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| Common investment schemes for charities etc. |
38. Parts II to IV do not apply to-
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(a) trustees managing a fund under a common investment scheme made, or having effect as if made, under section 24 of the Charities Act 1993, other than such a fund the trusts of which provide that property is not to be transferred to the fund except by or on behalf of a charity the trustees of which are the trustees appointed to manage the fund, or |
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(b) trustees managing a fund under a common deposit scheme made, or having effect as if made, under section 25 of that Act. |
| Interpretation. |
39. - (1) In this Act-
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"asset" includes any right or interest; |
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"charitable trust" means a trust under which property is held for charitable purposes and "charitable purposes" has the same meaning as in the Charities Act 1993; |
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"custodian trustee" has the same meaning as in the Public Trustee Act 1906; |
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"enactment" includes any provision of a Measure of the Church Assembly or of the General Synod of the Church of England; |
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"exempt charity" has the same meaning as in the Charities Act 1993; |
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"functions" includes powers and duties; |
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"legal mortgage" has the same meaning as in the Law of Property Act 1925; |
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"personal representative" has the same meaning as in the Trustee Act 1925; |
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"settled land" has the same meaning as in the Settled Land Act 1925; |
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"trust corporation" has the same meaning as in the Trustee Act 1925; |
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"trust funds" means income or capital funds of the trust. |
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(2) In this Act the expressions listed below are defined or otherwise explained by the provisions indicated-
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asset management functions |
section 15(5) |
custodian |
section 17(2) |
the duty of care |
section 1(2) |
the general power of investment |
section 3(2) |
lay trustee |
section 28(6) |
power of intervention |
section 22(4) |
the standard investment criteria |
section 4(3) |
subordinate legislation |
section 6(3) |
trustee acting in a professional capacity |
section 28(5) |
trust instrument |
sections 6(2) and 35(2)(a) |
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| Minor and consequential amendments etc. |
40. - (1) Schedule 2 (minor and consequential amendments) shall have effect.
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(2) Schedule 3 (transitional provisions and savings) shall have effect.
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(3) Schedule 4 (repeals) shall have effect.
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| Power to amend other Acts. |
41. - (1) A Minister of the Crown may by order make such amendments of any Act, including an Act extending to places outside England and Wales, as appear to him appropriate in consequence of or in connection with Part II or III.
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(2) Before exercising the power under subsection (1) in relation to a local, personal or private Act, the Minister must consult any person who appears to him to be affected by any proposed amendment.
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(3) An order under this section may-
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(a) contain such transitional provisions and savings as the Minister thinks fit; |
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(b) make different provision for different purposes. |
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(4) The power to make an order under this section is exercisable by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.
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(5) "Minister of the Crown" has the same meaning as in the Ministers of the Crown Act 1975.
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| Commencement and extent. |
42. - (1) Section 41, this section and section 43 shall come into force on the day on which this Act is passed.
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(2) The remaining provisions of this Act shall come into force on such day as the Lord Chancellor may appoint by order made by statutory instrument; and different days may be so appointed for different purposes.
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(3) An order under subsection (2) may contain such transitional provisions and savings as the Lord Chancellor considers appropriate in connection with the order.
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(4) Subject to section 41(1) and subsection (5), this Act extends to England and Wales only.
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(5) An amendment or repeal in Part II or III of Schedule 2 or Part II of Schedule 4 has the same extent as the provision amended or repealed.
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| Short title. |
43. This Act may be cited as the Trustee Act 2000.
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