Victorian Current Acts

TRUSTEE ACT 1958 - SECT 6

    (1)     Subject to the instrument creating the trust, a trustee must, 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.

    (2)     A trustee must exercise a power of investment in accordance with any provision of the instrument creating the trust that is binding on the trustee and requires the obtaining of any consent or approval with respect to trust investments.

    (3)     Subject to the instrument creating the trust, a trustee must, at least once in each year, review the performance (individually and as a whole) of trust investments.

S. 7 substituted by No. 104/1995 s. 4.