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hold hereditaments of inheritance in [Upper] Canada, how disposed and shall settle, or cause the same to be settled, to the of. uses, upon the trusts, and subject to the powers hereby limited, as far as the deaths of parties and other intervening circumstances will permit.

AND IT IS HEREBY FURTHER DECLARED that, until the money to be received upon any sale, or for equality of exchange, shall be laid out as aforesaid, the said trustees or trustee may, with such consent or at such discretion as aforesaid, invest the same, in their or his names or name, in (here describe the stocks or funds in which such moneys may be invested,) and vary the same, if any, as he or they shall think fit; AND THAT the annual income of such stocks, funds, or securities shall be paid and applied to such person or persons, for such purposes and in such manner as the rents and profits of the hereditaments to be purchased therewith, as aforesaid, would be payable or applicable in case such purchase and settlement as aforesaid were actually made.*

AND IT IS HEREBY DECLARED that, if the said trustees Power to aphereby appointed, or any of them, or any trustee or point new trustees to be appointed, as herein after is mentioned, trustees. shall die or desire to be discharged, or refuse or become incapable to act, then and so often the said A. B. and C. D., or the survivor of them, or [after the death of such survivor] the surviving or continuing trustees or trustee for the time being, [and for this purpose retiring or refusing trustees, or a retiring or refusing trustee, shall, if willing to act in the execution of this power, be considered continuing trustees, or a continuing trustee,] or the acting executors or administrators of the last surviving or continuing trustee, may appoint any other person or persons to be a trustee or trustees in the stead of the trustee or trustees so dying, or desiring to be discharged, or refusing or becoming incapable to act; AND, upon every such appointment, the said trust premises shall be so transferred that the same may become vested in the new trustee or trustees jointly with the surviving or continuing trustees or trustee, or solely, as the case may require; and every

* This power of sale or exchange is only applicable to small estates and simple settlements. If the estate is, or under powers of charging may become, subject to incumbrances, there must be provisions for allowing money arising from sales to be applied in discharge of incumbrances, and for purchasing and selling lands of all tenures, and that the power shall overreach all charges to be created under the powers or term of years, except sales or mortgages actually made.

Trustees' indemnity clause.

Covenant for right to convey.

.

For further assurance.

such new trustee shall [either before or after the said trust premises shall have become so vested] have the same powers, authorities, and discretions as if he had been hereby originally appointed a trustee.

AND IT IS HEREBY DECLARED that the trustees or trustee for the time being of these presents shall be chargeable only with such moneys as they or he respectively shall actually receive, and shall not be answerable the one for the other of them, nor for any banker, broker, or other person, in whose hands any of the moneys shall be placed, nor for the insufficiency or deficiency of any stocks, funds, or securities, nor otherwise for involuntary losses; AND that the said trustees or trustee for the time being may reimburse themselves, or himself, out of the moneys which shall come to their or his hands, under the trusts aforesaid, all expenses to be incurred in or about the execution of the aforesaid trusts.

AND THE SAID A. B. doth hereby, for himself, his heirs, executors, and administrators, covenant with the said E. F. and G. H., their heirs and assigns, that, notwithstanding any thing by him, the said A. B., or any of his ancestors, done or knowingly suffered, he, the said A. B., now hath power to grant ALL AND SINGULAR the said premises, herein before expressed to be hereby granted, to the uses and in manner aforesaid, free from incumbrances.

AND THAT HE, the said A. B., and his heirs, and every person lawfully or equitably claiming any estate or interest in the premises, through or in trust for him, or any of his ancestors, will, at all times, at the cost of the trust estate, execute and do all such assurances and acts for further or better assuring all or any of the said premises, respectively, to the several uses and in manner aforesaid, as by the said trustees or trustee, or any person interested in the premises, shall be reasonably required.

ÎN WITNESS, &c., (as in n. 960.) A. B. [SEAL.]
The schedule to which the above written indenture

refers.

* When real estate is desired to be settled upon the children as the parents shall appoint, and, in default, equally, the best way is to convey the estate to the trustees, upon trust to sell and hold the money produced upon trusts to be declared by a settlement of even date. (See n. 966.) A settlement among children equally is almost invariably required for small properties, and therefore the above form is more suitable for this province, and for this collection of concise precedents, than a strict settlement, with powers of jointuring and charging portions, and the like.

966. SETTLEMENT, on MARRIAGE, of MONEY to arise from REAL ESTATE conveyed to TRUSTEES by a DEED of EVEN

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ees,) of the third part, witnesseth :

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WHEREAS a marriage is intended to be shortly solemnized be

tween the said A. B. and C. D.;

AND WHEREAS, by an indenture bearing even date with, but executed before, these presents, and expressed to be made between (parties,) certain hereditaments, in the

the county of

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have been conveyed to the use of the said E. F., G. H., and I. K., their heirs and assigns, in trust for the said A. B., his heirs and assigns, until the said intended marriage, and, after the solemnization thereof, upon trust for sale; and it is thereby declared that the said E. F., G. H., and I. K., and the survivors and survivor of them, and the heirs, executors, and administrators of such survivor, shall hold the net moneys to arise from such sale, and the net rent and profits, until sale of the said hereditaments, or of the unsold part thereof, upon the trusts to be declared thereof respectively by these presents;

NOW THIS INDENTURE WITNESSETH, and it is hereby declared, that the said E. F., G. H., and I. K., and the survivors and survivor of them, and the heirs, executors, and administrators of such survivor, shall, with the consent in writing of the said A. B. and C. D., during their joint lives, and of the survivor during his or her life, and, after the death of such survivor, at the discretion of the said E. F., G. H., and I. K., or the survivors or survivor of them, or the executors or administrators of such survivor, (herein after called the trustees or trustee,) invest the said net moneys to arise from any and every sale under the herein before recited indenture, in the names or name of the said trustees or trustee, in any of the public stocks or funds of the Province of Canada, or upon government or real securities in the said province, [or in or upon the shares, stocks, or securities of any company in the said province, incorporated by royal charter or by act of Parliament, and paying a dividend; ] AND that the said trustees or trustee, if and when they or he shall think fit, may, with such consent, or at such discretion as aforesaid, vary the said stocks, funds, shares, or securities.

