Previous Section Back to Table of Contents Lords Hansard Home Page


The Lord Chancellor moved Amendment No. 42:



("The Duchy of Lancaster Act 1920 (c. 51)
. In section 1 (extension of powers of investment of funds of Duchy of Lancaster) for "in any of the investments specified in paragraph (a) of section one of the Trustees Act 1893 and any enactment amending or extending that paragraph" substitute "under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act)".").

On Question, amendment agreed to.

The Lord Chancellor moved Amendment No. 43:


    Page 21, line 12, at end insert—


(" . In section 15 (power to compound liabilities), for "in good faith" substitute "if he has or they have discharged the duty of care set out in section 1(1) of the Trustee Act 2000".").

7 Jun 2000 : Column CWH15

The noble and learned Lord said: This amendment achieves the purpose I mentioned when moving Amendment No. 37, in order to replace the concept of good faith in Section 15 of the Trustee Act 1925 with the duty of care imposed by this Bill. I beg to move.

On Question, amendment agreed to.

The Lord Chancellor moved Amendment No. 44:


    Page 21, line 13, at end insert—


(" . In section 22 (reversionary interests, valuations, and audit)—
(a) in subsection (1), for "in good faith" substitute "if they have discharged the duty of care set out in section 1(1) of the Trustee Act 2000", and
(b) in subsection (3), omit "in good faith" and at the end insert "if the trustees have discharged the duty of care set out in section 1(1) of the Trustee Act 2000".").

The noble and learned Lord said: This amendment achieves a purpose very similar to the previous amendment. This time it achieves the purpose I mentioned when moving Amendment No. 39, in order to replace the concept in Section 22 of the Trustee Act 1925 of good faith with the duty of care imposed by this Bill. I beg to move.

On Question, amendment agreed to.

The Lord Chancellor moved Amendment No. 45:


    Page 21, line 18, at end insert—


("The Land Registration Act 1925 (c. 21)
. In section 94(1) (registered land subject to a trust to be registered in the names of the trustees), at the end insert "or in the name of a nominee appointed under section 16 of the Trustee Act 2000".").

The noble and learned Lord said: Clause 16 of the Bill gives powers to trustees to appoint nominees to act in relation to such trust property as they determine, and requires, at Clause 16(1)(b), that such assets are vested in the person so appointed. This does not sit well with Section 94(1) of the Land Registration Act 1925 which requires land which is subject to a trust of land to be registered in the name of the trustees. This amendment makes it possible for such land to be registered in the name of a nominee appointed under Clause 16. I beg to move.

7 Jun 2000 : Column CWH16

On Question, amendment agreed to.

The Lord Chancellor moved Amendment No. 46:


    Page 23, line 38, at end insert—


("The Duchy of Cornwall Management Act 1982 (c. 47)
. For section 1 (powers of investment of Duchy property) substitute—
"Powers of investment of Duchy property.
1. The power of investment conferred by the Duchy of Cornwall Management Act 1863 includes power to invest in any investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act)."
. In—
(a) section 6(3) (Duchy of Cornwall Management Acts extended in relation to banking), and
(b) section 11(2) (collective citation of Duchy of Cornwall Management Acts),
for "Duchy of Cornwall Management Acts 1868 to 1893" substitute "Duchy of Cornwall Management Acts 1863 to 1868".").

On Question, amendment agreed to.

The Lord Chancellor moved Amendment No. 47:


    Page 24, line 5, at end insert ("of that section").

The noble and learned Lord said: This amendment simply tidies up drafting. I beg to move.

On Question, amendment agreed to.

The Lord Chancellor moved Amendment No. 48:


    Page 24, line 6, after ("(8)") insert ("of that section").

The noble and learned Lord said: I beg to move the amendment on the same basis. This amendment, too, simply tidies up drafting.

On Question, amendment agreed to.

Schedule 2, as amended, agreed to.

Schedule 3 agreed to.

Schedule 4 [Repeals]:

The Lord Chancellor moved Amendment No. 49:


    Page 27, line 37, at beginning insert—

("1893 c. 20.The Duchy of Cornwall Management Act 1893.The whole Act.")

On Question, amendment agreed to.

Schedule 4, as amended, agreed to.

Title agreed to.

Bill reported with amendments.

        The Committee adjourned at twenty-four minutes past four o'clock.

7 Jun 2000 : Column CWH15


Next Section Back to Table of Contents Lords Hansard Home Page