Source: http://www.legislation.gov.uk/ukpga/2000/29?view=extent
Timestamp: 2017-01-24 03:41:24
Document Index: 728541485

Matched Legal Cases: ['art. 2', 'art. 2', 'art. 1', 'art. 1', 'art. 1', 'art. 2', 'art—\n25', 'art 4', 'art. 3', 'art. 3', 'art. 3', 'art. 1', 'art. 243', 'art. 2', 'art. 1', 'art. 1', 'art. 2', 'art. 2']

Skip to main contentSkip to navigationlegislation.gov.ukThe National ArchivesHelpSite MapAccessibilityContact UsCymraegHomeAbout UsBrowse LegislationNew LegislationChanges To LegislationSearch LegislationSearch LegislationTitle: (or keywords in the title)Year:Number:Type:All Legislation (excluding draft)All Primary Legislation UK Public General Acts UK Local Acts Acts of the Scottish Parliament Acts of the National Assembly for Wales Measures of the National Assembly for Wales Church Measures Acts of the Northern Ireland Assembly Acts of the Old Scottish Parliament Acts of the English Parliament Acts of the Old Irish Parliament Acts of the Parliament of Great Britain Northern Ireland Orders in Council Measures of the Northern Ireland Assembly Acts of the Northern Ireland ParliamentAll Secondary Legislation UK Statutory Instruments Wales Statutory Instruments Scottish Statutory Instruments Northern Ireland Statutory Rules Church Instruments UK Ministerial Orders UK Statutory Rules and OrdersAll Draft Legislation UK Draft Statutory Instruments Scottish Draft Statutory Instruments Northern Ireland Draft Statutory RulesAll Impact Assessments UK Impact AssessmentsSearchAdvanced SearchTrustee Act 2000You are here:2000 c. 29Whole ActTable of ContentsContentExplanatory NotesMore ResourcesPreviousNextPlain ViewPrint OptionsWhat VersionLatest available (Revised)Original (As enacted)Advanced FeaturesShow Geographical Extent(e.g. England, Wales, Scotland, Northern Ireland)Show Timeline of ChangesOpening OptionsOpen whole ActOpen Act without schedulesOpen Schedules onlyMore ResourcesOriginal Print PDFView moreChanges to legislation:Trustee Act 2000 is up to date with all changes known to be in force on or before 24 January 2017. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.Changes to LegislationRevised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.E+WTrustee Act 20002000 CHAPTER 29An Act to amend the law relating to trustees and persons having the investment powers of trustees; and for connected purposes.[23rd November 2000]Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Modifications etc. (not altering text)C1Act power to apply conferred (26.11.2008) by Pensions Act 2008 (c. 30), ss. 68(2), 149(2)C2Act applied (5.7.2010) by The National Employment Savings Trust Order 2010 (S.I. 2010/917), arts. 1(3), 16Part IE+W The Duty of Care1 The duty of care.E+W(1)Whenever the duty under this subsection applies to a trustee, he must exercise such care and skill as is reasonable in the circumstances, having regard in particular—
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Modifications etc. (not altering text)C3S. 1(1) applied by 1993 c. 10, s. 73F(5) (as inserted (27.2.2007) by Charities Act 2006 (c. 50), ss. 39, 79(2); S.I. 2007/309, art. 2, Sch.)C4S. 1(1) applied by 1993 c. 10, s. 73B(2) (as inserted (18.3.2008) by Charities Act 2006 (c. 50), ss. 36, 79(2) (with Sch. 10 para. 12); S.I. 2008/751, art. 2, Sch.)2 Application of duty of care.E+WSchedule 1 makes provision about when the duty of care applies to a trustee.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F1S. 4(4) inserted (31.7.2016) by Charities (Protection and Social Investment) Act 2016 (c. 4), ss. 15(3), 17(4); S.I. 2016/815, reg. 2(k)Modifications etc. (not altering text)C5Ss. 4, 5 applied by 1956 c. lxvii s. 5(1A) (as substituted (10.3.2015) by The Charities (People's Dispensary for Sick Animals) Order 2015 (S.I. 2015/198), art. 1, Sch. Scheme para. 4)C6S. 4 excluded by 2011 c. 25, s. 292C(6) (as inserted (31.7.2016) by Charities (Protection and Social Investment) Act 2016 (c. 4), ss. 15(1), 17(4); S.I. 2016/815, reg. 2(k))5 Advice.E+W(1)Before exercising any power of investment, whether arising under this Part or otherwise, a trustee must (unless the exception applies) obtain and consider proper advice about the way in which, having regard to the standard investment criteria, the power should be exercised.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F2S. 5(5) inserted (31.7.2016) by Charities (Protection and Social Investment) Act 2016 (c. 4), ss. 15(4), 17(4); S.I. 2016/815, reg. 2(k)Modifications etc. (not altering text)C5Ss. 4, 5 applied by 1956 c. lxvii s. 5(1A) (as substituted (10.3.2015) by The Charities (People's Dispensary for Sick Animals) Order 2015 (S.I. 2015/198), art. 1, Sch. Scheme para. 4)C7S. 5 excluded by 2011 c. 25, s. 292C(6) (as inserted (31.7.2016) by Charities (Protection and Social Investment) Act 2016 (c. 4), ss. 15(1), 17(4); S.I. 2016/815, reg. 2(k))6 Restriction or exclusion of this Part etc.E+W(1)The general power of investment is—
