(1)Section 25 of the M1Trustee Act 1925 (power to delegate trusts etc., during absence abroad) shall be amended as follows.
(2)For subsections (1) to (8) of that section there shall be substituted the following subsections—
“(1)Notwithstanding any rule of law or equity to the contrary, a trustee may, by power of attorney, delegate for a period not exceeding twelve months the execution or exercise of all or any of the trusts, powers and discretions vested in him as trustee either alone or jointly with any other person or persons.
(2)The persons who may be donees of a power of attorney under this section include a trust corporation but not (unless a trust corporation) the only other co-trustee of the donor of the power.
(3)An instrument creating a power of attorney under this section shall be attested by at least one witness.
(4)Before or within seven days after giving a power of attorney under this section the donor shall give written notice thereof (specifying the date on which the power comes into operation and its duration, the donee of the powerm the reason why the power is given and, where some only are delegated, the trusts, powers and discretions delegated) to—
(a)each person (other than himself), if any, who under any instrument creating the trust has power (whether alone or joint) to appoint a new trustee; and
(b)each of the other trustees, if any ;
but failure to comply with this subsection shall not, in favour of a person dealing with the donee of the power, invalidate any act done or instrument executed by the donee.
(5)The donor of a power of attorney given under this section shall be liable for the acts or defaults of the donee in the same manner as if they were the acts or defaults of the donor.”
(3)Subsections (9) and (10) of the said section 25 shall stand as subsections (6) and (7) and for subsection (11) of that section there shall be substituted the following subsection—
“(8)This section applies to a personal representative, tenant for life and statutory owner as it applies to a trustee except that subsection (4) shall apply as if it required the notice there mentioned to be given—
(a)in the case of a personal representative, to each of the other personal representatives, if any, except any executor who has renounced probate;
(b)in the case of a tenant for life, to the trustees of the settlement and to each person, if any, who together with the person giving the notice constitutes the tenant for life;
(c)in the case of a statutory owner, to each of the persons, if any, who together with the person giving the notice constitute the statutory owner and, in the case of a statutory owner by virtue of section 23(1)(a) of the Settled Land Act 1925, to the trustees of the settlement.”
(4)This section applies whenever the trusts, powers or discretions in question arose but does not invalidate anything done by virtue of the said section 25 as in force at the commencement of this Act.
Modifications etc. (not altering text)
C1The text of s. 9(2) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.
Marginal Citations