TRUSTEE ACT 1936 - SECT 19
TRUSTEE ACT 1936 - SECT 19
(1) Trustees, unless
prohibited by the instrument creating the trust, and, if expressly authorised
by the power of attorney so to do, their attorneys, appointed under
section 17 of this Act, may, by writing signed by them, authorise any ADI
to honour cheques, bills, promissory notes, and drafts drawn upon or made
payable out of the account of the trust by any one or more of the trustees or
attorneys, and to honour the endorsement of any one or more of the trustees or
attorneys upon any cheque, bill, promissory note, or draft payable to the
order of the trustees, and also to pay to any one or more of the trustees or
attorneys, whether before or after maturity, all or any portion of any moneys
deposited on fixed deposit.
(2) Every trustee who,
in person or by attorney, gives or joins in giving any such authority shall be
liable for the acts and defaults of every trustee or attorney acting
thereunder as if they were his own acts and defaults.
(3) No revocation or
avoidance (whether by operation of law or otherwise) of any such authority
shall be effectual as against any ADI acting or paying money in good faith
under or in pursuance of such authority in ignorance of such revocation.
(4) This section and
sections 17 and 18 of this Act apply only to trusts created after the
twenty-first December, 1907.