charity (m). Even when the deed creating the trust expressly confers a power of sale, such power, in the case of an endowment subject to the jurisdiction of the commissioners, cannot in most cases be exercised by the trustees without the sanction of the Charity Commissioners or of the court (n). For by s. 29 of the Charitable Trusts Act, 1855 (o), it is enacted that it shall not be lawful for the trustees of a charity to sell otherwise than with the express authority of Parliament, or of a court or judge of competent jurisdiction, or according to a scheme legally established, or with the approval of the board (i.e., the Charity Commissioners).

A scheme legally established means a scheme either sanctioned by the Court of Chancery, or sanctioned by those other courts which under the Charitable Trusts Act, Act, 1853, could sanction schemes (p).

In the case of educational charities the powers of the Charity Commissioners have now been transferred to the Board of Education.

SECTION 6.

BANKRUPTS.

Vesting of Bankrupt's Property.- Immediately on a debtor being adjudged bankrupt, his property vests in the trustee in bankruptcy under s. 54 of the

(m) 16 & 17 Vict. c. 137, s. 26.

(n) In re Mason's Orphanage and London and North-Western Rail. Co., [1896] 1 Ch. 596.

(0) 18 & 19 Vict. c. 124.

(p) In re Mason's Orphanage, [1896] 1 Ch., at p. 601.

Bankruptcy Act, 1883 (q), and by s. 43 of that statute, the title of the trustee relates back to the time of the first of the acts of bankruptcy proved to have been committed by the bankrupt within three months next preceding the date of the presentation of the bankruptcy petition. A conveyance by the bankrupt for valuable consideration, made before the date of the receiving order to a person who has no notice of any available act of bankruptcy, is however protected by s. 49, even although it be in itself an act of bankruptcy (r). It follows from the above that a bankrupt is unable to convey property to which he was entitled at the time of the adjudication, or which he has subsequently acquired prior to his discharge. The rule in Cohen v. Mitchell (s), that, until the trustee intervenes, all transactions by the bankrupt after his bankruptcy with any person dealing with him bonâ fide and for value in respect of his afteracquired property are valid, does not apply to the sale by a bankrupt of an estate in realty, whether legal or equitable, which he has acquired since his bankruptcy (t). It has, however, been held by the late Lord Justice CHITTY that the rule in Cohen v. Mitchell does apply to the sale of leaseholds, even although the purchaser has full notice of the bankruptcy (u).

(g) 46 & 47 Vict. c. 52.

(r) Shears v. Goddard, [1896] 1 Q. B. 406.

(8) (1890), 25 Q. B. D. 262.

(t) In re New Land Development Association and Gray, [1892] 2 Ch. 138; Official Receiver v. Cooke, [1906] 2 Ch. 661.

(u) Re Clayton and Barclay's Contract, [1895] 2 Ch. 212; sed quære, cf. judgment of Lord COTTENHAM in Meux v. Smith (1840), 11 Sim., at p. 428.

Sale by Trustee.-The trustee in bankruptcy may sell all or any part of the property of the bankrupt, by public auction or private contract, with power to transfer the whole thereof to any person or company (x).

When, instead of an order of adjudication, a composition or scheme of arrangement is entered into with the approval of the court under the Bankruptcy Act, 1890 (y), and a trustee is appointed to manage the debtor's property (z) such property vests in the trustee, and he has the same powers as a trustee in bankruptcy (a).

Neither the trustee in bankruptcy nor any member of the committee of inspection can purchase the bankrupt's property except by leave of the court (b); but the partner of a member of the committee of inspection can purchase for his own benefit (c).

SECTION 7.

CONVICTS.

Since the Forfeiture Act, 1870 (d), the property of a convict is no longer forfeited, but he is incapable of entering into a contract or alienating his property (e). The Act provides for the appointment

(x) 46 & 47 Vict. c. 52, s. 56.

(y) 53 & 54 Vict. c. 71, s. 3.
(z) Ibid., s. 3 (16).

(a) Ibid., s. 3 (17).

(b) Bankruptcy Rules, 1886 and 1890, r. 316.

(c) Re Gallard, [1897] 2 Q. B. 8.

(d) 33 & 34 Vict. c. 23.

(e) Ibid., s. 8.

of an administrator with power to sell and convey the convict's property (ƒ)

Although under s. 10 all the real and personal property of the convict vests in the administrator "for all the estate and interest of such convict therein," the administrator has no power to bar the estate tail of a convict, but the convict is still competent to execute a disentailing assurance which operates as an enlargement and not as an alienation. of the estate tail (g).

(f) 33 & 34 Vict. c. 23, ss. 9, 12, 17; Carr v. Anderson, [1903] 2 Ch. 279.

(g) Re Gaskell and Walter's Contract, [1906] 2 Ch. 1.

CHAPTER VI.

SALES BY FIDUCIARY VENDORS AND

MORTGAGEES.

SECTION 1.

BY WHOM EXPRESS TRUSTS OR POWERS OF SALE

MAY BE EXECUTED.

Persons acting in a fiduciary capacity, such as trustees for sale, persons selling under statutory or other powers, executors and administrators, trustees in bankruptcy and other persons acting under trusts or for the benefit of others, derive the powers and authorities exercised by them under the deed, will, or other document creating the trust or power, or by statutory enactment. During the last reign the powers of such persons were materially facilitated and augmented by various Acts of Parliament, to which reference will be hereafter made. And, first, as to trusts and powers created by deed or will.

Trusts for and powers of sale usually declare by whom they are to be exercised, the time of such exercise, and in what manner they are to be carried into execution, and how the proceeds of sale are to be disposed of.

In the case of Trusts.-If an estate is vested in A. and B. and their heirs on trust to sell, the legal personal representatives of the survivor of A. and B.