22
CAP. 10]
Probate and Administration.
Administration of assets.
1925 c. 23, s. 34. Schedule.
Schedule.
Charges to be paid primarily out of the property charged.
1925 c. 23, s. 35.
[1971 Ed.
(3) During the minority of any beneficiary or the subsistence of any life interest, and pending the distribution of the whole or any part of the estate of the deceased, the personal representatives may invest the residue of the said money, or so much thereof as may not have been distributed, in any investments for the time being authorized by any Ordinance for the investment of trust money, with power, at the discretion of the personal representatives, to change such investments for others of a like nature.
(4) The income (including net rents and profits of immovable property after payments of rates, taxes, rent, costs of insurances, repairs and other outgoings properly attributable to income) of so much of the movable and immovable property of the deceased as may not be disposed of by his will, if any, or may not be required for the administration purposes aforesaid, may, however such estate is invested, as from the death of the deceased, be treated and applied as income, and for that purpose any necessary apportionment may be made between tenant for life and remainderman.
(5) Nothing in this section affects the rights of any creditor of the deceased or the rights of the Government in respect of estate duty.
(6) Where the deceased leaves a will, this section has effect subject to the provisions contained in the will.
63. (1) Where the estate of a deceased person is insolvent his estate shall be administered in accordance with the rules set out in Part I of the Schedule.
(2) (a) The right of retainer of a personal representative and his right to prefer creditors may be exercised in respect of all assets of the deceased but the right of retainer shall only apply to debts owing to the personal representative in his own right whether solely or jointly with another person.
(b) Subject as aforesaid, nothing in this Ordinance affects the right of retainer of a personal representative or his right to prefer creditors.
(3) Where the estate of a deceased person is solvent his estate shall, subject to rules of court and the provisions hereinafter contained as to charges on property of the deceased, and to the provisions, if any, contained in his will, be applicable towards the discharge of the funeral, testamentary and administration expenses, debts and liabilities payable thereout in the order mentioned in Part II of the Schedule.
64. (1) Where a person dies possessed of, or entitled to, or, under a general power of appointment, by his will disposes of an interest in property which at the time of his death is charged with the payment of money, whether by way of legal mortgage, equitable charge or otherwise (including lien for unpaid purchase
22
CAP. 10]
Probate and Administration.
Administration of assets.
1925 c. 23, s. 34. Schedule.
Schedule.
Charges to be paid primarily out of the property charged.
1925 c. 23, s. 35.
[1971 Ed.
(3) During the minority of any beneficiary or the subsistence of any life interest, and pending the distribution of the whole or any part of the estate of the deceased, the personal representatives may invest the residue of the said money, or so much thereof as may not have been distributed, in any investments for the time being authorized by any Ordinance for the investment of trust money, with power, at the discretion of the personal representa- tives, to change such investments for others of a like nature.
(4) The income (including net rents and profits of immovable property after payments of rates, taxes, rent, costs of insurances, repairs and other outgoings properly attributable to income) of so much of the movable and immovable property of the deceased as may not be disposed of by his will, if any, or may not be required for the administration purposes aforesaid, may, however such estate is invested, as from the death of the deceased, be treated and applied as income, and for that purpose any necessary appor- tionment may be made between tenant for life and remainderman.
(5) Nothing in this section affects the rights of any creditor of the deceased or the rights of the Government in respect of estate duty.
(6) Where the deceased leaves a will, this section has effect subject to the provisions contained in the will.
63. (1) Where the estate of a deceased person is insolvent his estate shall be administered in accordance with the rules set out in Part I of the Schedule.
(2) (a) The right of retainer of a personal representative and his right to prefer creditors may be exercised in respect of all assets of the deceased but the right of retainer shall only apply to debts owing to the personal representative in his own right whether solely or jointly with another person.
(b) Subject as aforesaid, nothing in this Ordinance affects the right of retainer of a personal representative or his right to prefer creditors.
(3) Where the estate of a deceased person is solvent his estate shall, subject to rules of court and the provisions hereinafter con- tained as to charges on property of the deceased, and to the provi- sions, if any, contained in his will, be applicable towards the discharge of the funeral, testamentary and administration expenses, debts and liabilities payable thereout in the order mentioned in Part II of the Schedule.
64. (1) Where a person dies possessed of, or entitled to, or, under a general power of appointment, by his will disposes of an interest in property which at the time of his death is charged with the payment of money, whether by way of legal mortgage, equitable charge or otherwise (including lien for unpaid purchase
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