Trustee Ordinance

(1)
Where trust property includes any share or interest in property not vested in
                the trustees, or the proceeds of sale of any such property, or any other thing in
                action, the trustees on the same falling into possession, or becoming payable or
                transferable
may—
(a)
agree or ascertain the amount or value thereof or any part thereof in such
                    manner as they may think fit;
(b)
accept in or towards satisfaction thereof, at the market or current value,
                    or upon any valuation or estimate of value which they may think fit, any
                    authorized investments;
(c)
allow any deductions for duties, costs, charges and expenses which they may
                    think proper or reasonable;
(d)
execute any release in respect of the premises so as effectually to
                    discharge all accountable parties from all liability in respect of any matters
                    coming within the scope of such release,
without being responsible in any such case for any loss occasioned by any act
                or thing done by them under this section if the trustees have discharged the
                statutory duty of care in doing so.
(2)
The trustees shall not be under any obligation and shall not be chargeable with
                any breach of trust by reason of any
omission—
(a)
to apply for any stop or other like order upon any securities or other
                    property out of or on which such share or interest or other thing in action as
                    referred to in subsection (1) is derived, payable or charged; or
(b)
to take any proceedings on account of any act, default, or neglect on the
                    part of the persons in whom such securities or other property or any of them or
                    any part thereof are for the time being, or had at any time been,
                    vested,
unless and until required in writing so to do by some person, or the guardian
                of some person, beneficially interested under the trust, and unless also due
                provision is made to their satisfaction for payment of the costs of any proceedings
                required to be
                taken.
(2A)
Subsection (2) does not 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 its
                falling into possession.
(Added
13 of 2013 s. 17
)
(3)
Trustees may, for the purpose of giving effect to the trust, or any of the
                provisions of the instrument, if any, creating the trust or of any statute, 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 made by them under
                this section is binding on all persons interested under the trust if the trustees
                have discharged the statutory duty of care in making the valuation.
(4)
Trustees may, in their absolute discretion, from time to time, but not more
                than once in every year unless the nature of the trust or any special dealings with
                the trust property make a more frequent exercise of the right reasonable, 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 the accountant as the accountant may require.
(5)
The costs of the examination or audit referred to in subsection (4), including
                the fee of an auditor, are to be paid out of the trust funds.
(Added
13 of 2013 s. 17
)