Power of Court to make orders in certain cases not provided for by trust instruments, &c.
47 Power of Court to make orders in certain cases not provided for by trust instruments, &c.
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, upon 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 authorized to be expended, and the costs of any transaction, are to be paid or borne as between capital and income.
The Court may rescind or vary any order made under this section, or may make any new or further order.
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.
This section does not apply to trustees of a settlement for the purposes of the Settled Land Act 1884.
The powers conferred on the Court by this section shall extend to all property vested in trustees for charitable, religious, or public trusts or purposes, whether by or under any Act or otherwise, and notwithstanding any provision to the contrary in the Act or the trust instrument.
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