(1) Subject to
subsection (5), where an infant is absolutely entitled under the will or
on the intestacy of a person (in this section called the deceased ) to a
devise or legacy, or to the residue of the estate of the deceased, or any
share therein, and that devise, legacy, residue or share is not, under the
will (if any) of the deceased, devised or bequeathed to trustees for the
infant, the personal representatives of the deceased may appoint a trustee
corporation (including the Public Trustee) or 2 or more individuals not
exceeding 4 (whether or not including the personal representatives or one or
more of them) to be the trustee or trustees of that devise, legacy, residue or
share for the infant, and may execute or do any assurance, act or thing
requisite for vesting that devise, legacy, residue or share in the trustee or
trustees so appointed.
(2) On the vesting of
the devise, legacy, residue or share mentioned in subsection (1) in the
trustee or trustees appointed under this section, the personal representatives
as such are discharged from all further liability in respect of that devise,
legacy, residue or share.
(3) Trustees appointed
under this section may retain any property transferred to them pursuant to the
provisions of this section in its existing condition or state of investment,
or may convert it into money, and upon conversion shall invest the money as
trust funds may be invested under Part III of the Trustees Act 1962 .
(4) Where a personal
representative has, before 1 January 1963, retained or sold any such
devise, legacy, residue or share as is mentioned in subsection (1), and
has invested it or the proceeds thereof (as the case may be) in any
investments in which he was authorised to invest money subject to the trust,
then, subject to any order of the Court made before that date, he shall be
deemed not to have incurred any liability on that account or by reason of not
having paid or transferred the money or property into Court.
(5) The power of
appointing trustees conferred upon personal representatives by this section is
subject to any direction or restriction contained in the will of the deceased.
[Section 17A inserted: No. 80 of 1962
s. 4; amended: No. 1 of 1997 s. 18.]
[ 18. Deleted: No. 80 of 1962 s. 5.]