33.—(1) The provisions of the Trustee Act 2000(1) (“the 2000 Act”) specified in paragraph (2) apply in relation to a CIO as they apply to a charitable trust but with the modifications specified in paragraph (3).
(2) The provisions of the 2000 Act which apply are—
(a)Part 4 (agents, nominees and custodians) other than sections 11(2), 12(3), 13(3) to (5), 18, 25(2) and 27; and
(b)section 32 (remuneration of agents, nominees and custodians).
(3) The modifications are—
(a)any reference to a charitable trust or a trust is to be read as a reference to a CIO;
(b)any reference to the trustees of a trust or to the trustees is to be read as a reference to the charity trustees of a CIO;
(c)any reference to property or assets subject to the trust, or of the trust, is to be read as a reference to the property or assets of a CIO;
(d)any reference to the acquisition of property which is to be subject to the trust is to be read as a reference to the acquisition of property by a CIO;
(e)any reference to the trust instrument is to be read as a reference to CIO’s constitution;
(f)any reference to a provision of the 2000 Act is to be read as a reference to a provision of that Act as it applies in relation to CIOs;
(g)any reference to trust funds is to be read as a reference to the funds of a CIO;
(h)any reference to section 12(3), 13(5) or 18 is omitted;
(i)in sections 14(1) and 20(1) the reference to sections 29 to 32 is to be read as a reference to section 32;
(j)in sections 14(3)(b) and 20(3)(b) the words “or any beneficiary” are omitted;
(k)in sections 16(3) and 17(4) references to a CIO having a custodian trustee are omitted;
(l)any reference to the duty of care applicable to a trustee under paragraph 3 of Schedule 1 to the 2000 Act is to be read as a reference to the duty of care in section 221(2) of the 2011 Act (duties of charity trustees);
(m)the reference in section 11(3)(d) to any other function prescribed by an order made by the Secretary of State is to be read as a reference to any function prescribed by an order made by the Secretary of State under that provision in relation to a charitable trust and any such order applies in relation to a CIO in so far as it applies to a charity which is not an exempt charity with appropriate modifications;
(n)in section 19(4) the words “which is not an exempt charity” are omitted;
(o)in section 25(1) the words “subject to subsection (2)” are omitted.
2000 c. 29. There are amendments to the Act not relevant to these Regulations.