Trustee Bill - continued        House of Lords

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Power to acquire freehold and leasehold land.     8. - (1) A trustee may acquire freehold or leasehold land in the United Kingdom-
    (a) as an investment,
    (b) for occupation by a beneficiary, or
    (c) for any other reason.
      (2) "Freehold or leasehold land" means-
    (a) in relation to England and Wales, a legal estate in land,
    (b) in relation to Scotland-
      (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
      (ii) a tenancy, and
    (c) in relation to Northern Ireland, a legal estate in land, including land held under a fee farm grant.
      (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.
Restriction or exclusion of this Part etc.     9. The powers conferred by this Part are-
    (a) in addition to powers conferred on trustees otherwise than by this Part, but
    (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 confer power to acquire freehold or leasehold land on trustees who immediately before its commencement have special statutory powers to invest or apply trust funds.
      (2) Subsection (1) is subject to any provision which is made-
    (a) under section 41,
    (b) by Schedule 2, or
    (c) on or after the commencement of this Part by or under any other enactment,
  and which confers the power under this Part to acquire freehold or leasehold land on such trustees.
      (3) A power to invest or apply trust funds is a special statutory power if it is conferred by an enactment or subordinate legislation on trustees of a particular trust or a particular kind of trust.
      (4) Subject to subsection (1), this Part applies in relation to trusts whether created before or after its commencement.
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