159(1)An association shall transfer to a trust company authorized to carry on business in the Province all gifts, donations, bequests or devises of which only the annual income is to be used for the purposes of the association or for any trust.
Duty of trust company
159(2)The trust company
(a)
shall keep or invest the same or the proceeds thereof,
(b)
shall pay over the annual income to the association, and
(c)
shall not be bound to see that such annual income is expended according to the terms of any trust.
Duty of trust company
159(3)The payment of such annual income to the association entitled to receive it is a sufficient discharge to the trust company.