INTERNATIONAL TRUSTS ACT, 1994 (Act 26 of 1994)

PART V

DUTIES OF TRUSTEES

26.(1) A person shall in t he exercise of the functions of a trustee observe the utmost good faith and act -

(a) with due diligence;

(b) with care and prudence; and

(c) to the best of the ability and skill of the person.

(2) Subject to this Act, a trustee shall execute and administer the international trust, and exercise the functions of the office of trustee -

(a) in accordance with the terms of the trust;

(b) only in the interest of the beneficiaries or in the fulfilment of the purpose of the trust.

27. Subject to this Act and to the terms of the international trust, a trustee shall -

(a) ensure that the trust property is held by or vested in the trustee, or held by a nominee on the trustee's behalf, or is otherwise under the control of the trustee; and

(b) preserve and enhance so far as is reasonable, the value of the trust property.

28. A trustee shall not -

(a) derive, directly or indirectly, any profit from the trusteeship;

(b) cause or permit any other person to derive such profit; or

(c) on the trustee's own account enter into any transaction with a co-trustee, or relating to the trust property, which may result in any such profit except -

(i) with the approval of the court;

(ii) as permitted by this Act; or

(iii) as expressly provided by the terms of the trust.

29. A trustee shall keep accurate accounts and records of t he trusteeship.

30. A trustee shall keep trust property separate from the trustee's own property and separately identifiable from any other property of the trust.

31. Subject to the terms of the international trust, a trustee shall, at all reasonable times, at the written request of any beneficiary (including any charity named in the trust) or of the settlor, provide full and accurate information as to the state and amount of the trust property.

32.(1) All the trustees of an international trust shall, subject to the terms of the trust, join in the execution of the trust.

(2) Subject to subsection (3), no function conferred on trustees shall be exercised unless all the trustees agree on its exercise.

(3) The terms of an international trust may empower the trustees to act by a majority.

(4) A trustee who dissents from a decision of the majority may require the trustee's dissent to be recorded in writing.

33.(1) Where an international trust has more than one beneficiary, purpose or charity, the trustees, subject to the terms of the international trust and to subsection (2), shall be impartial and, in the execution of the trust, maintain equality among beneficiaries, purposes or charities, as the case may be.

(2) Subsection (1) does not prejudice the exercise of a discretion conferred upon a trustee by the terms of the international trust.