CAP. 29]
Authorized investments.
Trustee.
PART II.
INVESTMENTS.
4. A trustee may invest any trust funds in his hands [cf. 15 Geo. 5, whether at the time in a state of investment or not, in manner c. 19, s. 1.]
Retention of redeemable stocks until redemption.
following-
(a) in any manner authorized by the Trustee Act, 1925, or in any manner which may be authorized by any Act amending or replacing the said Act;
(b) in any Government securities of the Colony;
(c) on mortgage of property in the Colony held under Crown lease for an unexpired term of not less than fifty years including the term, if any, for which such Crown lease can be renewed without premium at the option of the lessee;
(d) in any securities authorized by the court, on summary application for that purpose made in chambers.
5. A trustee may retain until redemption any redeemable stock, fund, or security which may have been purchased [cf. 15 Geo. 5. in accordance with the powers of this Ordinance, or any Ordinance replaced by this Ordinance. c. 19, s. 2.]
Discretion of trustees. 15 Geo. 5, c. 19, s. 3.
Retention of unauthorized investment. ibid. s. 4.
Investment in bearer securities. 15 Geo. 5, c. 19, s. 7.
6. Every power conferred by sections 4 and 5 shall be exercised according to the discretion of the trustee, but subject to any consent or direction with respect to the investment of the trust funds, required by the instrument, if any, creating the trust or by any Ordinance.
7. A trustee shall not be liable for breach of trust by reason only of his continuing to hold an investment which has ceased to be an investment authorized by the trust instrument or by the general law.
8. (1) A trustee may, unless expressly prohibited by the instrument creating the trust, retain or invest in securities payable to bearer which, if not so payable, would have been authorized investments.
(2) Securities payable to bearer retained or taken as an investment by a trustee (not being a trust corporation) shall, until sold, be deposited by him for safe custody and collection of income with a banker or banking company.
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CAP. 29]
Authorized
investments.
Trustee.
PART II.
INVESTMENTS.
4. A trustee may invest any trust funds in his hands
[cf. 15 Geo. 5, whether at the time in a state of investment or not, in manner
c. 19, s. 1.]
Retention of
redeemable
stocks until
redemption.
following-
(a) in any manner authorized by the Trustee Act, 1925, or in any manner which may be authorized by any Act amending or replacing the said Act;
(b) in any Government securities of the Colony; (c) on mortgage of property in the Colony held under Crown lease for an unexpired term of not less than fifty years including the term, if any, for which such Crown lease can be renewed without premium at the option of the lessee;
(d) in any securities authorized by the court, on sum- mary application for that purpose made in chambers.
5. A trustee may retain until redemption any redeem- able stock, fund, or security which may have been purchased
[cf. 15 Geo. 5. in accordance with the powers of this Ordinance, or any
Ordinance replaced by this Ordinance.
c. 19, s. 2.]
Discretion of trustees. 15 Geo. 5,
c. 19, s. 3.
Retention of unauthorized investment. ibid. s. 4.
Investment in bearer securities.
15 Geo. 5,
c. 19, s. 7.
6. Every power conferred by sections 4 and 5 shall be exercised according to the discretion of the trustee, but sub- ject to any consent or direction with respect to the investment of the trust funds, required by the instrument, if any, creating the trust or by any Ordinance.
7. A trustee shall not be liable for breach of trust by reason only of his continuing to hold an investment which has ceased to be an investment authorized by the trust instrument or by the general law.
8.
(1) A trustee may, unless expressly prohibited by the instrument creating the trust, retain or invest in securities payable to bearer which, if not so payable, would have been authorized investments.
(2) Securities payable to bearer retained or taken as an investment by a trustee (not being a trust corporation) shall, until sold, be deposited by him for safe custody and collec- tion of income with a banker or banking company.
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