CAP. 29]
[s. 25 cont.]
Trustee.
of insurance, by permitting the banker or solicitor to have the custody of and to produce the policy of insurance with a receipt signed by the trustee, and a trustee shall not be chargeable with a breach of trust by reason only of his having made or concurred in making any such appointment:
Provided that nothing in this subsection shall exempt a trustee from any liability which he would have incurred if this Ordinance and any enactment replaced by this Ordinance had not been passed, in case he permits any such money, valuable consideration, or property to remain in the hands or under the control of the banker or solicitor for a period longer than is reasonably necessary to enable the banker or solicitor, as the case may be, to pay or transfer the same to the trustee. This subsection applies whether the money or valuable consideration or property was or is received before or after the commencement of this Ordinance.
Power to concur with others.
15 Geo. 5, c. 19, s. 24.
Power to delegate trusts during absence abroad.
[cf. 15 Geo. 5, c. 19, s. 25.]
26. Where an undivided share in the proceeds of sale of land directed to be sold, or in any other property, is subject to a trust, or forms part of the estate of a testator or intestate, the trustees or personal representatives may (without prejudice to the trust for sale affecting the entirety of the land and the powers of the trustees for sale in reference thereto) execute or exercise any trust or power vested in them in relation to such share in conjunction with the persons entitled to or having power in that behalf over the other share or shares, and notwithstanding that any one or more of the trustees or personal representatives may be entitled to or interested in any such other share, either in his or their own right or in a fiduciary capacity.
27. (1) A trustee intending to remain out of the Colony for a period exceeding one month may, notwithstanding any rule of law or equity to the contrary, by power of attorney, delegate to any person (including a trust corporation) the execution or exercise during his absence from the Colony of all or any trusts, powers and discretions vested in him as such trustee, either alone or jointly with any other person or persons: Provided that a person being the only other co-trustee and not being a trust corporation
476
CAP. 29]
[s. 25 cont.]
Trustee.
of insurance, by permitting the banker or solicitor to have the custody of and to produce the policy of insurance with a receipt signed by the trustee, and a trustee shall not be chargeable with a breach of trust by reason only of his having made or concurred in making any such appointment:
Provided that nothing in this subsection shall exempt a trustee from any liability which he would have incurred if this Ordinance and any enactment replaced by this Ordin- ance had not been passed, in case he permits any such money, valuable consideration, or property to remain in the hands or under the control of the banker or solicitor for a period longer than is reasonably necessary to enable the banker or solicitor, as the case may be, to pay or transfer the same to the trustee. This subsection applies whether the money or valuable consideration or property was or is received before or after the commencement of this Ordin-
ance.
Power to
with
concur
others.
15 Geo. 5, c. 19, s. 24.
Power to delegate trusts during absence abroad.
[cf. 15 Geo. 5, c. 19, s. 25.]
26. Where an undivided share in the proceeds of sale of land directed to be sold, or in any other property, is subject to a trust, or forms part of the estate of a testator or intestate, the trustees or personal representatives may (without prejudice to the trust for sale affecting the entirety of the land and the powers of the trustees for sale in re- ference thereto) execute or exercise any trust or power vested in them in relation to such share in conjunction with the persons entitled to or having power in that behalf over the other share or shares, and notwithstanding that any one or more of the trustees or personal representatives may be entitled to or interested in any such other share, either in his or their own right or in a fiduciary capacity.
27. (1) A trustee intending to remain out of the Colony for a period exceeding one month may, notwith- standing any rule of law or equity to the contrary, by power of attorney, delegate to any person (including a trust cor- poration) the execution or exercise during his absence from the Colony of all or any trusts, powers and discretions vested in him as such trustee, either alone or jointly with any other person or persons: Provided that a person being the only other co-trustee and not being a trust corporation
476
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