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Section 4 Operation of appointment or assumption as general conveyance of trust propertyI1

Scotland Not yet in force

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

The appointment under section 1(1)(a), or assumption under section 3, of an additional trustee operates as a general conveyance of the trust property in favour, jointly, of the additional trustee and the existing trustees.

(2)

The appointment, under section 1(1)(b) or 2(1), of a new trustee operates as a general conveyance of the trust property in favour of the new trustee.

(3)

The appointment of a trustee, on the application under section 66 of an ex officio trustee, operates as a general conveyance of the trust property—

(a)

in favour, jointly, of the appointed trustee and the existing trustees (other than the applicant), or

(b)

if there are no existing trustees (other than the applicant), in favour of the appointed trustee.

(4)

This section applies—

(a)

irrespective of when the trust was created, but

(b)

only as respects an assumption which takes place, or an appointment which is made, after the section comes into force.

Annotations

Commencement

I1

S. 4 not in force at Royal Assent, see s. 88(3)