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Marginal CitationsM11978 c. 30. 7 Existing trusts.E+W(1)This Part applies in relation to trusts whether created before or after its commencement.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Marginal CitationsM21961 c. 62. Part IIIE+W Acquisition of Land8 Power to acquire freehold and leasehold land.E+W(1)A trustee may acquire freehold or leasehold land in the United Kingdom—
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Marginal CitationsM31996 c. 47. M41925 c. 24. Part IVE+W Agents, nominees and custodiansAnnotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Modifications etc. (not altering text)C8Pt. IV applied (with modifications) in part (2.1.2013) by The Charitable Incorporated Organisations (General) Regulations 2012 (S.I. 2012/3012), regs. 1, 33C9Pt. IV applied (with modifications) (in part) by 1956 c. lxvii s. 5(1B)-(1D) (as substituted (10.3.2015) by The Charities (People's Dispensary for Sick Animals) Order 2015 (S.I. 2015/198), art. 1, Sch. Scheme para. 4) AgentsE+W11 Power to employ agents.E+W(1)Subject to the provisions of this Part, the trustees of a trust may authorise any person to exercise any or all of their delegable functions as their agent.
12 Persons who may act as agents.E+W(1)Subject to subsection (2), the persons whom the trustees may under section 11 authorise to exercise functions as their agent include one or more of their number.
13 Linked functions etc.E+W(1)Subject to subsections (2) and (5), a person who is authorised under section 11 to exercise a function is (whatever the terms of the agency) subject to any specific duties or restrictions attached to the function.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Marginal CitationsM51996 c. 47. 14 Terms of agency.E+W(1)Subject to subsection (2) and sections 15(2) and 29 to 32, the trustees may authorise a person to exercise functions as their agent on such terms as to remuneration and other matters as they may determine.
15 Asset management: special restrictions.E+W(1)The trustees may not authorise a person to exercise any of their asset management functions as their agent except by an agreement which is in or evidenced in writing.
Nominees and custodiansE+W16 Power to appoint nominees.E+W(1)Subject to the provisions of this Part, the trustees of a trust may—
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F3Words in s. 19(3) substituted (1.4.2010 with effect in accordance with s. 1184(1)) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 319 (with Sch. 2)F4Words in s. 19(4) substituted (27.2.2007) by Charities Act 2006 (c. 50), s. 79(2), Sch. 8 para. 197; S.I. 2007/309, art. 2, Sch.Marginal CitationsM61985 c. 61. 20 Terms of appointment of nominees and custodians.E+W(1)Subject to subsection (2) and sections 29 to 32, the trustees may under section 16, 17 or 18 appoint a person to act as a nominee or custodian on such terms as to remuneration and other matters as they may determine.
Review of and liability for agents, nominees and custodians etc.E+W21 Application of sections 22 and 23.E+W(1)Sections 22 and 23 apply in a case where trustees have, under section 11, 16, 17 or 18—
22 Review of agents, nominees and custodians etc.E+W(1)While the agent, nominee or custodian continues to act for the trust, the trustees—
23 Liability for agents, nominees and custodians etc.E+W(1)A trustee is not liable for any act or default of the agent, nominee or custodian unless he has failed to comply with the duty of care applicable to him, under paragraph 3 of Schedule 1—
SupplementaryE+W24 Effect of trustees exceeding their powers.E+WA failure by the trustees to act within the limits of the powers conferred by this Part—
25 Sole trustees.E+W(1)Subject to subsection (2), this Part applies in relation to a trust having a sole trustee as it applies in relation to other trusts (and references in this Part to trustees—except in sections 12(1) and (3) and 19(5)—are to be read accordingly).
