Trustee.
[CAP. 29
(a) nothing in this section shall affect the right of any person entitled to the money against the person to whom the payment is made;
(b) the person so entitled shall have the same remedy against the person to whom the payment is made as he would have had against the trustee.
Indemnity of
trustees.
15 Geo. 5.
c. 19, s. 30.
32. (1) A trustee shall be chargeable only for money and securities actually received by him notwithstanding his signing any receipt for the sake of conformity, and shall be answerable and accountable only for his own acts, receipts, neglects, or defaults, and not for those of any other trustee, or of any banker, broker, or other person with whom any trust money or securities may be deposited, nor for the insufficiency or deficiency of any securities, nor for any other loss, unless the same happens through his own wilful default.
(2) A trustee may reimburse himself or pay or discharge out of the trust premises all expenses incurred in or about the execution of the trusts or powers.
Maintenance, Advancement and Protective Trusts.
33. (1) Where any property is held by trustees in trust for any person for any interest whatsoever, whether vested or contingent, then, subject to any prior interests or charges affecting that property—
(a) during the infancy of any such person, if his interest so long continues, the trustees may, at their sole discretion, pay to his parent or guardian, if any, or otherwise apply for or towards his maintenance, education or benefit, the whole or such part, if any, of the income of that property as may, in all the circumstances, be reasonable, whether or not there is—
(i) any other fund applicable to the same purpose; or
(ii) any person bound by law to provide for his maintenance or education; and
(b) if such person on attaining the age of twenty-one years has not a vested interest in such income, the trustees shall thenceforth pay the income of that property and of any accretion thereto under subsection (2) to him, until he either attains a vested
481
Power to apply income for maintenance and to accumulate surplus income during a minority.
15 Geo. 5,
c. 19, s. 31.
Trustee.
[CAP. 29
(a) nothing in this section shall affect the right of any person entitled to the money against the person to whom the payment is made;
(b) the person so entitled shall have the same remedy against the person to whom the payment is made as he would have had against the trustee.
indemnity of
trustees.
15 Geo. 5.
c. 19, s. 30.
32. (1) A trustee shall be chargeable only for money Implied and securities actually received by him notwithstanding his signing any receipt for the sake of conformity, and shall be answerable and accountable only for his own acts, re- ceipts, neglects, or defaults, and not for those of any other trustee, or of any banker, broker, or other person with whom any trust money or securities may be deposited, nor for the insufficiency or deficiency of any securities, nor for any other loss, unless the same happens through his own wilful default.
(2) A trustee may reimburse himself or pay or dis- charge out of the trust premises all expenses incurred in or about the execution of the trusts or powers.
Maintenance, Advancement and Protective Trusts. 33. (1) Where any property is held by trustees in trust for any person for any interest whatsoever, whether vested or contingent, then, subject to any prior interests or charges affecting that property—
(a) during the infancy of any such person, if his in- terest so long continues, the trustees may, at their sole discretion, pay to his parent or guardian, if any, or otherwise apply for or towards his main- tenance, education or benefit, the whole or such part, if any, of the income of that property as may, in all the circumstances, be reasonable, whether or not there is-
(i) any other fund applicable to the same pur- pose; or
(ii) any person bound by law to provide for his maintenance or education; and
(b) if such person on attaining the age of twenty-one years has not a vested interest in such income, the trustees shall thenceforth pay the income of that property and of any accretion thereto under sub- section (2) to him, until he either attains a vested
481
Power to for
apply income
maintenance
and to
accumulate surplus income
during a 15 Geo. 5,
minority.
c. 19, s. 31.
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