Section 72Part 1 — Trusts Act
Jurisdiction of Court to vary trusts
←→ Navigate · Click subsection badges to collapse · Press ? for help
Where property, whether real or personal, is held on trusts whensoever arising, under any will, settlement or other disposition, the Court may if it thinks fit, by order, approve on behalf of —
any person having, directly or indirectly an interest, whether vested or contingent, under the trusts who by reason of infancy or other incapacity is incapable of assenting;
any person (whether ascertained or not) who may have become entitled, directly or indirectly, to an interest under the trusts as being at a future date or on the happening of a future event a person of any specified description or a member of any specified class of persons, so however that this paragraph shall not include any person who would be of that description or a member of that class, as the case may be, if the said date had fallen or the said event had happened at the date of the application to the Court;
any unborn person; or
any person in respect of any discretionary interest of that person under protective trusts where the interest of the principal beneficiary has not failed or determined, any arrangement (by whomsoever proposed and whether or not there is any other person beneficially interested who is capable of assenting thereto) varying or revoking all or any of the trusts or enlarging the powers of the trustees of managing or administering any of the property subject to the trusts: Provided that, except by virtue of paragraph (d), the Court shall not approve an arrangement on behalf of any person unless the carrying out thereof would not be to the detriment of that person.
In subsection (1) — “ discretionary interest ” means an interest arising under the trust specified in paragraph
of section 34(1); “ principal beneficiary ” has the same meaning as in section 34(1); and “ protective trusts ” mean an interest specified in paragraphs (a) and
of section 34(1) or any like trusts.
Nothing in this section shall apply to trusts affecting property settled by any law of the Islands. PART VI - Exempted Trusts