26 Restriction or exclusion of this Part etc.E+WThe powers conferred by this Part are—
27 Existing trusts.E+WThis Part applies in relation to trusts whether created before or after its commencement.
Part VE+W Remuneration28 Trustee’s entitlement to payment under trust instrument.E+W(1)Except to the extent (if any) to which the trust instrument makes inconsistent provision, subsections (2) to (4) apply to a trustee if—
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Marginal CitationsM71837 c. 26. M81925 c. 23. 29 Remuneration of certain trustees.E+W(1)Subject to subsection (5), a trustee who—
[F7(3A) In subsection (3), “ deposit taker ” means— (a)a person who has permission under Part 4A of the Financial Services and Markets Act 2000 to accept deposits, or
(b) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits. (3B)A reference in subsection (3A) to a person or firm with permission to accept deposits does not include a person or firm with permission to do so only for the purposes of, or in the course of, carrying on another regulated activity in accordance with that permission.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F5Words in s. 29(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 90(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.F6Words in s. 29(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 90(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.F7S. 29(3A)-(3C) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 90(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.30 Remuneration of trustees of charitable trusts.E+W(1)The Secretary of State may by regulations make provision for the remuneration of trustees of charitable trusts who are trust corporations or act in a professional capacity.
31 Trustees’ expenses.E+W(1)A trustee—
32 Remuneration and expenses of agents, nominees and custodians.E+W(1)This section applies if, under a power conferred by Part IV or any other enactment or any provision of subordinate legislation, or by the trust instrument, a person other than a trustee has been—
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Modifications etc. (not altering text)C10S. 32 applied (with modifications) (2.1.2013) by The Charitable Incorporated Organisations (General) Regulations 2012 (S.I. 2012/3012), regs. 1, 33C11S. 32 applied (with modifications) by 1956 c. lxvii s. 5(1B)-(1D) (as substituted (10.3.2015) by The Charities (People's Dispensary for Sick Animals) Order 2015 (S.I. 2015/198), art. 1, Sch. Scheme para. 4)33 Application.E+W(1)Subject to subsection (2), sections 28, 29, 31 and 32 apply in relation to services provided to or on behalf of, or (as the case may be) expenses incurred on or after their commencement on behalf of, trusts whenever created.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Marginal CitationsM91837 c. 26. M101925 c. 23. Part VIE+W Miscellaneous and Supplementary34 Power to insure.E+W(1)For section 19 of the M11Trustee Act 1925 (power to insure) substitute—
“19 Power to insure.(1)A trustee may—
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Marginal CitationsM111925 c. 19. M121925 c. 19. 35 Personal representatives.E+W(1)Subject to the following provisions of this section, this Act applies in relation to a personal representative administering an estate according to the law as it applies to a trustee carrying out a trust for beneficiaries.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Marginal CitationsM131925 c. 23. M1419876 c. 45. 36 Pension schemes.E+W(1)In this section “pension scheme” means an occupational pension scheme (within the meaning of the M15Pension Schemes Act 1993) established under a trust and subject to the law of England and Wales.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Marginal CitationsM151993 c. 48. M161995 c. 26. M171986 c. 45. 37 Authorised unit trusts.E+W(1)Parts II to IV do not apply to trustees of authorised unit trusts.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Marginal CitationsM181986 c. 60. 38 Common investment schemes for charities etc.E+WParts II to IV do not apply to—
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F8Words in s. 38(a) substituted (14.3.2012) by Charities Act 2011 (c. 25), s. 355, Sch. 7 para. 89(a) (with s. 20(2), Sch. 8)F9Words in s. 38(b) substituted (14.3.2012) by Charities Act 2011 (c. 25), s. 355, Sch. 7 para. 89(b) (with s. 20(2), Sch. 8)39 Interpretation.E+W(1)In this Act—
asset management functionssection 15(5)custodiansection 17(2)the duty of caresection 1(2)the general power of investmentsection 3(2)lay trusteesection 28(6)power of interventionsection 22(4)the standard investment criteriasection 4(3)subordinate legislationsection 6(3)trustee acting in a professional capacitysection 28(5)trust instrumentsections 6(2) and 35(2)(a)Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F10Words in s. 39(1) substituted (14.3.2012) by Charities Act 2011 (c. 25), s. 355, Sch. 7 para. 90(a) (with s. 20(2), Sch. 8)F11Words in s. 39(1) substituted (14.3.2012) by Charities Act 2011 (c. 25), s. 355, Sch. 7 para. 90(b) (with s. 20(2), Sch. 8)Marginal CitationsM191906 c. 55. M201925 c. 20. M211925 c. 19. M221925 c. 18. M231925 c. 19. 40 Minor and consequential amendments etc.E+W(1)Schedule 2 (minor and consequential amendments) shall have effect.
