Заказать регистрацию оффшора в Nexus Ltd. i e. AT 18 of 2001 TRUSTEE ACT 2001
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1 Заказать регистрацию оффшора в Nexus Ltd i e AT 18 of 2001 TRUSTEE ACT 2001
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3 Trustee At 2001 Index i e TRUSTEE ACT 2001 Index Setion Page PART 1 THE DUTY OF CARE 7 1 The duty of are Appliation of duty of are... 7 PART 2 INVESTMENT 8 3 General power of investment Standard investment riteria Advie Restrition or exlusion of this Part et Existing trusts... 9 PART 3 ACQUISITION OF LAND 9 8 Power to aquire freehold and leasehold land Restrition or exlusion of this Part et Settlements and existing trusts PART 4 AGENTS, NOMINEES AND CUSTODIANS 10 Agents Power to employ agents Persons who may at as agents Linked funtions et Terms of ageny Asset management: speial restritions Power to appoint nominees Power to appoint ustodians Investment in bearer seurities Persons who may be appointed as nominees or ustodians Terms of appointment of nominees and ustodians Review of and liability for agents, nominees and ustodians et Appliation of setions 22 and AT 18 of 2001 Page 3
4 Index Trustee At Review of agents, nominees and ustodians et Liability for agents, nominees and ustodians et Supplementary Effet of trustees exeeding their powers Sole trustees Restrition or exlusion of this Part et Existing trusts PART 5 REMUNERATION Trustee s entitlement to payment under trust instrument Remuneration of ertain trustees Remuneration of trustees of haritable trusts Trustees expenses Remuneration and expenses of agents, nominees and ustodians Appliation PART 6 MISCELLANEOUS AND SUPPLEMENTARY Power to insure Personal representatives Pension shemes Authorised unit trusts [Amends setion 1 of the Perpetuities and Aumulations At 1968 as follows: paragraph substitutes in subsetion (1) the expression that speified in subsetion (1A) for the word eighty ; and paragraph inserts subsetion (1A).] Interpretation Minor and onsequential amendments et Power to amend other Ats Short title and ommenement SCHEDULE 1 25 APPLICATION OF DUTY OF CARE 25 SCHEDULE 2 26 MINOR AND CONSEQUENTIAL AMENDMENTS 26 SCHEDULE 3 27 TRANSITIONAL PROVISIONS AND SAVINGS 27 SCHEDULE 4 28 ENACTMENTS REPEALED 28 ENDNOTES 29 TABLE OF LEGISLATION HISTORY 29 Page 4 AT 18 of 2001
5 Trustee At 2001 Index TABLE OF RENUMBERED PROVISIONS 29 TABLE OF ENDNOTE REFERENCES 29 AT 18 of 2001 Page 5
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7 Trustee At 2001 Setion 1 i e TRUSTEE ACT 2001 Reeived Royal Assent: 19 June 2001 Passed: 19 June 2001 Commened: 19 June AN ACT to amend the law relating to trustees and persons having the investment powers of trustees; and for onneted purposes. PART 1 THE DUTY OF CARE 1 The duty of are (1) Whenever the duty under this subsetion applies to a trustee, he must exerise suh are and skill as is reasonable in the irumstanes, having regard in partiular to any speial knowledge or experiene that he has or holds himself out as having, and if he ats as trustee in the ourse of a business or profession, to any speial knowledge or experiene that it is reasonable to expet of a person ating in the ourse of that kind of business or profession. (2) In this At the duty under subsetion (1) is alled the duty of are. 2 Appliation of duty of are Shedule 1 makes provision about when the duty of are applies to a trustee. 1 [EDITORIAL NOTE: See the endnote to setion 42 for details of ommenement: only setions 38,41 and 42 ommened upon announement.] AT 18 of 2001 Page 7
8 Setion 3 Trustee At 2001 PART 2 INVESTMENT 3 General power of investment (1) Subjet to the provisions of this Part, a trustee may make any kind of investment that he ould make if he were absolutely entitled to the assets of the trust. (2) In this At the power under subsetion (1) is alled the general power of investment. (3) The general power of investment does not permit a trustee to make investments in land other than in loans seured on land (but see also setion 8). (4) For the purposes of this setion () a person invests in a loan seured on land if he has rights under any ontrat under whih (i) (ii) one person provides another with redit, and the obligation of the borrower to repay is seured on land; redit inludes any ash loan or other finanial aommodation; ash inludes money in any form. 4 Standard investment riteria (1) In exerising any power of investment, whether arising under this Part or otherwise, a trustee must have regard to the standard investment riteria. (2) A trustee must from time to time review the investments of the trust and onsider whether, having regard to the standard investment riteria, they should be varied. (3) The standard investment riteria, in relation to a trust, are the suitability to the trust of investments of the same kind as any partiular investment proposed to be made or retained and of that partiular investment as an investment of that kind, and the need for diversifiation of investments of the trust, in so far as is appropriate to the irumstanes of the trust. 5 Advie (1) Before exerising any power of investment, whether arising under this Part or otherwise, a trustee must (unless the exeption in subsetion (3) applies) obtain and onsider proper advie about the way in whih, having regard to the standard investment riteria, the power should be exerised. (2) When reviewing the investments of the trust, a trustee must (unless the exeption in subsetion (3) applies) obtain and onsider proper advie Page 8 AT 18 of 2001
