Section 58 Arrangements to vary or terminate a trust etc.I1
Scotland Not yet in force
(1)
This section applies to an arrangement which—
(a)
varies the purposes of a trust,
(b)
terminates a trust, whether in whole or in part,
(c)
varies the powers of trustees to manage or administer trust property, or
(d)
creates a new trust in relation to all or part of trust property.
(2)
The arrangement may be made if agreement or approval is given in accordance with section 59 by or on behalf of each beneficiary, and of each potential beneficiary, of the trust in question.
(3)
This section is subject to section 62.
(4)
(a)
applies irrespective of when the trust was created, but
(b)
does not apply as respects a private purpose trust or a public trust.
Annotations
Commencement
- I1
S. 58 not in force at Royal Assent, see s. 88(3)