Trustee.
[CAP. 29
of all or any one or more exclusively of the other or others of the following persons (that is to say)— (i) the principal beneficiary and his or her wife or husband, if any, and his or her children or more remote issue, if any; or
(ii) if there is no wife or husband or issue of the principal beneficiary in existence, the principal beneficiary and the persons who would, if he were actually dead, be entitled to the trust property or the income thereof or to the annuity fund, if any, or arrears of the annuity, as the case may be; as the trustees in their absolute discretion, without being liable to account for the exercise of such discretion, think fit.
(2) This section does not apply to trusts coming into operation before the commencement of this Ordinance, and has effect subject to any variation of the implied trusts aforesaid contained in the instrument creating the trust.
(3) Nothing in this section operates to validate any trust which would, if contained in the instrument creating the trust, be liable to be set aside.
PART IV.
APPOINTMENT AND DISCHARGE OF TRUSTEES.
of the
trustees.
c. 19, s. 34.
36. (1) Where, at the commencement of this Ordinance Limitation there are more than four trustees of a settlement of land or number of more than four trustees holding land on trust for sale, no new trustees shall (except where as a result of the appointment the number is reduced to four or less) be capable of being appointed until the number is reduced to less than four, and thereafter the number shall not be increased beyond four.
(2) In the case of settlements and dispositions on trust for sale of land made or coming into operation after the commencement of this Ordinance---
(a) the number of trustees thereof shall not in any case exceed four, and where more than four persons are named as such trustees, the four first named (who are able and willing to act) shall alone be the
485
Trustee.
[CAP. 29
of all or any one or more exclusively of the other or others of the following persons (that is to say)— (i) the principal beneficiary and his or her wife or husband, if any, and his or her children or more remote issue, if any; or
(ii) if there is no wife or husband or issue of the principal beneficiary in existence, the principal beneficiary and the persons who would, if he were actually dead, be entitled to the trust property or the income thereof or to the annuity fund, if any, or arrears of the annuity, as the case may be; as the trustees in their absolute discretion, without being liable to account for the exercise of such dis- cretion, think fit.
(2) This section does not apply to trusts coming into operation before the commencement of this Ordinance, and has effect subject to any variation of the implied trusts afore- said contained in the instrument creating the trust.
(3) Nothing in this section operates to validate any trust which would, if contained in the instrument creating the trust, be liable to be set aside.
PART IV.
APPOINTMENT AND DISCHARGE OF TRUSTees.
of the
trustees.
c. 19, s. 34.
36. (1) Where, at the commencement of this Ordinance Limitation there are more than four trustees of a settlement of land or number of more than four trustees holding land on trust for sale, no 15 Geo. 5. new trustees shall (except where as a result of the appoint- ment the number is reduced to four or less) be capable of being appointed until the number is reduced to less than four, and thereafter the number shall not be increased beyond four.
(2) In the case of settlements and dispositions on trust for sale of land made or coming into operation after the commencement of this Ordinance---
(a) the number of trustees thereof shall not in any case exceed four, and where more than four persons are named as such trustees, the four first named (who are able and willing to act) shall alone be the
485
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