrument, if any, creating the trust, but does not apply to trustees of property held for charitable purposes.
purchasers
and
mortgagees
19. No purchaser or mortgagee, paying or advancing money on a sale or mortgage purporting to be made under any trust or power vested in trustees, shall be concerned to see that such money is wanted, or that no more than is wanted is raised, or otherwise as to the application thereof.
dealing with
trustees.
15 Geo. 5,
c. 19, s. 17.
of powers
15 Geo. 5.
20. (1) Where a power or trust is given to or imposed on two or more trustees jointly, the same may be exercised or performed by the survivors or survivor of them for the time being.
(2) Until the appointment of new trustees, the personal representatives or representative for the time being of a sole trustee, or, where there were two or more trustees of the last surviving or continuing trustee, shall be capable of exercising or performing any power or trust which was given to, or capable of being exercised by, the sole or last surviving or continuing trustee, or other the trustees or trustee for the time being of the trust.
(3) This section takes effect subject to the restrictions imposed in regard to receipts by a sole trustee, not being a trust corporation.
(4) In this section "personal representative" does not include an executor who has renounced or has not proved.
21. (1) A trustee may insure against loss or damage by fire and typhoon any building or other insurable property
15 Geo. 5,
c. 19, s. 19.
471
Trustee.
[CAP. 29
thing which he is in express terms directed to do, by the instrument creating the trust.
raise money
mortgage,
15 Geo. 5,
c. 19, s. 16
18. (1) Where trustees are authorized by the instru- Power to ment, if any, creating the trust or by law to pay or apply by sale, capital money subject to the trust for any purpose or in any etc. manner, they shall have and shall be deemed always to have had power to raise the money required by sale, conversion, calling in, or mortgage of all or any part of the trust property for the time being in possession.
(2) This section applies notwithstanding anything to the contrary contained in the instrument, if any, creating the trust, but does not apply to trustees of property held for charitable purposes.
purchasers
and
mortgagees
19. No purchaser or mortgagee, paying or advancing Protection to money on a sale or mortgage purporting to be made under any trust or power vested in trustees, shall be concerned to see that such money is wanted, or that no more than is wanted is raised, or otherwise as to the application thereof.
dealing with 15 Geo. 5,
trustees.
c. 19, s. 17.
of powers
15 Geo. 5.
20. (1) Where a power or trust is given to or imposed Devolution on two or more trustees jointly, the same may be exercised or trusts. or performed by the survivors or survivor of them for the c. 19, s. 18. time being.
(2) Until the appointment of new trustees, the personal représentatives or representative for the time being of a sole trustee, or, where there were two or more trustees of the last surviving or continuing trustee, shall be capable of exercising or performing any power or trust which was given to, or capable of being exercised by, the sole or last surviving or continuing trustee, or other the trustees or trustee for the time being of the trust.
(3) This section takes effect subject to the restrictions imposed in regard to receipts by a sole trustee, not being at trust corporation.
(4) In this section "personal representative" does not include an executor who has renounced or has not proved.
21. (1) A trustee may insure against loss or damage Power to by fire and typhoon any building or other insurable property 15 Geo. 5,
insure.
c. 19, s. 19.
471
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