9 Trustee At 2001 Setion 6 about whether, having regard to the standard investment riteria, the investments should be varied. (3) The exeption is that a trustee need not obtain suh advie if he reasonably onludes that in all the irumstanes it is unneessary or inappropriate to do so. (4) Proper advie is the advie of a person who is reasonably believed by the trustee to be qualified to give it by his ability in and pratial experiene of finanial and other matters relating to the proposed investment. 6 Restrition or exlusion of this Part et (1) The general power of investment is in addition to powers onferred on trustees otherwise than by this At, but subjet to any restrition or exlusion imposed by the trust instrument or by any statutory provision. (2) For the purposes of this At, a statutory provision is not to be regarded as being, or as being part of, a trust instrument. 7 Existing trusts (1) This Part applies in relation to trusts whether reated before or after its ommenement. (2) No provision relating to the powers of a trustee ontained in a trust instrument made before 3rd August 1961 is to be treated (for the purposes of setion 6(1)) as restriting or exluding the general power of investment. (3) A provision ontained in a trust instrument made before the ommenement of this Part whih has effet (by virtue of setion 1 of the Trustee At 1961) under setion 3(2) of the Trustee Investments At 1961 (an At of Parliament) as a power to invest under the said At of 1961, or onfers power to invest under the said At of 1961, is to be treated as onferring the general power of investment on a trustee. PART 3 ACQUISITION OF LAND 8 Power to aquire freehold and leasehold land (1) A trustee may aquire freehold or leasehold land in the Island or the United Kingdom as an investment, AT 18 of 2001 Page 9
10 Setion 9 Trustee At 2001 () for oupation by a benefiiary, or for any other reason. (2) Freehold or leasehold land means in relation to the Island (i) (ii) a legal estate in ustomary fee simple in land, or a term of years absolute; in relation to England and Wales, a legal estate in land, () in relation to Sotland (d) (i) (ii) the estate or interest of the proprietor of the dominium utile or, in the ase of land not held on feudal tenure, the estate or interest of the owner, or a tenany, and in relation to Northern Ireland, a legal estate in land, inluding land held under a fee farm grant. (3) For the purpose of exerising his funtions as a trustee, a trustee who aquires land under this setion has all the powers of an absolute owner in relation to the land. 9 Restrition or exlusion of this Part et The powers onferred by this Part are in addition to powers onferred on trustees otherwise than by this Part, but subjet to any restrition or exlusion imposed by the trust instrument or by any statutory provision. 10 Settlements and existing trusts (1) This Part does not apply in relation to a trust of property whih onsists of or inludes land whih is settled land. (2) Subjet to subsetion (1), this Part applies in relation to trusts whether reated before or after its ommenement. PART 4 AGENTS, NOMINEES AND CUSTODIANS Agents 11 Power to employ agents (1) Subjet to the provisions of this Part, the trustees of a trust may authorise any person to exerise any or all of their delegable funtions as their agent. Page 10 AT 18 of 2001
11 Trustee At 2001 Setion 12 (2) In the ase of a trust other than a haritable trust, the trustees delegable funtions onsist of any funtion other than () (d) any funtion relating to whether or in what way any assets of the trust should be distributed, any power to deide whether any fees or other payment due to be made out of the trust funds should be made out of inome or apital, any power to appoint a person to be a trustee of the trust, or any power onferred by any other statutory provision or the trust instrument whih permits the trustees to delegate any of their funtions or to appoint a person to at as a nominee or ustodian. (3) In the ase of a haritable trust, the trustees delegable funtions are () (d) any funtion onsisting of arrying out a deision that the trustees have taken; any funtion relating to the investment of assets subjet to the trust (inluding, in the ase of land held as an investment, managing the land and reating or disposing of an interest in the land); any funtion relating to the raising of funds for the trust otherwise than by means of profits of a trade whih is an integral part of arrying out the trust s haritable purpose; any other funtion presribed by an order made by the Counil of Ministers for the purpose of this subsetion. (4) For the purposes of subsetion (3)() a trade is an integral part of arrying out a trust s haritable purpose if, whether arried on in the Island or elsewhere, the profits are applied solely to the purposes of the trust and either the trade is exerised in the ourse of the atual arrying out of a primary purpose of the trust, or the work in onnetion with the trade is mainly arried out by benefiiaries of the trust. (5) An order under subsetion (3)(d) shall not have effet unless it is approved by Tynwald. 