Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) Subject to the instrument creating the trust, 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 of business would exercise in managing the affairs of other persons.
(2) A trustee shall, in exercising a power of investment, comply with any provision of the instrument creating the trust that is binding on the trustee and requires the obtaining of a consent or approval or compliance with any direction with respect to trust investments.
(3) Subject to the instrument creating the trust, a trustee shall, not less than once in each year, review the performance (individually and as a whole) of trust investments.