Section 2 Powers of trustee under policy.

(1)

It is hereby declared that where a policy of assurance vests in trust by virtue of section 2 of the 1880 Act—

(a)

that trust constitutes a trust within the meaning of the M1Trusts (Scotland) Act 1921, and

(b)

any person in whom such a policy vests is a trustee within the meaning of that Act.

(2)

In addition to his other powers any such trustee may, where such acts are not at variance with the terms or purposes of the trust—

(a)

exercise any option under the policy, or under any deed of trust or other document constituting a trust in relation to the policy;

(b)

convert the policy to a partially or a fully paid-up assurance;

(c)

convert the policy into any other form of assurance on the life of the person effecting the policy;

(d)

increase or reduce the amount of the annual premiums payable under the policy;

(e)

alter the period during which the premiums under the policy are payable;

(f)

surrender the policy.

(3)

A policy of assurance is not prevented from vesting in any such trustee, by reason only that it contains a provision to the effect that a trustee may in his professional capacity charge such remuneration for his professional services as is reasonable.

Annotations

Marginal citations

M1: 1921 c. 58.