" 2. (1) A trustee may under the powers of this Act invest in any of the securities mentioned or referred to in Section one of this Act, notwith standing that the same may he redeemable, and that the price exceeds the redemption value.
" (2) Provided that a trustee may not under the powers of this Act purchase at a price exceeding its redemption value any stock mentioned or referred to in sub-sections (g), (i), (k), V), and (n) of Section one, which is liable to be redeemed within fifteen years of the date of purchase at par or at some other fixed rate, or purchase any such stock as is mentioned or referred to in the sub-sections aforesaid, which is liable to be redeemed at par or at some other fixed rate, at a price exceeding fifteen per centum above par or such other fixed rate.
" (3) A trustee may retain until redemption any redeemable stock, fund, or security which may have been purchased in accordance with the powers of this Act.
" 5. (1) A trustee having power to invest in real securities, unless expressly forbidden by the instrument creating the trust, may invest and shall be deemed to have always had power to invest " (a) on mortgage of property held for an unexpired term of not less than two hundred years, and not subject to a reserva tion of rent greater than a shilling a year, or to any right of redemption or to any condition for re-entry except for non-payment of rent.
" 7. (1) A trustee, unless authorised by the terms of his trust, shall not apply for or hold any certificate to bearer issued under the authority of any of the following Acts, that is to say : " (a) The India Stock Certificate Act, 1863 ; " (b) The National Debt Act, 1870 ; " (c) The Local Loans Act, 1875 ; " (d) The Colonial Stock Act, 1877.
" 8. (1) A trustee lending money on the security of any property on which he can lawfully lend shall not be chargeable with breach of trust by reason only of the proportion borne by the amount of the loan to the value of the property at the time when the loan was made, provided that it appears to the Court that in making the loan the trustee was acting upon a report as to the value of the property made by a person whom he reasonably believed to be an able practical surveyor or valuer instructed and employed indepen dently of any owner of the property, whether such surveyor or valuer carried on business in the locality where the property is situate or else where, and that the amount of the loan does not exceed two equal third parts of the value of the property as stated in the report, and that the loan was made under the advice of the surveyor or valuer expressed in the report." By Section 2 of the Colonial Stock Act, ' 1900, a trustee is empowered to invest in any colonial stock registered in the United King dom in accordance with the provisions of the Colonial Stock Acts, 1877 and 1892, , as amended by this Act, provided such stocks I have been notified in the London Gazette as having been approved by the Treasury, subject to the restrictions contained in Section 2, s.s. 2, of the Trustee Act, 1893. (See TRUSTEE.)