TRUSTEE ACT 1958 - SECT 63A Power of Court to vary trusts

TRUSTEE ACT 1958 - SECT 63A

    (1)     Where property, whether real or personal, is held on trusts arising, whether before or after the commencement of this Act, under any will settlement or other disposition, the Court may if it thinks fit by order approve on behalf of—

S. 63A(1)(a) amended by No. 9427 s. 6(1)(Sch. 5 item 186).

        (a)     any person having, directly or indirectly, an interest, whether vested or contingent, under the trusts who by reason of minority 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

        (c)     any person unborn; or

        (d)     any person in respect of any discretionary interest of his under protective trusts where the interest of the principal beneficiary has not failed or determined—

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 or managing or administering any of the property subject to the trusts:

Provided that except by virtue of paragraph (d) of this subsection 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 the foregoing subsection "protective trusts" means trusts specified in paragraphs (a) and (b) of subsection (1) of section thirty-nine of this Act or any like trusts, the principal beneficiary has the same meaning as in the said subsection (1) and "discretionary interest" means an interest arising under the trust specified in paragraph (b) of the said subsection (1) or any like trust.

    (3)     Notice of an application to the Court for an order pursuant to subsection (1) of this section shall be given to such persons as the Court may direct.

    (4)     Nothing in the foregoing provisions of this section shall apply to trusts affecting property settled by Act of Parliament.

    (5)     Nothing in this section shall limit the powers conferred by section sixty-three of this Act section sixty-four of the Settled Land Act 1958 or section one hundred and seventy-one of the Property Law Act 1958 .

No. 5770 s. 64.