HL Deb 16 March 1858 vol 149 cc231-2

Order for the House to go into Committee read.

The LORD CHANCELLOR

asked his noble and learned Friend (Lord St. Leonards) if he would be good enough to postpone going into Committee upon this Bill, as, since he had been entrusted with the Great Seal, various matters had been pressed upon his attention, and consequently he had had no opportunity of examining the clauses of this Bill.

LORD ST. LEONARDS

said, this was the same measure which passed through their Lordships' House in August last, and went down to the Commons, but too late to be passed through that House. He thought there could be no objection to its going through Committee.

House in Committee (according to order).

Clauses 1 and 2 agreed to.

On Clause 3.

LORD CRANWORTH

said, that this clause provided that if a trustee invested funds upon the advice of counsel and communicated the fact of his doing so to the parties interested he should be indemnified. This implied that in the event of the trustee not communicating the fact he should not be indemnified. He apprehended, however, that the law was clear, that if a trustee took proper and reasonable precautions in the investment of trust money he was indemnified at present. He thought that the clause raised doubts which would be very detrimental to the interest of trustees, and that it had better be struck out.

LORD ST. LEONARDS

said, that he had prepared a proviso which would meet the objections of his noble and learned Friend.

THE LORD CHANCELLOR

said, he quite agreed with the noble and learned Lord opposite (Lord Cranworth) that this clause was quite unnecessary. It was clear that if the trustee acted conscientiously to the best of his ability in the investment of trust funds he was not responsible under the existing law. The effect of the clause would only be to infuse doubt into the law and to put trustees in a position of considerable danger. The proviso showed that the clause was unnecesary.

Clause struck out.

Clauses 4 and 5 struck out.

Remaining clause agreed to.

Report of Amendment to be received on Friday the 26th instant.