13Variation of trusts

13 Variation of trusts

13 Variation of trusts

(1) If:

(a) property is vested in the Foundation subject to a trust, and

(b) in the opinion of the Foundation it has become impossible or inexpedient to carry out or observe the terms of the trust, whether as to its purpose or any other of its terms,

the Foundation may by resolution declare that opinion and may by the same or a later resolution declare that the property is subject to another trust.

(2) If the Foundation so declares that the property is subject to another trust:

(a) the replaced trust ceases and determines, and

(b) the property is to be held subject to the other trust.

(3) Except as provided by this section, in making such a declaration the Foundation must ensure that the property is to be dealt with as nearly as may be possible for the purposes for which the property was held immediately before the resolution.

(4) If the Foundation declares that, in its opinion, it is impossible or inexpedient to so deal with the property by reason of circumstances arising after the creation of the replaced trust, the property may be held, disposed of or otherwise dealt with and applied:

(a) for the use, benefit or purposes of the Assembly or Assembly organisation subject to the trust declared by the Foundation, or

(b) if the Assembly or Assembly organisation has ceased to exist, for such charitable or religious purposes as the Foundation thinks fit.