sec.57Power to carry on business

### sec.57 Power to carry on business Subject to the provisions of any other Act and of the instrument (if any) creating the trust, where at the commencement of the trust the trust property or any part of it was being used by the settlor in carrying on any business, whether alone or in partnership, the trustee may continue to carry on that business for any 1 or more of the following periods, namely— 2 years from the commencement of the trust; such period as may be necessary for the winding-up of the business; such further period or periods as the court may approve. In the exercise of the powers conferred by this section or by the instrument (if any) creating the trust, a trustee may— employ any part of the trust property which is subject to the same trusts; and from time to time increase or diminish the part of the trust property employed as provided by paragraph (a) ; and purchase stock, machinery, implements, and chattels for the purpose of the business referred to in subsection (1) ; and employ such managers, agents, employees, clerks, workers and others as the trustee thinks fit; and at any time enter into a partnership agreement to take the place of any partnership agreement subsisting immediately before the commencement of the trust or at any time thereafter and notwithstanding that the trustee was a partner of the settlor in the trustee’s own right; and enter into sharefarming agreements. 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 the business has been carried on before or after the commencement of this Act and whether or not any previous authority to carry on the business has expired; and the court may make such an order, and may make such order retrospective to any particular date, 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. Nothing in this section affects any other authority to do the acts thereby authorised to be done. Where a trustee is in any manner interested or concerned in a trade or business, the trustee may make such subscriptions as it would be prudent for the trustee to make, if the trustee were acting for himself or herself, 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. (sec.57-ssec.1) Subject to the provisions of any other Act and of the instrument (if any) creating the trust, where at the commencement of the trust the trust property or any part of it was being used by the settlor in carrying on any business, whether alone or in partnership, the trustee may continue to carry on that business for any 1 or more of the following periods, namely— 2 years from the commencement of the trust; such period as may be necessary for the winding-up of the business; such further period or periods as the court may approve. (sec.57-ssec.2) In the exercise of the powers conferred by this section or by the instrument (if any) creating the trust, a trustee may— employ any part of the trust property which is subject to the same trusts; and from time to time increase or diminish the part of the trust property employed as provided by paragraph (a) ; and purchase stock, machinery, implements, and chattels for the purpose of the business referred to in subsection (1) ; and employ such managers, agents, employees, clerks, workers and others as the trustee thinks fit; and at any time enter into a partnership agreement to take the place of any partnership agreement subsisting immediately before the commencement of the trust or at any time thereafter and notwithstanding that the trustee was a partner of the settlor in the trustee’s own right; and enter into sharefarming agreements. (sec.57-ssec.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 the business has been carried on before or after the commencement of this Act and whether or not any previous authority to carry on the business has expired; and the court may make such an order, and may make such order retrospective to any particular date, 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. (sec.57-ssec.4) Nothing in this section affects any other authority to do the acts thereby authorised to be done. (sec.57-ssec.5) Where a trustee is in any manner interested or concerned in a trade or business, the trustee may make such subscriptions as it would be prudent for the trustee to make, if the trustee were acting for himself or herself, 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. - (a) 2 years from the commencement of the trust; - (b) such period as may be necessary for the winding-up of the business; - (c) such further period or periods as the court may approve. - (a) employ any part of the trust property which is subject to the same trusts; and - (b) from time to time increase or diminish the part of the trust property employed as provided by paragraph (a) ; and - (c) purchase stock, machinery, implements, and chattels for the purpose of the business referred to in subsection (1) ; and - (d) employ such managers, agents, employees, clerks, workers and others as the trustee thinks fit; and - (e) at any time enter into a partnership agreement to take the place of any partnership agreement subsisting immediately before the commencement of the trust or at any time thereafter and notwithstanding that the trustee was a partner of the settlor in the trustee’s own right; and - (f) enter into sharefarming agreements.