12 Persons who may at as agents (1) Subjet to subsetions (2) and (3), the persons whom the trustees may under setion 11 authorise to exerise funtions as their agent inlude one or more of their number. (2) The trustees may not authorise 2 (or more) persons to exerise the same funtion unless they are to exerise the funtion jointly. AT 18 of 2001 Page 11
12 Setion 13 Trustee At 2001 (3) The trustees may not under setion 11 authorise a benefiiary to exerise any funtion as their agent (even if the benefiiary is also a trustee). (4) The trustees may under setion 11 authorise a person to exerise funtions as their agent even though he is also appointed to at as their nominee or ustodian (whether under setion 16, 17 or 18 or any other power). 13 Linked funtions et (1) Subjet to subsetion (2), a person who is authorised under setion 11 to exerise a funtion is (whatever the terms of the ageny) subjet to any speifi duties or restritions attahed to the funtion. For example, a person who is authorised under setion 11 to exerise the general power of investment is subjet to the duties under setion 4 in relation to that power. (2) A person who is authorised under setion 11 to exerise a power whih is subjet to a requirement to obtain advie is not subjet to the requirement if he is the kind of person from whom it would have been proper for the trustees, in ompliane with the requirement, to obtain advie. 14 Terms of ageny (1) Subjet to subsetion (2) and setions 15(2) and 29 to 32, the trustees may authorise a person to exerise funtions as their agent on suh terms as to remuneration and other matters as they may determine. (2) The trustees may not authorise a person to exerise funtions as their agent on any of the terms mentioned in subsetion (3) unless it is reasonably neessary for them to do so. (3) The terms are () a term permitting the agent to appoint a substitute; a term restriting the liability of the agent or his substitute to the trustees or any benefiiary; a term permitting the agent to at in irumstanes apable of giving rise to a onflit of interest. 15 Asset management: speial restritions (1) The trustees may not authorise a person to exerise any of their asset management funtions as their agent exept by an agreement whih is in or evidened in writing. (2) The trustees may not authorise a person to exerise any of their asset management funtions as their agent unless they have prepared a statement that gives guidane as to how the funtions should be exerised ( a poliy statement ), and Page 12 AT 18 of 2001
13 Trustee At 2001 Setion 16 the agreement under whih the agent is to at inludes a term to the effet that he will seure ompliane with (i) (ii) the poliy statement, or if the poliy statement is revised or replaed under setion 22, the revised or replaement poliy statement. (3) The trustees must formulate any guidane given in the poliy statement with a view to ensuring that the funtions will be exerised in the best interests of the trust. (4) The poliy statement must be in or evidened in writing. (5) The asset management funtions of trustees are their funtions relating to () the investment of assets subjet to the trust, the aquisition of property whih is to be subjet to the trust, and managing property whih is subjet to the trust and disposing of, or reating or disposing of an interest in, suh property. Nominees and ustodians 16 Power to appoint nominees (1) Subjet to the provisions of this Part, the trustees of a trust may appoint a person to at as their nominee in relation to suh of the assets of the trust as they determine (other than settled land), and take suh steps as are neessary to seure that those assets are vested in a person so appointed. (2) An appointment under this setion must be in or evidened in writing. (3) This setion does not apply to any trust having a ustodian trustee. 17 Power to appoint ustodians (1) Subjet to the provisions of this Part, the trustees of a trust may appoint a person to at as a ustodian in relation to suh of the assets of the trust as they may determine. (2) For the purposes of this At a person is a ustodian in relation to assets if he undertakes the safe ustody of the assets or of any douments or reords onerning the assets. (3) An appointment under this setion must be in or evidened in writing. (4) This setion does not apply to any trust having a ustodian trustee. 18 Investment in bearer seurities (1) If trustees retain or invest in seurities payable to bearer, they must appoint a person to at as a ustodian of the seurities. AT 18 of 2001 Page 13
