ARRANGEMENT OF SECTIONS

SECTION

PART I
PRELIMINARY

PART II
INVESTMENTS

PART III
GENERAL POWERS OF TRUSTEES AND PERSONAL REPRESENTATIVES

General Powers

Indemnities

Maintenance, Advancement and Protective Trusts

PART IV
APPOINTMENT AND DISCHARGE OF TRUSTEES

PART V
POWERS OF THE COURT

Appointment of New Trustees

Remuneration of Trustees

Vesting Orders

PART VI
SPECIAL PROVISIONS

PART VII
FISCAL AND REGULATORY PROVISIONS

SCHEDULE - Trust Provisions.

CHAPTER 176

TRUSTEE

[Assent 22nd July, 1998]
[Commencement 27th July, 1998]

"authorised investments" means investments authorised by the trust instrument or by law for the investment of money subject to the trust;

"contingent right" as applied to land includes a contingent or executory interest, a possibility coupled with an interest whether the object of the gift or limitation of the interest or possibility is or is not ascertained, also a right of entry, whether immediate or future and whether vested or contingent;

"convey" and "conveyance" as applied to any person include the execution by that person of every necessary or suitable assurance (including an assent) for conveying, assigning, appointing, surrendering or otherwise transferring or disposing of land whereof he is seized or possessed or wherein he is entitled to a contingent right either for his whole estate or for any less estate, together with the performance of all formalities required by law for the validity of the conveyance;

"Court" means the Supreme Court or a Judge thereof;

"income" includes rents and profits;

"instrument" includes a written law and an instrument made under such law;

"land" includes buildings and other structures, land covered with water, and any estate, interest, easement, servitude or right in, to, over, or issuing out of, or derived from, land and any mines, minerals and mineral-like substances in or under land and rights of working and mining them and any parts or shares of lend whether divided vertically or horizontally or in any other way, and includes undivided shares in any of the foregoing;

"mortgage" includes every kind of security for money charged on land and "mortgage" and "mortgaging" have corresponding meanings and "mortgagee" includes every person deriving title under the original mortgagee;

"pay" and "payment" as applied in relation to stocks and securities and in connection with the expression "into court" include the deposit or transfer of the same in or into court;

"person resident in The Bahamas" means a person who is treated as a resident of The Bahamas for Exchange Control purposes but does not include-

"personal representative" means the executor, original or by representation, or administrator for the time being of a deceased person;

"possession" includes receipt of rents and profits or the right to receive the same, if any; and "possessed" applies to receipt of income from land and to any vested estate or interest less than a life estate or interest, legal or equitable, in possession or in expectancy, in any land;

"property" includes real and personal, movable and immovable property and any estate, share or interest in any such property and any debt and any thing in action and other right or interest whether in possession or not;

"protector" means any person appointed as such pursuant to the terms of the trust instrument, including any persons designated as advisers, surrogates, nominators or as a committee or by any other name having such functions and duties as may be prescribed by the trust instrument or other deed or document effecting their appointment, but excluding persons holding trust property;

"rights" include estates and interests;

"sale" includes an exchange;

"securities" include stock, funds and shares and so far as relates to payments into court has the same meaning as in the written laws relating to funds in the Court; and "securities payable to the bearer" include securities transferable by delivery or by delivery and endorsement;

"stock" includes fully paid up shares and, so far as relates to vesting orders made by the Court under this Act, includes any fund, annuity or security transferable in books kept by any company or society or by instruments of transfer either alone or accompanied by other formalities and any share or interest therein;

"transfer" in relation to stock or securities includes the execution of every deed or other instrument of transfer or power of attorney and the performance of every act or thing on the part of the transferor to effect and complete the title in the transferee;

"trust" shall not include the duties incident to property subject to a mortgage but with this exception "trust" and "trustee" extend to-

and "trustee" where the context admits includes a personal representative, and "new trustee" includes an additional trustee;

"trust instrument" means the instrument, if any, creating the trust, or where the trust was not created by an instrument refers to any oral declaration creating the trust.

