41Power of Executive Committee to alter trusts

#### 41 Power of Executive Committee to alter trusts 41 Power of Executive Committee to alter trusts > > (1) Subject to subsection (2), in every case where by reason of the circumstances subsequent to the creation of the trusts, including trusts declared under this section, to which any property vested in the Trust is for the time being subject, it has, in the opinion of the Trust, become impossible or inexpedient to carry out or observe the trusts, it shall be lawful for the Executive Committee by resolution to record that opinion, and by the same or any subsequent resolution, with the consent of the Trust first had and obtained, to declare other trusts for, or for the use, benefit or purpose of, the body for which the property was previously held under the firstmentioned trusts, and the firstmentioned trusts shall thereupon by force of the resolution cease and determine and the property shall thereupon be held upon the other trusts accordingly. > > > (2) In determining the trusts upon which property shall be held pursuant to a resolution made under subsection (1), the Executive Committee shall ensure that the property shall, by reason of those trusts, be required to be dealt with for purposes which, in its opinion, are as nearly as may be the same as the purposes for which the property was held immediately before the making of the resolution, unless the Executive Committee by that resolution declares that, by reason of circumstances subsequent to the creation of the trusts on which the property was formerly held by the Trust, it is, in the opinion of the Executive Committee, impossible or inexpedient for the property or some part thereof to be dealt with for those purposes, in which case the property or that part thereof may be dealt with and applied for the use and benefit of the body for which it was previously held but for such other purposes as may be declared by resolution of the Executive Committee.