Prospective
(1)Subsection (2) applies where—
(a)the trustees enter into an onerous transaction with any person, and
(b)the transaction is one under which the trustees purport to exercise, in relation to the trust property, or to any part of the trust property, a power under section 15(1) or 18(1) whether the power derives from the trust deed or is implied by those sections.
(2)The validity of the transaction, and of any title acquired under the transaction by the second party, are not challengeable by that or any other person on the ground that—
(a)the exercise of the power is at variance with the terms or purposes of the trust, or
(b)on the part of the trustees, there has been some procedural irregularity or omission.
(3)Except that, if the trustees are acting under the supervision of the accountant of court and the exercise of the power is under section 15(1), then subsection (2)(a) applies only if the accountant consents to the transaction.
(4)Nothing in subsections (1) to (3) affects any question of liability as between the trustees.
(5)This section applies—
(a)irrespective of when the trust was created, but
(b)only as respects a transaction entered into after the section comes into force.
Commencement Information
I1S. 43 not in force at Royal Assent, see s. 88(3)
(1)Except in so far as the trust deed expressly provides otherwise, a deed, or other document, bearing to be executed by the body of trustees is valid if executed by a majority of the trustees of that body.
(2)Subsection (1) is without prejudice to section 22(1)(b).
(3)This section applies—
(a)irrespective of when the trust was created, but
(b)only as respects a document executed after the section comes into force.
Commencement Information
I2S. 44 not in force at Royal Assent, see s. 88(3)