TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 57 Jurisdiction of court to vary trusts or settlements.

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TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 57

Jurisdiction of court to vary trusts or settlements.

57.(1) Subject to sub-section (2), where property is held [on any trusts or
settlements] arising under any will, settlement or other disposition, the
court may if it thinks fit by order approve on behalf of

(a)any person having, directly or indirectly, an estate or interest, whether
vested or contingent, under the trusts [or settlements] who by reason of
infancy or other incapacity is incapable of assenting; or

(b)any person (whether ascertained or not) who may become entitled, directly
or indirectly, to an estate or interest under the trusts [or settlements] 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; or

(c)any person unborn; or

(d)any person in respect of any discretionary interest of his under
protective trusts where the interest of the principal beneficiary has not
failed or determined;

(2) Except by virtue of paragraph (d) of sub-section (1) the court shall not
approve an arrangement on behalf of any person unless the carrying out of the
arrangement would be for the benefit of that person.

(3) In sub-section (1), "protective trusts" means the trusts specified in
paragraphs (a) and (b) of sub-section (1) of section thirty-four or any like
trusts, "the principal beneficiary" has the same meaning as in the said
sub-section (1) and "discretionary interest" means an interest arising under
the trust specified in paragraph (b) of the said sub-section (1) or any like
trust.

(4) The question whether the carrying out of any arrangement would be for the
benefit of a person falling within paragraph (a) of sub-section (1) shall be
determined by order of the [High Court or the Master (Care and Protection)] if
a committee has been appointed of that person's estate.

(5) Nothing in sub-sections (1) to (4) shall apply to trusts affecting
property settled by Act of Parliament.

(6) Nothing in this section shall be taken to limit the powers conferred by
section fifty-six.

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Northern Irish Legislation

TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 57