(1)Where in the management or administration of any property vested in trustees, any sale, lease, mortgage, surrender, release, or other disposition, or any purchase, investment, acquisition, expenditure or other transaction, is in the opinion of the court expedient, but the same cannot be effected by reason of the absence of any power for that purpose vested in the trustees by the trust instrument, if any, or by law, the court may by order confer upon the trustees, either generally or in any particular instance, the necessary power for the purpose, on such terms, and subject to such provisions and conditions, if any, as the court may think fit and may direct in what manner any money authorised to be expended, and the costs of any transaction, are to be paid or borne as between capital and income.
(2)The court may, from time to time, rescind or vary any order made under this section, or may make any new or further order.
(3)An application to the court under this section may be made by the trustees, or by any of them, or by any person beneficially interested under the trust.
(4)This section does not apply to trustees of a settlement for the purposes of the M1Settled Land Act, 1925.
Modifications etc. (not altering text)
C1S. 57 extended by Settled Land and Trustee Acts (Courts General Powers) Act 1943 (c. 25), s. 1; saved by Variation of Trusts Act 1958 (c. 53), s. 1(6)
Marginal Citations