Section 56 Property and Conveyancing Law of the Western Region of Nigeria 1959

Section 56 of the Property and Conveyancing Law of the Western Region of Nigeria 1959 is about Power for trustees to enter into contracts. It provides as follows:

(1) The trustees for sale
(i) may contract to make any sale, exchange, mortgage, charge or other disposition authorised by this Law; and

(ii) may vary or rescind, with or without consideration, the contract in the like cases and manner in which, if they were absolute owners of the trust land, they might lawfully vary or rescind the same, but so that the contract as varied be in conformity with this Law; and
(iii) may contract to make any lease, and in making the lease may vary the terms,
with or without consideration, but so that the lease be in conformity with this Law; and

(iv) may accept a surrender of a contract for a lease, in like manner and on the like terms in and on which they might accept a surrender of a lease and thereupon may make a new or other contract for or relative to a lease or leases, in like manner and on the like terms in and on which they might make a new or other lease, or new or other leases, where a lease had been executed; and

(v) may, in any other case, enter into a contract to do any act for carrying into effect any of the purposes of this Law, and may vary or rescind any such contract.

(2) All money received on the exercise by the trustees for sale of the powers conferred by sub-section (1) of this section, shall, unless the court on an application made within six months after the receipt of the money, or within such further time as the court may in special circumstances allow, otherwise directs, be applicable in the same manner as if it represented proceeds of sale arising under the trust for sale.