| Trustee Act 2000 |
| 2000 Chapter 29 - continued |
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S C H E D U L E S |
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SCHEDULE 1
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APPLICATION OF DUTY OF CARE |
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Investment |
| | 1. The duty of care applies to a trustee-
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(a) when exercising the general power of investment or any other power of investment, however conferred; |
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(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). |
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Acquisition of land |
| | 2. The duty of care applies to a trustee-
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(a) when exercising the power under section 8 to acquire land; |
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(b) when exercising any other power to acquire land, however conferred; |
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(c) when exercising any power in relation to land acquired under a power mentioned in sub-paragraph (a) or (b). |
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Agents, nominees and custodians |
| | 3. - (1) The duty of care applies to a trustee-
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(a) when entering into arrangements under which a person is authorised under section 11 to exercise functions as an agent; |
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(b) when entering into arrangements under which a person is appointed under section 16 to act as a nominee; |
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(c) when entering into arrangements under which a person is appointed under section 17 or 18 to act as a custodian; |
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(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; |
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(e) when carrying out his duties under section 22 (review of agent, nominee or custodian, etc.). |
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(2) For the purposes of sub-paragraph (1), entering into arrangements under which a person is authorised to exercise functions or is appointed to act as a nominee or custodian includes, in particular-
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(a) selecting the person who is to act, |
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(b) determining any terms on which he is to act, and |
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(c) if the person is being authorised to exercise asset management functions, the preparation of a policy statement under section 15. |
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Compounding of liabilities |
| | 4. The duty of care applies to a trustee-
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(a) when exercising the power under section 15 of the Trustee Act 1925 to do any of the things referred to in that section; |
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(b) when exercising any corresponding power, however conferred. |
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Insurance |
| | 5. The duty of care applies to a trustee-
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(a) when exercising the power under section 19 of the Trustee Act 1925 to insure property; |
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(b) when exercising any corresponding power, however conferred. |
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Reversionary interests, valuations and audit |
| | 6. The duty of care applies to a trustee-
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(a) when exercising the power under section 22(1) or (3) of the Trustee Act 1925 to do any of the things referred to there; |
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(b) when exercising any corresponding power, however conferred. |
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Exclusion of duty of care |
| | 7. The duty of care does not apply if or in so far as it appears from the trust instrument that the duty is not meant to apply.
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