55Business, trade, etc. of deceased, power to carry on

##### 55. Business, trade, etc. of deceased, power to carry on (1) Subject to the provisions of any other Act, if at the time of his death any person is engaged (whether alone or in partnership) in carrying on a business, trade or occupation, it shall be lawful for his trustee to continue to carry on that business, trade or occupation, in the same manner, for any one or more of the following periods, namely — (a) 2 years from the death of that person; or (b) such period as may be necessary or desirable for the winding up of the business; or (c) such further period or periods as the Court may approve. (2) In exercise of the powers conferred by this section or by the instrument creating the trust, a trustee may — (a) employ any part of the deceased’s estate that is subject to the same trusts; and (b) from time to time increase or diminish the part of the estate employed as provided by paragraph (a); and (c) purchase stock, machinery, implements, and chattels for the purpose of the business mentioned in subsection (1); and (d) employ such managers, agents, servants, clerks, workmen and others as he thinks fit; and (e) at any time enter into a partnership agreement to take the place of any partnership agreement subsisting immediately before the death of the deceased or at any time thereafter and notwithstanding that the trustee was a partner of the deceased in his own right; and (f) enter into share‑farming agreements. (3) Application to the Court for leave to carry on a business may be made by the trustee or any person beneficially interested in the estate at any time, whether or not any previous authority to carry on the business has expired; and the Court may make such an order, or may order that the business be not carried on, or be carried on subject to conditions, or may make such other order as, in the circumstances, it thinks fit. (4) Nothing in this section affects any other authority to do the acts thereby authorised to be done. (5) Where a trustee is in any manner interested or concerned in a trade or business, he may make such subscriptions as it would be prudent for him to make, if he were acting for himself, out of the income of the assets affected, to any fund created for objects or purposes in support of any trade or business of a like nature and subscribed to by other persons engaged in a like trade or business.