(2) The matters referred to in subsection (1) are-

(3) Subject to any contrary intention expressed in the trust instrument and subject to its other terms, a power in a trust instrument to amend, alter or vary a trust shall include (without limitation) a power to add as beneficiaries any persons whatever (including the settlor and any private or charitable trusts or foundations) and to remove any beneficiaries.

(2) The powers conferred by this section-

(3) If the trust instrument was made on or after the commencement of this Act or is a written law or an instrument made under such a law whenever commenced or made then the powers conferred by this section shall apply to the trust if and so far only as a contrary intention is not expressed in the trust instrument and shall have effect subject to the terms of that instrument.

(4) The powers conferred by this section shall be subject to any consent or direction required by the written law or by the trust instrument (whenever commenced or made) with respect to the investment of trust property.

(5) Save as provided in subsection (4), no provision in any instrument (not being a written law or an instrument made under such a law) made before, on or after the commencement of this Act shall limit the powers conferred by this section, except that those powers shall not be exercisable in such a way as to contravene any express prohibition in such an instrument.

(2) Among circumstances to which trustees shall have regard in choosing investments are such of the following as they may consider to be appropriate to the trust or its beneficiaries-

(3) Trustees shall make reasonable efforts to verify facts relevant to their investment decisions.

(4) Notwithstanding the reference in subsection (1)(a) to the skill of an ordinary person, trustees who have special skills or expertise, or are named or appointed as trustees in reliance upon their representation that they have special skills or expertise, have a duty to the beneficiaries to use such special skills or expertise.

(5) If a trust has two or more beneficiaries, the trustees shall act impartially in investing the trust property, having regard to any differing interests of the beneficiaries.

(6) This section shall apply if and so far only as a contrary intention is not expressed in the trust instrument and shall have effect subject to the terms of that instrument.

(2) Trustees retaining any investment may obtain and consider, at such intervals as they consider appropriate having regard to the nature of the investment and other circumstances, proper advice or the suitability of continuing to retain the investment or disposing of it.

(3) For purposes of this section, proper advice is the written advice of any investment adviser named in the trust instrument or duly appointed pursuant to its terms, or of any person who is reasonably believed by the trustees to be qualified to give the advice as a result of that person's ability in and practical experience of financial matters, and notwithstanding that it may be given in the course of that person's employment as an officer or servant of a company or other institution.

(4) Trustees shall not be liable for any loss which may result from their having made, changed, retained or disposed of any investment pursuant to proper advice.

(5) The powers and immunities conferred by this section are in addition to those conferred by the trust instrument and by law.

(6) This section shall apply if and so far only as a contrary intention is not expressed in the trust instrument and has effect subject to the terms of that instrument.

(2) Trustees shall not be chargeable with breach of trust only upon the ground that in effecting the purchase, or in lending money upon the security of any property they have accepted a shorter title than the title which a purchaser is in the absence of a special contract entitled to require, if in the opinion of the Court the title accepted is such as a person acting with prudence and caution would have accepted.

(3) This section shall apply to transfers of existing securities as well as to new securities and to investments made before, on or after the commencement of this Act.

(2) This section shall apply to investments made before, on or after the commencement of this Act.

in like manner as if they were entitled to such securities beneficially, with power to accept any securities of any denomination or description of the reconstructed or purchasing or new or surviving or consolidated company in lieu of or in exchange for all or any of the first mentioned securities; and the trustees shall not be responsible for any loss occasioned by any act or thing so done in good faith and may retain any securities so accepted as aforesaid for any period for which they could have properly retained the original securities.

(2) If any conditional or preferential right to subscribe for any securities in any company is offered to trustees in respect of any holding in such company they may, as to all or any of such securities, either exercise such right and apply capital money subject to the trust in payment of the consideration or renounce such right or assign, for the best consideration that can be reasonably obtained, the benefit of such right or the title thereto to any person, including any beneficiary under the trust, without being responsible for any loss occasioned by any act or thing so done by them in good faith:

Provided that the consideration for any such assignment shall be held as capital money of the trust.

