Trustee Act 2000

The Trustee Act 1925 (c.19) U.K.

18 U.K. Omit Part I (investments).

19 U.K. In section 14 (power of trustees to give receipts) in subsection (1) after “securities,” insert “ investments ”.

20 U.K. In section 15 (power to compound liabilities), for “in good faith” substitute “ if he has or they have discharged the duty of care set out in section 1(1) of the Trustee Act 2000 ”.

21 U.K. Omit section 21 (deposit of documents for safe custody).

22 U.K. In section 22 (reversionary interests, valuations, and audit)—

(a) in subsection (1), for “in good faith” substitute “ if they have discharged the duty of care set out in section 1(1) of the Trustee Act 2000 ”, and

(b) in subsection (3), omit “in good faith” and at the end insert “ if the trustees have discharged the duty of care set out in section 1(1) of the Trustee Act 2000 ”.

23 U.K. Omit section 23 (power to employ agents).

24 U.K. Omit section 30 (implied indemnity of trustees).

25 U.K. In section 31(2) (power to invest income during minority) for “in the way of compound interest by investing the same and the resulting income thereof” substitute “ by investing it, and any profits from so investing it ”.