Lawgist29Indemnity of Trustees
The Trustees for the time being action in the execution of the trusts and powers hereby created and reposed in them respectively, and their successors, respectively, shall be changed and chargeable for such moneys only as he and they respectively shall actually receive by virtue of the trusts, powers and provisions of this Act, notwithstanding his, their, or any of their giving or signing, or joining in giving or singing any receipt or receipts, for the sake of conformity; and he and they respectively shall not be answerable or accountable for any banker or broker, agent, or other person with whom or in whose hands any part of the said trust moneys shall or may be deposited or lodged for safe custody, or otherwise in the execution of any of the trusts, powers and provisions hereinbefore created or contained; and the Trustees for the time being acting in the execution of the trusts and powers hereby created, and reposed in them respectively, and their successors respectively, shall not be answerable or accountable for the insufficiency or deficiency of any security or securities, stocks or funds, in or upon which the said trust moneys or any part thereof shall be placed out or invested, nor for any other misfortune, loss or damage which may happen in the execution of the aforesaid trusts, powers and provisions or in relation thereto; and it shall be lawful for him and them respectively with or out of the money which shall come to his or their respective hands by virtue of the trusts and provisions of this Act, to retain and reimburse to himself and themselves respectively all costs, damages and expenses which he and they respectively shall or may sustain, expend, or disburse in or about the execution of the aforesaid powers, trusts, and provisions or in relation thereto.
Download our fully-offline, High speed android app.- Click here
- 1 Short title
- 2 Repeal of Act XX of 1860
- 3 The Commissioner for the Northern Division, the Accountant - General, and the Collector of Bombay to be a Corporation for execution of the Trusts of this Act
- 4 Present Baronet to continue to bear, and all future Baronet to take, names of First Baronet
- 5 Government Promissory Notes of a certain nominal value vested in Trustees
- 6 Powers of investment
- 7 Prohibition against varying investments without consent of person entitled to income
- 8 Power to Baronet for the time being to purchase land to erect a Mansion House thereon
- 9 Power to trustees to sell securities to produce funds to pay for land, etc
- 10 Power to Baronet for the time being to sell Mazngon Castle
- 11 Power to Trustees to apply proceeds of sale Mazagon Castle, not exceeding Rs. 2,75,000 in paying for land purchased and for erecting Mansion House th ere on, etc
- 12 Settlement of Mansion House, etc., in support of Baronetcy
- 13 Saving of rights of persons interested in reversion or remainder in Mazagon Castle on sale thereo
- 14 Declaration of Trusts as to surplus proceeds of sale of Mazagon Castle over and above the sum of Rs. 2,75,000
- 15 Power to Trustees to invest the surplus annual interest and income of the Trust Fund and p remises during the minority of any Baronet etc
- 16 Provision in case of refusal or discontinuance of names of First Baronet
- 17 Baronet in possession may jointure
- 18 Limit of aggregate of jointure payable contemporaneously
- 19 Mansion House and hereditaments not to be subject to joiuture
- 20 Alienation prohibited during the Baronetcy
- 21 Power to augment the funds and securities subject to the Settlement, provided that total amount of funds su bject to the Settlement shall not exceed fifty lakh
- 22 Provision as to insurances of Mazagon Castle, and other house or buildings purchased in lieu thereof
- 23 Directions for keeping Mazagone Castle, and other houses or buildings purchased in lieu thereof, in repair
- 24 Power to Trustees to sell land subject to Settlement
- 25 Directions as to how sale may be made
- 26 Direction as investment of proceeds of sale of lands
- 27 Declaration of Trusts as to investments of proceeds of sale of lands
- 28 Power to Baronet for the time being to enter into arrangement with Government as to land - revenue payable in respect of land purchased under section
- 29 Indemnity of Trustees
- 30 General saving clause