41 Power to amend other Acts.E+W(1)A Minister of the Crown may by order make such amendments of any Act, including an Act extending to places outside England and Wales, as appear to him appropriate in consequence of or in connection with Part II or III.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Marginal CitationsM241975 c. 26. 42 Commencement and extent.E+W(1)Section 41, this section and section 43 shall come into force on the day on which this Act is passed.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Subordinate Legislation MadeP1S. 42(2) power fully exercised: 1.2.2001 appointed by S.I. 2001/49, art. 243 Short title.E+WThis Act may be cited as the Trustee Act 2000.
SCHEDULESSection 2.SCHEDULE 1E+W Application of duty of care InvestmentE+W1The duty of care applies to a trustee—E+W(a)when exercising the general power of investment or any other power of investment, however conferred;(b)when carrying out a duty to which he is subject under section 4 or 5 (duties relating to the exercise of a power of investment or to the review of investments). Acquisition of landE+W2The duty of care applies to a trustee—E+W(a)when exercising the power under section 8 to acquire land;(b)when exercising any other power to acquire land, however conferred;(c)when exercising any power in relation to land acquired under a power mentioned in sub-paragraph (a) or (b). Agents, nominees and custodiansE+W3(1)The duty of care applies to a trustee—E+W(a)when entering into arrangements under which a person is authorised under section 11 to exercise functions as an agent;(b)when entering into arrangements under which a person is appointed under section 16 to act as a nominee;(c)when entering into arrangements under which a person is appointed under section 17 or 18 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;(e)when carrying out his duties under section 22 (review of agent, nominee or custodian, 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 15. Compounding of liabilitiesE+W4The duty of care applies to a trustee—E+W(a)when exercising the power under section 15 of the Trustee Act 1925 to do any of the things referred to in that section;(b)when exercising any corresponding power, however conferred. InsuranceE+W5The duty of care applies to a trustee—E+W(a)when exercising the power under section 19 of the Trustee Act 1925 to insure property;(b)when exercising any corresponding power, however conferred. Reversionary interests, valuations and auditE+W6The duty of care applies to a trustee—E+W(a)when exercising the power under section 22(1) or (3) of the Trustee Act 1925 to do any of the things referred to there;(b)when exercising any corresponding power, however conferred. Exclusion of duty of careE+W7The duty of care does not apply if or in so far as it appears from the trust instrument that the duty is not meant to apply.E+WSection 40.SCHEDULE 2E+W+S+N.I. Minor and consequential amendmentsPart IE+W The Trustee Investments Act 1961 and the Charities Act 1993 The Trustee Investments Act 1961 (c.62)E+W1(1)Sections 1, 2, 5, 6, 12, 13 and 15 shall cease to have effect, except in so far as they are applied by or under any other enactment.E+W(2)Section 3 and Schedules 2 and 3 shall cease to have effect, except in so far as they relate to a trustee having a power of investment conferred on him under an enactment—(a)which was passed before the passing of the 1961 Act, and(b)which is not amended by this Schedule.(3)Omit—(a)sections 8 and 9,(b)paragraph 1(1) of Schedule 4, and(c)section 16(1), in so far as it relates to paragraph 1(1) of Schedule 4. The Charities Act 1993 (c.10)E+W2(1)Omit sections 70 and 71.E+W(2)In section 86(2) in paragraph (a)—(a)omit “70”, and(b)at the end insert “ or ”.(3)Omit section 86(2)(b).Part IIE+W+S+N.I. Other Public General Acts The Places of Worship Sites Act 1873 (c.50)E+W+S+N.I.3In section 2 (payment of purchase money, etc.) for “shall be invested upon such securities or investments as would for the time being be authorised by statute or the Court of Chancery” substitute “ shall be invested under the general power of investment in section 3 of the Trustee Act 2000 ”.E+W+S+N.I. The Technical and Industrial Institutions Act 1892 (c.29)E+W+S+N.I.4In section 9 (investment powers relating to proceeds of sale of land acquired under the Act) for subsection (5) substitute—E+W+S+N.I.“(5)Money arising by sale may, until reinvested in the purchase of land, be invested—
The Duchy of Cornwall Management Act 1893 (c.20)E+W+S+N.I.5The 1893 Act is hereby repealed.E+W+S+N.I. The Duchy of Lancaster Act 1920 (c.51)E+W+S+N.I.6In section 1 (extension of powers of investment of funds of Duchy of Lancaster) for “in any of the investments specified in paragraph (a) of section one of the Trustees Act 1893 and any enactment amending or extending that paragraph” substitute “ under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act) ”.E+W+S+N.I. The Settled Land Act 1925 (c.18)E+W+S+N.I.7In section 21 (absolute owners subject to certain interests to have the powers of tenant for life), in subsection (1)(d) for “income thereof” substitute “ resultant profits ”.E+W+S+N.I.8In section 39 (regulations respecting sales), in subsection (2), in the proviso, for the words from “accumulate” to the end of the subsection substitute “ accumulate the profits from the capital money by investing them and any resulting profits under the general power of investment in section 3 of the Trustee Act 2000 and shall add the accumulations to capital. ”E+W+S+N.I.9In section 73 (modes of investment or application), in subsection (1) for paragraph (i) substitute—E+W+S+N.I.“(i)In investment in securities either under the general power of investment in section 3 of the Trustee Act 2000 or under a power to invest conferred on the trustees of the settlement by the settlement;”.
