Part 1Trusts
Chapter 2Decision-making by trustees
I113Decisions: preliminary
1
This section applies in relation to any decision of the trustees which is to bind them.
2
Except in so far as the trust deed, expressly or by implication, provides otherwise (or, in a case where there is no trust deed, the context requires or implies otherwise), in so far as is reasonably practicable a trustee—
a
must receive adequate notice of the matter as regards which the decision is to be made, and
b
must be afforded an opportunity (whether or not at a meeting of the trustees) to express an opinion in the matter before the decision is taken.
3
But a decision which is invalid by virtue of non-compliance with subsection (2) may be homologated by the trustee in question.
4
This section applies—
a
irrespective of when the trust was created, but
b
only as regards a decision taken after the section comes into force.