14 Setion 19 Trustee At 2001 (2) Subsetion (1) does not apply if the trust instrument or any statutory provision ontains provision whih (however expressed) permits the trustees to retain or invest in seurities payable to bearer without appointing a person to at as a ustodian. (3) An appointment under this setion must be in or evidened in writing. (4) This setion does not apply to any trust having a ustodian trustee. 19 Persons who may be appointed as nominees or ustodians (1) A person may not be appointed under setion 16, 17 or 18 as a nominee or ustodian unless one of the following onditions is satisfied () the person arries on a business whih onsists of or inludes ating as a nominee or ustodian; the person is a body orporate whih is ontrolled by the trustees; the person is a body orporate reognised under setion 26 of the Advoates At (2) A body orporate shall be treated for the purpose of subsetion (1) as ontrolled by trustees in any ase where, if the trustees were a ompany, the body orporate would be a subsidiary of that ompany for the purposes of the Companies At (3) Subjet to subsetion (1), the persons whom the trustees may under setion 16, 17 or 18 appoint as a nominee or ustodian inlude one of their number, if that one is a trust orporation, or 2 (or more) of their number, if they are to at as joint nominees or joint ustodians. (4) The trustees may under setion 16 appoint a person to at as their nominee even though he is also appointed to at as their ustodian (whether under setion 17 or 18 or any other power), or authorised to exerise funtions as their agent (whether under setion 11 or any other power). (5) Likewise, the trustees may under setion 17 or 18 appoint a person to at as their ustodian even though he is also appointed to at as their nominee (whether under setion 16 or any other power), or authorised to exerise funtions as their agent (whether under setion 11 or any other power). Page 14 AT 18 of 2001
15 Trustee At 2001 Setion Terms of appointment of nominees and ustodians (1) Subjet to subsetion (2) and setions 29 to 32, the trustees may under setion 16, 17 or 18 appoint a person to at as a nominee or ustodian on suh terms as to remuneration and other matters as they may determine. (2) The trustees may not under setion 16, 17 or 18 appoint a person to at as a nominee or ustodian on any of the following terms unless it is reasonably neessary for them to do so () a term permitting the nominee or ustodian to appoint a substitute; a term restriting the liability of the nominee or ustodian or his substitute to the trustees or to any benefiiary; a term permitting the nominee or ustodian to at in irumstanes apable of giving rise to a onflit of interest. Review of and liability for agents, nominees and ustodians et. 21 Appliation of setions 22 and 23 (1) Setions 22 and 23 apply in a ase where trustees have, under setion 11, 16, 17 or 18 authorised a person to exerise funtions as their agent, or appointed a person to at as a nominee or ustodian. (2) Subjet to subsetion (3), setions 22 and 23 also apply in a ase where trustees have, under any power onferred on them by the trust instrument or by any statutory provision authorised a person to exerise funtions as their agent, or appointed a person to at as a nominee or ustodian. (3) If the appliation of setion 22 or 23 is inonsistent with the terms of the trust instrument or the statutory provision, the setion in question does not apply. 22 Review of agents, nominees and ustodians et (1) While the agent, nominee or ustodian ontinues to at for the trust, the trustees must keep under review the arrangements under whih the agent, nominee or ustodian ats and how those arrangements are being put into effet, if irumstanes make it appropriate to do so, must onsider whether there is a need to exerise any power of intervention that they have, and AT 18 of 2001 Page 15
16 Setion 23 Trustee At 2001 () if they onsider that there is a need to exerise suh a power, must do so. (2) If the agent has been authorised to exerise asset management funtions, the duty under subsetion (1) inludes, in partiular () a duty to onsider whether there is any need to revise or replae the poliy statement made for the purposes of setion 15, if they onsider that there is a need to revise or replae the poliy statement, a duty to do so, and a duty to assess whether the poliy statement (as it has effet for the time being) is being omplied with. (3) Subsetions (3) and (4) of setion 15 apply to the revision or replaement of a poliy statement under this setion as they apply to the making of a poliy statement under that setion (4) For the purposes of subsetion (1), a power of intervention inludes a power to give diretions to the agent, nominee or ustodian; a power to revoke the authorisation or appointment. 