trust property to be examined or audited by an inde- A.D. 1925. pendent accountant, and shall, for that purpose, produce such vouchers and give such information to him as he may require; and the costs of such examination or audit, including the fee of the auditor, shall be paid out of the capital or income of the trust property, or partly in one way and partly in the other, as the trustees, in their absolute discretion, think fit, but, in default of any direction by the trustees to the contrary in any special case, costs attributable to capital shall be borne by capital and those attributable to income by income.

23.-(1) Trustees or personal representatives may, Power to instead of acting personally, employ and pay an agent, employ whether a solicitor, banker, stockbroker, or other agents. person, to transact any business or do any act required to be transacted or done in the execution of the trust, or the administration of the testator's or intestate's estate, including the receipt and payment of money, and shall be entitled to be allowed and paid all charges and expenses so incurred, and shall not be responsible for the default of any such agent if employed in good faith.

(2) Trustees or personal representatives may ap point any person to act as their agent or attorney for the purpose of selling, converting, collecting, getting in, and executing and perfecting insurances of, or managing or cultivating, or otherwise administering any property, real or personal, moveable or immoveable, subject to the trust or forming part of the testator's or intestate's estate, in any place outside the United Kingdom or executing or exercising any discretion or trust or power vested in them in relation to any such property, with such ancillary powers, and with and subject to such provisions and restrictions as they may think fit, including a power to appoint substitutes, and shall not, by reason only of their having made such appointment, be responsible for any loss arising thereby.

(3) Without prejudice to such general power of appointing agents as aforesaid

(a) A trustee may appoint a solicitor to be his
agent to receive and give a discharge for any
money or valuable consideration or property
receivable by the trustee under the trust, by
permitting the solicitor to have the custody

A.D. 1925.

Power to concur with others.

of, and to produce, a deed having in the body thereof or endorsed thereon a receipt for such money or valuable consideration or property, the deed being executed, or the endorsed receipt being signed, by the person entitled to give a receipt for that consideration;

(b) A trustee shall not be chargeable with breach of trust by reason only of his having made or concurred in making any such appointment; and the production of any such deed by the solicitor shall have the same statutory validity and effect as if the person appointing the solicitor had not been a trustee;

(c) A trustee may appoint a banker or solicitor to be his agent to receive and give a discharge for any money payable to the trustee under or by virtue of a policy of insurance, by permitting the banker or solicitor to have the custody of and to produce the policy of insurance with a receipt signed by the trustee, and a trustee shall not be chargeable with a breach of trust by reason only of his having made or concurred in making any such appointment:

Provided that nothing in this subsection shall exempt a trustee from any liability which he would have incurred if this Act and any enactment replaced by this Act had not been passed, in case he permits any such money, valuable consideration, or property to remain in the hands or under the control of the banker or solicitor for a period longer than is reasonably necessary to enable the banker or solicitor, as the case may be, to pay or transfer the same to the trustee.

This subsection applies whether the money or valuable consideration or property was or is received before or after the commencement of this Act.

24. Where an undivided share in the proceeds of sale of land directed to be sold, or in any other property, is subject to a trust, or forms part of the estate of a testator or intestate, the trustees or personal representatives may (without prejudice to the trust for sale affecting the entirety of the land and the powers of the trustees for sale in reference thereto) execute or exercise any trust or power vested in them in relation to such

share in conjunction with the persons entitled to or A.D. 1925. having power in that behalf over the other share or shares, and notwithstanding that any one or more of the trustees or personal representatives may be entitled to or interested in any such other share, either in his or their own right or in a fiduciary capacity.

25.—(1) A trustee intending to remain out of Power to the United Kingdom for a period exceeding one delegate month may, notwithstanding any rule of law or equity trusts to the contrary, by power of attorney, delegate to any absence during person (including a trust corporation) the execution or abroad. exercise during his absence from the United Kingdom of all or any trusts, powers and discretions vested in him as such trustee, either alone or jointly with any other person or persons:

Provided that a person being the only other cotrustee and not being a trust corporation shall not be appointed to be an attorney under this subsection.

