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Report No. 17

Section 30.- For section 30 of the principal Act, the following section shall be substituted, namely:-

"30. Indemnity of the trustee.-(1) Subject to the provisions of the instrument of trust and of sections 23, 26 and 27, a trustee shall be chargeable only for money, stocks, funds and securities actually received by him, and shall be answerable and accountable only for his own acts, receipts, neglects or defaults, and not for those of any other trustee, nor for any banker, broker or other person in whose hands any trust-property may be placed, nor for the insufficiency or deficiency of any stocks, funds or securities, nor otherwise for involuntary losses.

[Cf. section 30 (1), (English) Trustee Act 1925. (15 & 16 Geo. 5, Ch. 19)]

(2) A co-trustee who joins in signing a receipt for trust property and proves that he has not received the same is not answerable, by reason of such signature only, for loss or misapplication of the property by his co-trustee."

[Cf. section 26 last para, Indian Trusts Act, 1882]

Trusts Act, 1882 Back

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