s. 19 (2) This section shall not, except where the trustee is S. 18(2) a trustee company, or except so far as is otherwise amended by Nos 55/1987 enacted, enable a sole trustee to give a valid s. 57(3)(Sch. 5 receipt for capital money arising under the Act item 60), 45/1994 1958. s. 42(Sch. item 12.4). (3) This section shall apply notwithstanding anything to the contrary in the instrument (if any) creating the trust. No. 5770 s. 19. 19 Power to compound liabilities (1) A personal representative, or two or more trustees S. 19(1) amended by acting together, or, subject to the restrictions Nos 55/1987 s. 57(3)(Sch. 5 imposed in regard to receipts by a sole trustee, not item 61), being a trustee company, a sole acting trustee 45/1994 s. 42(Sch. where by the instrument (if any) creating the trust, item 12.5). or by statute a sole trustee is authorized to execute the trusts and powers reposed in him, may, if and as he or they think fit— (a) accept any property, real or personal, before the time at which it is made transferable or payable; or (b) sever and apportion any blended trust funds or property; or (c) pay or allow any debt or claim on any evidence that he or they think sufficient; or (d) accept any composition or any security, real or personal, for any debt or for any property, real or personal, claimed; or (e) allow any time for payment of any debt; or (f) compromise, compound, abandon, submit to arbitration, or otherwise settle any debt, account, claim, or thing whatever relating to
S. 18(2) amended by Nos 55/1987 s. 57(3)(Sch. 5 item 60), 45/1994 s. 42(Sch. item 12.4). (2) This section shall not, except where the trustee is a trustee company, or except so far as is otherwise enacted, enable a sole trustee to give a valid receipt for capital money arising under the Act 1958. (3) This section shall apply notwithstanding anything to the contrary in the instrument (if any) creating the trust. No. 5770 s. 19. 19 Power to compound liabilities S. 19(1) amended by Nos 55/1987 s. 57(3)(Sch. 5 item 61), 45/1994 s. 42(Sch. item 12.5). (1) A personal representative, or two or more trustees acting together, or, subject to the restrictions imposed in regard to receipts by a sole trustee, not being a trustee company, a sole acting trustee where by the instrument (if any) creating the trust, or by statute a sole trustee is authorized to execute the trusts and powers reposed in him, may, if and as he or they think fit— (a) accept any property, real or personal, before the time at which it is made transferable or payable; or (b) sever and apportion any blended trust funds or property; or (c) pay or allow any debt or claim on any evidence that he or they think sufficient; or (d) accept any composition or any security, real or personal, for any debt or for any property, real or personal, claimed; or s. 19 (e) allow any time for payment of any debt; or (f) compromise, compound, abandon, submit to arbitration, or otherwise settle any debt, account, claim, or thing whatever relating to
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