23 Liability for agents, nominees and ustodians et (1) A trustee is not liable for any at or default of the agent, nominee or ustodian unless he has failed to omply with the duty of are appliable to him, under paragraph 3 of Shedule 1 when entering into the arrangements under whih the person ats as agent, nominee or ustodian, or when arrying out his duties under setion 22. (2) If a trustee has agreed a term under whih the agent, nominee or ustodian is permitted to appoint a substitute, the trustee is not liable for any at or default of the substitute unless he has failed to omply with the duty of are appliable to him, under paragraph 3 of Shedule 1 when agreeing that term, or when arrying out his duties under setion 22 in so far as they relate to the use of the substitute. Supplementary 24 Effet of trustees exeeding their powers A failure by the trustees to at within the limits of the powers onferred by this Part in authorising a person to exerise a funtion of theirs as an agent, or Page 16 AT 18 of 2001
17 Trustee At 2001 Setion 25 in appointing a person to at as a nominee or ustodian, does not invalidate the authorisation or appointment. 25 Sole trustees (1) Subjet to subsetion (2), this Part applies in relation to a trust having a sole trustee as it applies in relation to other trusts (and referenes in this Part to trustees, exept in setions 12(1) and 19(3), are to be read aordingly). (2) Setion 18 does not impose a duty on a sole trustee if that trustee is a trust orporation. 26 Restrition or exlusion of this Part et The powers onferred by this Part are in addition to powers onferred on trustees otherwise than by this At, but subjet to any restrition or exlusion imposed by the trust instrument or by any statutory provision. 27 Existing trusts This Part applies in relation to trusts whether reated before or after its ommenement. PART 5 REMUNERATION 28 Trustee s entitlement to payment under trust instrument (1) Exept to the extent (if any) to whih the trust instrument makes inonsistent provision, subsetions (2) to (4) apply to a trustee if there is a provision in the trust instrument entitling him to reeive payment out of trust funds in respet of servies provided by him to or on behalf of the trust, and the trustee is a trust orporation or is ating in a professional apaity. (2) The trustee is to be treated as entitled under the trust instrument to reeive payment in respet of servies even if they are servies whih are apable of being provided by a lay trustee. (3) Subsetion (2) applies to a trustee of a haritable trust who is not a trust orporation only if he is not a sole trustee, and AT 18 of 2001 Page 17
18 Setion 29 Trustee At 2001 to the extent that a majority of the other trustees have agreed that it should apply to him. (4) Any payments to whih the trustee is entitled in respet of servies are to be treated as remuneration for servies (and not as a gift) for the purposes of setion 4 of the Wills At 1985 (gifts to an attesting witness to be void), and setion 41(1) of the Administration of Estates At 1990 (order in whih estate to be paid out). (5) For the purposes of this Part a trustee ats in a professional apaity if he ats in the ourse of a profession or business whih onsists of or inludes the provision of servies in onnetion with (i) (ii) the management or administration of trusts generally or a partiular kind of trust, or any partiular aspet of the management or administration of trusts generally or a partiular kind of trust, and the servies he provides to or on behalf of the trust fall within that desription; and a person ats as a lay trustee if he (i) (ii) is not a trust orporation, and does not at in a professional apaity. 29 Remuneration of ertain trustees (1) Subjet to subsetion (5), a trustee who is a trust orporation, but is not a trustee of a haritable trust, is entitled to reeive reasonable remuneration out of the trust funds for any servies that the trust orporation provides to or on behalf of the trust. (2) Subjet to subsetion (5), a trustee who ats in a professional apaity, but is not a trust orporation, a trustee of a haritable trust or a sole trustee, is entitled to reeive reasonable remuneration out of the trust funds for any servies that he provides to or on behalf of the trust if eah other trustee has agreed in writing that he may be remunerated for the servies. (3) Reasonable remuneration means, in relation to the provision of servies by a trustee, suh remuneration as is reasonable in the irumstanes for Page 18 AT 18 of 2001
