International Trusts Order, 2000 · As enacted · Part X · Additional Provisions
94. Termination and modification by beneficiaries
Official textFrom Attorney General's Chambers, unchanged
Notwithstanding any rule of equity or practice of the Court to the contrary, but subject to section 59(5), neither a beneficiary who is solely interested in the trust property, nor all the beneficiaries who together are all the persons interested in it, shall be entitled, though in existence and ascertained and of full capacity, to terminate or modify the trusts affecting the property, if this would either be contrary to the terms of the trust instrument or would defeat a material purpose of the settlor in creating the trust, unless the settlor is living and also consents.
The material purposes of the settlor for the purpose of subsection (1)
settlor
"settlor" includes the testator where trusts are declared by will or codicil;
may be ascertained from the trust instrument (directly or by inference) or by collateral evidence.
trust instrument
"trust instrument" means the written testamentary or other instrument if any by which, or on the terms of which, the trust is created (including any subsequent instruments affecting the terms or administration of the trust) or where the trust was not created by, or on the terms of, any written instrument refers to any trust instrument evidencing an oral declaration creating the trust. Application and restrictions.
Terms defined in s 2
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
settlor
Defined · s 2"settlor" includes the testator where trusts are declared by will or codicil;
trust
Defined · s 2"trust" means an international trust except where the context otherwise requires;
trust instrument
Defined · s 2"trust instrument" means the written testamentary or other instrument if any by which, or on the terms of which, the trust is created (including any subsequent instruments affecting the terms or administration of the trust) or where the trust was not created by, or on the terms of, any written instrument refers to any trust instrument evidencing an oral declaration creating the trust. Application and restrictions.
Part XI