Superannuation and other Trust Funds (Validation) Act 1927
| Jurisdiction | UK Non-devolved |
| Citation | 1927 c. 41 |
Superannuation and other Trust Funds (Validation) Act, 1927
(17 & 18 Geo. 5.) 41.
An Act to amend the law relating to perpetuities and accumulations, as respects certain benefit funds and as respects trust funds for the reduction of the National Debt.
[22nd December 1927]
B E it enacted by the King's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
Provisions as to Benefit Funds.
1 Rule against perpetuities not to apply to registered funds.
1. The rule of law relating to perpetuities shall not apply and shall be deemed never to have applied to the trusts of any fund registered under this Act (in this Act referred to as a ‘registered fund’).
2 Qualifications for registration of funds.
2. Subject to the provisions of this At, any fund established under trusts subject to the laws of Great Britain, in connection with an undertaking or combination of undertakings carried on wholly or partly in Great Britain, being a fund of which the main purpose is either—
shall be qualified for registration under this Act if the rules of the fund comply with the requirements set out in the Schedule to this Act.
3 Registration
(1) Application for the registration under this Act of any fund may be made in writing addressed to the registrar, signed by the trustees of the fund, and every such application shall specify the address at which communications concerning the fund will be received by the secretary (hereinafter referred to as ‘the address of the fund’) and shall be accompanied by two copies of the rules of the fund and a list of the names and addresses of the trustees of the fund.
(2) Upon application being made in accordance with the provisions of this Act for the registration of any fund, the registrar shall, if he is satisfied that the fund is qualified for registration, register the fund and the rules thereof, and shall enter in the register the address of the fund and the names and addresses of the trustees.
(3) In the event of any amendment of the rules of a registered fund or of any change in the address of such a fund or in the names or addresses of the trustees thereof, the trustees shall, within twenty-one days after the making of the amendment or change, apply for the registration of the amendment or for the correction of the register in respect of the change, as the case may be, by sending an application in writing addressed to the registrar, signed by the secretary of the fund, and accompanied, in the case of an amendment, by two copies thereof signed by one of the trustees of the fund, and in the case of any such change as aforesaid, by the necessary particulars for the correction of the register: no amendment in the rules of a registered fund shall be valid until it has been registered, but, upon application for the registration of any such amendment being made as aforesaid, the registrar shall register the amendment if he is satisfied that the rules as thereby amended would not have disqualified the fund for registration under this Act.
(4) Upon the registration under this Act of any fund or of an amendment of the rules of any registered fund, the registrar shall issue a certificate of registration, and any document purporting to be a certificate issued under this subsection and to be signed or sealed by the registrar shall be received in evidence and be deemed to be so issued, signed or sealed without further proof unless the contrary is shown, and shall be conclusive evidence of the fact certified.
(5) The registration of a registered fund shall not be cancelled unless and until the fund has been wound up, but within fourteen days after the completion of the winding-up of any such fund the trustees shall send notice thereof in writing to the registrar and upon receiving notice that any registered fund has been wound up, the registrar shall, if he is satisfied that the fund has been wound up and the assets thereof applied in accordance with the provisions of the rules of the fund, cancel the registration of the fund.
(6) Such fees shall be payable in respect of the registration of funds, amendments of rules and changes of name or address, and in respect of the issue of certificates under this Act as may be prescribed by regulations made by the Treasury.
4 Power on registration of funds to delete provisions for avoiding the rule against perpetuities.
(1) If upon an application for the registration under this Act of any fund whereof the rules were made before the commencement of this Act, the registrar is satisfied that the rules of the fund contain provisions which were inserted only for the purpose of avoiding the application to the trusts of the fund of the rule of law relating to perpetuities, he may, at the request of the trustees making the application, amend the rules by deleting those provisions therefrom and may, upon the like request, make any further amendments that are, in his opinion, proper in consequence of their deletion.
(2) Where the rules of any fund are amended by the registrar under this section, the rules shall, when registered, have effect subject to the amendments so made.
5 Accounts and reports of registered funds.
(1) The trustees, of every registered fund shall, once in every year, cause to be prepared a statement of accounts and balance sheet of the fund which shall be audited by an auditor, and shall, at least once in every five years, cause an investigation and report to be made by an actuary as to the financial condition of the fund.
(2) A copy of every statement of accounts, balance sheet and report prepared...
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