12—Power to purchase dwelling house as residence for beneficiary
(1) Subject to the
instrument creating the trust, a trustee may—
(a)
purchase a dwelling house for a beneficiary to use as a residence; or
(b)
enter into any other agreement or arrangement to secure for a beneficiary a
right to use a dwelling house as a residence.
(2) Despite the terms
of the instrument creating the trust, a trustee may, if to do so would not
unfairly prejudice the interests of other beneficiaries, retain as part of the
trust property a dwelling house for a beneficiary to use as a residence.
(3) A dwelling house
purchased, retained or otherwise secured for use by the beneficiary as a
residence may be made available to the beneficiary for that purpose on such
terms and conditions consistent with the trust and the extent of the
beneficiary's interest as the trustee thinks fit.
(4) The trustee may
retain a dwelling house or any interest or rights in respect of a
dwelling house acquired under this section after the use of the dwelling house
by the beneficiary has ceased.
(5) In this
section—
"dwelling house" includes—
(a) any
building or part of a building designed, or converted or capable of being
converted, for use as a residence; and
(b) any
amenities or facilities for use in association with the use of a
dwelling house.