Prospective
(1)The truster may, in respect of a private purpose trust, by the trust deed make provision for the appointment of a person (to be known as a “supervisor”) to oversee the fulfilment by the trustees of the trust’s specific purpose.
(2)The duties of the supervisor are fiduciary obligations; and the supervisor is subject to a duty of care.
(3)It is not competent to appoint—
(a)a trustee to be a supervisor of the trust, or
(b)a supervisor of the trust to be a trustee.
(4)Except in so far as the trust deed, expressly or by implication, provides otherwise, it is competent for there to be more than one supervisor of the trust at any time.
(5)Subsection (6) applies where—
(a)the terms of a private purpose trust require the appointment of a supervisor but it is impossible, difficult or inexpedient to make the appointment without the court’s assistance, or
(b)no supervisor exists or is traceable who has the legal capacity, and is willing and fit, to carry out the duties of that office.
(6)The court may appoint a person to be a supervisor of the private purpose trust—
(a)in the case mentioned in paragraph (a) of subsection (5), on the application of—
(i)the trustees,
(ii)a supervisor, or
(iii)any other person with an interest in the trust, or
(b)in the case mentioned in paragraph (b) of that subsection, on the application of—
(i)the trustees, or
(ii)any other person with an interest in the trust.
(7)The making of an appointment under subsection (6)(b) removes any existing supervisor from office.
(8)This section applies irrespective of when the trust was created.
Commencement Information
I1S. 49 not in force at Royal Assent, see s. 88(3)