New South Wales Consolidated Acts New South Wales Consolidated ActsThe Trustees or the Trustee shall if so directed by a resolution of the committee commence and prosecute or defend any such legal proceedings as shall by such resolution be directed to be commenced and prosecuted or defended and shall if so directed compromise and settle any legal proceedings whether instituted by or against the Trustees: Provided that the Trustees or the Trustee shall be entitled before commencing the prosecution or defence of any legal proceedings to have such security as shall be reasonably required against payment of damages, compensation and legal costs, or any of them, and any dispute as to what is reasonable security shall be referred to and decided by the Master in Equity whose decision thereon shall be final and conclusive as against all parties affected thereby: Provided, however, that notwithstanding anything in this clause contained any of the Trustees or the Trustee who or which shall be unwilling so to do shall not be bound to commence and prosecute or defend or join in commencing and prosecuting or in defending any such legal proceedings as aforesaid if he or it shall within three days after passing of such resolution as aforesaid give notice in writing to the other Trustees for the time being of his refusal to do so or in the case of a sole Trustee to the Committee: Provided that in such case he or it shall be deemed to have retired from his or its office of Trustee as from the date of the giving of such notice as aforesaid.