Trustee Act (Northern Ireland) 2001 Explanatory Notes

1. Introduction

2. Background and Policy Objectives

3. Consultation

4. Options Considered

5. Overview

6. Commentary on Clauses

   1. Part I: The Duty of Care

      1. Section 1: The duty of care

      2. Section 2: Application of the duty of care

   2. Part II: Investment

      1. Section 3: General power of investment

      2. Section 4: Standard investment criteria

      3. Section 5: Advice

      4. Section 6: Restriction or exclusion of this Part etc.

      5. Section 7: Existing trusts and statutory powers

   3. Part III: Acquisition of Land

      1. Section 8: Power to acquire land

      2. Section 9: Restriction or exclusion of this Part, etc.

      3. Section 10: Existing trusts

   4. Part IV: Agents, Nominees and Custodians

      1. Section 11: Power to employ agents

      2. Section 12: Persons who may act as agents

      3. Section 13: Linked functions etc.

      4. Section 14: Terms of agency

      5. Section 15: Asset management: special restrictions

      6. Section 16: Power to appoint nominees

      7. Section 17: Power to appoint custodians

      8. Section 18: Investment in bearer securities

      9. Section 19: Persons who may be appointed as nominees or custodians

      10. Section 20: Terms of appointment of nominees and custodians

      11. Section 21: Application of sections 22 and 23

      12. Section 22: Review of agents, nominees and custodians etc.

      13. Section 23: Liability for agents, nominees and custodians etc.

      14. Section 24: Effect of trustees exceeding their powers

      15. Section 25: Sole trustees

      16. Section 26: Restriction or exclusion of this Part etc.

      17. Section 27: Existing trusts

   5. Part V: Remuneration

      1. Section 28: Trustee’s entitlement to payment under trust instrument

      2. Section 29: Remuneration of certain trustees

      3. Section 30: Remuneration of trustees of charitable trusts

      4. Section 31: Trustees’ expenses

      5. Section 32: Remuneration and expenses of agents, nominees and custodians

      6. Section 33: Application

   6. Part VI: Appointment and Retirement of Trustees

      1. Section 34: Appointment or retirement of trustee at instance of beneficiaries

      2. Section 35: Appointment of substitute for incapable trustee

      3. Section 36: Provisions supplementary to sections 34 and 35

   7. Part VII: Miscellaneous and Supplementary

      1. Section 37: Power to insure

      2. Section 38: Personal representatives

      3. Section 39: Pension Schemes

      4. Section 40: Authorised unit trusts

      5. Section 41: Common investment schemes for charities

      6. Section 42: The Crown

      7. Section 43: Interpretation

      8. Section 44: Amendments, transitional and saving provisions and repeals

      9. Section 45: Commencement

   8. Schedule 1: Application of duty of care

   9. Schedule 2: Minor and consequential amendments

   10. Schedule 3: Transitional provisions and savings

   11. Schedule 4: Repeals