37.Sections 8 to 10 form Part III of the Act.  They create a new power for trustees to acquire and deal with land on behalf of the trust.  Part III does not apply to occupational pension schemes, authorised unit trusts and certain schemes under the Charities Act 1993 (see sections 36-38) or to trusts where, before Part III is brought into force, the trustees already have power to invest or apply trust funds by virtue of primary or subordinate legislation (defined in section 6(2)): for example, under the Settled Land Act 1925.
38.At present, although trustees of land and Settled Land Act trustees have power to buy land (with or without the aid of a mortgage in the case of trustees of land) in England and Wales for any reason (not just for investment), trustees of personal property only have power to acquire land if expressly authorised to do so in the trust instrument.
39.The new general power of investment introduced by section 3 of the Act has only limited application to land (see section 3(3)) and is in any event restricted to investment.  The Act therefore makes separate provision to remedy the disparity between the powers of different types of trustees in relation to the purchase of land.
Commentary on Sections Part III: Acquisition of Land