TRUSTEE ACT 1936 - SECT 20
TRUSTEE ACT 1936 - SECT 20
20—Power of trustees for sale to sell by auction and convey and to set
apart roads and reserves
(1) Where a trust for
sale or a power of sale of property is vested in trustees, they may sell or
concur with any other person in selling all or any part of the property,
either subject to prior charges or not, and either together or in lots, by
public auction or by private contract, at one time or at several times,
subject to any such condition respecting title or evidence of title or other
matter as the trustees think fit, with power to vary any contract for sale,
and to buy in at any auction, or to rescind any contract for sale, and to
re-sell, without being answerable for any loss.
(2) For the purpose of
completing any such sale as aforesaid, the trustees shall have full power to
convey or otherwise dispose of the property in question, either by way of
revocation and appointment of uses, or otherwise, as may be necessary.
(2a) Where the
property sold or offered for sale is land the trustees may set apart or
dedicate any land being portion of the trust property as roads, streets,
passages, thoroughfares, squares, gardens, and reserves and for such purposes
may without receiving any consideration vest the land comprising such roads,
streets, passages, thoroughfares, squares, gardens and reserves in the Crown
or any municipal corporation, municipal council, district council or in any
public authority or other person, to be held by the Crown or the corporation,
council, public authority or person for the purpose for which it was set
apart.
(3) This section
applies only if and as far as a contrary intention is not expressed in the
instrument creating the trust or power, and shall have effect subject to the
terms of that instrument and to the provisions therein contained.
(4) This section
applies only to trusts and powers created by an instrument coming into
operation after the twenty-first day of October, 1862.