41Power to appoint trustees of infants' property

### 41 Power to appoint trustees of infants' property > > (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 Act 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 4 (whether or not including the personal representatives or one or more of the personal representatives) to be the trustee or trustees of such devise, legacy, residue, or share for the infant, and to be trustees of any land devised or any land being, or forming part of, such residue or share for the purposes of the [Settled Land Act 1884](/view/html/inforce/2026-04-12/act-1884-010) , and of the statutory provisions relating to the management of land during a minority, and may execute or do any assurance or thing requisite for vesting such devise, legacy, residue, or share in the trustee or trustees so appointed. > > > (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 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. > > > (3)  Where a personal representative has, before the commencement of this Act, 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.