Report No. 166
28. Provisions of the Act not to apply to certain properties held in Trust.-
Nothing contained in this Act shall apply in relation to any property held by a trust or an institution created or established wholly for public religious or charitable purposes-
(i) such property has been so held by such trust or institution from a date prior to the commencement of this Act; or
(ii) such property is wholly traceable to any property-held by such trust or institution prior to the commencement of this Act.