221Duties of charity trustees
(1)Each charity trustee of a CIO must exercise the powers and perform the functions that the charity trustee has in that capacity in the way that the charity trustee decides, in good faith, would be most likely to further the purposes of the CIO.
(2)Each charity trustee of a CIO must in the performance of functions in that capacity exercise such care and skill as is reasonable in the circumstances, having regard in particular—
(a)to any special knowledge or experience that the charity trustee has or purports to have, and
(b)if the charity trustee acts as such in the course of a business or profession, to any special knowledge or experience that it is reasonable to expect of a person acting in the course of that kind of business or profession.
But this is subject to any provision of a CIO’s constitution permitted by virtue of regulations made under subsection (3).
(3)CIO regulations may permit a CIO’s constitution to provide that the duty in subsection (2)—
(a)does not apply, or
(b)does not apply in so far as is specified in the constitution.
(4)Regulations under subsection (3) may provide for limits on the extent to which, or the cases in which, a CIO’s constitution may disapply the duty in subsection (2).