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PART III |
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SUPPLEMENTARY |
| Meaning of "beneficiary". |
Commentary:
--Main
--s7
--s9
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22. -- (1) In this Act "beneficiary", in relation to a trust, means any person who under the trust has an interest in property subject to the trust (including a person who has such an interest as a trustee or a personal representative).
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(2) In this Act references to a beneficiary who is beneficially entitled do not include a beneficiary who has an interest in property subject to the trust only by reason of being a trustee or personal representative.
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(3) For the purposes of this Act a person who is a beneficiary only by reason of being an annuitant is not to be regarded as entitled to an interest in possession in land subject to the trust.
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