§ (1.) Where application is made to the court for the appointment, of a judicial trustee as respects the trusts of any property by or on 1048 behalf of the person creating or intending to create the trust, or by or on behalf of a trustee, or beneficiary, the court may, in its discretion, appoint a judicial trustee of such trust, either jointly with any other judicial trustee or any other person or persons or as sole trustee, and, if sufficient cause is shown, in place of any existing trustee.
§ (2.) The administration of the property of a deceased person, whether a testator or intestate, shall be a trust, and the executor or administrator a trustee, within the meaning of this section.
§ (3.) Where a judicial trustee is appointed, the court may on or after such appointment vest in the judicial trustee if he be the sole trustee, and in the judicial trustee jointly with any other person or persons if he be appointed to act jointly with any other person or persons, all or any part of the trust property.
§ (4.) A judicial trustee may be either an official of the court or any other person, and in either case shall be subject to the control and supervision of the court as an officer thereof.
§ (5.) The court may, either on request or without request, give to a judicial trustee any general or special directions in regard to the trust or the administration thereof.
§ (6.) There may he paid to a judicial trustee out of the trust property such remuneration, not exceeding the prescribed limits, as the court may assign in each case, subject to any rules under this Act respecting the application of such remuneration where the judicial trustee is an official of the court, and the remuneration so assigned to any judicial trustee shall, save as the court may for special reasons otherwise order, cover all his work and personal outlay.
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SIR H. FOWLER moved in Subsection (3), after the word "appointment," to insert the words:—
And in pursuance of and in accordance with the provisions of the Trustee Act, 1893.
§ Amendment agreed to.
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SIR H. FOWLER moved in Subsection (4), to leave out the words:—
A judicial trustee may be either an official of the court or any other person, and in either case
And to insert instead thereof the words:—
Any person may be appointed a judicial trustee, and, if the court shall be of opinion that no suitable person is proposed for appointment, an official of the court may be appointed, and in any case a judicial trustee
§ Amendment agreed to.
§
SIR H. FOWLER moved at the end of the clause to insert the following new Sub-section:—
(7) Once in every year the accounts of every trust of which a judicial trustee has been
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appointed shall be audited, and a report thereon made to the court by the prescribed persons, and in any case where the court shall so direct, and inquiry into the administration by a judicial trustee of any trust or into any dealing or transaction of a judicial trustee shall be made in the prescribed manner.
§ Amendment agreed to.
§ Clause 4,—