C HAPTER 5 10 D URATION OF TRUST 1 41 Abolition of restrictions on accumulation and on creation of future interests (1) Subject to any rule of law, a trust may be constituted of whatever duration the truster elects. (2) The following (which relate to restrictions on the accumulation of income) are repealed 15 in relation to a trust— (a) the Accumulations Act 1892, (b) section 5 of the Trusts (Scotland) Act 1961, and (c) section 6 of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1966. (3) The following (which relate to restrictions on the creation of future interests) are repealed 20 in relation to a trust— (a) sections 47 to 49 of the Entail Amendment Act 1848, (b) section 45 of the Conveyancing (Scotland) Act 1924, and (c) section 18 of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1968. (4) The following rules of law do not apply in relation to a trust— 25 (a) the rule known as the rule in Frog’s Creditors (which provides that a conveyance to a non-existent or unascertainable person, with the grant of a liferent to a living individual, results in that individual becoming owner), and (b) the rule known as the rule in Newlands (which provides that a conveyance such as is mentioned in paragraph (a), but with the grant in question described as being 30 for the liferent use allenarly of the living individual, results in that individual becoming fiduciary fiar and not owner). (5) This section does not apply— (a) as respects a trust created before the section comes into force (except in so far as the trust deed expressly provides for accumulation in anticipation of any change 35 in the law), or (b) as respects a public trust which is not a charitable trust. 29 Trusts and Succession (Scotland) Bill Part 1—Trusts Chapter 6—Private purpose trusts C HAPTER 6 P RIVATE PURPOSE TRUSTS Private purpose trusts: general 42 Private purpose trusts: general 5 (1) A private purpose trust exists where— (a) the trust property is held by, or is vested in, a trustee for the furtherance of a specific purpose which is not a charitable or other public purpose, and (b) the trust is not constituted solely for the benefit of a specific beneficiary (or potential beneficiary). 10 (2) For the purposes of subsection (1), it is immaterial whether the trust property is also 1 held by, or vested in, the trustee for the benefit of any person (whether or not a person yet ascertained or in existence). (3) This section applies irrespective of when the trust was created.