32   Instruments to be construed so as not to exceed the powers conferred by the Acts under which they are made

(1)  An instrument shall be construed as operating to the full extent of, but so as not to exceed, the power conferred by the Act under which it is made.

(2)  If any provision of an instrument, or the application of any such provision to any person, subject-matter or circumstance, would, but for this section, be construed as being in excess of the power conferred by the Act under which it is made:

(a)  it shall be a valid provision to the extent to which it is not in excess of that power, and

(b)  the remainder of the instrument, and the application of the provision to other persons, subject-matters or circumstances, shall not be affected.

(3)  This section applies to an instrument in addition to, and without limiting the effect of, any provision of the instrument or of the Act under which it is made.