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Report No. 17

Section 10.- For section 10 of the principal Act, the following section shall be substituted, namely:-

"10. Competence to be a trustee and acceptance of trust.-(1) Every person capable of holding property may be a trustee.

(2) No one is bound to accept a trust.

(3) A trust is accepted by any words or acts1 of the trustee indicating with reasonable certainty such acceptance.

(4) Instead of accepting a trust, the intended trustee may, within a reasonable period, disclaim it, and such disclaimer shall prevent the trust-property from vesting in him.

(5) A disclaimer by one of two or more co-trustees vests the trust-property in the other or others, and makes him or them sole trustee or trustees from the date of the creation of the trust.

(6) Where a person incompetent to contract by reason of minority or other disability is appointed to be a trustee, he cannot execute the trust until the disability ceases and he accepts the trust".

1. In the India Code, Vol. VIII B, Part IX, p. 22, in section 10, third para, the word "facts" is printed; but it should be "acts".



Trusts Act, 1882 Back




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