19 Trustee At 2001 Setion 30 the provision of those servies to or on behalf of that trust by that trustee and for the purposes of subsetion (1) inludes, in relation to the provision of servies by a trustee who is a liensed deposit taking institution and provides the servies in that apaity, the institution s reasonable harges for the provision of suh servies. 1 (4) A trustee is entitled to remuneration under this setion even if the servies in question are apable of being provided by a lay trustee. (5) A trustee is not entitled to remuneration under this setion if any provision about his entitlement to remuneration has been made by the trust instrument, or by any statutory provision. (6) This setion applies to a trustee who has been authorised under a power onferred by Part 4 or the trust instrument to exerise funtions as an agent of the trustees, or to at as a nominee or ustodian, as it applies to any other trustee. (7) In this setion liensed deposit taking institution means the holder of a liene under setion 7 of the Finanial Servies At 2008 in respet of deposit taking Remuneration of trustees of haritable trusts (1) The Deemsters may by regulations make provision for the remuneration of trustees of haritable trusts who are trust orporations or at in a professional apaity. (2) The power under subsetion (1) inludes power to make provision for the remuneration of a trustee who has been authorised under a power onferred by Part 4 or any other statutory provision, or by the trust instrument, to exerise funtions as an agent of the trustees, or to at as a nominee or ustodian. (3) Regulations under this setion shall not have effet unless they are approved by Tynwald. 31 Trustees expenses (1) A trustee is entitled to be reimbursed from the trust funds, or may pay out of the trust funds, expenses properly inurred by him when ating on behalf of the trust. AT 18 of 2001 Page 19
20 Setion 32 Trustee At 2001 (2) This setion applies to a trustee who has been authorised under a power onferred by Part 4 or any other statutory provision, or by the trust instrument, to exerise funtions as an agent of the trustees, or to at as a nominee or ustodian, as it applies to any other trustee. 32 Remuneration and expenses of agents, nominees and ustodians (1) This setion applies if, under a power onferred by Part 4 or any other statutory provision, or by the trust instrument, a person other than a trustee has been authorised to exerise funtions as an agent of the trustees, or appointed to at as a nominee or ustodian. (2) The trustees may remunerate the agent, nominee or ustodian out of the trust funds for servies if he is engaged on terms entitling him to be remunerated for those servies, and the amount does not exeed suh remuneration as is reasonable in the irumstanes for the provision of those servies by him to or on behalf of that trust. (3) The trustees may reimburse the agent, nominee or ustodian out of the trust funds for any expenses properly inurred by him in exerising funtions as an agent, nominee or ustodian. 33 Appliation (1) Subjet to subsetion (2), setions 28, 29, 31 and 32 apply in relation to servies provided to or on behalf of, or (as the ase may be) expenses inurred on or after their ommenement on behalf of, trusts whenever reated. (2) Nothing in setion 28 or 29 is to be treated as affeting the operation of setion 4 of the Wills At 1985, or setion 41(1) of the Administration of Estates At 1990, in relation to any death ourring before the ommenement of setion 28 or (as the ase may be) setion 29. PART 6 MISCELLANEOUS AND SUPPLEMENTARY 34 Power to insure (1) [Substitutes setion 17 of the Trustee At 1961.] Page 20 AT 18 of 2001
21 Trustee At 2001 Setion 35 (2) [Amends setion 18(1) of the Trustee At 1961 by deleting the words whether by fire or otherwise.] (3) The amendments made by this setion apply in relation to trusts whether reated before or after its ommenement. 35 Personal representatives (1) Subjet to the following provisions of this setion, this At applies in relation to a personal representative administering an estate aording to the law as it applies to a trustee arrying out a trust for benefiiaries. (2) For this purpose this At is to be read with the appropriate modifiations and in partiular () referenes to the trust instrument are to be read as referenes to the will, referenes to a benefiiary or to benefiiaries, apart from the referene to a benefiiary in setion 8(1), are to be read as referenes to a person or the persons interested in the due administration of the estate, and the referene to a benefiiary in setion 8(1) is to be read as a referene to a person who under the will of the deeased or under the law relating to intestay is benefiially interested in the estate. (3) Remuneration to whih a personal representative is entitled under setion 28 or 29 is to be treated as an administration expense for the purposes of setions 39 and 41(1) of the Administration of Estates At (4) Nothing in subsetion (3) is to be treated as affeting the operation of the said setions 39 and 41(1) in relation to any death ourring before the ommenement of this setion. 36 Pension shemes (1) In this setion pension sheme means an oupational pension sheme (within the meaning of the Pension Shemes At 1993 (an At of Parliament), as it has effet in the Island) established under a trust and subjet to the law of the Island. (2) Part 1 does not apply to the trustees of any pension sheme in so far as it imposes a duty of are in relation to the funtions desribed in paragraphs 1 and 2 of Shedule 1, or the funtions desribed in paragraph 3 of that Shedule to the extent that they relate to trustees (i) (ii) authorising a person to exerise their funtions with respet to investment, or appointing a person to at as their nominee or ustodian. (3) Nothing in Part 2 or 3 applies to the trustees of any pension sheme. AT 18 of 2001 Page 21