(3) The powers conferred by this section shall be exercisable subject to the consent of any person whose consent to a change of investment is required by law or by the trust instrument.

(2) Securities payable to bearer which are trust property shall, until sold, be deposited with a bank for safe custody and collection of interest, and any expenses of any such deposit and of collection shall be paid out of capital or income of the trust property, or partly in one way and partly in the other, as the trustees in their discretion think fit.

(2) The power of mortgaging conferred by subsection (1) shall not be exercisable for the purpose of borrowing money in order to invest it unless this is expressly authorised by the trust instrument.

(3) The powers conferred by subsection (1)-

(2) A trust or power to sell or dispose of property includes a trust or power to sell or dispose of part of it, whether the division is horizontal, vertical or made in any other way.

(2) No sale made by a trustee shall, after the execution of the conveyance, be impeached as against the purchaser upon the ground that any of the conditions subject to which the sale was made may have been unnecessarily depreciatory, unless it appears that the purchaser was acting in collusion with the trustee at the time when the contract for sale was made.

(3) No purchaser upon any sale made by a trustee shall be at liberty to make any objection against the title upon any of the grounds aforesaid.

(4) This section shall apply to sales made before, on or after the commencement of this Act.

(2) Where there is a power to postpone the sale then (subject to any express direction to the contrary in the trust instrument) the trustees shall not be liable in any way for postponing the sale, in the exercise of their discretion, for any indefinite period; nor shall a purchaser of a legal estate be concerned in any case with any directions respecting the postponement of a sale.

(2) The net proceeds of sale after payment of costs and expenses shall be applied in like manner as the mortgage debt, if received, would have been applicable and the income of the property until sale shall be applied in like manner as the interest, if received, would have been applicable; but this subsection shall operate without prejudice to the rule of law relating to the apportionment of such proceeds between income and capital beneficiaries sometimes referred to as the rule in Re Atkinson.

(3) This section shall not affect the right of any person to require that instead of a sale the property shall be conveyed to him or in accordance with his directions.

(2) This section shall apply notwithstanding anything to the contrary in the trust instrument.

and for any of those purposes may enter into, give, execute and do such agreements, instruments of composition or arrangement, releases and other things as to them seems expedient, without being responsible for any loss occasioned by any act or thing so done by them in good faith.

(2) The power to mortgage or charge conferred by subsection (1) shall not be exercisable for the purpose of borrowing money in order to invest it unless this is expressly authorised by the trust instrument.

(3) This section shall apply notwithstanding anything to the contrary in the trust instrument.

(2) Until the appointment of new trustees, the personal representatives or representative for the time being of a sole trustee, or, where there were two or more trustees of the last surviving or continuing trustee, shall be capable of exercising or performing any power or trust which was given to, or capable of being exercised by, the sole or last surviving or continuing trustee, or the other trustees or trustee for the time being of the trust.

(3) In this section "personal representative" shall not include an executor who has renounced or has not proved.

(2) Subsection (1) shall not apply to any building or property which the trustees are bound forthwith to convey absolutely to any beneficiary upon being requested to do so except that, if the trustees have been insuring the building or property during the subsistence of successive or concurrent interests in it, they may continue to do so after it becomes distributable and until the beneficiary then entitled requests them to cease doing so.

(3) Trustees may insure against personal liabilities which they may incur in the execution of their trusts and may effect fidelity insurance for employees whom they employ in their capacity as trustees and the premiums for any such insurances may be paid out of the capital or income of the trust property at the discretion of the trustees.

(4) Subsection (3) shall not extend to insurance against any personal liabilities which the trustees may incur to any beneficiaries as such for breach of trust or otherwise.

(2) If any such money is receivable by any person other than the trustees of the trust, that person shall use his best endeavours to recover and receive the money and shall pay the net residue thereof, after discharging any costs of recovering and receiving it, to the trustees of the trust, or if there are no trustees capable of giving a discharge for it, into Court.

