Statutes of Northern Ireland

Chapter 14

(a) to any special knowledge or experience that he has or holds himself out as having, and

(b) if he acts as trustee in the course of a business or profession, to any special knowledge or experience that it is reasonable to expect of a person acting in the course of that kind of business or profession.

(a) one person provides another with credit, and

(b) the obligation of the borrower to repay is secured on land.

(a) the suitability to the trust of investments of the same kind as any particular investment proposed to be made or retained and of that particular investment as an investment of that kind, and

(b) the need for diversification of investments of the trust, in so far as is appropriate to the circumstances of the trust.

(a) in addition to powers conferred on trustees otherwise than by this Part, but

(b) subject to any restriction or exclusion imposed by the trust instrument or by any statutory provision.

(a) has effect under section 3(2) of the Trustee Investments Act 1961 (c.62) as a power to invest under that Act, or

(b) confers power to invest under that Act,

(a) to make the same investments as are authorised by the Trustee Investments Act 1961 (c. 62); or

(b) to invest in any manner in which a trustee is for the time being authorised by law to invest trust funds.

(a) as an investment,

(b) for occupation by a beneficiary, or

(c) for any other reason.

(a) in addition to powers conferred on trustees otherwise than by this Part, but

(b) subject to any restriction or exclusion imposed by the trust instrument or by any statutory provision.

(a) any function relating to whether or in what way any assets of the trust should be distributed,

(b) any power to decide whether any fees or other payment due to be made out of the trust funds should be made out of income or capital,

(c) any power to appoint a person to be a trustee of the trust, or

(d) any power conferred by any other statutory provision or the trust instrument which permits the trustees to delegate any of their functions or to appoint a person to act as a nominee or custodian.

(a) any function consisting of carrying out a decision that the trustees have taken;

(b) any function relating to the investment of assets subject to the trust (including, in the case of land held as an investment, managing the land and creating or disposing of an interest in the land);

(c) any function relating to the raising of funds for the trust otherwise than by means of profits of a trade which is an integral part of carrying out the trust's charitable purpose;

(d) any other function prescribed by an order made by the Department for Social Development subject to negative resolution.

(a) the trade is exercised in the course of the actual carrying out of a primary purpose of the trust, or

(b) the work in connection with the trade is mainly carried out by beneficiaries of the trust.

(a) a term permitting the agent to appoint a substitute;

(b) a term restricting the liability of the agent or his substitute to the trustees or any beneficiary;

(c) a term permitting the agent to act in circumstances capable of giving rise to a conflict of interest.

(a) they have prepared a statement that gives guidance as to how the functions should be exercised ("a policy statement"), and

(b) the agreement under which the agent is to act includes a term to the effect that he will secure compliance with-

(i) the policy statement, or

(ii) if the policy statement is revised or replaced under section 22, the revised or replacement policy statement.

(a) the investment of assets subject to the trust,

(b) the acquisition of property which is to be subject to the trust, and

(c) managing property which is subject to the trust and disposing of, or creating or disposing of an interest in, such property.

(a) appoint a person to act as their nominee in relation to such of the assets of the trust as they determine (other than settled land), and

(b) take such steps as are necessary to secure that those assets are vested in a person so appointed.

(a) the person carries on a business which consists of or includes acting as a nominee or custodian;

(b) the person is a body corporate which is controlled by the trustees;

(c) the person is a body corporate recognised under Article 26A of the Solicitors (Northern Ireland) Order 1976 (NI 12).

(a) one of their number, if that one is a trust corporation, or

(b) two (or more) of their number, if they are to act as joint nominees or joint custodians.

(a) appointed to act as their custodian (whether under section 17 or 18 or any other power), or

(b) authorised to exercise functions as their agent (whether under section 11 or any other power).

(a) appointed to act as their nominee (whether under section 16 or any other power), or

(b) authorised to exercise functions as their agent (whether under section 11 or any other power).

(a) a term permitting the nominee or custodian to appoint a substitute;

(b) a term restricting the liability of the nominee or custodian or his substitute to the trustees or to any beneficiary;

(c) a term permitting the nominee or custodian to act in circumstances capable of giving rise to a conflict of interest.

(a) authorised a person to exercise functions as their agent, or

(b) appointed a person to act as a nominee or custodian.

(a) authorised a person to exercise functions as their agent, or

(b) appointed a person to act as a nominee or custodian.

(a) must keep under review the arrangements under which the agent, nominee or custodian acts and how those arrangements are being put into effect,

(b) if circumstances make it appropriate to do so, must consider whether there is a need to exercise any power of intervention that they have, and

(c) if they consider that there is a need to exercise such a power, must do so.

