Succession Act 1965
Powers of trustees of infant's property.
[New]
58.—(1) Property vested under section 57 may be retained in its existing condition or state of investment or may be converted into money and invested in any security in which a trustee is authorised by law to invest, with power, at the discretion of the trustees, to change such investments for others so authorised.
(2) F28[…]
(3) A person who is sole trustee under section 57 shall be entitled to receive capital trust money.
(4) Persons who are trustees under section 57 shall be deemed to be trustees for the purposes of sections 42 and 43 of the Conveyancing Act, 1881.
(5) Without prejudice to any powers under the said sections 42 and 43, persons who are trustees under section 57 may at any time or times pay or apply the capital of any share in the estate to which the infant is entitled for the advancement or benefit of the infant in such manner as they may, in their absolute discretion, think fit and may, in particular, carry on any business in which the infant is entitled to a share.
(6) The powers conferred by subsection (5) may also be exercised by the surviving spouse F29[or civil partner] as trustee of any property of an infant appropriated in accordance with section 56.
Annotations
Amendments:
F28
Repealed (1.12.2009) by Land and Conveyancing Law Reform Act 2009 (27/2009), S.I. No. 356 of 2009.
F29
Inserted (1.01.2011) by Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 (24/2010), s. 71, S.I. No. 648 of 2010.
Modifications (not altering text):
C15
Meaning of “infant” subjected to transitional provision (1.03.1985) by Age of Majority Act 1985 (2/1985), s. 7(1) and sch. para. 4.
Powers of Personal Representatives During Minority of Beneficiary
4. In the case of a beneficiary whose interest arises under a will or codicil made before the commencement of this Act or on the death before that date of an intestate, section 2 shall not affect the meaning of “infant” in sections 57 and 58 of the Succession Act, 1965.