22 Setion 37 Trustee At 2001 (4) Part 4 applies to the trustees of a pension sheme subjet to the restritions in subsetions (5) to (8). (5) The trustees of a pension sheme may not under Part 4 authorise any person to exerise any funtions relating to investment as their agent. (6) The trustees of a pension sheme may not under Part 4 authorise a person who is an employer in relation to the sheme, or onneted with or an assoiate of suh an employer, to exerise any of their funtions as their agent. (7) For the purposes of subsetion (6) employer, in relation to a sheme, means the employer of persons in the desription or ategory of employment to whih the sheme relates; setion 54 of the Insurane At 2008 applies for the purpose of determining whether a person is onneted with or an assoiate of an employer. 3 (8) Setions 16 to 20 do not apply to the trustees of a pension sheme. 37 Authorised unit trusts (1) Parts 2 to 4 do not apply to trustees of authorised unit trusts. (2) In this setion authorised unit trust means a unit trust sheme whih is an authorised sheme for the purposes of the Colletive Investment Shemes At 2008; 4 unit trust sheme has the same meaning as in that At. 38 [Amends setion 1 of the Perpetuities and Aumulations At 1968 as follows: paragraph substitutes in subsetion (1) the expression that speified in subsetion (1A) for the word eighty ; and paragraph inserts subsetion (1A).] 39 Interpretation (1) In this At asset inludes any right or interest; haritable trust means a trust under whih property is held for haritable purposes aording to the law of the Island; ustodian trustee means a trustee whose duties prinipally relate to the holding of property, the management of whih is the responsibility of other trustees; Page 22 AT 18 of 2001
23 Trustee At 2001 Setion 40 personal representative has the same meaning as in the Trustee At 1961; settled land means land whih is settled land for the purposes of the Settled Land At 1891, exept land whih is deemed to be settled land by virtue of setion 53 of that At; trust orporation has the same meaning as in the Trustee At 1961; trust funds means inome or apital funds of the trust. (2) In this At the expressions listed below are defined or otherwise explained by the provisions indiated asset management funtions setion 15(5) ustodian setion 17(2) the duty of are setion 1(2) the general power of investment setion 3(2) lay trustee setion 28(5) power of intervention setion 22(4) the standard investment riteria trustee ating in a professional apaity trust instrument setion 4(3) setion 28(5) setions 6(2) and 35(2) 40 Minor and onsequential amendments et (1) The enatments speified in Shedule 2 are amended in aordane with that Shedule. (2) The transitional provisions and savings in Shedule 3 shall have effet. (3) The enatments speified in Shedule 4 are repealed to the extent speified in olumn 3 of that Shedule. 41 Power to amend other Ats (1) The Counil of Ministers may by order make suh amendments of any statutory provision as appear to it appropriate in onsequene of or in onnetion with Part 2 or 3. (2) An order under subsetion (1) shall not have effet unless it is approved by Tynwald. 42 Short title and ommenement (1) This At may be ited as the Trustee At AT 18 of 2001 Page 23
24 Setion 42 Trustee At 2001 (2) This At, exept setions 38 and 41 and this setion, shall ome into fore on suh day or days as the Counil of Ministers may by order appoint. 5 (3) An order under subsetion (2) may ontain suh transitional provisions and savings as the Counil of Ministers onsiders appropriate in onnetion with the order. Page 24 AT 18 of 2001
25 Trustee At 2001 Shedule 1 SCHEDULE 1 APPLICATION OF DUTY OF CARE Setion 2 Investment 1. The duty of are applies to a trustee when exerising the general power of investment or any other power of investment, however onferred; when arrying out a duty to whih he is subjet under setion 4 or 5. Aquisition of land 2. The duty of are applies to a trustee () when exerising the power under setion 8 to aquire land; when exerising any other power to aquire land, however onferred; when exerising any power in relation to land aquired under a power mentioned in sub-paragraph or. Agents, nominees and ustodians 3. (1) The duty of are applies to a trustee () (d) (e) when entering into arrangements under whih a person is authorised under setion 11 to exerise funtions as an agent; when entering into arrangements under whih a person is appointed under setion 16 to at as a nominee; when entering into arrangements under whih a person is appointed under setion 17 or 18 to at as a ustodian; when entering into arrangements under whih, under any other power, however onferred, a person is authorised to exerise funtions as an agent or is appointed to at as a nominee or ustodian; when arrying out his duties under setion 22 (review of agent, nominee or ustodian, et.). (2) For the purposes of sub-paragraph (1), entering into arrangements under whih a person is authorised to exerise funtions or is appointed to at as a nominee or ustodian inludes, in partiular seleting the person who is to at, AT 18 of 2001 Page 25