10(1)In section 75 (regulations respecting investment, devolution, and income of securities etc.), for subsection (2) substitute—E+W+S+N.I.“(2)Subject to Part IV of the Trustee Act 2000, to section 75A of this Act and to the following provisions of this section—
(2)For subsection (4) of that section substitute—“(4)The trustees, in exercising their power to invest or apply capital money, shall—
(3)Nothing in this paragraph affects the operation of section 75 in relation to directions of the tenant for life given, but not acted upon by the trustees, before the commencement of this paragraph.11After section 75 insert—E+W+S+N.I.“75A Power to accept charge as security for part payment for land sold.(1)Where—
12Omit section 96 (protection of each trustee individually).E+W+S+N.I.13In section 98 (protection of trustees in particular cases), omit subsections (1) and (2).E+W+S+N.I.14Omit section 100 (trustees’ reimbursements).E+W+S+N.I.15In section 102 (management of land during minority or pending contingency), in subsection (2) for paragraph (e) substitute—E+W+S+N.I.“(e)to insure against risks of loss or damage due to any event under section 19 of the Trustee Act 1925;”.
16(1)In section 104 (powers of tenant for life not assignable etc.)—E+W+S+N.I.(a)in subsection (3)(b) omit “authorised by statute for the investment of trust money”, and(b)in subsection (4)(b) for the words from “no investment” to “trust money;” substitute “ the consent of the assignee shall be required to an investment of capital money for the time being affected by the assignment in investments other than securities, and to any application of such capital money; ”.(2)Sub-paragraph (1) applies to the determination on or after the commencement of that sub-paragraph of whether an assignee’s consent is required to the investment or application of capital money.17In section 107 (tenant for life deemed to be in the position and to have the duties and liabilities of a trustee, etc.) after subsection (1) insert—E+W+S+N.I.“(1A)The following provisions apply to the tenant for life as they apply to the trustees of the settlement—
The Trustee Act 1925 (c.19)E+W+S+N.I.18Omit Part I (investments).E+W+S+N.I.19In section 14 (power of trustees to give receipts) in subsection (1) after “securities,” insert “ investments ”.E+W+S+N.I.20In section 15 (power to compound liabilities), for “in good faith” substitute “ if he has or they have discharged the duty of care set out in section 1(1) of the Trustee Act 2000 ”.E+W+S+N.I.21Omit section 21 (deposit of documents for safe custody).E+W+S+N.I.22In section 22 (reversionary interests, valuations, and audit)—E+W+S+N.I.(a)in subsection (1), for “in good faith” substitute “ if they have discharged the duty of care set out in section 1(1) of the Trustee Act 2000 ”, and(b)in subsection (3), omit “in good faith” and at the end insert “ if the trustees have discharged the duty of care set out in section 1(1) of the Trustee Act 2000 ”.23Omit section 23 (power to employ agents).E+W+S+N.I.24Omit section 30 (implied indemnity of trustees).E+W+S+N.I.25In section 31(2) (power to invest income during minority) for “in the way of compound interest by investing the same and the resulting income thereof” substitute “ by investing it, and any profits from so investing it ”.E+W+S+N.I. The Land Registration Act 1925 (c.21)E+W+S+N.I.F1226. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F12Sch. 2 para. 26 repealed (13.10.2003) by Land Registration Act 2002 (c. 9), s. 136(2), Sch. 13 (with s. 129, Sch. 12 para. 1); S.I. 2003/1725, art. 2(1) The Administration of Estates Act 1925 (c.23)E+W+S+N.I.27In section 33, in subsection (3) (investment during minority of beneficiary or the subsistence of a life interest) for the words from “in any investments for the time being authorised by statute” to the end of the subsection substitute “ under the Trustee Act 2000. ”E+W+S+N.I.28In section 39 (powers of management) after subsection (1) insert—E+W+S+N.I.“(1A)Subsection (1) of this section is without prejudice to the powers conferred on personal representatives by the Trustee Act 2000.”
The Universities and College Estates Act 1925 (c.24)E+W+S+N.I.29In section 26 (modes of application of capital money) in subsection (1) for paragraph (i) substitute—E+W+S+N.I.“(i)In investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act);”.
