Section 8. Exclusion and restriction of powers.Sub-section (1) provides that Sections 6 and 7 do not apply in relation to a trust of land created by a "disposition" so far as provision to that effect is made by the disposition. The word "disposition" is not expressly defined in the Act; Section 17(6) simply provides that it includes a disposition made, or coming into effect, before the commencement of the Act.. However Section 205(1)(ii) of the Law of Property Act 1925 provides that in that Act -- "disposition" includes a conveyance and also a devise, bequest, or an appointment of property contained in a will; and "dispose of" has a corresponding meaning In Grey v Inland Revenue Commissioners it was held that for the purposes of Section 53 of the latter Act a "disposition" was capable of being oral. This section enables a settlor to provide that the very wide powers conferred on trustees of land by Section 6 shall be limited in some way. Section 16(3) provides that the trustees are to take all reasonable steps to bring such limitation to the notice of a purchaser from them, but that a purchaser without actual notice of such a limitation takes free from it. |