The precedent in the text may be converted into a simple strict settlement by changing the limitation to the children equally into a limitation to the first and other sons successively in tail, with remainder to the first and other daughters successively in tail; the preceding power of appointment being either omitted or retained. The language of the powers will require to be altered, by restraining their exercise, after the death of the tenant for life, to the minority of a child entitled under the limitations or appointments.

AND THAT THE SAID trustees or trustee shall pay the annual income of the said stocks, funds, shares, and securities, during the joint lives of the said A. B. and C. D., to the said C. D., for her separate use, independently of the said A. B., so that her receipts alone shall be sufficient discharges, and that she shall not have power to deprive herself thereof in anticipation; AND after the death of either of them, the said A. B. and C. D., to the survivor of them, during his or her life; AND after the death of such survivor, shall hold the said premises, and the annual income thereof, IN TRUST for the child, or for all or any such one or more of the children, of the said intended marriage, in such manner and form in every respect as the said A. B. and C. D. shall, by any deed or deeds, jointly appoint; AND in default of such appointment, and so far as no such appointment shall extend, as the survivor of the said A. B. and C. D. shall, by any deed or deeds, or by will or codicil, appoint; AND in default of any such appointment, and so far as no such appointment shall extend, IN TRUST for all the children, or any the child, of the said intended marriage, who, being sons or a son, shall attain the age of twenty-one years, or, being daughters or a daughter, shall attain that age or marry, and, if more than one, in equal shares.

PROVIDED ALWAYS that no child, taking any part of the said premises under any such appointment as aforesaid, shall, in default of appointment to the contrary, be entitled to any share of that part of the said premises of which no such appointment shall be made, without bringing his or her appointed share into hotchpot.

PROVIDED ALWAYS that the said trustees or trustee may, after the decease of the survivor of the said A. B. and C. D., or in the lifetime of them, or the survivor of them, if they, he, or she shall so direct in writing, raise any part or parts of the then expectant, presumptive, or vested share or fortune of any child under the trusts herein before declared, not exceeding in the whole, for any such child, one-half part of his or her then expectant, presumptive, or vested share or fortune, and apply the same for his or her ad

vancement or benefit.

AND IT IS HEREBY DECLARED that the said trustees or trustee shall, after the decease of the survivor of the said A. B. and C. D., apply the whole, or such part as the said trustees or trustee shall think fit, of the annual income of the share or fortune to which any child shall, for the time being, be entitled in expectancy under the trusts herein before declared, for or toward the maintenance or education of such child, either directly or to his or her guardians or guardian, without seeing to the application thereof, or requiring any account of the same; AND shall, during such suspense of absolute vesting, accumulate the residue (if any) thereof, in the way of compound interest, by investing the same, and the resulting income thereof, from time to time, in or upon any such stocks, funds, shares, or securities as are herein before mentioned, for the benefit of the person or persons who, under the trusts herein contained, shall become entitled to the principal fund from which the same respectively shall have proceeded, with power for the said trustees or trustee to resort to the accumulations of any preceding year or years, and apply the same for or toward the maintenance or education of the child or children who shall, for the time being, be presumptively entitled to the same respectively.

AND IT IS HEREBY DECLARED that, if there shall be no child of the said intended marriage, who, being a son, shall attain the age of twenty-one years, or, being a daughter, shall attain that age or marry, then [without prejudice to the trusts herein before declared] the said trustees or trustee shall hold the said trust premises, and the annual income thereof, or so much thereof respectively as shall not have become vested, or been applied under any of the trusts or powers herein contained, upon the trusts following, that is to say: if the said C. D. shall survive the said A. B., then, after his death, and such default or failure of children as aforesaid, in trust for the said C. D.; but if the said C. D. shall die in the lifetime of the said A. B., then, after his death, and such default or failure of children as aforesaid, upon and for such trusts, intents, and purposes as the said C. D. shall, notwithstanding coverture, by will or codicil, appoint; and in default of such appointment, and so far as no such appointment shall extend, in trust for sucht person or persons as, under the statutes for the distribution of the effects of intestates, would have become entitled thereto at the decease of the said C. D., if she had died possessed thereof intestate, and without having been married, such persons, if more than one, to take as tenants in common in the shares in which they would have been entitled under the

same statutes.

AND IT IS HEREBY DECLARED that, until all the said hereditaments shall be sold, the said E. F., G. H., and I. K., and the survivors and survivor of them, and the heirs, executors, and administrators of such survivor, shall pay and apply the net rents and profits of the said hereditaments, or of the unsold part thereof, to the person or persons, for the purposes and in the manner, to whom and for and in which the annual income of the stocks, funds, shares, and securities aforesaid would be payable and applicable, if such hereditaments had then been sold, and the net moneys arising from such sale had been invested as aforesaid.

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