42 Surviving executor or trusts. CAP. 13. 49 VIC. the duties of whatsoever kind which, as respects the acts to be done by him under such powers, would have been imposed upon an executor or other person appointed by the testator to execute the same, or in case of there being no such executor or person, would have been imposed by law upon any person oppointed by law or by any court or judge of competent jurisdiction to execute such powers. 13. Where a power or trust is given to or vested in administrator two or more executors, administrators or administrators with may perform the will annexed or trustees jointly, either by virtue of the instrument under which they were appointed or otherwise howsoever, then, unless the contrary is expressed in the instrument, if any, creating the power or trust, the same may be exercised or performed by the survivor or survivors of them for the time being. Trustees may tures, etc. INVESTMENTS. 14. Any trustee or executor or administrators or guardians having the possession of property belonging to others, or of stock, deben- which they are seized for the advantage of another, shall be at liberty to invest the same in any stock, debentures or securities of the Government of the Dominion of Canada, or of this Province; and they shall also be at liberty at their discretion, to call in any trust funds invested in any other securities than as aforesaid, and to invest the same in any such stock, debentures, or securities as 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 in any such stock, debentures or securities as aforesaid, shall be held and taken to have been lawfully and properly invesied. May deposit funds in banks 15. All administrators, executors, guardians and trustees, or make loans, having the possession or administration of property belonging to others, or of which they are seized for the advantage of another, may deposit such money in one or more of the banks or financial institutions acting as such, existing by virtue of any imperial charter or by an Act of the parliament of Canada, or recognized or authorized by the said parliament, and having their head office in this province, or in any other province of the Dominion of Canada; and the said administrators, executors, guardians or trustees, may lend such moneys to the best advantage; provided such loans of money are on real estate, secured by first mortgage thereon, the same being of the then saleable cash value of double the amount of money to be loaned, without the buildings erected thereon, unless such buildings are kept insured, and the policy of such insurance is assigned to said administrators, executors, guardians or trustees, as collateral security, and in such last 1886. CAP. 13. case no more money shall be lent than exceeds one-half of the whole then saleable cash value of the property; and they shall not on account of the investment be liable as for a breach of trust, provided that such investment shall in other respects be reasonable and proper. chase stock. 16. Nothing in this Act shall be deemed or understood to Not to purempower any administrator or executor, guardian or trustee to purchase any bank or other stock with moneys entrusted to him or them as such administrator, executor, guardian or trustee as aforesaid. 43 company's de 17. Any trustee, guardian, executor or administrator, may May invest in invest any trust fund in first debentures of any building, bentures. society or loan company duly incorporated under the laws of this Province or of the Dominion of Canada, and doing business in this Province, which is authorized to lend its money on the security of real estate, having a capitalized, fixed and permanent stock not liable to be withdrawn therefrom, amounting to at least one hundred thousand dollars, with not less than one hundred thousand dollars paid up thereon, and he shall not on account of the investment be liable as for a breach of trust, provided that such investment shall in other respects be reasonable and proper, and that the debentures are registered and transferable only on the books of such society or company in his name as trustee for the particular trust estate for which they are held. by will or in 18. None of the powers by the last four sections conferred Powers limited shall take effect or be excisable by virtue of this Act by any vestment creguardian, trustee, executor or administrator, if it is expressly ating trust. declared in the deed, will or other instrument creating such guardian, trustee, executor, or administrator, that he shall not have such power. 19. An executor or administrator may pay or allow any Payment of debt or claim on any evidence that he thinks sufficient. claims. composition, tration, etc. (1.) Executors or administrators or trustees or a majority of May accept them acting together, or a sole acting trustee where, by the allow time, instrument, if any creating the trust, a sole trustee is author- submit to arbiised to execute the trusts and powers thereof, may, if, and as he or they think fit, accept any composition, or any security, real or personal for any debt, or for any property, real or personal claimed, and may allow any time for payment of any debt and may compromise, compound, abandon, submit to arbitration, or otherwise settle any debt, account, claim or thing whatever, relating to the testator's estate, or to the trust, 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 him or them seem expedient, Proviso where contrary intention is expressed. assets pari passu. 49 VIC. without being responsible for any loss occasioned by any act or thing so done by him or them in good faith. (2.) As regards trustees, 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 the provisions therein contained. Distribution of 20. On the administration of the estate of any deceased person, who shall die after the passing of this Act, in case of a deficiency of assets, debts due to the Crown and to the cxecutor or administrator of the deceased person, and debts to others including therein respectively debts by judgment, decree or order, and other debts of record, debts by speciality, simple contract debts and such claims for damages as by statute are payable in like order of administration as simple contract debts, shall be paid pari passu and without any preference or priority of debts of one rank or nature over those of another; but nothing herein contained shall prejudice any lien existing during the lifetime of the debtor on any of his real or personal estate. Proceedings on notice of dis 21. In case the executor or administrator gives notice in puting claim. Writing to any creditor or other person of whose claim against the estate such executor or administrator has notice, or to the attorney or agent of such creditor or other person, that the said executor or administrator rejects or disputes such claim, it shall be the duty of the