Prospective
(1)The trustees have the power to make any kind of investment of trust property, including an investment in heritable property, except in so far as—
(a)the trust deed, expressly or by implication, provides otherwise, or
(b)in a case where there is no trust deed, the context requires or implies otherwise.
(2)The power to act under subsection (1)—
(a)is subject to any restriction or exclusion imposed by or under any enactment, and
(b)is not conferred on trustees—
(i)of an authorised unit trust, or
(ii)under any other trust who are entitled by or under another enactment to make investments of trust property.
(3)A term—
(a)relating to the powers of a trustee and contained in a trust deed executed before 3rd August 1961, or
(b)restricting the powers of investment of a trustee to those conferred by the Trustee Investments Act 1961 and contained in a trust deed executed on or after that date,
is not to be treated as restricting or excluding the power to act under subsection (1).
(4)The reference, in paragraph (b) of subsection (3), to a trustee does not include a reference to a trustee under a trust constituted by a private or local Act of Parliament or a private Act of the Scottish Parliament; and in that paragraph “trust deed” is to be construed accordingly.
(5)In this section, “authorised unit trust” means a unit trust scheme in the case of which an order under section 243 of the Financial Services and Markets Act 2000 is in force.
(6)This section applies irrespective of when the trust was created.
Commencement Information
I1S. 18 not in force at Royal Assent, see s. 88(3)