Section 7 Existing trusts.
(1)
This Part applies in relation to trusts whether created before or after its commencement.
(2)
No provision relating to the powers of a trustee contained in a trust instrument made before 3rd August 1961 is to be treated (for the purposes of section 6(1)(b)) as restricting or excluding the general power of investment.
(3)
A provision contained in a trust instrument made before the commencement of this Part which—
(a)
has effect under section 3(2) of the M1Trustee Investments Act 1961 as a power to invest under that Act, or
(b)
confers power to invest under that Act,
is to be treated as conferring the general power of investment on a trustee.
Annotations
Marginal citations
- M1