Existing trusts and statutory powersN.I.
7.—(1) This Part applies in relation to trusts whether created before or after its commencement.
(2) No provision relating to the powers of a trustee contained in a trust instrument made before 3rd August 1961 is to be treated (for the purposes of section 6(b))as restricting or excluding the general power of investment.
(3) A provision contained in a trust instrument made before the commencement of this Part which—
(a)has effect under section 3(2) of the Trustee Investments Act 1961 (c.62) as a power to invest under that Act, or
(b)confers power to invest under that Act,
is to be treated as conferring the general power of investment on a trustee.
(4) This subsection applies to a person who is not a trustee but has a statutory power of making investments which is or includes power (however expressed)—
(a)to make the same investments as are authorised by the Trustee Investments Act 1961 (c. 62); or
(b)to invest in any manner in which a trustee is for the time being authorised by law to invest trust funds.
(5) Sections 3 to 5 shall (with the necessary modifications) apply in relation to a person to whom subsection (4) applies if he were a trustee.
(6) A person to whom subsection (4) applies may acquire land as an investment.
(7) In subsection (4) “statutory power” means a power conferred by or under Northern Ireland legislation passed or made before the commencement of this section, other than a provision amended by Schedule 2.