(1)A tenant for life or statutory owner shall, in exercising any power under this Act, have regard to the interests of all parties entitled under the settlement, and shall, in relation to the exercise thereof by him, be deemed to be in the position and to have the duties and liabilities of a trustee for those parties.
[F1(1A)The following provisions apply to the tenant for life as they apply to the trustees of the settlement—
(a)sections 11, 13 to 15 and 21 to 23 of the Trustee Act 2000 (power to employ agents subject to certain restrictions),
(b)section 32 of that Act (remuneration and expenses of agents etc.),
(c)section 19 of the Trustee Act 1925 (power to insure), and
(d)in so far as they relate to the provisions mentioned in paragraphs (a) and (c), Part I of, and Schedule 1 to, the Trustee Act 2000 (the duty of care).]
(2)The provision by a tenant for life or statutory owner, at his own expense, of dwellings available for the working classes on any settled land shall not be deemed to be an injury to any interest in reversion or remainder in that land, but such provision shall not be made by a tenant for life or statutory owner without the previous approval in writing of the trustees of the settlement.
Textual Amendments
F1S. 107(1A) inserted (1.2.2001) by 2000 c. 29, s. 40(1), Sch. 2 Pt. II para. 17 (with s. 35); S.I. 2001/49, art. 2