Part 1Trusts
Chapter 6Private purpose trusts
Supervisors
I150Rights and remedies of supervisor
1
Except in so far as the trust deed, expressly or by implication, provides otherwise, the supervisor of a private purpose trust has the same rights as a beneficiary would have—
a
to bring an action, or make an application to the court, in respect of the trust,
b
to be informed by the trustees of the terms of the trust deed,
c
to receive information concerning the trust and its administration from the trustees, and
d
to inspect, and take copies of, the trust documents.
2
Subsections (4) and (6) to (9) of section 30 apply to a disclosure to a supervisor by virtue of subsection (1) as they apply to a disclosure to a beneficiary by virtue of subsection (1)(a) of that section.
3
The supervisor has, in the performance of the supervisor’s duties as respects the private purpose trust, the same rights as a trustee would have—
a
to protection and indemnity, and
b
to make an application to the court for—
i
an opinion,
ii
advice or direction, or
iii
relief from personal liability.
4
In the event of a breach of trust, the supervisor has, on behalf of the private purpose trust, the same remedies against the trustees or a third party as a beneficiary would have.
5
This section applies irrespective of when the trust was created.