Proviso Proviso Approved corporations Power to change and vary investments Proviso Provided further that the deposit account in the corporation's ledger shall be in the name of the trustees for the particular trust estate for which it is held: Provided further that the right to the moneys secured by or mentioned in the deposit receipt or pass book shall not be transferable by indorsement or otherwise. (4) Any corporation [1917, c. 36, s. 1(1).] (a) which has power to lend money upon mortgages or real estate; and (b) which has a capitalized, fixed, paid up and permanent stock not liable to be withdrawn therefrom, amounting to at least five hundred thousand dollars; and (c) which has a reserve fund amounting to not less than twenty-five per cent. of its paid up capital; and (d) whose stock has a market value of not less than shall be an approved corporation within the meaning of the (5) Trustees shall also be at liberty, at their discretion, to call in any trust funds invested in any other securities than those authorized by this section, and to invest the same in any such stock, debentures, or securities aforesaid, and also from time to time at their discretion to vary any such investments as aforesaid, for others of the same nature; and any such moneys already invested in any such stock, debentures or securities as aforesaid shall be held and taken to have been lawfully and properly invested. [1917, c. 36, s. 1(5).] (6) No deposits or investments shall be made under the authority of this Act with or in the debentures or debenture stock of any such society or company which has not obtained the Order of the Lieutenant Governor in Council approving of deposits with or investments in the debentures or debenture stock thereof: Provided that such approval shall not be granted to any society or company which does not appear to the satisfaction of the Lieutenant Governor in Council to have kept strictly within its legal powers in relation to borrowing and investment. [1917, c. 36, s. 1(3).] (7) The Lieutenant Governor in Council, if he deems it expedient, may at any time revoke any Order in Council previously made approving of deposits with or investments in the debentures or debenture stock of any corporation and such revocation shall not affect the propriety of deposits or investments made before such revocation. [1917, c. 36, s. 1(4).] (8) This section shall apply and extend to both present This section to and future trustees. [1903(2), c. 11, s. 3; 1917, c. 36, s. 1.] apply to all trustees, etc. powers 4. The powers hereby conferred are in addition to the Additional powers conferred by the instrument, if any, creating the trust: Provided that nothing herein contained shall authorize Proviso any trustee to do anything which he is in express terms forbidden to do or to omit to do anything which he is in express terms directed to do by the instrument creating the trust. [1903(2), c. 11, s. 4.] trustee lending 5. (1) No trustee lending money upon the security of Protection of any property shall be chargeable with breach of trust by on mortgage reason only of the proportion borne by the amount of the loan to the value of the property at the time when the loan was made, provided that it appears to the Court that in making the loan the trustee was acting upon a report as to the value of the property made by a person whom the trustee reasonably believed to be an able practical surveyor or valuer instructed and employed independently of any owner of the property, whether such surveyor or valuer carried on business in the locality where the property is situate or elsewhere and that the amount of the loan does not exceed two-thirds of the value of the property as stated in the report and that the loan was made under the advice of the surveyor or valuer expressed in the report. (2) This section shall apply to a loan upon any property on which the trustee can lawfully lend and to transfers of existing securities as well as to new securities and to investments made as well before as after the passing of this Act. [1903(2), c. 11, s. 5.] trustee of authorized amount 6. (1) Where a trustee has improperly advanced trust Loan by money on a mortgage security which would at the time of more than the investment have been a proper investment in all respects for a less sum than was actually advanced thereon. the security shall be deemed an authorized investment for such less sum and the trustee shall only be liable to make good the sum advanced in excess thereof with interest. (2) This section shall apply to investments made as well before as after the passing of this Act. [1903(2), c. 11, s. . 6.] 7. No trustee shall be liable for breach of trust by reason only of his continuing to hold an investment which has ceased to be an investment authorized by the instrument of trust or by the general law and this provision shall apply to cases arising before or after the passing of this Act. [1903(2), c. 11, s. 7.] Indemnity and reimbursement clauses implied in trust instrument Appointment of new trustees 8. Every deed, will or other document creating a trust either expressly or by implication shall without prejudice to the clauses actually contained therein be deemed to contain a clause in the words or to the effect following that is to say: "That the trustees or trustee for the time being of the said deed, will or other instrument shall be respectively chargeable only for such moneys, stocks, funds and securities as they or he shall respectively actually receive notwithstanding their or his respectively signing any receipt for the sake of conformity and shall be answerable and accountable only for their or his own acts, receipts, neglects or defaults and not for those of each other nor for any banker, broker or other person with whom any trust moneys or securities may be deposited; nor for the insufficiency or deficiency of any stocks, funds or securities nor for any other loss unless the same shall happen through their or his own wilful neglect or default respectively; and also that it shall be lawful for the trustees or trustee for the time being of the said deed, will or other instrument to reimburse themselves or himself or pay or discharge out of the trust premises all expenses incurred in or about the execution of the trusts or powers of the said deed, will or other instrument." [1903(2), c. 11, s. 8.] Appointment-Discharge. 