Trusts for sale

(1) Any land held under a trust for sale shall be held by the trustees upon a trust to sell it and stand possessed of the net proceeds of sale after payment of costs and of the net rents and profits until sale and after payment of taxes, costs of insurance, repairs and other outgoings. (2) Any trust for sale, express or implied, shall be deemed to subsist until the land has been transferred to or under the direction of the persons having an interest in the proceeds of sale. (3) A power to postpone sale shall be implied in every trust (4) Trustees for sale shall consult the persons of full age having an interest in the rents and profits of the land until sale, and shall, so far as is consistent with the general interest of the trust, give effect to the wishes of such persons, but a purchaser shall not be concerned to see that the provisions of this sub- section have been complied with. 69 (5) A purchaser from trustees for sale of any land subject to a trust for sale shall not be concerned with the trust affecting the proceeds of such sale. (6) Trustees for sale of any land subject to a trust for sale may divide that land amongst the beneficiaries under the trust, and on any such division the trustees may provide for the payment of equality money either in cash or by way of charge. (7) Any beneficiary under the trust who objects to the exercise or the proposed exercise of the powers granted by sub- section (6) may either before such exercise or within six months thereafter apply to the Registrar who may make such order as he thinks just and such order shall be binding on all parties concerned. (8) The trusts and powers set out in this section shall be deemed to be incorporated in any instrument which operates expressly to vest any registered interest in land in any person upon trust for sale or whereby any person expressly declares that he holds upon trust for sale any registered interest in land already vested in him.