Report No. 66
8.17. Significance of section 6-Statutory trust.-
It is obvious that section 6 avoids these difficulties to a large extent by bringing into existence what is conveniently described as a 'statutory trust'. The significance of section 6 lies in the fact that it renders unnecessary a compliance with formalities required
(i) for an assignment, by section 38 of the Insurance Act1, or
(ii) for the creation of a trust, by the Indian Trusts Act, 18822.
1. Para. 8.14, supra.
2. Para. 8.15, supra.