(2) The donor of a power of attorney given under this section shall be liable for the acts or defaults of the donee in the same manner as if they were the acts or defaults of the donor.

(3) The power of attorney shall not come into operation unless and until the donor is out of the United Kingdom, and shall be revoked by his

return.

(4) The power of attorney shall be attested by at least one witness, and shall be filed at the Central Office within ten days after the execution thereof with a statutory declaration by the donor that he intends to remain out of the United Kingdom for a period exceeding one month from the date of such declaration, or from a date therein mentioned.

(5) The execution of any such instrument and statutory declaration shall be verified in such manner as is required by statute in the case of powers of attorney filed at the Central Office.

(6) If the power of attorney confers a power to dispose of or deal with land or a charge registered under the Land Registration Act, 1925, an office copy shall be 15 Geo. 5. filed at the land registry.

(7) The statutory declaration aforesaid and a statutory declaration by the donee of the power of

c. 21.

A.D. 1925. attorney that the power has come into operation and has not been revoked by the return of the donor shall be conclusive evidence of the facts stated in favour of any person dealing with the donee.

(8) In favour of any person dealing with the donee, any act done or instrument executed by the donee shall, notwithstanding that the power has never come into operation or has become revoked by the act of the donor or by his death or otherwise, be as valid and effectual as if the donor were alive and of full capacity, and had himself done such act or executed such instrument, unless such person had actual notice that the power had never come into operation or of the revocation of the power before such act was done or instrument executed.

(9) For the purpose of executing or exercising the trusts or powers delegated to him, the donee may exercise any of the powers conferred on the donor as trustee by statute or by the instrument creating the trust, including power, for the purpose of the transfer of any inscribed stock, himself to delegate to an attorney power to transfer but not including the power of delegation conferred by this section.

(10) The fact that it appears from any power of attorney given under this section, or from any evidence required for the purposes of any such power of attorney or otherwise, that in dealing with any stock the donee of the power is acting in the execution of a trust shall not be deemed for any purpose to affect any person in whose books the stock is inscribed or registered with any notice of the trust.

(11) In this section "trustee " for life and a statutory owner.

includes a tenant

Indemnities.

Protection

against

Itability in

respect of rents and covenants.

26. (1) Where a personal representative or trustee liable as such for

(a) any rent, covenant, or agreement reserved by or contained in any lease; or

(3) any rent, covenant or agreement payable under or contained in any grant made in consideration of a rentcharge; or

(c) any indemnity given in respect of any rent, A.D. 1925. covenant or agreement referred to in either of

the foregoing paragraphs;

satisfies all liabilities under the lease or grant which may
have accrued, or been claimed, up to the date of the
conveyance hereinafter mentioned, and, where necessary,
sets apart a sufficient fund to answer any future claim
that may be made in respect of any fixed and ascertained
sum which the lessee or grantee agreed to lay out on
the property demised or granted, although the period
for laying out the same may not have arrived, then and
in any such case the personal representative or trustee
may convey the property demised or granted to a pur-
chaser, legatee, devisee, or other person entitled to call
for a conveyance thereof and thereafter-

(i) he may distribute the residuary real and per-
sonal estate of the deceased testator or intestate,
or, as the case may be, the trust estate (other
than the fund, if any, set apart as aforesaid)
to or amongst the persons entitled thereto,
without appropriating any part, or any further
part, as the case may be, of the estate of the
deceased or of the trust estate to meet any
future liability under the said lease or grant;
(ii) notwithstanding such distribution, he shall not
be personally liable in respect of any subsequent
clain under the said lease or grant.

(2) This section operates without prejudice to the
right of the lessor or grantor, or the persons deriving
title under the lessor or grantor, to follow the assets
of the deceased or the trust property into the hands of
the persons amongst whom the same may have been
respectively distributed, and applies notwithstanding
anything to the contrary in the will or other instrument,
if
any, creating the trust.

(3) In this section "lease" includes an underlease and an agreement for a lease or underlease and any instrument giving any such indemnity as aforesaid or varying the liabilities under the lease;" grant" applies to a grant whether the rent is created by limitation, grant, reservation, or otherwise, and includes an agreement for a grant and any instrument giving any such