Trustee.
[CAP. 29
(5) Nothing contained in this section shall prejudice or affect the right of any person to require any such money or any part thereof to be applied in rebuilding, reinstating, or repairing the property lost or damaged, or the right of any mortgagee, lessor, or lessee, whether under any statute or otherwise.
(6) This section applies to policies effected either before or after the commencement of this Ordinance, but only to money received after such commencement.
23. Trustees may deposit any documents held by them relating to the trust, or to the trust property, with any banker or banking company or any other company whose business includes the undertaking of the safe custody of documents, and any sum payable in respect of such deposit shall be paid out of the income of the trust property.
Deposit of documents for safe custody.
15 Geo. 5. c. 19, s. 21.
24. (1) Where trust property includes any share or reversionary interest in property not vested in the trustees, or the proceeds of sale of any such property, or any other thing in action, the trustees on the same falling into possession, or becoming payable or transferable may-
(a) agree or ascertain the amount or value thereof or any part thereof in such manner as they may think fit:
(b) accept in or towards satisfaction thereof, at the market or current value, or upon any valuation or estimate of value which they may think fit, any authorized investments;
(c) allow any deductions for duties, costs, charges and expenses which they may think proper or reasonable;
(d) execute any release in respect of the premises so as effectually to discharge all accountable parties from all liability in respect of any matters coming within the scope of such release,
without being responsible in any such case for any loss occasioned by any act or thing so done by them in good faith.
(2) The trustees shall not be under any obligation and shall not be chargeable with any breach of trust by reason of any omission-
15 Geo. 5. c. 19, s. 22.
473
Trustee.
[CAP. 29
(5) Nothing contained in this section shall prejudice or affect the right of any person to require any such money or any part thereof to be applied in rebuilding, reinstating, or repairing the property lost or damaged, or the right of any mortgagee, lessor, or lessee, whether under any statute or otherwise.
(6) This section applies to policies effected either before or after the commencement of this Ordinance, but only to money received after such commencement.
23. Trustees may deposit any documents held by them relating to the trust, or to the trust property, with any banker or banking company or any other company whose business includes the undertaking of the safe custody of documents, and any sum payable in respect of such deposit shall be paid out of the income of the trust property.
Deposit of for safe 15 Geo. 5.
documents
custody.
c. 19, s. 21.
interests,
valuations 15 Geo. 5.
and audit.
24. (1) Where trust property includes any share or Reversionary interest in property not vested in the trustees, or the proceeds of sale of any such property, or any other thing in action, the trustees on the same falling into possession, or becoming payable or transferable may-
(a) agree or ascertain the amount or value thereof or any part thereof in such manner as they may think fit:
(b) accept in or towards satisfaction thereof, at the market or current value, or upon any valuation or estimate of value which they may think fit, any authorized investments;
(c) allow any deductions for duties, costs, charges and expenses which they may think proper or reason- able;
(d) execute any release in respect of the premises so as effectually to discharge all accountable parties from all liability in respect of any matters coming within the scope of such release,
without being responsible in any such case for any loss. occasioned by any act or thing so done by them in good faith.
(2) The trustees shall not be under any obligation and shall not be chargeable with any breach of trust by reason of any omission-
c. 19, s. 22.
473
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