Report No. 17
Section 34A.- After section 34 of the principal Act, the following section shall be inserted, namely:-
"34A. Power of court to authorize dealings with trust-property.-(1) Where in the management or administration of any trust-property, any sale, lease, mortgage, surrender, release or other disposition, or any purchase, investment, acquisition, expenditure or other transaction is, in the opinion of the court, expedient, but the same cannot be effected by reason of the absence of any power for that purpose vested in the trustee by the instrument of trust (if any), or by law, the court may, by an order made on an application under section 34, confer upon the trustee, either generally or in any particular case, the necessary power for the purpose, on such terms, and subject to such provisions and conditions, if any, as the court may think fit, and may direct in what manner any money authorised to be expended, and the costs of any transaction, are to be paid or borne as between capital and income.
[Cf. section 57, (English) Trustee Act, 1925. (15 & 16 Geo. 5, Ch. 19)]
(2) The court may, from time to time, rescind or vary any order made under this section, or may make any new or further order,
(3) An application to the court for the purposes of this section may be made by the trustees, or by any of them, or by any beneficiary".1
2. Proposed section 34A is based on the suggestion made in the body of the Report, vide the discussion relating to section 11.