In this Act—
"trust of land" means (subject to subsection (3)) any trust of property which consists of or includes land, and
"trustees of land" means trustees of a trust of land.
The reference in subsection (1)(a) to a trust—
is to any description of trust (whether express, implied, resulting or constructive), including a trust for sale and a bare trust, and
includes a trust created, or arising, before the commencement of this Act.
The reference to land in subsection (1)(a) does not include land which (despite section 2) is settled land or which is land to which the Universities and College Estates Act 1925 applies.