|
|
Leave to invest charity fund held subject to prior limited interest.
|
33.—Where—
|
|
| |
(1) any fund is held upon trust, after the determination of or subject to any prior life interest or other limited interest, for any charitable purposes, and
|
|
| |
(2) the trustees desire to invest the fund, or vary the investment of the fund by investing it, in investments specified in subparagraph (ii) or (iii) of paragraph (a) of subsection (3) of section 32 but not authorised by the terms of the trust and not for the time being authorised by law as investments for trust funds, the following provisions shall have effect—
|
|
| |
(a) the trustees shall, before doing so, give notice in writing to the Board of their proposal;
|
|
| |
(b) the Board shall consider the proposal and inform the trustees in writing whether or not they object to the proposal;
|
|
| |
(c) if the Board inform the trustees that they object to the proposal, the trustees may apply to the High Court for leave to make or vary the investment and shall give notice of the application to the Board and to such other persons as the Court may direct, and the Court may make such, order thereon as the Court thinks fit;
|
|
| |
(d) if the Board inform the trustees that they do not object to the proposal, it shall be lawful for the trustees to make or vary the investment in the manner specified in the proposal.
|
