Trustee Bill

House of Commons portcullis

House of Commons

Session 1999-2000
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Other Bills before Parliament

Trustee Bill

This is the text of the Trustee Bill, as passed by the House of Lords and introduced in the House of Commons on 29th June 2000.

EXPLANATORY NOTES
Explanatory Notes to the Bill, prepared by the Lord Chancellor's Department, will be published separately as Bill 149- EN.

EUROPEAN CONVENTION ON HUMAN RIGHTS

Mr David Lock, Parliamentary Secretary at the Lord Chancellor's Department, has made the following statement under section 19(1)(a) of the Human Rights Act 1998:

In my view the provisions of the Trustee Bill [H.L.] are compatible with the Convention rights.

Trustee Bill

ARRANGEMENT OF CLAUSES

PART I

THE DUTY OF CARE

Clause

1. The duty of care.

2. Application of duty of care.

PART II

INVESTMENT

3. General power of investment.

4. Standard investment criteria.

5. Advice.

6. Restriction or exclusion of this Part etc.

7. Existing trusts.

PART III

ACQUISITION OF LAND

8. Power to acquire freehold and leasehold land.

9. Restriction or exclusion of this Part etc.

10. Existing trusts.

PART IV

AGENTS, NOMINEES AND CUSTODIANS

Agents

11. Power to employ agents.

12. Persons who may act as agents.

13. Linked functions etc.

14. Terms of agency.

15. Asset management: special restrictions.

Nominees and custodians

16. Power to appoint nominees.

17. Power to appoint custodians.

18. Investment in bearer securities.

19. Persons who may be appointed as nominees or custodians.

20. Terms of appointment of nominees and custodians.

Review of and liability for agents, nominees and custodians etc.

21. Application of sections 22 and 23.

22. Review of agents, nominees and custodians etc.

23. Liability for agents, nominees and custodians etc.

Supplementary

24. Effect of trustees exceeding their powers.

25. Sole trustees.

26. Restriction or exclusion of this Part etc.

27. Existing trusts.

PART V

REMUNERATION

28. Trustee's entitlement to payment under trust instrument.

29. Remuneration of certain trustees.

30. Remuneration of trustees of charitable trusts.

31. Trustees' expenses.

32. Remuneration and expenses of agents, nominees and custodians.

33. Application.

PART VI

MISCELLANEOUS AND SUPPLEMENTARY

34. Power to insure.

35. Personal representatives.

36. Pension schemes.

37. Authorised unit trusts.

38. Common investment schemes for charities etc.

39. Interpretation.

40. Minor and consequential amendments etc.

41. Power to amend other Acts.

42. Commencement and extent.

43. Short title.

SCHEDULES:

    Schedule 1 - Application of duty of care.

    Schedule 2 - Minor and consequential amendments.

    Part I - The Trustee Investments Act 1961 and the Charities Act 1993.

    Part II - Other Public General Acts.

    Part III - Measures.

    Schedule 3 - Transitional provisions and savings.

    Schedule 4 - Repeals.

    Part I - The Trustee Investments Act 1961 and the Charities Act 1993.

    Part II - Other repeals.

© Parliamentary copyright 2000
Prepared 3 July 2000