Section 27 of The Sir Jamsetjee Jejeebhoy Baronetcy Act, 1915 in hindi
Declaration of Trusts as to investments of proceeds of sale of lands.
The Corporation shall hold all stocks, funds, and securities which may be purchased by them in pursuance of the directions contained in section 26 upon the same trusts, and to the same ends, intents, and purposes, and with the same powers as are by this Act declared of and concerning the trust funds of the Settlement effected by this Act, and shall hold all lands and hereditaments may be purchased by them in pursuance of the directions contained in section 26 upon the same trusts and to the same ends, intents, and purposes, and with the same powers and are declared by this Act of and concerning all lands and hereditaments which may be purchased under the powers conferred by section 8.
Summary
- The Corporation must hold any stocks, funds, and securities bought under Section 26 on the exact same trusts, purposes, and powers that apply to the main trust funds of the settlement under the Act.
- The Corporation must hold any lands and hereditaments (inherited property) bought under Section 26 on the exact same trusts, purposes, and powers that apply to lands purchased under Section 8.
- This section ensures that newly acquired investments or properties are fully integrated into the existing legal framework of the Baronetcy settlement.
- The newly purchased properties or investments will benefit the current Baronet during his life, and then pass to future holders of the title, following the exact rules of the original trust.
Practical examples
FAQ
1. What rules govern the stocks and securities that the Corporation buys with land sale proceeds?
They are governed by the exact same trusts, purposes, and powers that apply to the original trust funds of the settlement under the Act.
2. What rules govern any new land or property that the Corporation buys with land sale proceeds?
They are governed by the exact same trusts, purposes, and powers that apply to lands and buildings purchased under Section 8 of the Act.
Test yourself
1.Under Section 27 of The Sir Jamsetjee Jejeebhoy Baronetcy Act, 1915, how must the Corporation hold any stocks, funds, or securities purchased with land sale proceeds under Section 26?
2.Under Section 27 of The Sir Jamsetjee Jejeebhoy Baronetcy Act, 1915, what rules apply to lands and hereditaments purchased with sale proceeds under Section 26?
3.How does Section 27 of The Sir Jamsetjee Jejeebhoy Baronetcy Act, 1915, connect a land purchase under Section 26 to the residential support of the Baronetcy?
4.Under Section 27 of The Sir Jamsetjee Jejeebhoy Baronetcy Act, 1915, what is the effect of integrating newly purchased assets into the existing trusts of the Act?