15CGeneral powers of trustee company

#### 15C General powers of trustee company 15C General powers of trustee company > Where a trustee company is appointed trustee, executor or administrator or is otherwise authorised to act under this Act (whether before or after the commencement of this section), then, unless expressly prohibited by this Act or by or under an instrument, it may, at its discretion, but in addition to and not as restricting any other powers, exercise the following powers: > > > (a) sell property by public auction or private contract, altogether or in parts, and subject to such conditions as it thinks fit, > > > (b) postpone the sale, calling in and conversion of any property that it has a duty to sell, other than property that is of a wasting, speculative or reversionary nature, > > > (c) exchange property or join in a partition of property, > > > (d) lease property for a term not exceeding 10 years and give to a lessee an option of renewal if the aggregate duration of the lease and any such renewal does not exceed 10 years, > > > (e) enter into any share-farming agreement for a period not exceeding 3 years, > > > (f) for the purpose of preserving trust property, borrow money upon the security of the property, and secure the payment thereof and interest by mortgage or charge of the property, with or without a power of sale, and enter into such covenants, provisions and agreements as may be agreed upon by the trustee company and the mortgagee, and, without affecting the generality of the foregoing, exercise the power to give any such security in respect of any debt or liability incurred prior to the trustee company’s appointment, and pay interest secured by any such mortgage or charge out of the income or, if the income is insufficient, out of capital, > > > (g) repair property and charge the cost of those repairs either to capital or to income or apportion the cost between capital and income as the trustee company may consider equitable. > > **s 15C:** Ins 1979 No 186, Sch 1 (3). Am 1989 No 42, Sch 1 (3); 1990 No 98, Sch 1 (1).