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PART III |
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ACQUISITION OF LAND |
| Power to acquire freehold and leasehold land. |
8. - (1) A trustee may acquire freehold or leasehold land in the United Kingdom-
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(b) for occupation by a beneficiary, or |
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(c) for any other reason. |
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(2) "Freehold or leasehold land" means-
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(a) in relation to England and Wales, a legal estate in land, |
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(b) in relation to Scotland- |
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(i) the estate or interest of the proprietor of the dominium utile or, in the case of land not held on feudal tenure, the estate or interest of the owner, or
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(c) in relation to Northern Ireland, a legal estate in land, including land held under a fee farm grant. |
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(3) For the purpose of exercising his functions as a trustee, a trustee who acquires land under this section has all the powers of an absolute owner in relation to the land.
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| Restriction or exclusion of this Part etc. |
9. The powers conferred by this Part are-
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(a) in addition to powers conferred on trustees otherwise than by this Part, but |
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(b) subject to any restriction or exclusion imposed by the trust instrument or by any enactment or any provision of subordinate legislation. |
| Existing trusts. |
10. - (1) This Part does not confer power to acquire freehold or leasehold land on trustees who immediately before its commencement have special statutory powers to invest or apply trust funds.
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(2) Subsection (1) is subject to any provision which is made-
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(c) on or after the commencement of this Part by or under any other enactment, |
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and which confers the power under this Part to acquire freehold or leasehold land on such trustees.
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(3) A power to invest or apply trust funds is a special statutory power if it is conferred by an enactment or subordinate legislation on trustees of a particular trust or a particular kind of trust.
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(4) Subject to subsection (1), this Part applies in relation to trusts whether created before or after its commencement.
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