(1) The trustee or the majority acting together, or a sole trustee where by
the instrument, if any, creating the trust, or by statute, a sole trustee is
authorised to execute the trusts and powers thereof, may, if and as the
trustees or the majority, or the sole trustee, may think fit--
(a) accept any
property before the time at which it is made transferable or payable,
(aa)
sever and apportion any blended trust funds or property,
(b) accept any
composition or any security, real or personal, for any debt or for any
property claimed,
(c) allow any time for payment for any debt,
(d)
compromise, compound, abandon, submit to arbitration, or otherwise settle any
debt, account, claim, or thing whatever relating to the estate or trust,
(e)
for any of those purposes enter into, give, execute, and do such agreements,
instruments of composition or arrangements, releases, and other things, as to
the trustees or the majority, or the sole trustee, seem expedient.
(2) An
executor or administrator may pay or allow any debt or claim on any evidence
that the executor or administrator thinks sufficient, and may, if and as the
executor or administrator may think fit, do any of the things mentioned in
paragraphs (a) (b) (c) (d) and (e) of subsection (1).
(3) The trustees
trustee executor or administrator shall not be responsible for any loss
occasioned by any act or thing so done by the trustees, trustee, executor or
administrator in good faith.
(4) This section applies only if and as far as a
contrary intention is not expressed in the instrument, if any, creating the
trust, and shall have effect subject to the terms of that instrument, and to
the provisions therein contained.
(5) This section applies to trusts created
either before or after the commencement of this Act.