(a) a duty to consider whether there is any need to revise or replace the policy statement made for the purposes of section 15,

(b) if they consider that there is a need to revise or replace the policy statement, a duty to do so, and

(c) a duty to assess whether the policy statement (as it has effect for the time being) is being complied with.

(a) a power to give directions to the agent, nominee or custodian;

(b) a power to revoke the authorisation or appointment.

(a) when entering into the arrangements under which the person acts as agent, nominee or custodian, or

(b) when carrying out his duties under section 22.

(a) when agreeing that term, or

(b) when carrying out his duties under section 22 in so far as they relate to the use of the substitute.

(a) in authorising a person to exercise a function of theirs as an agent, or

(b) in appointing a person to act as a nominee or custodian,

(a) in addition to powers conferred on trustees otherwise than by this Part, but

(b) subject to any restriction or exclusion imposed by the trust instrument or by any statutory provision.

(a) there is a provision in the trust instrument entitling him to receive payment out of trust funds in respect of services provided by him to or on behalf of the trust, and

(b) the trustee is a trust corporation or is acting in a professional capacity.

(a) if he is not a sole trustee, and

(b) to the extent that a majority of the other trustees have agreed that it should apply to him.

(a) Article 8 of the Wills and Administration Proceedings (Northern Ireland) Order 1994 (NI 13) (gifts to an attesting witness to be void), and

(b) section 30(3) of the Administration of Estates Act (Northern Ireland) 1955 (c.24) (order in which estate to be paid out).

(a) the management or administration of trusts generally or a particular kind of trust, or

(b) any particular aspect of the management or administration of trusts generally or a particular kind of trust,

(a) is not a trust corporation, and

(b) does not act in a professional capacity.

(a) is a trust corporation, but

(b) is not a trustee of a charitable trust,

(a) acts in a professional capacity, but

(b) is not a trust corporation, a trustee of a charitable trust or a sole trustee,

(a) by the trust instrument, or

(b) by any statutory provision.

(a) to exercise functions as an agent of the trustees, or

(b) to act as a nominee or custodian,

(a) to exercise functions as an agent of the trustees, or

(b) to act as a nominee or custodian.

(a) is entitled to be reimbursed from the trust funds, or

(b) may pay out of the trust funds,

(a) to exercise functions as an agent of the trustees, or

(b) to act as a nominee or custodian,

(a) authorised to exercise functions as an agent of the trustees, or

(b) appointed to act as a nominee or custodian.

(a) he is engaged on terms entitling him to be remunerated for those services, and

(b) the amount does not exceed such remuneration as is reasonable in the circumstances for the provision of those services by him to or on behalf of that trust.

(a) Article 8 of the Wills and Administration Proceedings (Northern Ireland) Order 1994 (NI 13), or

(b) section 30(3) of the Administration of Estates Act (Northern Ireland)1955 (c.24),

(a) there is no person nominated for the purpose of appointing new trustees by the instrument, if any, creating the trust; and

(b) the beneficiaries under the trust are of full age and capacity and (taken together) are absolutely entitled to the property subject to the trust.

(a) a written direction to a trustee or trustees to retire from the trust; and

(b) a written direction to the trustees or trustee for the time being (or, if there are none, to the personal representative of the last person who was a trustee) to appoint by writing to be a trustee or trustees the person or persons specified in the direction.

(a) a trustee has been given a direction under subsection (2)(a);

(b) reasonable arrangements have been made for the protection of any rights of his in connection with the trust;

(c) after he has retired there will be either a trust corporation or at least two persons to act as trustees to perform the trust; and

(d) either another person is to be appointed to be a new trustee on his retirement (whether in compliance with a direction under subsection (2)(b) or otherwise) or the continuing trustees by deed consent to his retirement,

(a) a trustee is incapable by reason of mental disorder (within the meaning of the Mental Health Order) of exercising his functions as trustee;

(b) there is no person who is both entitled and willing and able to appoint a trustee in place of him under section 35(1) of the Trustee Act (Northern Ireland) 1958 (c.23); and

(c) the beneficiaries under the trust are of full age and capacity and (taken together) are absolutely entitled to the property subject to the trust.

(a) a controller appointed for the trustee under Article 101 of the Mental Health Order;

(b) an attorney acting for the trustee under the authority of a power of attorney created by an instrument which is registered under Article 8 of the Enduring Powers of Attorney (Northern Ireland) Order 1987 (NI 16); or

(c) a person authorised for the purpose by the High Court under Part VIII of the Mental Health Order,

(a) a single direction is jointly given by all of them; or

(b) (subject to subsection (2)) a direction is given by each of them (whether solely or jointly with one or more, but not all, of the others),

(a) in a case in which the trust was created by one person and he is of full capacity, by that person; or

(b) in a case in which the trust was created by more than one person, by such of the persons who created the trust as are alive and of full capacity.

