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PART III |
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ACQUISITION OF LAND |
| Power to acquire freehold and leasehold land. |
8. - (1) A trustee may acquire freehold or leasehold land in the United Kingdom-
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(b) for occupation by a beneficiary, or |
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(c) for any other reason. |
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(2) "Freehold or leasehold land" means-
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(a) in relation to England and Wales, a legal estate in land, |
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(b) in relation to Scotland- |
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(i) the estate or interest of the proprietor of the dominium utile or, in the case of land not held on feudal tenure, the estate or interest of the owner, or
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(c) in relation to Northern Ireland, a legal estate in land, including land held under a fee farm grant. |
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(3) For the purpose of exercising his functions as a trustee, a trustee who acquires land under this section has all the powers of an absolute owner in relation to the land.
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| Restriction or exclusion of this Part etc. |
9. The powers conferred by this Part are-
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(a) in addition to powers conferred on trustees otherwise than by this Part, but |
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(b) subject to any restriction or exclusion imposed by the trust instrument or by any enactment or any provision of subordinate legislation. |
| Existing trusts. |
10. - (1) This Part does not apply in relation to-
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(a) a trust of property which consists of or includes land which (despite section 2 of the Trusts of Land and Appointment of Trustees Act 1996) is settled land, or |
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(b) a trust to which the Universities and College Estates Act 1925 applies. |
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(2) Subject to subsection (1), this Part applies in relation to trusts whether created before or after its commencement.
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