claimant to commence his suit in respect of such claim within six months after such written notice was given, in case the debt or some part thereof, was due at the time of the notice or within six months from the time the debt or some part thereof falls due, if no part thereof was due at the time of the said notice, and shall serve the first proceding in such suit within one month thereafter, and in default the said claims shall be forever barred. trust estate after notice. Distribution of 22. Where a trustee or assignee acting under the trusts of a deed or assignment for the benefit of creditors generally, or a particular class or classes of creditors, where the creditors are not designated by name therein, or an executor or an administrator has given such, or the like notices, as in the opinion of the court in which such trustee, assignee, executor, or administrator is sought to be charged, would have been given by the Court of Queen's Bench in a suit for the execution of the trusts of such deed or assignment, or an administration suit (as the case may be), for creditors and others to send in to such trustee, assignee, executor or administrator, their claims against the person for the benefit of the creditors of whom such deed or assignment is made, or the estate of the testator or intestate (as the case may be), such 1886. CAP. 13. 45 trustee, assignee, executor, or administrator, shall, at the expiration of the time named in the said notices, or the last of the said notices, for sending in such claims, be at liberty to distribute the proceeds of the trust estate, or the assets of the testator or intestate (as the case may be), or any part thereof amongst the parties entitled thereto, having regard to the claims of which such trustee, assignee, executor or administrator has then notice, and shall not be liable for the proceeds of the trust estate or assets (as the case may be), or any part Not liable thereof so distributed to any person of whose claim such where claims trustee, assignee, executor or administrator, had not notice at the time of the distribution thereof, or a part thereof (as the case may be), but nothing in this Act contained shall prejudice the right of any creditor or claimant to follow the proceeds of the trust estate or assets (as the case may be), or any part thereof into the hands of the person or persons who may have are not filed. received the same respectively. See e 26.5. 3 of this present act 23. Any trustee, executor or administrator, or any guardian Application to appointed by any court or any testamentary guardian shall judge for adbe at liberty without the institution of a suit, to apply by summons upon a written statement, to any judge of the Court of Queen's Bench, for the opinion, advice and direction of such judge on any question respecting the management or administration of the trust property or the assets of any testator or intestate or his guaruianship. counsel with application. 24. Such statement shall be accompanied by a certificate of Certificate of counsel to the effect that in his judgment the case stated is a proper one, for the opinion, advice or direction of the judge under this Act. Such summons shall be served upon all persons interested in such application, or such of them as the said judge thinks expedient. such applica 25. Upon application before such judge of any person Proceedings on summoned as aforesaid, it shall be lawful for the said judge to tion. examine persons upon oath and to order the production of documents. 26. The costs of such application shall be in the discretion costs. of the judge to whom the application is made. trustee acting 27. The trustee, executor, administrator, or guardian, acting Liability of upon the opinion, advice or direction given by the said judge, on advice. shall be deemed, so far as regards his own responsibility, to have discharged his duty as such trustee, executor, administrator, or guardian, in the subject matter of the said application; but this provision shall not extend to indemnify any Proviso. trustee, executor, administrator, or guardian, in respect of any act done in accordance with such opinion, advice or direction as aforesaid, if such trustee, executor, administrator, or guard Meaning of "trustee." Compensation of trustee. Settling compensation. Compensation when fixed by deed. Compensation allowed by Judge of Sur VESTM 49 VIC. ian, has been guilty of any fraud or wilful concealment or misrepresentation in obtaining such opinion, advice or direction. 28. In the four following sections the term "trustee" shall include any trustee under a deed, settlement or will, and executors, and administrators, and any guardians appointed by any court, and a testamentary guardian, or any other trustee, howsoever the trust is created. 29. A trustee shall be entitled to such fair and reasonable allowance for his care, pains and trouble, and his time expended in and about the trust estate as may be allowed by the Court of Queen's Bench, or any judge or master thereof, to whom the matter may be referred. 30. A judge of the Court of Queen's Bench may, on application to him for the purpose, settle the amount of such compensation, although the trust estate is not before the court in any suit. 31. Nothing in the three preceding sections shall apply to any case in which the rate of allowance is fixed by the instrument creating the trust. 32. The judge of any Surrogate Court may allow to the executor, or trustee, or administrator acting under will or rogate Conrt. letters of administration, a fair and reasonable allowance for his care, pains and trouble, and his time expended in or about the executorship, trusteeship, or administration of the estate and effects vested in him under any will or letters of administration, and in administering, disposing of and arranging and settling the same, and generally in arranging and settling the affairs of the estate, and therefor may make an order or orders from time to time, and the same shall be allowed to an executor, trustee or administrator in passing his accounts. Power of Attorney affecting heirs and devisees. Acts of attor 33. In case a power of attorney, for the sale or management of real or personal estate or for any other purposes, provides that the same may be exercised in the name and on behalf of the heirs or devisees, executors or administrators of the person executing the same, or provides by any form of words, that the same shall not be revoked by the death of the person executing the same, such provision shall be valid and effectual to all intents and purposes, both at law and in equity, according to the tenor and effect thereof and subject to such conditions and restrictions, if any, as may be therein contained. 34. Independently of any such special provision in a power after death of of attorney, every payment made and every act done under ney or agent |