Prospective
(1)Before acting under section 18(1) the trustees—
(a)are to have regard to—
(i)the suitability to the trust of the proposed investment, and
(ii)the need for diversification of investments of the trust in so far as is appropriate to the circumstances of the trust, and
(b)are (except where subsection (3) applies) to obtain and consider proper advice about the way in which the power in question should be exercised.
(2)When reviewing the investments of the trust, the trustees are (except where subsection (3) applies) to obtain and consider proper advice about whether the investments should be varied.
(3)If the trustees reasonably conclude that in all the circumstances it is unnecessary or inappropriate to obtain such advice, they need not obtain it.
(4)In this section, “proper advice” means the advice of a person who is reasonably believed by the trustees, on the basis of the person’s—
(a)ability, and
(b)practical experience of financial and other matters relating to the proposed investment,
to be qualified to give it.
(5)This section applies irrespective of when the trust was created.
Commencement Information
I1S. 19 not in force at Royal Assent, see s. 88(3)