|
convey, by good and sufficient deed or deeds, to the purchaser or purchasers thereof, and the money
arising therefrom, alter defraying all legal and necessary expenses attending the same, to be paid
over and delivered to the children of the said Joshua Hall, if then of age, or to their guardian or
guardians, for their use, or in case of the death of either of them, to the person or persons en-
titled by law to receive the same,
III. AND BE IT ENACTED, That before the said trustee shall make any sale in virtue of this act,
he shall file with the register of the court of chancery a bond, in such penalty, and with such se-
curity, as shall be approved of by the chancellor, conditioned for the faithful performance of the
trust reposed in him by this act.
IV. AND BE IT ENACTED, That the chancellor be and he is hereby authorised and empowered,
on application of the said trustee, to direct and order the terms and conditions of the sale of the
said real estate, as he shall judge most for the interest of the heirs of the said deceased.
V. AND BE IT ENACTED, That the money arising from the sale of the real estate to be sold as
aforesaid, and paid to the guardian or guardians of the said children, or either of them, shall be
laid out by the said guardian or guardians in the purchase of such public stock, or other permanent
funds, and the interest arising to be appropriated for the support, maintenance and education, of
the said children, under the directions of the orphans court.
VI. AND BE IT ENACTED, That the said stock to be purchased in virtue of this act for the bene-
fit of the said children, shall stand in the name of the said Thomas Woodfield, as trustee of the
said children, and it shall not be lawful foe him, or his executors, administrators or assigns, to
assign or transfer the same, or any part thereof, to any person or persons whatsoever, except under
and in virtue of an order of the orphans court aforesaid, passed for that purpose.
VII. AND BE IT ENACTED, That the orphans court aforesaid shall and may, on the arrival at age
of the said children, or either of them, or at such other time as the said court may think proper,
order and direct the said trustee to transfer and assign to the said children, or either of them, or
either of their legal representatives, or other person or persons legally entitled to receive the same,
the share or portion of the said stock which may be due to the said children, or either of them, or
either of their legal representatives, or other person as aforesaid.
VIII. AND BE IT ENACTED, That the bond which the said trustee shall enter into for the above
and faithful performance of his trust as aforesaid, shall be liable and answerable for the due and
faithful performance, by the said trustee, of all and every matter and thing directed and required to
be performed by him in virtue of this.
IX. AND BE IT ENACTED, That the said trustee shall make report to the orphans court afore-
said, of the stock to be by him purchased as aforesaid, and of the dividends arising therefrom, and
he shall, every twelve months, account with the orphans court, and render a just and true state-
ment of his proceedings in the premises, and on his neglect to do so, his bond, as trustee, shall be
answerable for any damage occasioned by such his neglect; the orphans court aforesaid may allow
the said trustee such commission for his trouble as to them shall appear proper and reasonable.
X. AND BE IT ENACTED, That if the said trustee shall die before the several trusts reposed in
him by this act are completed and discharged, then the orphans court aforesaid shall appoint some
fit and proper person trustee in his place and stead, who shall give bond in such penalty, and with
such security, as the said court shall prescribe and direct, conditioned for the due and faithful per-
formance of the trusts and duties required of, and imposed on, him, by this act and the orders of
the orphans court aforesaid, which bond shall be recorded in the said court, and on an attested copy
thereof suit may be maintained by any person interested; and such trustee, so to be appointed,
shall have all the powers, and be subject to the orders and control of the orphans court aforesaid,
in the same manner as the trustee named in this act.
CHAP. LVIII.
|
CHAP.
LVII.
|
