Section 2Part 1 — Preliminary
Definitions, interpretation and application
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In this Act —
"disposition" includes the conferring of a power of appointment and any other disposition of an interest in or right over property, and references to the interest disposed of shall be construed accordingly;
"power of appointment" includes a discretionary power to create or transfer a beneficial interest in property without the furnishing of valuable consideration, but not any power of a trustee of a charitable trust;
"trust" includes a trust created by will;
"trustee" includes a personal representative; and
"will" includes a codicil.
For the purposes of this Act —
a will shall, in relation to a disposition contained in it, be deemed to take effect on the death of the testator; and
a power of appointment shall be treated as a special power unless —
in the instrument creating the power it is expressed to be exercisable by one person only; and
it could, at all times during its currency when that person is of full age and capacity, be exercised by that person so as immediately to transfer to that person the whole of the interest governed by the power without the consent of any other person or compliance with any other condition, not being a formal condition relating only to the mode of the exercise of the power:
Provided that for the purpose of determining whether a disposition made under a power of appointment exercisable by will only is void for perpetuity, the power shall be treated as a general power where it would have fallen to be so treated if exercisable by deed.
This Act applies in relation to a disposition made otherwise than by an instrument as if the disposition had been contained in an instrument taking effect when the disposition was made.
Defined Terms
dispositionpower of appointmenttrusttrusteewill