Prospective
(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.
Commencement Information
I1S. 15 not in force at Royal Assent, see s. 88(3)
(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.
Commencement Information
I2S. 16 not in force at Royal Assent, see s. 88(3)
(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.
Commencement Information
I3S. 17 not in force at Royal Assent, see s. 88(3)