time a renewed lease of the same hereditaments upon reasonable terms, and to do all necessary acts for that purpose; but this section is not to apply to any case where, by the terms of the settlement or will, the person in possession for his life or other limited interest is entitled to enjoy the same without any obligation to renew the lease or to contribute to the expenses of renewing the same.

Sec. 9. Moneys for exchanges and renewals may be raised by mortgage, &c.-Money required for equality of exchange or for renewal of leases may be paid out of money in such persons' hands on the like trusts, or be raised by mortgage of the hereditaments received in exchange, or contained in the renewed lease, or subject to the

same trusts.

Sec. 10.-No sale or exchange without consent of tenant for life.No such sale or exchange, and no purchase of hereditaments out of such money, shall be made without the consent of the person appointed to consent by the will, deed, or other instrument, or, if there be no such person, then of the person entitled in possession to the receipt of the rents and profits of such hereditaments, if there be such a person under no disability; but no consent shall be required if it appears that the powers might be exercised without the consent of any one.

PART II.-Powers of Mortgagees.

Sec. 11. Powers incident to mortgage, to sell, insure, appoint receiver (ante, pp. 30—31).-A mortgagee, his executors, administrators, and assigns, at any time after one year from the time when any principal money becomes payable, or after any interest is in arrear for six months, or after any omission to pay any premium on any insurance, which by the terms of the deed ought to be paid by the person entitled to the property subject to the charge, has the following powers:—

1st. A power to sell, or concur with any other person in selling, the whole or any part of the property by public auction or private contract, subject to any reasonable condition he may think fit to make, and to rescind or vary contracts for sale, or buy in and resell the property from time to time in like manner.

2nd. A power to insure and keep insured from loss or damage by fire, the whole or any part of the property (whether affixed to the freehold or not) which is in its nature insurable, and to add the premiums paid for any such insurance to the principal money secured at the same rate of interest. 3rd. A power to appoint, or obtain the appointment, of a receiver of the rents and profits of the whole or any part of the property in manner after mentioned.

Sec. 12. Receipts for purchase money.-Receipts for purchasemoney, given by the person or persons exercising the powers of sale by the Act, shall discharge purchasers.

Sec. 13. Notice to be given before sale; purchaser relieved from inquiry (ante, pp. 31-32).-Six months' notice in writing must be given to the person, or one of the persons entitled to the property subject to the charge, or affixed on some conspicuous part of such property before any such sale is effected; but where a sale has been effected in professed exercise of the powers hereby conferred, the title of the purchaser shall not be liable to be impeached on the ground that no case had arisen to authorise the exercise of such power, or that no such notice as aforesaid had been given; but any person damnified by any such unauthorised exercise of such power shall have his remedy in damages against the person selling.

Sec. 14. Application of purchase-money by mortgagee.-The money arising by any sale effected as aforesaid shall be applied by the person receiving the same as follows:-first, in payment of all the expenses incident to the sale, or incurred in any attempted sale; secondly, in discharge of all interest and costs then due in respect of the charge, in consequence whereof the sale was made; and thirdly, in discharge of all the principal moneys then due in respect of such charge, and the residue of such money shall be paid to the person entitled to the property subject to the charge, his heirs, executors, administrators, or assigns, as the case may be.

Sec. 15. Conveyance to purchaser on sale by mortgagee.-The person exercising the power of sale has power by deed to convey or assign to, and vest the property sold in the purchaser, for all the estate and interest therein, which the person creating the charge has the power to dispose of, except that in copyhold hereditaments the beneficial interest only shall be conveyed.

Sec. 16. Owner of charge calling for title-deeds and legal estate. -After such power becomes exercisable, the person entitled to exercise the power may demand and recover from the person entitled to the property subject to the charge all deeds and documents relating to the title, and to call for a conveyance of the legal estate, if the same be outstanding in a trustee.

Sec. 17. Appointment of receiver by mortgagee.-Any person entitled to appoint or obtain the appointment of a receiver as aforesaid may from time to time, if any person or persons has or have been named in the deed of charge for that purpose, appoint such person, or any one of such persons, to be receiver, or, if no person be so named, then may, by writing delivered to the person or any one of the persons entitled to the property subject to the charge, or affixed

on some conspicuous part of the property, require such last-mentioned person or persons to appoint a fit and proper person as receiver, and if no such appointment be made within ten days after such requisition, then may in writing appoint any person he may think fit.

Sec. 18. Receiver agent of mortgagor.-Every receiver appointed as aforesaid shall be deemed to be the agent of the person entitled to the property subject to the charge, who shall be solely responsible for his acts or defaults, unless otherwise provided for in the charge. Sec. 19. Powers of the receiver, action, distress, receipts.—Such receiver shall have power to demand and recover, and give effectual receipts for all the rents, issues, and profits of the property of which he is appointed receiver by action, suit, distress, or otherwise, in the name either of the person entitled to the property subject to the charge, or of the person entitled to the money secured by the charge, to the full extent of the estate or interest which the person who created the charge had power to dispose of.

Sec. 20. Receiver may be removed.—Such receiver may be removed, and new receivers may be appointed from time to time.

Sec. 21. Receiver's commission.-Every receiver is entitled to receive five per cent. commission, if no less rate be specified in his apppointment.

Sec. 22. Receiver to insure.-The receiver is to insure, if required. by the party entitled to the money secured by the charge.

