Australian Capital Territory Current Acts

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TRUSTEE ACT 1925 - SECT 14A

Duties of trustee in relation to powers of investment

    (1)     This section has effect subject to the trust instrument.

    (2)     A trustee shall, in exercising a power of investment—

        (a)     if the trustee's profession, business or employment is or includes acting as a trustee or investing money on behalf of other persons—exercise the care, diligence and skill that a prudent person engaged in that profession, business or employment would exercise in managing the affairs of other persons; or

        (b)     if the trustee is not engaged in such a profession, business or employment—exercise the care, diligence and skill that a prudent person would exercise in managing the affairs of other persons.

    (3)     A trustee shall exercise a power of investment in accordance with any provision of the trust instrument that is binding on the trustee and requires the trustee to obtain a consent or approval in relation to trust investments.

    (4)     A trustee shall, at least once a year, review the performance (individually and as a whole) of trust investments.



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