Failure or lapse of interest

(1) Subject to the terms of the trust and to any order of the Court, where– (a) an interest lapses; (b) a trust terminates; or (c) there is no beneficiary and no person, whether or not then living, who can become a beneficiary in accordance with the terms of the the interest or property concerned shall be held by the trustee in trust for the settlor absolutely or, if he is dead, as if it had formed part of his estate at death. (2) Sub-section (1) shall not apply to a trust established for a charitable purpose to which the following section applies.