1985 Ed.]
Trustee
[CAP. 29
7
"trust" does not include the duties incident to an estate conveyed by way of mortgage, but with this exception the expression “trust” and "trustee" extend to implied and constructive trusts, and to cases where the trustee has a beneficial interest in the trust property, and to the duties incident to the office of a personal representative, and "trustee" where the context admits includes a personal representative, and "new trustee" includes an additional trustee;
"trust corporation" means the Public Trustee in England or a corporation appointed by the court in any particular case to be a trustee (if authorized by its constitution to act as trustee) or any trust company registered under Part VIII;
"trust for sale", in relation to land, means an immediate binding trust for sale, whether or not exercisable at the request or with the consent of any person, and with or without power at discretion to postpone the sale; and "trustees for sale" means the persons (including a personal representative) holding land on trust for sale.
1925 c. 19. s. 69.
3. (1) This Ordinance, except where otherwise expressly provided, applies to trusts including, so far as this Ordinance applies thereto, executorships and administratorships constituted or created either before or after the commencement of this Ordinance.
(2) The powers conferred by this Ordinance on trustees are in addition to the powers conferred by the instrument, if any, creating the trust, but those powers, unless otherwise stated, apply if and so far only as a contrary intention is not expressed in the instrument, if any, creating the trust, and have effect subject to the terms of that instrument.
(3) This Ordinance does not affect the legality or validity of anything done before the commencement of this Ordinance, except as otherwise expressly provided.
PART II
INVESTMENTS
4. (1) A trustee may invest any trust funds in his hands, whether at the time in a state of investment or not-
(a) in any investment specified in the Second Schedule;
(b) in any other investment (including deposits in a bank outside the Colony) which may be authorized by the court on summary application for that purpose made in chambers.
(2) Any application to the court made under subsection (1)(b) shall be made by the trustee ex parte and shall be supported by affidavit.
Authorized investments.
Second Schedule.
1985 Ed.]
Trustee
[CAP. 29
7
"trust" does not include the duties incident to an estate conveyed by way of mortgage, but with this exception the expression “trust” and "trustee" extend to implied and constructive trusts, and to cases where the trustee has a beneficial interest in the trust property, and to the duties incident to the office of a personal representative, and "trustee" where the context admits includes a personal representative, and "new trustee" includes an addi- tional trustee;
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"trust corporation" means the Public Trustee in England or a corporation appointed by the court in any particular case to be a trustee (if authorized by its constitution to act as trustee) or any trust company registered under Part VIII;
"trust for sale", in relation to land, means an immediate binding trust for sale, whether or not exercisable at the request or with the consent of any person, and with or without power at discretion to postpone the sale; and "trustees for sale" means the persons (including a personal representative) holding land on trust for sale.
1925 c. 19. s. 69.
3. (1) This Ordinance, except where otherwise expressly Application. provided, applies to trusts including, so far as this Ordinance applies thereto, executorships and administratorships constituted or created either before or after the commencement of this Ordinance.
(2) The powers conferred by this Ordinance on trustees are in addition to the powers conferred by the instrument, if any, creating the trust, but those powers, unless otherwise stated, apply if and so far only as a contrary intention is not expressed in the instrument, if any, creating the trust, and have effect subject to the terms of that instrument.
(3) This Ordinance does not affect the legality or validity of anything done before the commencement of this Ordinance, except as otherwise expressly provided.
PART II
INVESTMENTS
4. (1) A trustee may invest any trust funds in his hands, whether at the time in a state of investment or not-
(a) in any investment specified in the Second Schedule;
(b) in any other investment (including deposits in a bank outside the Colony) which may be authorized by the court on summary application for that purpose made in chambers.
(2) Any application to the court made under subsection (1)(b) shall be made by the trustee ex parte and shall be supported by affidavit.
Authorized investments.
Second Schedule.
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