The Regimental Charitable Funds Act 1935 (c.11)E+W+S+N.I.30In section 2(1) (application of funds held on account of regimental charitable funds)—E+W+S+N.I.(a)in paragraph (a) for “in some manner” to “trusts” substitute “ under the general power of investment in section 3 of the Trustee Act 2000 ”;(b)in paragraph (b) after “the income” insert “ or the other profits ”. The Agricultural Marketing Act 1958 (c.47)E+W+S+N.I.31(1)In section 16 (investment of surplus funds of boards) for paragraph (a) substitute—E+W+S+N.I.“(a)the moneys of the board not for the time being required by them for the purposes of their functions are not, except with the approval of the Minister, invested otherwise than in investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act); and”.
(2)Any scheme made under the 1958 Act and in effect before the day on which sub-paragraph (1) comes into force shall be treated, in relation to the making of investments on and after that day, as including provision permitting investment by the board in accordance with section 16(a) of the 1958 Act as amended by sub-paragraph (1). The Horticulture Act 1960 (c.22)E+W+S+N.I.32In section 13 (miscellaneous financial powers of organisations promoting home-grown produce) for subsection (3) substitute—E+W+S+N.I.“(3)A relevant organisation may invest any of its surplus money which is not for the time being required for any other purpose in any investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act)”.
The House of Commons Members’ Fund Act 1962 (c.53)E+W+S+N.I.33(1)In section 1 (powers of investment of trustees of House of Commons Members’ Fund)—E+W+S+N.I.(a)in subsection (2) omit “Subject to the following provisions of this section”;(b)omit subsections (3) to (5).(2)In section 2 (interpretation etc.) omit subsection (1). The Betting, Gaming and Lotteries Act 1963 (c.2)E+W+S+N.I.34In section 25(1) (general powers and duties of the Horserace Betting Levy Board) for paragraph (e) substitute—E+W+S+N.I.“(e)to make such other investments as—
The Cereals Marketing Act 1965 (c.14)E+W+S+N.I.F1335. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F13Sch. 2 para. 35 repealed (1.4.2008) by The Agriculture and Horticulture Development Board Order 2008 (S.I. 2008/576), art. 1(3), Sch. 5 para. 7 (with Sch. 4 para. 10) The Agriculture Act 1967 (c.22)E+W+S+N.I.F1436. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F14Sch. 2 para. 36 repealed (1.4.2008) by The Agriculture and Horticulture Development Board Order 2008 (S.I. 2008/576), art. 1(3), Sch. 5 para. 7 (with Sch. 4 para. 10) The Solicitors Act 1974 (c.47)E+W+S+N.I.F1537. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F15Sch. 2 para. 37 repealed (1.1.2010) by Legal Services Act 2007 (c. 29), s. 211(2), Sch. 23 (with ss. 29, 192, 193); S.I. 2009/3250, art. 2(i)(xii) The Policyholders Protection Act 1975 (c.75)E+W+S+N.I.38In Schedule 1, in paragraph 7, for sub-paragraph (1) (power of Policyholders Protection Board to invest) substitute—E+W+S+N.I.“(1)The Board may invest any funds held by them which appear to them to be surplus to their requirements for the time being—
The National Heritage Act 1980 (c.17)E+W+S+N.I.39In section 6 for subsection (3) (powers of investment of Trustees of National Heritage Memorial Fund) substitute—E+W+S+N.I.“(3)The Trustees may invest any sums to which subsection (2) does not apply in any investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act).”
The Licensing (Alcohol Education and Research) Act 1981 (c.28)E+W+S+N.I.F1640. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F16Sch. 2 para. 40 omitted (1.7.2012) by virtue of Health and Social Care Act 2012 (c. 7), s. 306(4), Sch. 20 para. 3(a) (with Sch. 20 para. 4); S.I. 2012/1319, art. 2(3) The Fisheries Act 1981 (c.29)E+W+S+N.I.41For section 10 (powers of investment of Sea Fish Industry Authority) substitute—E+W+S+N.I.“10 Investment of reserve funds.Any money of the Authority which is not immediately required for any other purpose may be invested by the Authority in any investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act)”.
The Duchy of Cornwall Management Act 1982 (c.47)E+W+S+N.I.42For section 1 (powers of investment of Duchy property) substitute—E+W+S+N.I.“1 Powers of investment of Duchy property.The power of investment conferred by the Duchy of Cornwall Management Act 1863 includes power to invest in any investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act).”
