Requirement for knowledge and understanding: supplementaryN.I.
226.—(1) For the purposes of Articles 224 and 225, a person's functions as trustee of a relevant scheme are any functions which he has by virtue of being such a trustee and include, in particular—
(a)any functions which he has as one of the trustees authorised under Article 34(5)(a) of the 1995 Order (delegation of investment discretions) in the case of the scheme, and
(b)any functions which he otherwise has as a member of a committee of the trustees of the scheme.
(2) Regulations may provide for any provision in Article 224 or 225—
(a)not to apply, or
(b)to apply with modifications,
to a trustee in prescribed circumstances.
(3) Nothing in either of those Articles affects any rule of law requiring a trustee to have knowledge of, or expertise in, any matter.
Commencement Information
I1Art. 226 wholly in operation at 6.4.2006; art. 226 not in operation at date of making see art. 1(2); art. 226(2) in operation for certain purposes at 9.3.2006 and wholly in operation at 6.4.2006 by S.R. 2006/95, art. 2(a), Sch. Pt. 1; art. 226 in operation at 6.4.2006 in so far as not already in operation by S.R. 2006/95, art. 2(c), Sch. Pt. 3