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2149.   Powers supplementary to powers of investment

Revised Laws of Saint Lucia (2021)

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2149.   Powers supplementary to powers of investment

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    (1)   Trustees lending money on the security of any property on which they can lawfully lend may contract that such money shall not be called in during any period not exceeding 7 years from the time when the loan was made, provided interest be paid within a specified time not exceeding 30 days after every half-yearly or other day on which it becomes due, and provided there be no breach of any covenant by the mortgagor contained in the instrument of mortgage or charge for the maintenance and protection of the property.

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    (2)   On a sale of land held by trustees, the trustees may, where the proceeds are liable to be invested, contract that the payment of any part, not exceeding ⅔, of the purchase money shall be secured by a vendor's privilege or mortgage of the land sold with or without the security of any other property, such mortgage or vendor's privilege, if any buildings are comprised in the mortgage, to contain a covenant by the mortgagor or purchaser to keep them insured against loss or damage by fire to the full value thereof.

The trustees shall not be bound to obtain any report as to the value of the land or other property to be comprised in such mortgage or vendor's privilege, or any advice as to the making of the loan, and shall not be liable for any loss which may be incurred by reason only of the security being insufficient at the date of the mortgage or vendor's privilege.

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    (3)   Where any securities of a company are subject to a trust, the trustees may concur in any scheme or arrangement––

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      (a)     for the reconstruction of the company;

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      (b)     for the sale of all or any part of the property and undertaking of the company to another company;

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      (c)     for the amalgamation of the company with another company;

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      (d)     for the release, modification, or variation of any rights, privileges or liabilities attached to the securities or any of them;

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    in like manner as if they were entitled to such securities beneficially, with power to accept any securities of any denomination or description of the reconstructed or purchasing or new company in lieu of or in exchange for all or any of the first-mentioned securities; and the trustees shall not be responsible for any loss occasioned by any act or thing so done in good faith, and may retain any securities so accepted as aforesaid for any period for which they could have properly retained the original securities.

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    (4)   If any conditional or preferential right to subscribe for any securities in any company is offered to trustees in respect of any holding in such company, they may, as to all or any such securities, either exercise such right and apply capital money subject to the trust in payment of the consideration, or renounce such right, or assign for the best consideration that can be reasonably obtained the benefit of such right or the title thereto to any person, including any beneficiary under the trust, without being responsible for any loss occasioned by any act or thing so done by them in good faith:

Provided that the consideration for any such assignment shall be held as capital money of the trust.

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    (5)   The powers conferred by this article shall be exercisable subject to the consent of any person whose consent to a change of investment is required by law or by the instrument, if any, creating the trust.

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    (6)   Where the loan referred to in paragraph (1), or the sale referred to in paragraph (2), of this article is made under the order of the Court, the powers conferred by those paragraphs respectively shall apply only if and as far as the Court may by order direct.

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