21Arrangement with company

21 Arrangement with company (1) Where any security of a company is held by a trustee, and the trustee can lawfully hold or retain the same, the trustee may, in like manner as if he or she were beneficially entitled to the security, concur in any scheme or arrangement— (a) for the reconstruction of the company; or (b) for the amalgamation of the company with any other company; or (c) for the sale of all or any part of the property and undertaking of the company to any other company; or (d) for the release, modification or variation of any rights, privileges or liabilities attached to the security. (2) Instead of or exchange for the security the trustee may accept any security of any denomination or description of the reconstructed or new or purchasing company. (3) The trustee shall not be responsible for any loss occasioned by anything done honestly, and may hold and retain any security so accepted in like manner as he or she could have done if the same had been an investment authorised by the trust instrument or by law. (4) 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 the trust instrument or by law. (5) This section applies to a trust except so far as the contrary intention