CHAP. 151, Chapter to be an indemnity to PART IV. Miscellaneous and Supplementary. 46. This Chapter and every order purporting to be made banks and others under this Chapter shall be a complete indemnity to all companies and to all persons for any acts done pursuant thereto; and it shall not be necessary for any company or person to inquire concerning the propriety of the order, or whether the court or judge making the same had jurisdiction to make it. 1888, c. 11, s. 79. Personal property may be assigned by grantor to himself and another. Payment of purchase or payable on a 47. Any person may assign personal property by law assignable, including chattels real, directly to himself and another person or persons or corporation, by the like means as he may assign the same to another person. 1888, c. 11, s. 91. 48. The bona fide payment to and the receipt by any mortgage money person to whom any purchase or mortgage money is paytrust to person, able, upon any express or implied trust, shall effectually discharge the person paying the same from seeing to the application or being answerable for the misapplication thereof, unless the contrary is expressly declared by the instrument creating the trust or security. 1888, c. 11, s. 81. &c., exonerates from seeing to person paying application, &c. After notice to persons entitled, assets by executor, &c., liability for assets distributed. 49. Where an executor or administrator has given such distribution of or the like notices as in the opinion of the court in which such executor or administrator is sought to be charged exonerates from would be sufficient in the Supreme Court in an administration action, or in a court of probate, for creditors and others to send in to the executor or administrator their claims against the estate of the testator or intestate, such executor or administrator shall, at the expiration of the time named in the said notices, or the last of the said notices, for sending in such claims, be at liberty to distribute the assets of the testator or intestate, or any part thereof, amongst the persons entitled thereto, having regard to the claims of which such executor or administrator has then notice, and shall not be liable for the assets or any part thereof so distributed to any person of whose claim such executor or administrator did not have notice at the time of distribution of the said assets or a part thereof, as the case may be; but nothing in this section contained shall prejudice the right of any creditor or claimant to follow the assets or any part thereof into the hands of the person or persons who have received the same respectively. 1888, c. 11, s. 65. Person entitled to rents and income of land and personal 50. For the purposes of this Chapter a person is deemed to be entitled to the possession or to the receipt of the rents and income of land or personal property, although his estate CHAP. 151. may be charged or encumbered, either by himself or by any notwithstanding former owner, or otherwise howsoever, to any extent; but incumbrances. the estates or interests of the persons entitled to any such charge or encumbrance shall not be affected by the acts of the person entitled to the possession or to the receipt of the rents or income as aforesaid unless they concur therein. 1888, c. 11, s. 80. of in place of land 51. Where land subject to a trust has been converted Money to stand into money by the operation of any law relating to railways, converted into such money shall be considered as land for the purposes this Chapter, and shall be dealt with as nearly as may be conformity with the provisions thereof. 1888, c. 11. s. money in consequence of for railways. in expropriation 90. Chapter to 52. Nothing in this Chapter shall be construed to inter- Nothing in fere with or impair the powers at present vested in the impair powers several courts of probate, further than is herein expressly probate mentioned. 1888, c. 11, s. 93. of court of or instrument, registered. 53. As to persons not having actual notice of any order, Vesting orders deed or other instrument affecting the title to land, made &c., to be under the provisions of this Chapter, such order, deed or other instrument shall be binding only from the time the same is registered in the registry of deeds for the registration district in which the land lies under the provisions of "The Registry Act." 1888, c. 11, s. 94. as to procedure under this 54. The Supreme Court may make rules not inconsistent Rules of court with this Chapter, nor with the laws for the time being in may be mad force in Nova Scotia, for the better and more effectual carry- Chapter. ing out of the purposes of this Chapter, and for defining and declaring the procedure in cases arising under it. 11, s. 95; 1889, c. 18, s, 21. 1888, c. of trustees. 55.—(1.) Trustees or guardians shall be entited to such fair Remuneration and reasonable remuneration for their care, pains and trouble, and their time expended in and about the estate, and in such proportions where there is more than one trustee, as is determined by the court or judge, or by any master or referee to whom the matter is referred. (2.) A judge of the supreme court may, on application to May be fixed by him for the purpose, settle the amount and apportionment of a judge. such remuneration, although the estate is not before the court in any action or proceeding. the instrument. (3.) Nothing in this section shall apply to any case in Unless fixed by which the rate of remuneration is fixed by the instrument creating the trust. 1888, c. 11, s. 69. СНАР. 152. Co-trustee solicitor may act as solicitor, but not to make charge for any service which he ought to perform as trustee. 