Sec. 23. Application of monies by receiver-The receiver is to apply all the money received by him in the following order -1st, in discharge of all taxes, rates, and assessments; 2nd, in payment of his commission and of the premiums on the insurances, if any; 3rd, in payment of all the interest accruing due, and then to pay all the residue to the person for the time being entitled to the property subject to the charge, his executors, administrators, or assigns.

Sec. 23. Second part of act applies to mortgages.-The second part of the Act applies only to mortgages or charges made to secure loans or an existing or future debt.

PART III.-Provisions as to investment of trust funds, appointment and powers of trustees and executors, &c.

Sec. 25. On what securities trust funds may be inve ted (see ante rp. 27-46-47).-Trustees having trust money in their hands which it is their duty to invest at interest shall be at liberty, at their discretion, to invest the same in any of the Parliamentary Stocks or Public Funds, or in Government Securities; and such trustees shall also be at liberty, at their discretion, to call in any trust funds invested in any other securities than as aforesaid, and to vary any such investments as aforesaid for others of the same nature. Pro

vided always that no such original investment as aforesaid (except in the Three per cent. Consolidated Bank Annuities) and no such change of investment as aforesaid, shall be made where there is a person under no disability entitled in possession to receive the income of the trust fund for his life, or for a term of years determinable with his life, or for any greater estate without the consent, in writing, of such person (see ante pp. 27-46-47).

Sec. 26. Trustees may apply income of property of infants, &c. for their maintenance.-Trustees may apply the whole or any part of the income or accumulations of income of any property held in trust for an infant either absolutely or contingently on his attaining twenty-one, or on the occurrence of any event previously, towards maintenance or education of infant, and invest residue.

Sec. 27. Provisions for appointment of new trustees on death, incapacity, &c.—Where a new trustee is required to be appointed, it shall be lawful for the person or persons nominated for that purpose, or if there be no such person able and willing to act, then for the surviving or continuing trustees or trustee for the time being, or the acting executors or executor, or administrators or administrator, of the last surviving and continuing trustee, or for the last retiring trustee by writing to appoint any other person or persons to be a trustee or trustees in the place of the trustees or trustee so dying or desiring to be discharged or refusing or becoming unfit, or incapable to act as aforesaid, and so often as any new trustee or trustees shall be appointed as aforesaid, all the trust property (if any) which for the time being shall be vested in the surviving or continuing trustees or trustee, or in the heirs, executors or administrators of any trustee shall, with all convenient speed, be conveyed, assigned and transferred, so that the same may be legally and effectually vested in such new trustee or trustees, either solely or jointly with the surviving or continuing trustees or trustee as the case may require, and every new trustee or trustees to be appointed as aforesaid, as well before as after such conveyance or assignment as aforesaid, and also every trustee appointed by the Court of Chancery, either before or after the passing of the Act, shall have the same powers, authorities and discretions, and shall in all respects act as if he had been originally nominated a trustee by the deed, will, or other instrument creating the trust.

Sec. 28. Appointment of trustees where death in testator's life.— The power of appointing new trustees contained in the Act may be exercised in cases where a trustee nominated in a will has died in the lifetime of the testator.

Sec. 29. Trustees' receipts to be discharges (ante pp. 31-32). -Trustees' receipts for any money payable to them by reason or in

exercise of any trust or power, are to be sufficient discharges, and will exonerate purchasers.

Sec. 30. Executors may compound, &c. (ante pp. 31-32).—Executors may compound or take security for debts upon any evidence they may think fit, and allow time for payment, or submit disputed accounts, &c. to arbitration.

PART IV.-General Provisions.

Sec. 31. Tenants for life, powers, incumbrances.-Tenants for life, &c, may execute powers notwithstanding incumbrances; but incumbrancers will not be affected unless they concur.

Sec. 32. Negativing powers of act.-The powers given by the Act may be negatived by express declaration in the deed, will, or other instrument, but otherwise the Act will take effect, subject, however, to any variations or limitations of any of the powers or incidents made in them (see ante p. 31).

Sec. 33. What persons and rights not to be affected (see ante p. 31.) -The estates and rights of persons other than those entitled under the settlement, &c., are not to be affected by the Act.

Sec. 34. Commencement of act.-The provisions contained in the Act shall, except as otherwise provided, extend only to persons entitled or acting under a deed, will, codicil, or other instrument executed after the passing of the act, or under a will or codicil confirmed or revived by a codicil executed after the date of the act. Sec. 35. Scotland.-The Act is not to extend to Scotland.

SUMMARY OF DECISIONS.

BANKRUPTCY.-Private arrangement-Removal of When and under what circumstances—Jurisdiction.—The senior commissioner in bankruptcy has jurisdiction under sec. 212 of the Bankruptcy Act, 1849, to order the removal of a petition for private arrangement from the district court in which it is filed into another district. Any application to order a petition for arrangement to be removed into another district ought not to be made until after the first meeting of creditors. The court will require a very strong case to be made out before it will order the removal of a petition for arrangement. That the majority of the creditors reside out of the jurisdiction of the court, and desire the removal, is not a sufficient reason (Exp. Devas, 3 Law Tim. Rep., 866).

MASTER AND SERVANT.-Responsibility of master for injury to servants by machinery-Statement in declaration of duty of master. -A declaration which alleges a promise upon the hiring that the master undertook not to expose his servant to extraordinary danger