Section 6

Except as otherwise provided by subsection (3), a trustee must, before exercising any power of investment, whether arising under this Part or otherwise, obtain and consider proper advice about the way in which the power should be exercised, having regard to the standard investment criteria.

Except as otherwise provided by subsection (3), a trustee must, when reviewing the investments of the trust, obtain and consider proper advice about whether the investments should be varied, having regard to the standard investment criteria.

A trustee need not obtain the advice required under subsection (1) or (2) if the trustee reasonably concludes that in all the circumstances it is unnecessary or inappropriate to do so.

In this section, “proper advice” means the advice of a person who is reasonably believed by the trustee to be qualified to give such advice by the person’s ability in and practical experience of financial and other matters relating to the proposed investment.

This section applies in relation to trusts whether created before, on or after 15 December 2004.