Probate and Administration Ordinance

(1)
Where an infant is absolutely entitled under the will or on the intestacy of a
                person dying before or after the
                commencement*
                of this Ordinance (in this subsection called
the
                        deceased
)
                to a devise or legacy, or to the residue of the estate of the deceased, or any share
                therein, and such devise, legacy, residue or share is not under the will, if any, of
                the deceased, devised or bequeathed to trustees for the infant, the personal
                representatives of the deceased may appoint a trust corporation or two or more
                individuals not exceeding four (whether or not including the personal
                representatives or one or more of the personal representatives), to be the trustees
                of such devise, legacy, residue or share for the infant, and may, subject to the
                provisions of
section 54
, execute or do any assurance or thing requisite
                for vesting such devise, legacy, residue or share in the trustee or trustees so
                appointed; and 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 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 any
                authorized investment.
(2)
Where a personal representative has before the
                commencement*
                of this Ordinance retained or sold any such devise, legacy, residue or share, and
                invested the same or the proceeds thereof in any investments in which he was
                authorized 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, or by reason
                of not having paid or transferred the money or property into court.
[cf. 1925 c. 23 s. 42 U.K.]