2 Powers of trustee under policy.

1

It is hereby declared that where a policy of assurance vests in trust by virtue of section 2 of the 1880 Act—

a

that trust constitutes a trust within the meaning of the M1Trusts (Scotland) Act 1921, and

b

any person in whom such a policy vests is a trustee within the meaning of that Act.

2

In addition to his other powers any such trustee may, where such acts are not at variance with the terms or purposes of the trust—

a

exercise any option under the policy, or under any deed of trust or other document constituting a trust in relation to the policy;

b

convert the policy to a partially or a fully paid-up assurance;

c

convert the policy into any other form of assurance on the life of the person effecting the policy;

d

increase or reduce the amount of the annual premiums payable under the policy;

e

alter the period during which the premiums under the policy are payable;

f

surrender the policy.

3

A policy of assurance is not prevented from vesting in any such trustee, by reason only that it contains a provision to the effect that a trustee may in his professional capacity charge such remuneration for his professional services as is reasonable.