(3) Any such money-

(4) Such money or any part of it may also be applied by the trustees, or if in Court under the directions of the Court, in rebuilding, reinstating, replacing or repairing the property lost or damaged, but any such application by the trustees shall be subject to the consent of any person whose consent is required by the trust instrument to the investment of money subject to the trust.

(5) Nothing contained in this section shall prejudice or affect the right of any person to require any such money or any part of it to be applied in rebuilding, reinstating or repairing the property lost or damaged, or the rights of any mortgagee, lessor or lessee, whether under any written law or otherwise.

(6) This section shall apply to policies effected either before, on or after the commencement of this Act, but only to money received on or after such commencement.

without being responsible in any such case for any loss occasioned by any act or thing so done by them in good faith.

(2) The trustees shall not be under any obligation and shall not be chargeable with any breach or trust by reason of any omission-

unless or until required in writing so to do by some person or the guardian of some person beneficially interested under the trust and unless due provision is also made to their satisfaction for payment of the costs of any proceedings required to be taken:

Provided that nothing in this subsection shall relieve the trustees of the obligation to get in and obtain payment or transfer of such share or interest or other thing in action on the same falling into possession.

(3) Trustees may, for the purpose of giving effect to the trust or any of the provisions of the trust instrument or of any written law, from time to time (by duly qualified agents) ascertain and fix the value of any trust property in such manner as they think proper and any valuation so made in good faith shall be binding upon all persons interested under the trust.

(4) Trustees may in their absolute discretion from time to time cause the accounts of the trust property to be examined or audited by an independent accountant and shall, for that purpose, produce such vouchers and give such information to such accountant 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.

(2) Trustees or personal representatives may appoint and pay any person to act as their agent or attorney for the purpose of selling, converting, collecting, getting in and executing and perfecting assurances of, or managing or cultivating or otherwise administering, any property subject to the trust or forming part of the testator's or intestate's estate in any place inside or outside The Bahamas, 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.

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

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

(4) Subsection (3) shall apply whether the money or valuable consideration was or is received before, on or after the commencement of this Act.

(5) Trustees shall be allowed and paid all charges and expenses incurred under this section 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.

(6) Trustees who make reasonable efforts to satisfy themselves that an agent has appropriate knowledge, experience and integrity shall not be chargeable with breach of trust or be responsible for any loss by reason only of their having appointed the agent or joined or concurred in that appointment.

(7) Trustees who have made reasonable efforts to keep themselves informed concerning the performance of an agent shall not be liable or responsible for any default or wrongful act of the agent which occurs at a time when the agent appeared to the trustees to be performing honestly and competently.

(8) This section shall apply if and so far only as a contrary intention is not expressed in the trust instrument and shall have effect subject to the terms of that instrument.

(9) Subject as provided in subsection (8), subsections (6) and (7) shall apply to agents appointed under the powers conferred by this section or any power in the trust instrument.

(2) A delegate so appointed shall be considered an agent of the trustee for the purposes of subsections (6) and (7) of section 30.

(3) In favour of any person dealing with the delegate, any act done or instrument executed by the delegate shall, notwithstanding that the power has been revoked by the act of the trustee or by his depth or otherwise, be as valid and effectual as if the trustee were alive and of full capacity and had himself done such act or executed such instrument, unless such person had actual notice of the revocation of the power before such act was done or instrument executed.

(4) For the purpose of executing or exercising the trusts or powers delegated to him, the delegate may exercise any of the powers conferred on the trustee as trustee by law or by the trust instrument, including power for the purpose of the transfer of securities himself to delegate to an attorney a power of transfer but not including the power of delegation conferred by this section.

(5) The fact that it appears from any power given under this section or otherwise that in dealing with any securities the delegate 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 securities are inscribed or registered with any notice of the trust.

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 what he reasonably considers to be 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 purchaser, legatee, devisee or other person entitled to call for a conveyance thereof.

(2) After the personal representative or trustee conveys the property as aforesaid-

(3) This section shall operate 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 trust instrument.

