Amendment of terms of trusts and gifts
42 Amendment of terms of trusts and gifts
This section applies if—
property is held by the university on terms requiring the property to be used for a particular purpose (the donor’s purpose); and
the council is satisfied—
the donor’s purpose—
has been wholly or substantially achieved; or
no longer exists; or
has been adequately provided for in another way; or
is uncertain, can not be identified, or is insufficiently defined; or
becomes impossible, impractical or inexpedient to carry out; or
the property is inadequate for the donor’s purpose.
The council may set up and maintain a scheme for the use of the property for another purpose (the designated purpose).
The scheme must be in writing.
The university must without charge give a copy of the scheme to anyone who asks for it.
This Act’s bill:Explanatory memorandum
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