(p) Re Horsnaill, 1909, 1 Ch. 631, 635.

Executors' power of sale under the Land Transfer Act, 1897.

(q) Above, p. 228, n. (.r). (r) above, p. 228.

(s)Stat. 60 & 61 Vict. c. 65, s. 2; above, pp. 228, 232.

(t) Above, pp. 217. 2: n. (x).

(u)Stroughill v. Anstey, 1 De G. M. & G'. 635, 054.

A trust for or power of sale of lands to arise at a future time is invalid, unless so limited that it must necessarily become exercisable within the period allowed by the rule against perpetuities (y). But a trust for sale arising immediately, and at once effecting a conversion into personalty of the beneficial interest in the lands to be sold, is not obnoxious to the rule against perpetuities, although no limit of time be mentioned within which the trust must be exercised (2). And it is established that powers of sale immediately conferred on trustees over property comprised in settlements are not invalid for want of an express declaration that they must be exercised within the time given by the rule against perpetuities (a). Such powers are therefore exercisable within the period so allowed, though not, as a rule, after the settlement has come to an end by the vesting in possession of the estate in fee simple in remainder or reversion or other the absolute interest in the property settled (b). But such powers may remain exercisable after absolute interests have vested in possession, if such were the intention of the donor of the power, so long as the rule against perpetuities is not infringed. Thus, where the absolute interest in any settled property is ultimately limited to several persons as tenants in common, and a power of sale is given with the intention that it shall be exercised for the purpose of facilitating the division of the property after their interests have vested in possession, the power is exercisable within a reasonable time after such interests have so vested, provided that the limits allowed by the rule against perpetuities be not exceeded (c). If property be given to trustees in trust for persons entitled, not successively, but for immediate absolute interests therein, it seems that a power of sale given to the trustees, and not limited as to the time of its exercise, would be void (d); but if some of the beneficiaries were infants, the power might perhaps be exercisable during their minority.

Rule against perpetuities in connection with trusts for and powers of sale.

(x) See above, pp. 259, n. (l), 260, n. (m).

(y) Re Daveron, 1893, 3 Ch. 421; Goodierv. Edmunds, ib. 455; Be Appleby, 1903, 1 Ch. 565; of. Re Paries and Kent's Contract, 1910, W. N. 104.

(z) Bigejs v. Peacock, 22 Ch. D. 284; Re Tweedie and Miles, 27 Ch. D. 315; Re Douglas and Powell's Contract, 1902, 2 Ch. 296, 313.

(a) Bid-die v. Perkins, 4 Sim. 135; Boyce v. Harming, 2 Cr. & J. 334; Waring v. Coventry, 1 My.& K. 249; Wood v. White, 4 My. &

Cr. 460, 482; Lantsbery v. Collier, 2 K. & J. 709; Peters v. Lewes, etc. Ry., 18 Ch. D. 429, 433, 434; Sug. Pow. 848-851, 8th ed.; 1 Jarm. Wills, 291, 4th ed.; 261, 5th ed.; 1 Dart, V. & P. 68. 69, 6th ed.; 69, 7th ed.; Farwell on Powers, 111, 2nd ed.

(b) Wolley v. Jenkins, 23 Beav. 53; 3 Jur. N. S. 321; Taite v. Swinstead, 26 Beav. 525; Re Brown's Settlement, L. R. 10 Eq. 349; Sug. Pow. 859-862, 8th ed.;

3 Davidson, Pree. Conv. 570-577, 3rd ed.; Farwell on Powers, 32, 33, 2nd ed.

Where trustees hold lands under a trust for or with power of sale, and an order of the Court has been made for the administration of the trust, they cannot properly exercise the trust or power without the direction of the Court (e).

Order of the Court for administration of the trust.

The duties of trustees for sale, whether acting under a trust for or power of sale, are to sell the trust property to the best advantage: that is, in the manner most beneficial to all the cestui-que-trusts; to receive the purchase money and dispose of it in due accordance with the trusts; to obtain proper advice as to the value of the trust property, and the best mode of sale (f), and generally to take all other precautions which a prudent man of business would take in conducting his own affairs (g). Trustees for sale should be especially careful to avoid any misdescription in the particulars or contract of the property, which they are entrusted to sell (h), for if by their negligence in this respect the trust estate should suffer any loss, it appears that they would be liable to make it good (i). Under the Trustee Act, 1893 (k), where a trust for sale or a power of sale of property is vested in a trustee by any instrument coming into operation after the year 1881, and in the absence of any expression of a contrary intention, he 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, subject to any such conditions respecting title or evidence of title or other matter as the trustee thinks 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. These powers are similar to those which were generally inserted in instruments made before the year 1882 and creating trusts for or powers of sale (I); but neither the express nor the statutory powers appear to confer on trustees much greater authority or discretion than they possess independently of them under the rules of equity (m). And in exercising either the statutory or similar express powers, trustees are bound to apply the same principles which should regulate their action in the absence of express authority. In both cases Courts of Equity exact a strict adherence to the duties of trustees for sale (n). Thus it was held that trustees, expressly empowered to make such special conditions of sale as they might think fit, were no more at liberty to make depreciatory conditions of sale, unless strictly necessary in the state of their title, than were trustees who had no such express authority. And if depreciatory conditions were unnecessarily made on a sale by trustees, the Court would restrain the sale at the instance of any cestui-que-trust (o), or the purchaser might resist the specific performance of the contract (p). In this particular instance, however, the legislature has interposed; and with regard to sales made after the 24th of December, 1888, it is now enacted as follows (q): Duties of trustees for sale.