49Reversionary interests, powers as to

##### 49. Reversionary interests, powers as to (1) Where trust property includes any share or interest in property not vested in the trustee, or the proceeds of sale of any such property, or any other thing in action, the trustee, on its or their 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 he thinks fit; and (b) accept in or towards satisfaction thereof, at the market or current value, or upon any valuation or estimate of value that he may think fit, any investments in which trust funds may be invested under this Act; and (c) allow any deductions for duties, costs, charges, and expenses that he thinks proper or reasonable; and (d) execute any release in respect thereof, so as effectually to discharge all accountable parties from all liability in respect of any matter coming within the scope of the release, without being responsible for any loss occasioned by any act or thing so done by him in good faith. (2) The trustee shall not be under any obligation and shall not be chargeable with any breach of trust by reason of any omission — (a) to give any notice in respect of, or apply for any charging or other like order upon, any securities or other property out of or in which the share or interest or other thing in action mentioned 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 the securities or other property mentioned in paragraph (a) or any of them or any part of them 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 his satisfaction for payment of the costs of any proceedings required to be taken. (3) Nothing in subsection (2) relieves the trustee of the obligation to get in and obtain payment or transfer of the share or interest or other thing in action upon its falling into possession. [Section 49 amended: No. 1 of 1997 s. 11.]