(1) When no time limit has been fixed in the will for its execution, the executor shall carry it out within one year from the date on which he assumes office or from the date on which the litigation, if any, with regard to the validity or nullity of the will, has come to an end.
(2) However, it shall always be lawful for the executor to supervise and take care of the execution of the dispositions which have not been carried out and to apply to the Court for such preventive reliefs as may be necessary.
(3) When the income is to be utilised for the benefit of a charitable or public utility institution or trust, the executor shall continue the execution of the will till such time as may be necessary to carry out the legacy or legacies, if the testator has so directed, subject to section 269.
(4) Where the executor has failed to discharge his duties within the time fixed, he shall forfeit the remuneration left to him, and the will shall be executed, by the persons who have the duty to execute it, as if no executor has been appointed.