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Session 1999-2000
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Other Bills before Parliament

Trustee Bill [H.L.]

This is the text of the Trustee Bill [H.L.], as amended in Grand Committee in the House of Lords and printed on 7th June 2000.

 
 
  
Trustee Bill [H.L.]
 
 
 
 
ARRANGEMENT OF CLAUSES

PART I
THE DUTY OF CARE
Clause 
1.The duty of care.
2.Application of duty of care.

PART II
INVESTMENT
3.General power of investment.
4.Standard investment criteria.
5.Advice.
6.Restriction or exclusion of this Part etc.
7.Existing trusts.

PART III
ACQUISITION OF LAND
8.Power to acquire freehold and leasehold land.
9.Restriction or exclusion of this Part etc.
10.Existing trusts.

PART IV
AGENTS, NOMINEES AND CUSTODIANS
Agents
11.Power to employ agents.
12.Persons who may act as agents.
13.Linked functions etc.
14.Terms of agency.
15.Asset management: special restrictions.

Nominees and custodians
16.Power to appoint nominees.
17.Power to appoint custodians.
18.Investment in bearer securities.
19.Persons who may be appointed as nominees or custodians.
20.Terms of appointment of nominees and custodians.

Review of and liability for agents, nominees and custodians etc.
21.Application of sections 22 and 23.
22.Review of agents, nominees and custodians etc.
23.Liability for agents, nominees and custodians etc.

Supplementary
24.Effect of trustees exceeding their powers.
25.Sole trustees.
26.Restriction or exclusion of this Part etc.
27.Existing trusts.

PART V
REMUNERATION
28.Trustee's entitlement to payment under trust instrument.
29.Remuneration of certain trustees.
30.Remuneration of trustees of charitable trusts.
31.Trustees' expenses.
32.Remuneration and expenses of agents, nominees and custodians.
33.Application.

PART VI
MISCELLANEOUS AND SUPPLEMENTARY
34.Power to insure.
35.Personal representatives.
36.Pension schemes.
37.Authorised unit trusts.
38.Common investment schemes for charities etc.
39.Interpretation.
40.Minor and consequential amendments etc.
41.Power to amend other Acts.
42.Commencement and extent.
43.Short title.
 

SCHEDULES:
    Schedule 1-Application of duty of care.
    Schedule 2-Minor and consequential amendments.
    Part I-The Trustee Investments Act 1961 and the Charities Act 1993.
    Part II-Other Public General Acts.
    Part III-Measures.
    Schedule 3-Transitional provisions and savings.
    Schedule 4-Repeals.
    Part I-The Trustee Investments Act 1961 and the Charities Act 1993.
    Part II-Other repeals.
 


 
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© Parliamentary copyright 2000
Prepared 8 June 2000