International Trusts Order, 2000 · As enacted · Part III
25. Reversionary interests, valuation and audit
Official textFrom Attorney General's Chambers, unchanged
Where trust property includes any share or interest in property not vested in the trustees or the proceeds of the sale of any such property, or any other thing in action, the trustees on the same falling into possession or becoming payable or transferable, may do any of the following
trust
"trust" means an international trust except where the context otherwise requires;
{aJ agree or ascertain the value of it or any part of it in such manner as they may think fit;
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fbJ accept in or toward satisfaction of it, at the market or current value or upon any valuation or estimate of value which they may think fit, any authorised investments;
authorised investments
"authorised investments" means investments authorised by the trust instrument or by law;
allow any deductions for taxes, duties, costs, charges and expenses which they think proper or reasonable;
execute any release in respect of the property so as effectually to discharge all accountable parties from all liability in respect of any matters coming within the scope of such release, without being responsible in any such case for any loss occasioned by any act or thing so done by them in good faith.
property
"property" includes - {a} money, goods, chases in action, land and every descriptions of property1 whether movable or immovable; and (b} obligations, easements and every description of estate, interest and profit, present or future, vested or contingent, arising out of, or incident to, any property as defined in paragraph {a}; 1141 17th. JULY, 2000
Terms defined in s 2
authorised investments
Defined · s 2"authorised investments" means investments authorised by the trust instrument or by law;
possession
Defined · s 2"possession" includes receipt of rents and profits or the right to receive the same, if any;
property
Defined · s 2"property" includes - {a} money, goods, chases in action, land and every descriptions of property1 whether movable or immovable; and (b} obligations, easements and every description of estate, interest and profit, present or future, vested or contingent, arising out of, or incident to, any property as defined in paragraph {a}; 1141 17th. JULY, 2000
trust
Defined · s 2"trust" means an international trust except where the context otherwise requires;
Part IV
Protections and Indemnities of Trustees
Part VI
Part VII
Powers of the Court
Part VIII
Authorised Purpose Trusts
Part IX
Part X
Additional Provisions
Part XI