TRUSTEE

CHAPTER 5:02
TRUSTEE

ARRANGEMENT OF SECTIONS

    SECTION

PART I
PRELIMINARY

    1.    Short title

    2.    Interpretation and trust corporation

    3.    Application of Act

PART II
INVESTMENT

    4.    Powers of investment of trustees

    5.    Restrictions on wider range investment

    6.    How proper advice to be obtained and given and responsibility of trust corporation for advice

    7.    Relationship between Act and other powers of investment

    8.    Duty of trustees in choosing and retaining investments

    9.    Purchase at a premium of redeemable stocks; change of character of investment

    10.    Discretion of trustees

    11.    Power to retain investment which has ceased to be authorized

    12.    Enlargement of powers of investment

    13.    Investment in bearer securities

    14.    Loans and investments by trustees not chargeable as breaches of trust

    15.    Liability for loss by reason of improper investment

    16.    Powers supplementary to powers of trustees

    17.    Power to deposit money at bank and to pay calls

    18.    Trust property and trust funds

    19.    Saving for powers of Court

    20.    Powers of Minister to amend Schedule

PART III
GENERAL POWERS OF TRUSTEES AND PERSONAL REPRESENTATIVES

General Powers

    21.    Power of trustees for sale to sell by auction, etc.

    22.    Power to sell subject to depreciatory conditions

    23.    Power of trustees to give receipts

    24.    Power to compound liabilities

    25.    Power to raise money by sale, mortgage, etc.

    26.    Protection to purchaser and morgagees dealing with trustees

    27.    Devolution of powers or trusts

    28.    Power to insure

    29.    Application of insurance money where policy kept up under any trust, power or obligation

    30.    Deposit of documents for safe custody

    31.    Reversionary interests, valuations and audit

    32.    Power to employ agents

    33.    Power to concur with others

    34.    Power to delegate trusts during absence abroad

    35.    Power for trust corporations to act jointly as trustees and hold property as joint tenants

Indemnities

    36.    Protection against liability in respect of rents and convenants

    37.    Protection by means of advertisements

    38.    Protection in regard to notice

    39.    Exoneration of trustees in respect of certain powers of attorney

    40.    Implied indemnity of trustees

Maintenance, Advancement and Protective Trusts

    41.    Power to apply income for maintenance and to accumulate surplus income during a minority

    42.    Power of advancement

    43.    Protective trusts

PART IV
APPOINTMENT AND DISCHARGE OF TRUSTEES

    44.    Limitation of the number of trustees

    45.    Appointments of trustees of settlements and dispositions on trust for sale of land

    46.    Power of appointing new or additional trustees

    47.    Supplemental provisions as to appointment of trustees

    48.    Evidence as to a vacancy in a trust

    49.    Retirement of trustee without a new appointment

    50.    Vesting of trust property in new or continuing trustees

PART V
POWERS OF THE COURT

Appointment of new Trustees

    51.    Power of Court to appoint new trustees

    52.    Power to authorize remuneration

    53.    Powers of new trustee appointed by the Court

Vesting Orders

    54.    Vesting orders of land

    55.    Orders as to contingent rights of unborn persons

    56.    Vesting order in place of conveyance by minor mortgagee

    57.    Vesting order consequential on order for sale or mortgage of land

    58.    Vesting order consequential on judgment for specific performance, etc.

    59.    Effect of vesting order

    60.    Power to appoint person to convey

    61.    Vesting orders as to stock and things in action

    62.    Vesting orders of charity property

    63.    Vesting orders in relation to minor’s beneficial interests

    64.    Orders made upon certain allegations to be conclusive evidence

Jurisdiction to make other Orders

    65.    Power of Court to authorize dealings with trust property

    66.    Persons entitled to apply for orders

    67.    Power to give judgment in absence of a trustee

    68.    Power to charge costs on trust estate

    69.    Power to relieve trustee from personal liability

    70.    Power to make beneficiary indemnify for breach of trust

    71.    Power to vary trusts

Payment into Court

    72.    Payment into Court by trustees

PART VI
GENERAL PROVISIONS

    73.    Application of Act to Settled Land Act trustees

    74.    Trust estates not affected by trustee becoming subject to forfeiture

    75.    Indemnity to banks, etc.

    76.    Rules of court

    77.    Act binding on Government

    78.    Saving and consequential provision

        Schedule

24 of 1967
G.N. 115/1990

    An Act relating to Trusts and Trustees

PART I
PRELIMINARY

1.    Short title

    This Act may be cited as the Trustee Act.

2.    Interpretation and trust corporation

    (1) In this Act except where the context otherwise requires—

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