Prospective
(1)Except in so far as the trust deed, expressly or by implication, provides otherwise, no exercise by a trustee of a power to apportion funds or other property between or among certain beneficiaries is invalid on the ground only that—
(a)an insubstantial, illusory or nominal part is apportioned to (or left to devolve unapportioned upon) one of the beneficiaries, or
(b)one of the beneficiaries is not apportioned a part.
(2)But subsection (1) is without prejudice to the grounds on which the court may grant a remedy under section 68.
(3)This section applies irrespective of when the trust was created.
Commencement Information
I1S. 25 not in force at Royal Assent, see s. 88(3)
(1)Except in so far as the trust deed expressly provides otherwise (or, in a case where there is no trust deed, the context requires otherwise), the trustees may determine that amounts mentioned in section 2 of the Apportionment Act 1870 (which provides for rents, dividends and other periodical payments to be apportionable in respect of time) are—
(a)to be apportioned as mentioned in that section, or
(b)not to be apportioned in such manner, but instead to accrue as they arise.
(2)This section applies irrespective of when the trust was created.
Commencement Information
I2S. 26 not in force at Royal Assent, see s. 88(3)
(1)Any rule of law relating to the allocation and apportionment of trust receipts and outgoings ceases to have effect in relation to a trust, irrespective of when that trust was created.
(2)Subsection (1) does not affect allocation and apportionment which falls to be made before this section comes into force.
Commencement Information
I3S. 27 not in force at Royal Assent, see s. 88(3)