(4) In this section-

"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 indemnity as aforesaid or varying the liabilities under the grant;

"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;

"lessee" and "grantee" include persons respectively deriving title under them.

(2) At the expiration of the time fixed by the notice the trustees or personal representatives may convey or distribute the property or any part thereof to which the notice relates to or among the persons entitled thereto having regard only to the claims, whether formal or not, of which the trustees or personal representatives then had notice and shall not, as respects the property so conveyed or distributed, be liable to any person of whose claim the trustees or personal representatives have not had notice at the time of conveyance or distribution; but nothing in this section shall prejudice the right of any person to follow the property or any property representing the same into the hands of any person who may have received it.

Provided that-

(2) A trustee may reimburse himself or pay or discharge out of the trust property all expenses incurred in or about the execution of the trusts or powers.

(3) A trustee may upon resignation, retirement, removal or otherwise ceasing to be trustee of a trust, whether created before, on or after the commencement of this Act-

(4) The indemnity and right to withhold trust property referred to in subsection (3) shall not extend to any liabilities for breach of trust or in respect of which the outgoing trustee would otherwise not have been entitled to an indemnity out of the trust property had the outgoing trustee remained a trustee; and the indemnity given by any continuing or new trustees shall be limited to the trust property in their possession or under their control from time to time.

Provided that, in deciding whether the whole or any part of the income of the property is during a minority to be paid or applied for the purposes aforesaid, the trustees shall have regard to the age of the minor and his requirements and generally to the circumstances of the case.

(2) During the minority of any such person, if his interest so long continues, the trustees shall accumulate all the residue of that income in the way of compound interest by investing the same and the resulting income thereof from time to time in authorised investments; and shall hold those accumulations as follows-

the trustees shall hold the accumulations in trust for such person absolutely, and so that the receipt of such person after marriage and though still a minor shall be a good discharge; and

but the trustees may, at any time during the minority of such person if his interest so long continues, apply those accumulations or any part of them as if they were income arising in the then current year.

(3) This section shall apply in the case of a contingent interest only if the limitation or trust carries the intermediate income of the property, but it applies to a future or contingent legacy by the parent of, or a person standing in loco parentis to the legatee, if and for such period as, under the general law, the legacy carries interest for the maintenance of the legatee, and in any such case as last aforesaid the rate of interest shall (if the income available is sufficient and subject to any rules of the Court to the contrary) be such annual rate as the trustees in their absolute discretion determine.

(4) This section shall apply to a vested annuity in like manner as if the annuity were the income of property held by trustees in trust to pay the income thereof to the annuitant for the same period for which the annuity is payable, save that in any case accumulations made during the minority of the annuitant shall be held in trust for the annuitant or his personal representatives absolutely.

(5) This section shall not apply where the instrument (if any) under which the interest arises came into operation before the commencement of this Act, including a will or codicil executed before such commencement.

(6) This section shall apply if and so far only as a contrary intention is not expressed in the trust instrument and shall have effect subject to the terms of that instrument.

Provided that-

(2) This section shall apply only where the trust property consists of money or securities or of property held upon trust for sale, calling in and conversion and such money or securities or the proceeds of such sale, calling in and conversion are not by law or in equity considered as land.

(3) This section shall apply if and so far only as a contrary intention is not expressed in the trust instrument and shall have effect subject to that instrument.

(4) This section shall not apply where the trust instrument came into operation before the commencement of this Act, including a will or codicil executed before such commencement.

as the trustees in their absolute discretion, without being liable to account for the exercise of such discretion, think fit.

(2) This section shall not apply to trusts coming into operation before the commencement of this Act and has effect subject to any variation of the implied trusts aforesaid contained in the instrument creating the trust.

(3) Nothing in this section shall operate to validate any trust which would if contained in the instrument creating the trust be liable to be set aside.

(2) Where property is given subject to any of the restrictions contained in subsection (1), the right to derive income from such property by a beneficiary and any income derived therefrom shall not pass by bankruptcy, insolvency or liquidation or be liable to be seized, attached or taken in execution by process of law.

