(2) The intermediate interest shall form part of the residue of the testator’s estate. 305. Procedure when no fund charged with annuity. Where an annuity is given, and no fund is charged with its payment or appropriated by the will to answer it, a Government annuity of the specified amount shall be purchased; or if no such annuity can be obtained, then a sum sufficient to produce the annuity shall be invested for that purpose in such securities as are authorised by law. 306. Transfer to residuary legatee of contingent bequest. Where a bequest is contingent, the executor is not bound to invest the amount of the legacy, but may transfer the whole residue of the estate to the residuary legatee on his or her giving sufficient security for the payment of the legacy if it shall become due. 307. Investment of residue bequeathed for life. Where the testator has bequeathed the residue of his or her estate to a person for life without any direction to invest it in any particular securities, so much of it as is not at the time of the testator’s decease invested in such securities as are authorised by law shall be converted into money, and invested in those securities. 308. Investment in specified securities of residue bequeathed for life. Where the testator has bequeathed the residue of his or her estate to a person for life, with a direction that it shall be invested in certain specified securities, so much of the estate as is not at the time of his or her death invested in securities of the specified kind shall be converted into money and invested in those securities. 309. Conversion and investment. The conversion and investment contemplated by sections 307 and 308 shall be made at such times and in such manner as the executor in his or her discretion thinks fit; and, until the conversion and investment are completed, the person who would be for the time being entitled to the income of the fund