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Amendments to the Trustee Delegation Bill [H.L.]
|Trustee Delegation Bill [H.L.] - |
Amendments to be debated in the House of Lords
Here you can browse the Amendments to the Trustee Delegation Bill [H.L.] to be moved in Committee in the House of Lords.
After Clause 5
BY THE LORD BRIGHTMAN
|Insert the following new Clause--|
|(" . The text of section 25 of the Trustee Act 1925 as amended by the Powers of Attorney Act 1971 and this Act is set out in Schedule (Text of section 25 of the Trustee Act 1925 as amended).")||Effect of this Act on section 25 of Trustee Act 1925.|
Before Schedule 1
BY THE LORD BRIGHTMAN
|Insert the following new Schedule--|
|TEXT OF SECTION 25 OF THE TRUSTEE ACT 1925 AS AMENDED|
| 25.--(1) Notwithstanding any rule of law or equity to the contrary, a trustee may, by power of attorney, delegate the execution or exercise of all or any of the trusts, powers and discretions vested in him as trustee either alone or jointly with any other person or persons.|
(1A) A delegation under this section--
(3) . . .
(4) Before or within seven days after giving a power of attorney under this section the donor shall give written notice thereof (specifying the date on which the power comes into operation and its duration, the donee of the power, the reason why the power is given and where some only are delegated, the trusts, powers and discretions delegated) to--
(4A) A power of attorney given under this section by a single donor--
(6) For the purpose of executing or exercising the trusts or powers delegated to him, the donee may exercise any of the powers conferred on the donor as trustee by statute or by the instrument creating the trust, including power, for the purpose of the transfer of any inscribed stock, himself to delegate to an attorney power to transfer but not including the power of delegation conferred by this section.
(7) The fact that it appears from any power of attorney given under this section, or from any evidence required for the purposes of any such power of attorney or otherwise, that in dealing with any stock the donee of the power is acting in the execution of a trust shall not be deemed for any purpose to affect any person in whose books the stock is inscribed or registered with any notice of the trust.
(8) This section applies to a personal representative, tenant for life and statutory owner as it applies to a trustee except that subsection (4) shall apply as if it required the notice there mentioned to be given--
|Power to delegate trusts during absence abroad.|
|© Parliamentary copyright 1999||Prepared 19 January 1999|