Section 25: Provisions of the Act not to apply to certain properties held in trust.

Nothing contained in this Act shall apply in relation to any property held by a trust or an institution created or established wholly for public, religious or charitable purposes if—

(i) such property has been so held by such trust or institution from a date prior to the commencement of this Act; or (ii) such property is wholly traceable to any property held by such trust or institution prior to the commencement of this Act.