26 Shedule 2 Trustee At 2001 () determining any terms on whih he is to at, and if the person is being authorised to exerise asset management funtions, the preparation of a poliy statement under setion 15. Compounding of liabilities 4. The duty of are applies to a trustee when exerising the power under setion 13 of the Trustee At 1961 to do any of the things referred to in that setion; when exerising any orresponding power, however onferred. Insurane 5. The duty of are applies to a trustee when exerising the power under setion 17 of the Trustee At 1961 to insure property; when exerising any orresponding power, however onferred. Reversionary interests, valuations and audit 6. The duty of are applies to a trustee when exerising the power under setion 20(1) or (3) of the Trustee At 1961 to do any of the things referred to there; when exerising any orresponding power, however onferred. Exlusion of duty of are 7. The duty of are does not apply if or in so far as it appears from the trust instrument that the duty is not meant to apply. SCHEDULE 2 MINOR AND CONSEQUENTIAL AMENDMENTS [Sh 2 amends the following Ats Settled Land At 1891 q.v. Setion 40(1) Industrial and Building Soieties At 1892 q.v. Noble s Hospital At 1909 q.v. Trustee At 1961 q.v. Charities At 1962 q.v. Administration of Estates At 1990 q.v. Churh At 1992 q.v.] Page 26 AT 18 of 2001
27 Trustee At 2001 Shedule 3 Settled Land At (3) Nothing in sub-paragraph (2)Ed.- Substitution of s18(2) and (4) and insertion of subss (4A) to (4C).* affets the operation of setion 18 in relation to diretions of the tenant for life given, but not ated upon by the trustees, before the ommenement of this paragraph. SCHEDULE 3 TRANSITIONAL PROVISIONS AND SAVINGS Setion 40(2). 1. Where, immediately before the day on whih Part 4 omes into fore, a banker or banking ompany holds any bearer seurities deposited with him or it under setion 4(1) of the Trustee At 1961, he or it shall be treated as if he or it had been appointed as ustodian of the seurities under setion The repeal of setion 5 of the Trustee At 1961 does not affet the operation of that setion in relation to loans or investments made before the oming into fore of that repeal. 3. The repeal of setion 6 of the Trustee At 1961 does not affet the operation of that setion in relation to any advane of trust money made before the oming into fore of that repeal. 4. Where, immediately before the day on whih Part 4 omes into fore, a banker or banking ompany holds any douments deposited with him or it under setion 19 of the Trustee At 1961, he or it shall be treated as if he or it had been appointed as ustodian of the douments under setion Where, immediately before the day on whih Part 4 omes into fore, a person has been appointed to at as or be an agent or attorney under setion 21(1) or (3) of the Trustee At 1961 (general power to employ agents et.), he shall be treated as if he had been authorised to exerise funtions as an agent under setion 11 (and, if appropriate, as if he had also been appointed under Part 4 to at as a ustodian or nominee). 6. The repeal of setion 21(2) of the Trustee At 1961 does not affet any appointment made before that repeal omes into operation. 7. (1) A trustee shall not be liable for breah of trust merely beause he ontinues to hold an investment aquired by virtue of (2) A person who paragraph 14 of Part II of Shedule 1 to the Trustee Investments At 1961 (an At of Parliament) (perpetual rent-harges et.), or setion 3(2) of the Tithe At 1985 (tithe redemption harge). AT 18 of 2001 Page 27
28 Shedule 4 Trustee At 2001 () is not a trustee, before the ommenement of Part 2 had powers to invest in the investments desribed in a provision referred to in subparagraph (1), and on that ommenement aquired the general power of investment, shall not be treated as exeeding his powers of investment merely beause he ontinues to hold an investment aquired by virtue of that provision. SCHEDULE 4 ENACTMENTS REPEALED Setion 40(3) [Sh 4 repeals the following At wholly Trustees At 1865 and the following Ats in part Settled Land At 1891 Trustee At 1961 Isle of Man Loans At 1974 Tithe At 1985.] Page 28 AT 18 of 2001
29 Trustee At 2001 Endnotes ENDNOTES Table of Legislation History Legislation Year and No Commenement Table of Renumbered Provisions Original Current Table of Endnote Referenes 1 Subs (3) amended by Finanial Servies At 2008 Sh 6. 2 Subs (7) substituted by Finanial Servies At 2008 Sh 6. 3 Para amended by Insurane At 2008 Sh 8. 4 Definition of authorised unit trust amended by Colletive Investment Shemes At 2008 Sh 6. 5 ADO (whole At exept ss 38, 41 and 42) 1/9/2001 (SD434/01). AT 18 of 2001 Page 29
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