Trustee Act (Northern Ireland) 2001

1. Introductory Text

2. PART I THE DUTY OF CARE

   1. 1. The duty of care

   2. 2. Application of duty of care

3. PART II INVESTMENT

   1. 3. General power of investment

   2. 4. Standard investment criteria

   3. 5. Advice

   4. 6. Restriction or exclusion of this Part, etc.

   5. 7. Existing trusts and statutory powers

4. PART III ACQUISITION OF LAND

   1. 8. Power to acquire land

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

   3. 10. Existing trusts

5. PART IV AGENTS NOMINEES AND CUSTODIANS

   1. Agents

      1. 11. Power to employ agents

      2. 12. Persons who may act as agents

      3. 13. Linked functions, etc.

      4. 14. Terms of agency

      5. 15. Asset management: special restrictions

   2. Nominees and custodians

      1. 16. Power to appoint nominees

      2. 17. Power to appoint custodians

      3. 18. Investment in bearer securities

      4. 19. Persons who may be appointed as nominees or custodians

      5. 20. Terms of appointment of nominees and custodians

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

      1. 21. Application of sections 22 and 23

      2. 22. Review of agents, nominees and custodians, etc.

      3. 23. Liability for agents, nominees and custodians, etc.

   4. Supplementary

      1. 24. Effect of trustees exceeding their powers

      2. 25. Sole trustees

      3. 26. Restriction or exclusion of this Part, etc.

      4. 27. Existing trusts

6. PART V REMUNERATION

   1. 28. Trustee's entitlement to payment under trust instrument

   2. 29. Remuneration of certain trustees

   3. 30. Remuneration of trustees of charitable trusts

   4. 31. Trustees' expenses

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

   6. 33. Application

7. PART VI APPOINTMENT AND RETIREMENT OF TRUSTEES

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

   2. 35. Appointment of substitute for incapable trustee

   3. 36. Provisions supplementary to sections 34 and 35

8. PART VII MISCELLANEOUS AND SUPPLEMENTARY

   1. Power to insure

      1. 37. Power to insure

   2. Special cases

      1. 38. Personal representatives

      2. 39. Pension schemes

      3. 40. Authorised unit trusts

      4. 41. Common investment schemes for charities

      5. 42. The Crown

   3. Supplementary

      1. 43. Interpretation

      2. 44. Amendments, transitional and saving provisions and repeals

      3. 45. Commencement

      4. 46. Short title

9. SCHEDULES

   1. SCHEDULE 1

      APPLICATION OF DUTY OF CARE

      1. Investment

         1. 1. The duty of care applies to a trustee—

      2. Acquisition of land

         1. 2. The duty of care applies to a trustee—

      3. Agents, nominees and custodians

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

      4. Compounding of liabilities

         1. 4. The duty of care applies to a trustee—

      5. Insurance

         1. 5. The duty of care applies to a trustee—

      6. Reversionary interests, valuations and audit

         1. 6. The duty of care applies to a trustee—

      7. Exclusion of duty of care

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

   3. SCHEDULE 3

      TRANSITIONAL PROVISIONS AND SAVINGS

      1. Part II of this Act

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

      2. Part IV of this Act

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

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

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

         4. 5. (1) Sub-paragraph (2) applies if, immediately before the day on...

         5. 6. (1) Sub-paragraph (2) applies if, immediately before the day on...

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

      3. General

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

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