Powers of Executors
(B) My executors may in their discretion:
(a) Exercise any powers given to them by law;
(b) Exercise the powers of a trustee for sale in respect of any property in my estate and my executors may:
(i) without being liable for any loss (including liability for taxation on capital gain) caused by so doing, postpone sale;
(ii) without being liable for any loss (including liability for taxation on capital gain) caused by so doing, retain in its form of investment at my death any part of my estate, even though it is wasting, hazardous or reversionary;
(iii) sell, by public auction or private sale, and for that purpose may extend credit;
(c) determine whether receipts or outgoings are capital or income or partly capital or income, so as to bind the beneficiaries, even though the receipts are from a company or corporation that has made a decision on the matter;
(d) apply for the maintenance, education (including travel to broaden the mind), advancement or benefit of a beneficiary the whole or any part of the capital and income of that part of my estate to which that beneficiary is entitled or may in future be entitled;
(e) for the purposes of paragraph (d):
(i) make a payment or payments to a minor beneficiary’s parent or guardian or a person with whom the minor beneficiary resides; and
(ii) accept the receipt of that payee as a sufficient discharge;
(f) make loan to beneficiaries:
(i) secured or unsecured;
(ii) on interest or interest free; and
(iii) on whatever terms;
(g) acquire or lease property for occupation, use or enjoyment by a beneficiary (whether alone or with some other person or persons);
(h) do any one or more of the following:
(i) concur in any scheme or arrangement involving or affecting the shares, securities, control, property or undertaking of;
(ii) vote in; or
(iii) apply for and accept directorship of
any company or corporation in which my estate is or may become interested or concerned;
(i) apply for, accept or take up securities of any description or denomination, bonus shares or other rights or benefits made available by a company or corporation in which my estate is or may become interested or concerned;
(j) borrow money, either with or without giving security, and enter into any mortgage, charge, bill of sale, lien or security over any part of my estate; and money borrowed is to be treated as part of my estate or trust property, as the case may be;
(k) lease any part of the real or personal property in my estate:
(i) for the periods and upon and subject to the covenants and conditions which my executors think fit; and
(ii) either with or without provisions for renewal or otherwise;
(l) accept surrenders of leases or tenancies of my estate or any part of it;
(m) maintain, repair, improve, develop, alter, renovate, pull down, erect or re-erect any part of my estate;
(n) maintain, take out or participate in any one or more of the following:
(i) insurance policy against risks affecting my estate;
(ii) life insurance policy in respect of any person;
(iii) policy or contract of health or accident insurance or benefit in respect of any person;
(iv) friendly society, trade union or association of employees benefit scheme in respect of any person;
(v) superannuation or pension scheme in relation to any person; and
(vi) funeral benefit or payment scheme in relation to any person;
(o) without the consent of any beneficiary, partition or appropriate any part of the real or personal property of the estate in or towards the satisfaction of a legacy or a share of any person or persons in my estate, and in doing so the following provisions apply:
(i) the value of any such property is that agreed by those of my beneficiaries affected or, if my executors are satisfied that no value can be agreed in this way, the value is that determined by an independent valuer appointed by my executors for the purpose;
(ii) my executors need not take into account any differences in value of particular property to particular beneficiaries other than the value of the property as decided in subparagraph (i);
(p) determine (in the event of my executors disposing of or being deemed to have disposed of property) from which part or parts of the capital or income of my estate they will pay any income tax liability flowing from the disposal or deemed disposal; and for that purpose they may determine what is capital and what is income, but I express the wish that, if it seems appropriate to my executors to do so, proceeds of such a disposal be resorted to in the first instance;
(q) identify, segregate into separate income accounts and allocate separately different sources and types of income, and record this in the books of account;
(r) carry on, either alone or in partnership with any person or persons, the whole or part of any trade or business in which I am engaged or interested at my death;
(s) delegate a power or function, and execute a power of attorney or other instrument to make the delegation;
(t) appoint and empower nominees to act and hold properly for my executors; and appoint custodians of any property and documents (including documents relating to property) in my estate;
(u) for any reason, for instance to allow an early distribution of residue, set aside out of my estate a fund sufficient to meet all debts, charges and other liabilities of my estate. If, having discharged all such debts, charges and other liabilities a balance remains, that balance does not form part of the residue of my estate, but is to be distributed as if it were part of the residue.