43In—E+W+S+N.I.(a)section 6(3) (Duchy of Cornwall Management Acts extended in relation to banking), and(b)section 11(2) (collective citation of Duchy of Cornwall Management Acts),for “Duchy of Cornwall Management Acts 1868 to 1893” substitute “ Duchy of Cornwall Management Acts 1863 to 1868 ”.
The Administration of Justice Act 1982 (c.53)E+W+S+N.I.44In section 42 (common investment schemes) in subsection (6) for paragraph (a) substitute—E+W+S+N.I.“(a)he may invest trust money in shares in the fund without obtaining and considering advice on whether to make such an investment; and”.
The Trusts of Land and Appointment of Trustees Act 1996 (c.47)E+W+S+N.I.45(1)In section 6 (general powers of trustees), in subsection (3) for “purchase a legal estate in any land in England and Wales” substitute “ acquire land under the power conferred by section 8 of the Trustee Act 2000. ”E+W+S+N.I.(2)Omit subsection (4) of that section.(3)After subsection (8) of that section insert—“(9)The duty of care under section 1 of the Trustee Act 2000 applies to trustees of land when exercising the powers conferred by this section.”
46In section 9 (delegation by trustees) omit subsection (8).E+W+S+N.I.47After section 9 insert—E+W+S+N.I.“9A Duties of trustees in connection with delegation etc.(1)The duty of care under section 1 of the Trustee Act 2000 applies to trustees of land in deciding whether to delegate any of their functions under section 9.
48Omit section 17(1) (application of section 6(3) in relation to trustees of proceeds of sale of land).E+W+S+N.I.49In Schedule 3 (consequential amendments) omit paragraph 3(4) (amendment of section 19(1) and (2) of Trustee Act 1925).E+W+S+N.I.Part IIIE+W+S+N.I. Measures The Ecclesiastical Dilapidations Measure 1923 (No.3)E+W+S+N.I.50In section 52, in subsection (5) (investment of sums held in relation to repair of chancels)—E+W+S+N.I.(a)for “in any investment permitted by law for the investment of trust funds, and the yearly income resulting therefrom shall be applied,” substitute “ in any investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000, and the annual profits from the investments shall be applied ”; and(b)in paragraph (iii) for “any residue of the said income not applied as aforesaid in any year” substitute “ any residue of the profits from the investments not applied in any year. ” The Diocesan Stipends Funds Measure 1953 (No.2)E+W+S+N.I.51In section 4 (application of moneys credited to capital accounts) in subsection (1) for paragraph (bc) substitute—E+W+S+N.I.“(bc)investment in any investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act);”.
The Church Funds Investment Measure 1958 (No.1)E+W+S+N.I.52In the Schedule, in paragraph 21 (range of investments of deposit fund) for paragraphs (a) to (d) of sub-paragraph (1) substitute—E+W+S+N.I.“(aa)In any investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act);”.
The Clergy Pensions Measure 1961 (No.3)E+W+S+N.I.53(1)In section 32 (investment powers of Board), in subsection (1), for paragraph (a) substitute—E+W+S+N.I.“(a)in any investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act);”.
(2)Omit subsection (3) of that section. The Repair of Benefice Buildings Measure 1972 (No.2)E+W+S+N.I.54In section 17, in subsection (2) (diocesan parsonages fund’s power of investment), for “who shall have the same powers of investment as trustees of trust funds:” substitute “ who shall have the same power as trustees to invest in any investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act). ”E+W+S+N.I. The Pastoral Measure 1983 (No.1)E+W+S+N.I.55In section 44, for subsection (6) (Redundant Churches Fund’s power of investment) substitute—E+W+S+N.I.“(6)The powers to invest any such sums are—
The Church of England (Pensions) Measure 1988 (No.4)E+W+S+N.I.56Omit section 14(b) (amendment of section 32(3) of the Clergy Pensions Measure 1961).E+W+S+N.I. The Cathedrals Measure 1999 (No.1)E+W+S+N.I.57In section 16 (cathedral moneys: investment powers, etc.), in subsection (1)—E+W+S+N.I.(a)for paragraph (c) substitute—“(c)power to invest in any investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act),”,
(b)omit the words from “and the powers” to the end of the subsection.Section 40.SCHEDULE 3E+W Transitional provisions and savings The Trustee Act 1925 (c.19)E+W1(1)Sub-paragraph (2) applies if, immediately before the day on which Part IV of this Act comes into force, a banker or banking company holds any bearer securities deposited with him under section 7(1) of the 1925 Act (investment in bearer securities).E+W(2)On and after the day on which Part IV comes into force, the banker or banking company shall be treated as if he had been appointed as custodian of the securities under section 18.2The repeal of section 8 of the 1925 Act (loans and investments by trustees not chargeable as breaches of trust) does not affect the operation of that section in relation to loans or investments made before the coming into force of that repeal.E+W3The repeal of section 9 of the 1925 Act (liability for loss by reason of improper investment) does not affect the operation of that section