(3) Where property is given subject to a restriction against alienation then the right to derive income from that property shall not be alienable for as long as that restriction remains in force.

(4) A restriction imposed pursuant to this section may at any time be removed in accordance with any provisions for such removal in the instrument or disposition and in the manner specified therein.

(5) Neither the settlor nor any other person donating property to a trust may benefit from the provisions of this section.

(2) In the case of trusts of land in The Bahamas made or coming into operation on or after the commencement of this Act-

(3) This section shall apply only to trusts of land (whether or not on trust for sale) and the restrictions imposed on the number of trustees shall not apply-

may, by deed, appoint one or more other persons (whether or not residing in The Bahamas and whether or not being the persons exercising the power) to be a trustee or trustees in the place of the trustee so deceased, desiring to be discharged, refusing, or being unfit or being incapable, or being a minor, as aforesaid.

(2) Where a trustee has been removed under a power contained in the trust instrument, a new trustee or new trustees may be appointed in the place of the trustee who is removed as if he were dead or in the case of a corporation as if the corporation desired to be discharged from the trust, and the provisions of this section shall apply accordingly but subject to the restrictions imposed by this Act on the number of trustees.

(3) Where a corporation being a trustee is in liquidation or has been dissolved or has been removed from the register of companies either before, on or after the commencement of this Act or has otherwise ceased to have a corporate existence, then for the purposes of this section and of any similar previous written law the corporation shall be deemed to be and to have been from the date of the liquidation, dissolution, removal or ceasing to have a corporate existence incapable of acting in the trusts or powers reposed in or conferred on the corporation.

(4) The power of appointment given by subsection (1) or any similar previous written law to the personal representatives of a last surviving or continuing trustee shall be and shall be deemed always to have been exercisable by the executors for the time being (whether original or by representation) of such surviving or continuing trustee who have proved the will of their testator or by the administrators for the time being of such trustee without the concurrence of any executor who has renounced or has not proved.

(5) A last surviving executor intending to renounce, or all the executors where they all intend to renounce, shall have, and shall be deemed always to have had, power, at any time before renouncing probate, to exercise the power of appointment given by this section; or by any similar previous written law, if willing to act for that purpose and without thereby accepting office as an executor.

(6) Where a sole trustee is or has been originally appointed to act in a trust or where in the case of any trust there are not more than three trustees either original or substituted and whether appointed by the Court or otherwise, then and in such case-

may, by deed, appoint another person or other persons (whether or not residing in The Bahamas and whether or not being the persons exercising the power) to be an additional trustee or additional trustees, but it shall not be obligatory to appoint any additional trustee unless the trust instrument provides to the contrary, nor shall the number of trustees be increased beyond four by virtue of any such appointment.

(7) Every new trustee appointed under this section 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 (including discretionary powers), authorities and discretions, and may in all respects act, as if he had been originally appointed a trustee by the trust instrument.

(8) The provisions of this section relating 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.

(9) Where a person of unsound mind being a trustee is also entitled in possession to some beneficial interest in the trust property, no appointment of a new trustee in his place shall be made by the continuing trustees or trustee under this section unless leave has been given by the Court to make the appointment.

(2) On such appointment the personal representatives as such shall be discharged from all further liability in respect of such devise, legacy, residue or share, and the property representing the same may be retained in its existing condition or state of investment or may be converted into money, and such money may be invested in authorised investments and such property or investments shall be held until such person is capable of giving a receipt and calls for the distribution of the property.

(3) Where a personal representative has before the commencement of this Act retained or sold any property which is the subject matter of any such devise, legacy, residue or share and invested the same or the proceeds thereof in any investment in which he was authorised to invest money subject to the trust, then subject to any order of the Court made before such commencement he shall not be deemed to have incurred any liability on that account by reason of not having paid or transferred the money or property into Court.

(2) In favour of such purchaser any appointment of a new trustee depending on that statement and any vesting declaration express or implied consequent on the appointment shall be valid.

(2) Any assurance or thing requisite for vesting the trust property in the continuing trustees alone shall be executed or done.