CAP: 29]
Power to
deposit at
pay calls.
15 Geo. 5.
Trustee.
12. (1) Trustees may, pending the negotiation and preparation of any mortgage or charge, or during any other time while an investment is being sought for, pay any trust money into a bank to a deposit or other account, and all interest, if any, payable in respect thereof shall be applied as income.
c. 19, s. 11.
Power of
trustees for sale to sell by auction,
etc.
15 Geo. 5.
c. 19, s. 12.
Power to sell subject to depre-ciatory conditions. 15 Geo. 5, c. 19, s. 13.
(2) Trustees may apply capital money subject to a trust in payment of the calls on any shares subject to the same trust.
PART III.
GENERAL Powers of TRUSTEES AND PERSONAL REPRESENTATIVES.
General Powers.
13. (1) Where a trust for sale or a power of sale of property is vested in a trustee, he may sell or concur with any other person in selling all or any part of the property, either subject to prior charges or not, and either together or in lots, by public auction or by private contract, subject to any such conditions respecting title or evidence of title or other matter as the trustee thinks fit, with power to vary any contract for sale, and to buy in at any auction, or to rescind any contract for sale and to resell, without being answerable for any loss.
(2) A trust or power to sell or dispose of land includes a trust or power to sell or dispose of part thereof, whether the division is horizontal, vertical, or made in any other way.
14. (1) No sale made by a trustee shall be impeached by any beneficiary upon the ground that any of the conditions subject to which the sale was made may have been unnecessarily depreciatory, unless it also appears that the consideration for the sale was thereby rendered inadequate.
(2) No sale made by a trustee shall, after the execution of the conveyance, be impeached as against the purchaser upon the ground that any of the conditions subject to which the sale was made may have been unnecessarily depreciatory, unless it appears that the purchaser was acting in collusion with the trustee at the time when the contract for sale was made.
; 468
CAP: 29]
Power to
deposit at
pay calls.
15 Geo. 5.
Trustee.
12. (1) Trustees may, pending the negotiation and Bank and to preparation of any mortgage or charge, or during any other time while an investment is being sought for, pay any trust money into a bank to a deposit or other account, and all interest, if any, payable in respect thereof shall be applied as income.
c. 19, s. 11.
Power of
trustees for sale to sell by auction,
etc.
15 Geo. 5.
c. 19, s. 12.
Power to sell subject to depre- ciatory conditions. 15 Geo. 5, c. 19, s. 13.
(2) Trustees may apply capital money subject to a trust in payment of the calls on any shares subject to the same
trust.
PART III.
GENERAL Powers of TRUSTEES AND PERSONAL
REPRESENTATIVES.
General Powers.
13. (1) Where a trust for sale or a power of sale of property is vested in a trustee, he may sell or concur with any other person in selling all or any part of the property, either subject to prior charges or not, and either together or in lots, by public auction or by private contract, subject to any such conditions respecting title or evidence of title or other matter as the trustee thinks fit, with power to vary any contract for sale, and to buy in at any auction, or to rescind any contract for sale and to resell, without being answerable for any loss.
(2) A trust or power to sell or dispose of land includes a trust or power to sell or dispose of part thereof, whether the division is horizontal, vertical, or made in any other way.
14. (1) No sale made by a trustee shall be impeached by any beneficiary upon the ground that any of the condi- tions subject to which the sale was made may have been unnecessarily depreciatory, unless it also appears that the consideration for the sale was thereby rendered inadequate.
(2) No sale made by a trustee shall, after the execution of the conveyance, be impeached as against the purchaser upon the ground that any of the conditions subject to which the sale was made may have been unnecessarily depreciatory, unless it appears that the purchaser was acting in collusion with the trustee at the time when the contract for sale was
made.
;
468
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