(a) it does not affect anything done before its execution to comply with a direction under section 34 or 35; but

(b) a direction under section 34 or 35 which has been given but not complied with before its execution shall cease to have effect.

(a) references to the trust instrument are to be read as references to the will,

(b) references to a beneficiary or to beneficiaries, apart from the reference to a beneficiary in section 8(1)(b), are to be read as references to a person or the persons interested in the due administration of the estate;

(c) the reference to a beneficiary in section 8(1)(b) is to be read as a reference to a person who under the will of the deceased or under the law relating to intestacy is beneficially interested in the estate.

(a) section 30(3) of the Administration of Estates Act (Northern Ireland) 1955 ( c.24) (order in which estate to be paid out), and

(b) any provision giving reasonable administration expenses priority over the preferential debts listed in Schedule 4 to the Insolvency (Northern Ireland) Order 1989 (NI 19).

(a) the functions described in paragraphs 1 and 2 of Schedule 1, or

(b) the functions described in paragraph 3 of that Schedule to the extent that they relate to trustees-

(i) authorising a person to exercise their functions with respect to investment, or

(ii) appointing a person to act as their nominee or custodian.

(a) an employer in relation to the scheme, or

(b) an associate of or connected with such an employer,

(a) "employer", in relation to a scheme, has the same meaning as in Part II of the Pensions (Northern Ireland) Order 1995 (NI 22);

(b) Articles 4 and 7 of the Insolvency (Northern Ireland) Order 1989 (NI 19) apply for the purpose of determining whether a person is an associate of or connected with an employer.

"asset" includes any right or interest;

"asset management function" has the meaning given in section 15(5);

"charitable trust" means a trust under which property is held for charitable purposes and "charitable purposes" has the same meaning as in the Charities Act (Northern Ireland) 1964 (c.33);

"custodian" has the meaning given by section 17(2);

"the duty of care" has the meaning given by section 1(2);

"the general power of investment" has the meaning given by section 3(2);

"personal representative" has the same meaning as in the Trustee Act (Northern Ireland) 1958 (c.23);

"settled land" has the same meaning as in the Settled Land Act 1882 (c.38);

"statutory provision" has the same meaning as in section 1(f) of the Interpretation Act (Northern Ireland) 1954 (c.33);

"trust corporation" has the same meaning as in the Trustee Act (Northern Ireland) 1958 (c.23);

"trust funds" means income or capital funds of the trust.

(a) may contain such transitional provisions and savings as the Department thinks fit, and

(b) shall be subject to negative resolution.

(a) when exercising the general power of investment or any other power of investment, however conferred;

(b) when carrying out a duty to which he is subject under section 4 or 5 (duties relating to the exercise of a power of investment or to the review of investments).

(a) when exercising the power under section 8 to acquire land;

(b) when exercising any other power to acquire land, however conferred;

(c) when exercising any power in relation to land acquired under a power mentioned in sub-paragraph (a) or (b).

(a) when entering into arrangements under which a person is authorised under section 11 to exercise functions as an agent;

(b) when entering into arrangements under which a person is appointed under section 16 to act as a nominee;

(c) when entering into arrangements under which a person is appointed under section 17 or 18 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;

(e) when carrying out his duties under section 22 (review of agent, nominee or custodian, etc.).

(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 15.

(a) when exercising the power under section 15 of the Trustee Act (Northern Ireland) 1958 (c.23) to do any of the things referred to in that section;

(b) when exercising any corresponding power, however conferred.

(a) when exercising the power under section 19 of the Trustee Act (Northern Ireland) 1958 to insure property;

(b) when exercising any corresponding power, however conferred.

(a) when exercising the power under section 23(1) or (3) of the Trustee Act (Northern Ireland) 1958 to do any of the things referred to there;

(b) when exercising any corresponding power, however conferred.

(a) in subsection (1) for "in good faith" substitute "if they have discharged the duty of care set out in section 1(1) of the Trustee Act (Northern Ireland) 2001"; and

(b) in subsection (3) omit "in good faith" and at the end insert "if the trustees have discharged the duty of care set out in section 1(1) of the Trustee Act (Northern Ireland) 2001".

(a) with the substitution for the words "on trusts" of the words "on any trusts or settlements"; and

(b) with the insertion after the words "the trusts" (wherever occurring) of the words "or settlements".