14Power to appoint trustee company as temporary executor, &c.

14 Power to appoint trustee company as temporary executor, &c.

An executor or administrator, or a trustee, may appoint a trustee company to act as executor, administrator, or trustee in his stead, and if a trustee company is so appointed by deed filed in accordance with any law in force providing for the filing of powers of attorney –

(a) the company may act within the scope of the authority conferred upon it as effectually as the executor, administrator, or trustee could have acted;

(b) the company may exercise all discretionary and other powers that are delegated to it by the principal as fully and effectually as the principal could have exercised them; and

(c) after the filing of the power of attorney, every act of the company that is within the scope of the authority so conferred shall, in favour of any person who deals with the company in good faith and without notice of the death of the principal or of his revocation of the authority, be valid and effectual notwithstanding the revocation by, or death of, the principal.