ADMINISTRATION OF ESTATES ACT - 1961 (ACT 63)

Section - 102 - Power to Appoint Trustees of Infants' Property

(1) Where an infant is absolutely entitled under the will or on the intestacy of a person dying before or after the commencement of this Act (in this subsection called " the deceased ") to a devise or legacy, or to the residue of the estate of the deceased, or any share therein, and such devise, legacy, residue or share is not under the will, if any, of the deceased, devised or bequeathed to trustees for the infant, the personal representatives of the deceased may appoint the Public Trustee or a trust corporation or two or more individuals not exceeding four (whether or not including the personal representatives or one or more of the personal representatives), to be the trustee or trustees of the devise, legacy, residue or share for the infant, and may execute or do any assurance or thing requisite for vesting the devise, legacy, residue or share in the trustee or trustees so appointed.

On the appointment the personal representatives, as such, shall be discharged from all further liability in respect of the devise, legacy, residue, or share, and the same may be retained in its existing condition or state of investment, or may be converted into money, and the money may be invested in any authorised investment.

(2) Where a personal representative has before the commencement of this Act retained or sold any such devise, legacy, residue or share, and invested it or the proceeds thereof in any investments in which he was authorised to invest money subject to the trust, then, subject to any order of the court made before such commencement, he shall not be deemed to have incurred any liability on that account, or by reason of not having paid or transferred the money or property into court.

(3) Nothing in this section shall prejudice any right of the Public Trustee under the provisions of the Public Trustee Ordinance, 1952 (No. 24).