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Trustee Act (Northern Ireland) 2001

Section 8: Power to acquire land

Section 8 confers a power to acquire land as an investment, for occupation by a beneficiary or for any other reason. This helps trustees who want to buy a house for a beneficiary to live in but find they have no power to do so under the current law. As far as buying land as an investment is concerned, the reason for treating this separately from other assets within the general power of investment is to facilitate the making of necessary consequential amendments to other legislation, particularly the Settled Land Acts 1882 to 1890. It should be pointed out that the statutory duty of care applies to a trustee exercising powers to acquire land, as do the obligations to have regard to the standard investment criteria and to obtain and consider proper advice in relation to investment transactions.

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Text created by the Northern Ireland Assembly department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes accompany all Acts of the Northern Ireland Assembly.


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