In the case of every trust for sale of land created by a disposition there is to be implied, despite any provision to the contrary made by the disposition, a power for the trustees to postpone sale of the land; and the trustees are not liable in any way for postponing sale of the land, in the exercise of their discretion, for an indefinite period.

Subsection (1) applies to a trust whether it is created, or arises, before or after the commencement of this Act.

Subsection (1) does not affect any liability incurred by trustees before that commencement.