HL Deb 24 July 1896 vol 43 cc587-8

(1.) Where application is made to the court for the appointment of a judicial trustee as respects the trust or any property by or on 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 persons or as solo 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 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 be paid to a judicial trustees 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.

Clause ordered to stand part of the Bill.

Clause 2,—