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Report No. 17

Section 78.- For section 78 of the principal Act, the following section shall be substituted, namely:-

"78. Revocation of trust.-(1) A trust created by Will does not become effective until the death of the testator and may be revoked at the pleasure of the testator.

(2) A trust created otherwise than by Will can be revoked only-

(a) where all the beneficiaries are competent to contract, by their consent; or

(b) in exercise of a power of revocation expressly reserved to the author of the trust.

(3) Where the trust is for the payment of the debts of the author of the trust, it does not become effective until it has been communicated to the creditors, and may be revoked, before it is so communicated, at the pleasure of the author of the trust".

Trusts Act, 1882 Back

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