I beg to move, That the Bill be now read the Third time.
This short Bill incorporates into United Kingdom law the main provisions of the convention on the law applicable to trusts and on their recognition, which was adopted in draft by the Hague conference on private internatonal law on 20 October 1984 and which was signed on behalf of the United Kingdom on 10 January 1986. This Bill will enable the United Kingdom to ratify the convention and, by so doing, will assist the position of United Kingdom trusts with interests overseas.
The Bill has been welcomed as a valuable measure of law reform which will serve to clarify and develop the existing law of trusts. I commend it to the House.
This Bill is also to be welcomed. As the Solicitor-General said, it is designed to implement the Hague convention, instigated by the United Kingdom relating to the law applicable to trusts and their recognition.
The Bill has a dual purpose. It enables the United Kingdom to ratify the convention, and it brings into force in the United Kingdom the main provisions of the convention. I am sure that it is right that we do that.