(a) any person having, directly or indirectly, an interest,
whether vested or contingent, under the trusts who by reason of infancy or
other incapacity is incapable of assenting; or
(b) any person (whether
ascertained or not) who may become entitled, directly or indirectly, to an
interest under the trusts as being at a future date or on the happening of a
future event a person of any specified description or a member of any
specified class of persons, so however that this paragraph shall not include
any person who would be of that description, or a member of that class (as the
case may be) if the said date had fallen or the said event had happened at the
date of the application to the court; or
any arrangement (by whomsoever proposed and whether or
not there is any other person beneficially interested who is capable of
assenting thereto) varying or revoking all or any of the trusts, or enlarging
the powers of the trustees of managing or administering any of the property
subject to the trusts.
(1A) However, except—
(a) in the case of an
unascertained person whose entitlement is dependent on a future event which
the court is satisfied is unlikely to occur; or
(b) where the court approves
of an arrangement on behalf of a person referred to in subsection (1) (d) ;
the court shall not approve an arrangement on behalf of any person unless the
carrying out thereof would be for the benefit of that person.
(2) In
subsection (1) —
"protective trusts" means the trusts specified in section 64(1) (a) and (b)
or any like trusts,
"the principal beneficiary" has the same meaning as in section 64(1) and
"discretionary interest" means an interest arising under the trust specified
in section 64(1) (b) or any like trust.
(3) Notice of an application to the
court for an order pursuant to subsection (1) shall be given to such persons
as the court may direct.
(4) Nothing in subsections (1) to (3) shall apply to
trusts affecting property settled by Act of Parliament.
(5) Nothing in this
section shall limit the powers conferred by section 94.