Trustee.
[CAP. 29
restrained from anticipation, make such order as to the court seems just, for impounding all or any part of the interest of the beneficiary in the trust estate by way of indemnity to the trustee or persons claiming through him.
(2) This section applies to breaches of trust committed as well before as after the commencement of this Ordinance.
Payment into Court.
into court
15 Geo. 5.
62. (1) Trustees, or the majority of trustees, having in their hands or under their control money or securities belonging to a trust, may pay the same into court, and the same shall, subject to the rules of court, be dealt with according to the orders of the court.
(2) The receipt or certificate of the proper officer shall be a sufficient discharge to trustees for the money or securities so paid into court.
(3) Where money or securities is or are vested in any persons as trustees, and the majority are desirous of paying the same into court, but the concurrence of the other or others cannot be obtained, the court may order the payment into court to be made by the majority without the concurrence of the other or others.
(4) Where any such money or securities are deposited with any banker, broker, or other depositary, the court may order payment or delivery of the money or securities to the majority of the trustees for the purpose of payment into court.
(5) Every transfer, payment and delivery made in pursuance of any such order shall be valid and take effect as if the same had been made on the authority or by the act of all the persons entitled to the money and securities so transferred, paid or delivered.
PART VI.
THE JUDICIAL TRUSTEE.
63. (1) Where application is made to the court by or on behalf of the person creating or intending to create a trust, or by or on behalf of a trustee or beneficiary, the
Power of court on application to appoint judicial trustee.
59 & 60 Vict.
c. 35, s. 1.
501
Trustee.
[CAP. 29
restrained from anticipation, make such order as to the court seems just, for impounding all or any part of the interest of the beneficiary in the trust estate by way of indemnity to the trustee or persons claiming through him.
(2) This section applies to breaches of trust committed as well before as after the commencement of this Ordinance.
Payment into Court.
into court
15 Geo. 5.
62. (1) Trustees, or the majority of trustees, having Payment in their hands or under their control money or securities by trustees. belonging to a trust, may pay the same into court, and the c. 19, s. 63. same shall, subject to the rules of court, be dealt with according to the orders of the court.
(2) The receipt or certificate of the proper officer shall be a sufficient discharge to trustees for the money or securities so paid into court.
(3) Where money or securities is or are vested in any persons as trustees, and the majority are desirous of paying the same into court, but the concurrence of the other or others cannot be obtained, the court may order the payment into court to be made by the majority without the concur- rence of the other or others.
(4) Where any such money or securities are deposited with any banker, broker, or other depositary, the court may order payment or delivery of the money or securities to the majority of the trustees for the purpose of payment into
court.
(5) Every transfer, payment and delivery made in pursuance of any such order shall be valid and take effect as if the same had been made on the authority or by the act of all the persons entitled to the money and securities so transferred, paid or delivered.
PART VI.
THE JUDICIAL TRUSTEE.
a
63. (1) Where application is made to the court by or on behalf of the person creating or intending to create trust, or by or on behalf of a trustee or beneficiary, the
Power of application judicial
court on
to appoint
trustee.
59 & 60 Vict.
c. 35, s. 1.
501
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