Prospective
29Validity of certain transactions by judicial factor appointed on trust estateS
(1)This section applies where a judicial factor is appointed on a trust estate and in relation to the trust estate, or any part of it, the judicial factor—
(a)wishes to exercise a function which the judicial factor holds by virtue of this Act or any other enactment and would otherwise be entitled to exercise, and
(b)considers that the exercise of the function might be at variance with the terms or purposes of the trust.
(2)Before exercising the function, the judicial factor must—
(a)apply to the Accountant for consent to exercise the function, and
(b)notify each person or class of person specified in rules of court of the judicial factor’s intention to exercise the function.
(3)On an application under subsection (2)(a) being made, the Accountant may grant consent to the exercise of the function if the Accountant is satisfied that—
(a)the exercise is in the best interest of every person who has an interest in the trust estate,
(b)the judicial factor has complied with—
(i)subsection (2)(b) (in so far as is, in the opinion of the Accountant, reasonably practicable), and
(ii)any applicable rules of court, and
(c)either—
(i)no objection has been made under subsection (5)(c), or
(ii)any such objection is not sufficient cause for rejecting the application.
(4)In granting consent to the exercise of the function, the Accountant may specify that consent is given subject to such conditions as the Accountant considers appropriate.
(5)Notification under subsection (2)(b) must—
(a)be given in the manner specified in rules of court,
(b)set out what the exercise of the function would involve,
(c)set out the manner and time frame in which the person receiving the notification may object to the application (as such manner and time frame may be specified in rules of court).
(6)The judicial factor must not exercise the function unless consent is granted under subsection (3).
(7)Where a judicial factor exercises a function in accordance with consent granted under subsection (3), the exercise is to be treated as not being at variance with the terms or purposes of the trust.
Commencement Information
I1S. 29 not in force at Royal Assent, see s. 54(2)