OpenLegislation

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

The law specified by Article 6 or 7 shall govern the validity of the trust, its construction, its effects and the administration of the trust.

In particular that law shall govern —

(a)

the appointment, resignation and removal of trustees, the capacity to act as a trustee, and the devolution of the office of trustee;

(b)

the rights and duties of trustees among themselves;

(c)

the right of trustees to delegate in whole or in part the discharge of their duties or the exercise of their powers;

(d)

the power of trustees to administer or to dispose of trust assets, to create security interests in the trust assets, or to acquire new assets;

(e)

the powers of investment of trustees;

(f)

restrictions upon the duration of the trust, and upon the power to accumulate the income of the trust;

(g)

the relationships between the trustees and the beneficiaries including the personal liability of the trustees to the beneficiaries;

(h)

the variation or termination of the trust;

(i)

the distribution of the trust assets;

(j)

the duty of trustees to account for their administration.