Trustee Act (Northern Ireland) 2001

PART ITHE DUTY OF CARE

1The duty of care

2Application of duty of care

PART IIINVESTMENT

3General power of investment

4Standard investment criteria

6Restriction or exclusion of this Part, etc.

7Existing trusts and statutory powers

PART IIIACQUISITION OF LAND

8Power to acquire land

9Restriction or exclusion of this Part, etc.

10Existing trusts

PART IVAGENTS NOMINEES AND CUSTODIANS

11Power to employ agents

12Persons who may act as agents

13Linked functions, etc.

14Terms of agency

15Asset management: special restrictions

Nominees and custodians

16Power to appoint nominees

17Power to appoint custodians

18Investment in bearer securities

19Persons who may be appointed as nominees or custodians

20Terms of appointment of nominees and custodians

Review of and liability for agents, nominees and custodians, etc.

21Application of sections 22 and 23

22Review of agents, nominees and custodians, etc.

23Liability for agents, nominees and custodians, etc.

24Effect of trustees exceeding their powers

25Sole trustees

26Restriction or exclusion of this Part, etc.

27Existing trusts

PART VREMUNERATION

28Trustee's entitlement to payment under trust instrument

29Remuneration of certain trustees

30Remuneration of trustees of charitable trusts

31Trustees' expenses

32Remuneration and expenses of agents, nominees and custodians

PART VIAPPOINTMENT AND RETIREMENT OF TRUSTEES

34Appointment or retirement of trustee at instance of beneficiaries

35Appointment of substitute for incapable trustee

36Provisions supplementary to sections 34 and 35

PART VIIMISCELLANEOUS AND SUPPLEMENTARY

Power to insure

37Power to insure

38Personal representatives

39Pension schemes

40Authorised unit trusts

41Common investment schemes for charities

43Interpretation

44Amendments, transitional and saving provisions and repeals

SCHEDULE 1APPLICATION OF DUTY OF CARE

1The duty of care applies to a trustee—

Acquisition of land

2The duty of care applies to a trustee—

Agents, nominees and custodians

3(1) The duty of care applies to a trustee—

Compounding of liabilities

4The duty of care applies to a trustee—

5The duty of care applies to a trustee—

Reversionary interests, valuations and audit

6The duty of care applies to a trustee—

Exclusion of duty of care

7The duty of care does not apply if or in...

SCHEDULE 3TRANSITIONAL PROVISIONS AND SAVINGS

Part II of this Act

1Nothing in Part II affects any power of a court...

Part IV of this Act

2(1) Sub-paragraph (2) applies if, immediately before the day on...

3The repeal of section 8 of the 1958 Act (loans...

4The repeal of section 9 of the 1958 Act (liability...

5(1) Sub-paragraph (2) applies if, immediately before the day on...

6(1) Sub-paragraph (2) applies if, immediately before the day on...

7The repeal of section 24(2) of the 1958 Act (power...

8A provision of this Act does not affect the validity...

9In this Schedule “the 1958 Act” means the Trustee Act...

Trustee Act (Northern Ireland) 2001

2001 CHAPTER 14

An Act to amend the law relating to trustees and persons having the investment powers of trustees; and for connected purposes.

[20th July 2001]