17Property transactions and variations of trusts to improve ability of Trust to carry out its objects

17 Property transactions and variations of trusts to improve ability of Trust to carry out its objects

17 Property transactions and variations of trusts to improve ability of Trust to carry out its objects

(1) If the Board determines by special resolution that it is necessary or expedient to do so to improve the ability of the Trust to carry into effect or promote its objects generally, the Trust may apply to the appropriate authority for—

(a) permission to effect a particular property transaction in relation to specified property vested in the Trust, despite the terms of any trust or condition affecting the property, or

(b) a variation of the terms of any trust or condition affecting particular property vested in the Trust.

(2) The appropriate authority is—

(a) the Attorney General, in respect of property that the Board is satisfied on reasonable grounds is worth less than $500,000, or

(b) the Supreme Court, in respect of any other property.

(3) The Attorney General may decline to deal with an application, in which case the Supreme Court is the appropriate authority for the application.

(4) The appropriate authority may grant an application under this section only if satisfied that the proposed action is just and equitable, taking into account—

(a) the Trust’s ability to carry into effect or promote its objects generally, having regard to its current and prospective financial position, and

(b) any evident intentions of the settlor or donor in creating the trust or imposing the condition.

(5) On the granting of an application under this section, the Trust is authorised to effect the property transaction concerned (despite the terms of any trust or condition affecting the property), or the variation of the terms of the trust or condition concerned takes effect.