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Trustee Act (Northern Ireland) 2001

  • Explanatory Notes Table of contents

Please note:

All reference to 'Parts' and 'sections' are from the Trustee Act (Northern Ireland) 2001. For other versions of these Explanatory Notes, see More Resources.

  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

  • Explanatory Notes Table of contents

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Explanatory Notes

Text created by the Northern Ireland Assembly department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes accompany all Acts of the Northern Ireland Assembly.

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