9.-(1) Where a trustee, either original or substituted and whether appointed by the Court or otherwise, dies, or desires to be discharged from, or refuses or becomes unfit or incapable to act in the trusts or powers in him reposed before the same have been fully discharged and performed it shall be lawful for the person or persons nominated for that purpose by the deed, will or other instrument creating the trust, if any, or if there be no such person, or no such person able and willing to act, then for the surviving or continuing trustees or trustee for the time being, or the acting executors or executor or administrators or administrator of the last surviving and continuing trustee, or for the last retiring trustee, by writing, to appoint any other person or persons to be a trustee or trustees in place of the trustee or trustees dying, or desiring to be discharged, or refusing, or becoming unfit, or incapable to act as aforesaid; and so often as any new trustee or trustees is or are so appointed as aforesaid all the trust property, if any, which for the time being is vested in the surviving or continuing trustees or trustee, or in the heirs, executors or administrators of any trustees or trustee, shall with all convenient speed be conveyed, assigned and transferred so that the same may be legally and effectually vested in such new trustee or trustees, either solely or jointly with the surviving or continuing trustees, or a surviving or continuing trustee as the case may require; and every new trustee to be appointed as aforesaid, as well before as after such conveyance, assignment or transfer as aforesaid, and also every trustee appointed by the Court either before or after the passing of this Act, shall have the same powers, authorities and discretions, and shall in all respects act as if he had originally been nominated a trustee by the deed, will, or other instrument creating the trust. (2) On the appointment of a new trustee for the whole or any part of trust property- (a) the number of trustees may be increased; and (c) it shall not be obligatory to appoint more than one (d) any assurance or thing requisite for vesting the trust property or any part thereof jointly in the persons who are the trustees shall be executed or done. (3) Every new trustee so appointed, as well before as after all the trust property becomes by law, or by assurance, or otherwise, vested in him, shall have the same powers, authorities, and discretions and may in all respects act as if he had been originally appointed a trustee by the instrument, if any, creating the trust. (4) The provisions of this section relative to a trustee who is dead include the case of a person nominated trustee in a will but dying before the testator, and those relative to a continuing trustee include a refusing or retiring trustee if willing to act in the execution of the provisions of this section. (5) This section applies only if and as far as a contrary intention is not expressed in the instrument, if any, creating the trust and shall have effect subject to the terms of that instrument and to any provisions therein contained. Retirement of trustee Vesting of trust property in new or continuing trustees without conveyance (6) This section applies to trusts created either before or after the passing of this Act. [1903(2), c. 11, s. 9.] 10. (1) Where there are more than two trustees, if one of them by deed declares that he is desirous of being discharged from the trust, and if his co-trustees and such other person, if any, as is empowered to appoint trustees, by deed consent to the discharge of the trustee, and to the vesting in the co-trustees alone of the trust property, then the trustee desirous of being discharged shall be deemed to have retired from the trust and shall, by the deed, be discharged therefrom under this Act without any new trustee being appointed in his place. (2) Any assurance or thing requisite for vesting the trust property in the continuing trustees alone shall be executed or done. (3) This section applies only if and as far as a contrary intention is not expressed in the instrument, if any, creating the trust and shall have effect subject to the terms of that instrument and to any provisions therein contained. (4) This section applies to trusts created either before or after the passing of this Act. [1903(2), c. 11, s. 10.] 11. (1) Where an instrument by which a new trustee is appointed to perform any trust contains a declaration by the appointor to the effect that any estate or interest in any land subject to the trust, or in any chattel so subject, or the right to recover and receive any debt or other thing in action so subject, shall vest in the persons who by virtue of such instrument become and are the trustees for performing the trust, that declaration shall, without any conveyance or assignment but subject to the provision of any Act respecting the registration of titles to lands, operate to vest in those persons as joint tenants and for the purposes of the trust, that estate, interest or right. (2) Where an instrument by which a retiring trustee is discharged under this Act contains such a declaration as is in this section mentioned by the retiring and continuing trustees and by the other person, if any, empowered to appoint trustees, that declaration shall without any conveyance or assignment but subject as aforesaid operate to vest in the continuing trustees alone as joint tenants and for the purposes of the trust, the estate, interest or right to which the declaration relates. (3) This section does not extend to any share, stock, annuity, or property only transferable in books kept by a company or other body or in manner prescribed by or under any Act. (4) For the purposes of registration of an instrument the person or persons making the declaration shall be deemed |