Section 5 Certain valuations to be conclusive for purposes of division of trust fund.C1C2F1
United Kingdom
If for the purposes of section two or four of this Act or the Second Schedule thereto a trustee obtains, from a person reasonably believed by the trustee to be qualified to make it, a valuation in writing of any property, the valuation shall be conclusive in determining whether the division of the trust fund in pursuance of subsection (1) of the said section two, or any transfer or apportionment of property under that section or the said Second Schedule, has been duly made.
The foregoing subsection applies to any such valuation notwithstanding that it is made by a person in the course of his employment as an officer or servant.
Annotations
Textual amendments
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S. 5 repealed (with saving) (E.W.) (1.2.2001) by 2000 c. 29, s. 40(1)(3), Sch. 2 Pt. I para. 1(1), Sch. 4 Pt. I (with s. 35); S.I. 2001/49, art. 2
- F2
S. 5 repealed (with saving) (S.) (1.1.2006) by Charities and Trustee Investment (Scotland) Act 2005 (asp 10), s. 107(2), Sch. 3 para. 4(2); S.S.I. 2005/644, art. 2(1), Sch. 1
Modifications
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S. 5 applied (with modifications) (E.W.S.)(7.2.1995) by S.I. 1995/356, art. 10(4)
S. 5 applied (E.W.S.)(11.2.1997) by S.I. 1997/266, art. 10(4)
- C2
Ss. 1-6 applied (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), ss. 27(2)(c), 154 (with Sch. 5)
Notes on the whole Act
Textual amendments
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Act ceases to have effect in part (S.) (1.4.2010) by virtue of The Local Government Investments (Scotland) Regulations 2010 (S.S.I. 2010/122), regs. 1, 4