Singapore legislation

Clause 22

Repeal and re-enactment of First Schedule

The First Schedule to the Trustees Act is repealed and the following Schedule substituted therefor:“FIRST SCHEDULESections 3A(1) and 41NAPPLICATION OF statutory DUTY OF CaRE UNDER PART IAInvestment

1. The duty of care under Part IA applies to a trustee —

(a)

when exercising the general power of investment or any other power of investment, however conferred; or

(b)

when carrying out any duty imposed on him by this Act in relation to the investment of trust funds.Acquisition of land

2. The duty of care under Part IA applies to a trustee —

(a)

when exercising any power to acquire land, however conferred; or

(b)

when exercising any power in relation to land acquired under a power mentioned in sub-paragraph (a).Agents, nominees and custodians3.—

(1)

The duty of care under Part IA applies to a trustee —

(a)

when entering into arrangements under which a person is authorised under section 41B to exercise functions as an agent;

(b)

when entering into arrangements under which a person is appointed under section 41G to act as a nominee;

(c)

when entering into arrangements under which a person is appointed under section 41H or 41I to act as a custodian;

(d)

when entering into arrangements under which, under any other power, however conferred, a person is authorised to exercise functions as an agent or is appointed to act as a nominee or custodian; or

(e)

when carrying out his duties under section 41M (Review of agents, nominees and custodians, etc.).(2) For the purposes of sub-paragraph (1), entering into arrangements under which a person is authorised to exercise functions or is appointed to act as a nominee or custodian includes, in particular —

(a)

selecting the person who is to act;

(b)

determining any terms on which he is to act; and

(c)

if the person is being authorised to exercise asset management functions, the preparation of a policy statement under section 41F.Compounding of liabilities

4. The duty of care under Part IA applies to a trustee —

(a)

when exercising the power under section 16 to do any of the things referred to in that section; or

(b)

when exercising any corresponding power, however conferred.Insurance

5. The duty of care under Part IA applies to a trustee —

(a)

when exercising the power under section 21 to insure property; or

(b)

when exercising any corresponding power, however conferred.Reversionary interests, valuations and audit

6. The duty of care under Part IA applies to a trustee —

(a)

when exercising the power under section 24(1) or (4) to do any of the things referred to therein; or

(b)

when exercising any corresponding power, however conferred.”.

Read in full context — Trustees (Amendment) Bill →