[Home] [Databases] [World Law] [Search] [Feedback]
	Northern Irish Legislation
You are here:  BAILII >> Databases >> Northern Irish Legislation >> TRUSTEE ACT (NORTHERN IRELAND) 1958

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 16

Power to raise money by sale, mortgage, etc.

16.(1) Where trustees are authorised by the instrument, if any, creating the
trust or by law to pay or apply capital money subject to the trust for any
purpose or in any manner, they shall have and shall be deemed always to have
had power to raise the money required by sale, conversion, calling in, or
mortgage of all or any part of the trust property for the time being in
possession.

(2) This section applies notwithstanding anything to the contrary contained in
the instrument, if any, creating the trust, but does not apply to trustees of
property held for charitable purposes, or to trustees of a settlement for the
purposes of the Settled Land Acts, 1882 to 1890, not being also trustees
exercising the powers of a tenant for life under section sixty of the
Settled Land Act, 1882.

© 1958 Crown Copyright

BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback
URL: http://www.bailii.org/nie/legis/num_act/tai1958282/s16.html