TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 23 Reversionary interests, valuations, and audit.

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TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 23

Reversionary interests, valuations, and audit.

23.(1) Where trust property includes any share, estate or interest in property
not vested in the trustees, or the proceeds of the sale of any such property,
or any other thing in action, the trustees on the same falling into
possession, or becoming payable or transferable may

(a)agree or ascertain the amount or value thereof or any part thereof in such
manner as they may think fit;

(b)accept in or towards satisfaction thereof, at the market or current value,
or upon any valuation or estimate of value which they may think fit, any
authorised investments;

(c)allow any deductions for duties, costs, charges and expenses which they may
think proper or reasonable;

(d)execute any release in respect of the premises so as effectually to
discharge all accountable parties from all liability in respect of any matters
coming within the scope of such release;

(2) The trustees shall not be under any obligation and shall not be chargeable
with any breach of trust by reason of any omission

(a)to place any distringas notice or apply for any stop or other like order
upon any securities or other property out of or on which such share, estate or
interest or other thing in action as aforesaid is derived, payable or charged;
or

(b)to take any proceedings on account of any act, default, or neglect on the
part of the persons in whom such securities or other property or any of them
or any part thereof are for the time being, or had at any time been, vested;

(3) Trustees may, for the purpose of giving effect to the trust, or any of the
provisions of the instrument, if any, creating the trust or of any statute,
from time to time (by suitably qualified agents) ascertain and fix the value
of any trust property in such manner as they think proper, and any valuation
so made in good faith shall be binding upon all persons interested under the
trust.

(4) Trustees may, in their absolute discretion, from time to time, but not
more than once in every three years unless the nature of the trust or any
special dealings with the trust property make a more frequent exercise of the
right reasonable, cause the accounts of the trust property to be examined or
audited by an independent accountant, and shall, for that purpose, produce
such vouchers and give such information to him as he may require; and the
costs of such examination or audit, including the fee of the auditor, shall be
paid out of the capital or income of the trust property, or partly in one way
and partly in the other, as the trustees, in their absolute discretion, think
fit, but, in default of any direction by the trustees to the contrary in any
special case, costs attributable to capital shall be borne by capital and
those attributable to income by income.

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Northern Irish Legislation

TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 23