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VARIATION OF TRUSTS ACT 1994 - SECT 5 Application for variation of trust

VARIATION OF TRUSTS ACT 1994 - SECT 5

Application for variation of trust

(1)  In this section, a reference to the original purposes of a charitable trust, if the purposes for which the trust property is required or permitted to be applied have been varied or regulated under this Part by a scheme or otherwise, is a reference to the purposes for which the property is for the time being required or permitted to be applied.
(2)  If it has become impossible, impracticable or inexpedient to carry out the original purposes of a trust for charitable purposes in whole or in part, an application may be made for a variation of those purposes by a scheme approved under this Part.
(3)  Without limiting the generality of subsection (2) , an application for a variation of trust may be made in the following circumstances:
(a) if the original purposes, in whole or in part –
(i) have been as far as possible fulfilled; or
(ii) cannot be carried out, either at all or according to the directions given or to the spirit of the gift;
(b) if the original purposes provide a use for a part only of the trust property;
(c) if the trust property could be used more effectively if combined with other property applicable for similar purposes and administered jointly with that property;
(d) if it is not reasonably practicable to apply the trust property in accordance with the original purposes having regard to –
(i) the value of the trust property; or
(ii) changes in circumstances; or
(iii) any other relevant factor;
(e) if the original purposes, in whole or in part –
(i) have been adequately provided for by other means; or
(ii) have ceased to be charitable purposes; or
(iii) have ceased to provide a suitable and effective method of using the trust property.
(4)  This section does not affect the requirement for a general charitable intention in any case where such an intention is a condition before the purposes of a charitable trust may be varied.