On 22/05/2013,
you requested for the version in force on 22/05/2013
incorporating all amendments published on or before 22/05/2013.
The closest version currently available is that of 31/07/2005.
FIRST SCHEDULE
Sections 3A(1) and 41N
Application of Statutory Duty of Care under Part Ia
1. The duty of care under Part IA applies to a trustee —
(a)
when exercising the general power of investment or any other power of investment, however conferred; or
(b)
when carrying out any duty imposed on him by this Act in relation to the investment of trust funds.
2. The duty of care under Part IA applies to a trustee —
(a)
when exercising any power to acquire land, however conferred; or
(b)
when exercising any power in relation to land acquired under a power mentioned in sub-paragraph (a).
3.—(1) The duty of care under Part IA applies to a trustee —
(a)
when entering into arrangements under which a person is authorised under section 41B to exercise functions as an agent;
(b)
when entering into arrangements under which a person is appointed under section 41G to act as a nominee;
(c)
when entering into arrangements under which a person is appointed under section 41H or 41I to act as a custodian;
(d)
when entering into arrangements under which, under any other power, however conferred, a person is authorised to exercise functions as an agent or is appointed to act as a nominee or custodian; or
(e)
when carrying out his duties under section 41M (Review of agents, nominees and custodians, etc.).
(2) For the purposes of sub-paragraph (1), entering into arrangements under which a person is authorised to exercise functions as an agent or is appointed to act as a nominee or custodian includes, in particular —
(a)
selecting the person who is to act;
(b)
determining any terms on which he is to act; and
(c)
if the person is being authorised to exercise asset management functions, the preparation of a policy statement under section 41F.
4. The duty of care under Part IA applies to a trustee —
(a)
when exercising the power under section 16 to do any of the things referred to in that section; or
(b)
when exercising any corresponding power, however conferred.
5. The duty of care under Part IA applies to a trustee —
(a)
when exercising the power under section 21 to insure property; or
(b)
when exercising any corresponding power, however conferred.
6. The duty of care under Part IA applies to a trustee —
(a)
when exercising the power under section 24(1) or (4) to do any of the things referred to therein; or
(b)
when exercising any corresponding power, however conferred.
[UK Trustee 2000, Sch. 1]
[45/2004]