(1) Trusts. Change of Investment. A testamentary trust contained the following provision governing the powers of the trustees: "I . . . empower my trustees in their discretion to sell and dispose of any portion of the estates held by them under the trusts herein declared at public or private sale, . . . and to execute . . . any deeds . . . or other instruments necessary for the execution of the trusts; . . . if any portion of the estates . . . shall be sold, said trustees shall re-invest the proceeds thereof . . . in such safe and productive property, real and personal, as they shall deem most advantageous for the interests of said trust estates. . . ." It appeared that the real estate devised (of which the trustees held an undivided interest) was considerable in amount, widely scattered, and could not be advantageously partitioned or sold in large tracts, while there was opportunity to sell small portions from time to time, but such sales were hampered by the fact of the large number of parties in interest necessary to sign the deeds, which difficulty would increase if the title became further divided in the future. The trustees were desirous of conveying their undivided interest to a corporation, the sole assets of which should consist of the real estate devised by the will, taking in exchange shares of the stock bearing the same proportion to the entire capital stock as their undivided interest bore to the entire interest: — Held, that both under the power contained in the will, as well as under Gen.Laws R.I. cap. 208, § 14, the trustees could make such transfer.
PER CURIAM.
The court is of opinion that the trustees have power under the will to transfer the property to a corporation as set out in the petition. Gen.Laws cap. 208, § 14, also gives to trustees powers broad enough to cover this case. The plan suggested, though in form a sale, is really a transfer of title to a corporation for the purpose of convenience in making sales and in managing the property. As the corporation will hold the real estate and issue stock according to its value, the stock will stand for the value of the land. No substantial interest will be affected or changed.