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Session Laws, 1943
Volume 584, Page 311   View pdf image (33K)
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HERBERT R. O'CONOR, GOVERNOR. 311

discretion of the court, for the removal of, and account-
ing by, the incumbent substitute or successor fiduciary there-
tofore appointed in pursuance of this section.

(k) The court, in its discretion, may require any substitute,
successor or reinstated fiduciary appointed or reinstated under
the foregoing provisions hereof to give bond in such penalty
and upon such security as it may direct, regardless of whether
or not the deed, will or other instrument creating the trust
excuse the fiduciary named therein from giving bond.

(1) Upon the suspension of fiduciary in pursuance of this
section, all right of such suspended fiduciary to compensa-
tion as a fiduciary of the trust shall forthwith cease and deter-
mine in respect to the administration of the trust during the
period of suspension and the right to all compensation as
would otherwise be payable to the suspended fiduciary during
said period shall thereupon vest in the substitute or successor
fiduciary appointed to act in his place or, where no substitute
or successor be appointed, in the remaining fiduciary or fiduci-
aries administering the trust.

(m) The fiduciary or fiduciaries administering the trust,
during the period of such suspension of a fiduciary in
war service, shall receive such compensation as may be fixed
by law or rule of court or established practice applicable to
the particular type of trust being administered, or, in the
absence of any such law, rule of court or established practice,
as is fixed by Section 280 of this Article as the same may from
time to time be amended, subject to the provisions of any
valid agreement determining the rate of compensation; but
in the event the rate of compensation be fixed by the provi-
sions of any instrument creating or relating to the trust and
the amount thus determined be less than that otherwise allow-
able, the court may, by its order, fix a higher rate of com-
pensation not exceeding what would be allowed under the
provisions of the law, rule of court or established practice
applicable to the trust being administered in the absence of
any valid agreement determining the compensation.

(n) Nothing herein contained shall be construed to pre-
vent fiduciaries of a trust from agreeing upon any division
of the compensation allowed them as they may deem proper;
but in the absence of any such agreement and upon the appli-
cation of any fiduciary and after notice to the other fiduciaries
affected, the court may pass such order as to compensation as
may be necessary, in its discretion, to effect a reasonable divi-
sion of the compensation allowed, commensurate with the re-
spective services of the fiduciaries interested.

 

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Session Laws, 1943
Volume 584, Page 311   View pdf image (33K)
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