CAP. 29]
Trustee.
[s. 37 cont.] Statutory enactment provides to the contrary, nor shall the number of trustees be increased beyond four by virtue of any such appointment.
Supplemental provisions as to appointment of trustees. 15 Geo. 5, c. 19, s. 37.
(7) Every new trustee appointed under this section, as well before as after all the trust property becomes by law, or by assurance, or otherwise, vested in him, shall have the same powers, authorities, and discretions, and may in all respects act as if he had been originally appointed a trustee by the instrument, if any, creating the trust.
(8) The provisions of this section relating to a trustee who is dead include the case of a person nominated trustee in a will but dying before the testator, and those relative to a continuing trustee include a refusing or retiring trustee, if willing to act in the execution of the provisions of this section.
(2) Where a lunatic or person of unsound mind, being a trustee, is also entitled in possession to some beneficial interest in the trust property, no appointment of a new trustee in his place shall be made by the continuing trustees or trustee, under this section, unless leave has been given by the court to make the appointment.
38. (1) On the appointment of a trustee for the whole or any part of trust property-
(a) the number of trustees may, subject to the restrictions imposed by this Ordinance on the number of trustees, be increased; and
(b) a separate set of trustees, not exceeding four, may be appointed for any part of the trust property held on trusts distinct from those relating to any other part or parts of the trust property, notwithstanding that no new trustees or trustee are or is to be appointed for other parts of the trust property, and any existing trustee may be appointed or remain one of such separate set of trustees, or, if only one trustee was originally appointed, then, save as hereinafter provided, one separate trustee may be appointed; and
(c) it shall not be obligatory, save as hereinafter provided, to appoint more than one new trustee where only one trustee was originally appointed, or to
488
CAP. 29]
Trustee.
[s. 37 cont.] Statutory enactment provides to the contrary, nor shall the number of trustees be increased beyond four by virtue of any such appointment.
Supplemental provisions
as to appointment of trustees. 15 Geo. 5, c. 19, s. 37.
(7) Every new trustee appointed under this section, as well before as after all the trust property becomes by law, or by assurance, or otherwise, vested in him, shall have the same powers, authorities, and discretions, and may in all respects act as if he had been originally appointed a trustee by the instrument, if any, creating the trust.
(8) The provisions of this section relating to a trustee who is dead include the case of a person nominated trustee in a will but dying before the testator, and those relative to a continuing trustee include a refusing or retiring trustee, if willing to act in the execution of the provisions of this section.
(2) Where a lunatic or person of unsound mind, being a trustee, is also entitled in possession to some bene- ficial interest in the trust property, no appointment of a new trustee in his place shall be made by the continuing trustees or trustee, under this section, unless leave has been given by the court to make the appointment.
38. (1) On the appointment of a trustee for the whole or any part of trust property-
(a) the number of trustees may, subject to the restric- tions imposed by this Ordinance on the number of trustees, be increased; and
(b) a separate set of trustees, not exceeding four may be appointed for any part of the trust property held on trusts distinct from those relating to any other part or parts of the trust property, notwith- standing that no new trustees or trustee are or is to be appointed for other parts of the trust pro- perty, and any existing trustee may be appointed or remain one of such separate set of trustees, or, if only one trustee was originally appointed, then, save as hereinafter provided, one separate trustee may bè appointed; and
(c) it shall not be obligatory, save as hereinafter pro- vided, to appoint more than one new trustee where only one trustee was originally appointed, or to
488
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