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TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 56

56.(1) Where any transaction affecting or concerning any property
vested in trustees, is in the opinion of the court expedient, but the same
cannot be effected by reason of the absence of any power for that purpose
vested in the trustees by the instrument, if any, creating the trust, or by
law, the court may by order confer upon the trustees, either generally or in
any particular instance, the necessary power for the purpose, on such terms
and subject to such provisions and conditions, if any, as the court may think
fit and may direct in what manner any money authorised to be expended, and the
costs of any transaction, are to be paid or borne as between capital and
income.

(2) The court may, from time to time, rescind or vary any order made under
this section or may make any new or further order.

(3) An application to the court under this section may be made by
the trustees, or by any of them, or by any person beneficially interested
under the trust.

(4) This section shall apply to a settlement within the meaning of the Settled
Land Acts, 1882 to 1890, as if in sub-section (1) after the words "vested in
trustees" there were inserted the words "or beneficiaries", for the words "the
trustees" wherever they occur there were substituted the words "the tenant for
life" and for the words "the trust" there were substituted the words "the
settlement".

(5) In this section "transaction" includes any sale, exchange, assurance,
grant, lease, partition, surrender, reconveyance, release, reservation, or
other disposition, and any purchase or other acquisition, and any covenant,
contract, or option, and any investment or application of capital, and any
compromise or other dealing, or arrangement.

© 1958 Crown Copyright

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