56. Where there are more executors, administrators, trustees or guardians than one, any one of such executors, administrators, trustees or guardians who is also a solicitor may, with the consent of his co-executors, co-administrators, co-trustees, or co-guardians, charge for professional services rendered by him in relation to the estate in the same manner as if he were not such executor, administrator, trustee, or guardian Provided, however, that no such charge shall be made for any service which an executor, administrator, trustee or guardian ought to render without the intervention of a solicitor. 1888, c. 11, s. 70. Power to trustee, etc., to invest in loan company. Company to transmit yearly statement. CHAPTER 152. OF INVESTMENT OF TRUST FUNDS IN CERTAIN 1.-(1.) Any trustee, executor or administrator, if not by the instrument creating his trust expressly fordidden to do so, may invest any trust funds in the debentures of the loan company incorporated by chapter 113 of the Acts of the Dominion of Canada for the year 1887, and of any other loan company incorporated by an Act of the Parliament of the Dominion of Canada whose borrowing powers and powers and limitations of investment of its capital and funds are the same as those prescribed by the said chapter 113, or by any Acts in amendment thereof, and having its head office in Halifax, Nova Scotia, and authorized to do business in Nova Scotia, and having a paid up capital of at least $100,000. (2). Such trustee, executor or administrator shall not on account of such investment be liable as for a breach of trust, provided that such loan company, if incorporated after the passing of the said chapter 113, has obtained the sanction of the Governor-in-Council to the effect that it is a safe company in the debentures of which such trust funds may be properly invested, and that such investment was in other respects reasonable and proper. 1892, c. 52, s. 1; 1900, c. 30, ss. 1. 2. (1.) Every such company shall, on or before the first day of March in each year, transmit to the Provincial Secretary a full and clear statement of the company's assets and liabilities on some day to be stated therein, which CHAP. 152. day shall not be more than twelve months prior to the said first day of March, or earlier than the end of the last preced ing financial year of such company. (2.) Such statement shall contain the following particulars: (a) The amount of stock subscribed; (b) The amount paid in upon such stock; (c) The amount borrowed for the purposes of investment, (d) The amount invested and secured by mortgages; (g) The present cash value of the company's invest- attested. 3.-(1.) Such statement shall be attested by the oath Statement to be (taken before some justice of the peace or commissioner for taking affidavits in the Supreme Court) of two persons, one being the president, vice-president, manager or secretary, and the other the manager, secretary or auditor of such company, each of whom shall distinctly state that he holds such office, that the statement has been prepared by the proper officers of the company, that the deponent believes that it has been prepared with due care, and that he believes it to be true in every particular. (2.) For any neglect to transmit such statement in due course of post within five days after the day upon which the same should be transmitted, such company shall be liable to a penalty of ten dollars per day, but not exceeding in the whole four hundred dollars: Provided, always, that such penalty may be remitted by the Provincial Secretary on cause shewn by the company. 1892, c. 52, s. 3. CHAP. 153. Trust company may be executor, &c. CHAPTER 153. OF CERTAIN TRUST COMPANIES. 1. Where any company incorporated under any special Act of the legislature of Nova Scotia or of the parliament of Canada is authorized to execute the office of executor, administrator, trustee, receiver, assignee, or guardian of an infant or lunatic, in case the Governor-in-Council approves of such company being accepted by the Supreme Court as a trust company for the purposes of such court, the said court or any judge thereof, and every other court or judge having authority to appoint a person to execute any such office, may, with the consent of the company, appoint such company to execute any of the said offices in respect to any estate or person under the authority of such court or judge, or may grant to such company probate of any will in which such company is named an executor, but no company which has issued or has authority to issue debentures shall be approved as aforesaid. 1893, c. 8, s. 2, (1). Judge of probate 2. Notwithstanding anything contained in "The Probate administration Act," it shall be lawful for any judge or court of probate to to company. grant administration of an intestate estate to any such company, instead of granting it to the person or persons specified in "The Probate Act": Provided, however, that administration shall not be granted to such company under this Chapter, unless the person or persons in priority entitled to administration under "The Probate Act," consent in writing to the granting of such administration to such company. 1893, c. 8, s. 2, s. (7). may grant May e sole trustee although more than one required. Cases in which appointment may be made. 3. Such company may be appointed to be a sole trustee, notwithstanding that but for this Chapter it would be necessary to appoint more than one trustee; and may also be appointed trustee jointly with any person. 1895, c. 18, s. 1. 4. Such appointment may be made whether the trustee is required under the provisions of any deed, will or document creating a trust, or whether the appointment is made under the provisions of "The Trustee Act." 1895, c. 18, s. 2. 5. Notwithstanding any rule of practice, or any provision of any Act requiring security, it shall not be necessary for unless ordered. the said company to give any security for the due performance of its duty as such executor, administrator, trustee, receiver, assignee or guardian, unless otherwise ordered. 1893, c. 8, s. 2, (2). Need not give security on appointment |