Part 1Trusts
Chapter 3Powers and duties of trustees
Powers: general
I115General powers of trustees
1
Except in so far as the trust deed expressly provides otherwise (or, in a case where there is no trust deed, the context requires or implies otherwise) the trustees have in relation to the trust property all the powers of a natural person beneficially entitled to the property.
2
But this section is without prejudice to—
a
a trustee’s fiduciary duty (including a trustee’s duty to fulfil the trust purposes),
b
a trustee’s duty of care, and
c
any restriction or exclusion imposed by or under this Act or any other enactment.
3
This section applies irrespective of when the trust was created.
I216Conferring of additional powers by court
1
The court may, on the application of the trustees, grant them additional powers of administration or management in relation to the trust property (being powers specified in the application).
2
Before granting additional powers under subsection (1), the court must—
a
take into account any objection timeously made by virtue of subsection (3), and
b
be satisfied that the trustees having the additional powers in question would benefit the future administration or management of the trust property.
3
An application under subsection (1) is to be intimated to the persons mentioned in subsection (4), any of whom may object to its being granted.
4
The persons are—
a
any supervisor,
b
any protector,
c
any beneficiary who has a vested interest in the trust property,
d
such other persons as the court may specify.
5
The court is to consider specifying under subsection (4)(d) any beneficiary who has a contingent interest, and any potential beneficiary, under the trust but—
a
need not specify under that subsection any such beneficiary or potential beneficiary, and
b
may specify under it a person other than any such beneficiary or potential beneficiary.
6
The court may, in granting powers under subsection (1), impose such conditions as to the exercise of those powers as it thinks fit.
7
This section applies irrespective of when the trust was created.
I317Power to take out insurance
1
Except in so far as the trust deed expressly provides otherwise, a trustee has power to take out such insurance as it is reasonable to take out against personal liability arising from the trustee’s actings in carrying out the duties of a trustee.
2
In subsection (1), the reference to actings is to be construed as including intentionally not acting in some matter.
3
The expense of taking out the insurance is to be paid out of the trust property.
4
This section applies irrespective of when the trust was created.