in relation to any advance of trust money made before the coming into force of that repeal.E+W4(1)Sub-paragraph (2) applies if, immediately before the day on which Part IV of this Act comes into force, a banker or banking company holds any documents deposited with him under section 21 of the 1925 Act (deposit of documents for safe custody).E+W(2)On and after the day on which Part IV comes into force, the banker or banking company shall be treated as if he had been appointed as custodian of the documents under section 17.5(1)Sub-paragraph (2) applies if, immediately before the day on which Part IV of this Act comes into force, a person has been appointed to act as or be an agent or attorney under section 23(1) or (3) of the 1925 Act (general power to employ agents etc.).E+W(2)On and after the day on which Part IV comes into force, the agent shall be treated as if he had been authorised to exercise functions as an agent under section 11 (and, if appropriate, as if he had also been appointed under that Part to act as a custodian or nominee).6The repeal of section 23(2) of the 1925 Act (power to employ agents in respect of property outside the United Kingdom) does not affect the operation after the commencement of the repeal of an appointment made before that commencement.E+W The Trustee Investments Act 1961 (c.62)E+W7(1)A trustee shall not be liable for breach of trust merely because he continues to hold an investment acquired by virtue of paragraph 14 of Part II of Schedule 1 to the 1961 Act (perpetual rent-charges etc.).E+W(2)A person who—(a)is not a trustee,(b)before the commencement of Part II of this Act had powers to invest in the investments described in paragraph 14 of Part II of Schedule 1 to the 1961 Act, and(c)on that commencement acquired the general power of investment,shall not be treated as exceeding his powers of investment merely because he continues to hold an investment acquired by virtue of that paragraph.
The Cathedrals Measure 1963 (No.2)E+W8While section 21 of the Cathedrals Measure 1963 (investment powers, etc. of capitular bodies) continues to apply in relation to any cathedral, that section shall have effect as if—E+W(a)in subsection (1), for paragraph (c) and the words from “and the powers” to the end of the subsection there were substituted—“(c)power to invest in any investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act).”,
(b)in subsection (5), for “subsections (2) and (3) of section six of the Trustee Investments Act 1961” there were substituted “ section 5 of the Trustee Act 2000 ”.Section 40.SCHEDULE 4E+W+S+N.I. RepealsPart IE+W The Trustee Investments Act 1961 and the Charities Act 1993ChapterShort titleExtent of repeal1961 c. 62.The Trustee Investments Act 1961.Sections 1 to 3, 5, 6, 8, 9, 12, 13, 15 and 16(1).
1993 c. 10.The Charities Act 1993.Sections 70 and 71.
Part IIE+W+S+N.I. Other repealsChapterShort titleExtent of repeal1893 c. 20.The Duchy of Cornwall Management Act 1893.The whole Act.1925 c. 18.The Settled Land Act 1925.Section 96.
1925 c. 19.The Trustee Act 1925.Part I.
1961 No. 3.The Clergy Pensions Measure 1961.Section 32(3).1962 c. 53.The House of Commons Members’ Fund Act 1962.In section 1, in subsection (2) the words “Subject to the following provisions of this section” and subsections (3) to (5).
1965 c. 14.The Cereals Marketing Act 1965.Section 18(3).1967 c. 22.The Agriculture Act 1967.Section 18(3).1988 No. 4.The Church of England (Pensions) Measure 1988.Section 14(b).1996 c. 47.The Trusts of Land and Appointment of Trustees Act 1996.Section 6(4).
1999 No. 1.The Cathedrals Measure 1999.In section 16(1), the words from “and the powers” to the end of the subsection.PreviousNextBack to topOptions/HelpPrint OptionsPrint The Whole ActPDF The Whole ActWeb page The Whole ActLegislation is available in different versions:Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.See additional information alongside the contentGeographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.Opening OptionsDifferent options to open legislation in order to view more content on screen at onceExplanatory NotesText created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.More ResourcesAccess essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:the original print PDF of the as enacted version that was used for the print copylists of changes made by and/or affecting this legislation itemconfers power and blanket amendment detailsall formats of all associated documentscorrection slipslinks to related legislation and further information resourcesMore ResourcesUse this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:the original print PDF of the as enacted version that was used for the print copycorrection slipsClick 'View More' or select 'More Resources' tab for additional information including:lists of changes made by and/or affecting this legislation itemconfers power and blanket amendment detailsall formats of all associated documentslinks to related legislation and further information resourcesAll content is available under the Open Government Licence v3.0 except where otherwise stated© Crown copyright