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Acts and Regulations
2015, c.21
- Trustees Act
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Document at 19 September 2019
Trustees Act
1
DEFINITIONS AND APPLICATION
1
Definitions
2
Application to existing trusts
3
Powers conferred by trust instrument
4
Resulting and constructive trusts
5
Personal representatives
6
Continuation of existing rules
7
Trust is not a person
2
APPOINTMENT AND REMOVAL OF A TRUSTEE
Division A
Appointment of Trustee
8
Designated person
9
Appointment of replacement trustee
10
Appointment to follow last trustee’s death
11
Temporary absence or incapacity of trustee
12
Trustee’s power of attorney
13
Power of court to appoint trustee
14
Judicial trustee
15
Person not qualified to be appointed trustee
16
Powers and duties of new trustees
Division B
Termination of Trusteeship
17
Ceasing to be a trustee
18
Resignation by trustee
19
Disqualification of trustee
20
Removal of unsuitable trustee
21
Power of court to remove trustee
22
Power of court to reinstate trustee
23
Mistaken belief does not invalidate actions
24
Liability of former trustee
3
VESTING OF PROPERTY
25
Joint tenants
26
Vesting
27
Leasehold property
28
Vesting orders
4
DUTIES AND POWERS OF TRUSTEES
Division A
Duties
29
Fiduciary duty
30
Duty of care
31
Conflict of interest
32
Duty to report to qualified beneficiaries
33
Duty to provide information
Division B
General Administrative Powers
34
Powers of trustees
35
Power of court to confer further powers on trustees
Division C
Investment Powers
36
Power to invest
37
Duty relating to investments
38
Prudence of investments
Division D
Allocation of Income and Capital
39
Duty to act impartially and prudently
40
Apportionment of outgoings
41
Discretionary allocation trusts of receipts and outgoings
42
Total return investment
43
Application of sections 41 and 42
Division E
Distributive Powers
44
Interpretation and application
45
Power to pay income
46
Power to pay amount from capital
47
Conditions on payment from capital
48
Payment or transfer in relation to minor or incompetent person
Division F
Delegation
49
Delegation of administrative powers
50
Agents – appointment, supervision and trustee liability
51
Delegation of authority with respect to investment
Division G
Miscellaneous
52
Liability of trustee
53
Powers and duties conferred jointly
54
Trustees may act by majority
55
Allocation of insurance proceeds
56
No notice from other trust
5
VARIATION AND TERMINATION OF TRUSTS
57
Definition of “arrangement”
58
Application of this Part
59
Arrangement effective on unanimous consent
60
Arrangement effective with court approval
61
Notice to Attorney General
6
TRUSTEE COMPENSATION AND ACCOUNTS
62
Definitions
63
Compensation of trustee
64
Interim compensation of trustees
65
Reimbursement of expenses
66
Passing of accounts
67
Repayment by trustee
68
Application of Part to judicial trustee
7
CHARITABLE TRUSTS AND CHARITABLE GIFTS
69
Power of court to vary charitable trusts and charitable gifts
70
Power to order sale of property – charitable trust
71
Notice to Attorney General
72
Imperfect trust provisions – charitable and non-charitable purposes
73
Deemed power to appoint
74
Trust property held for specific charitable purpose not to be seized
8
ADDITIONAL POWERS OF THE COURT
75
Non-performance by trustees
76
Directions
77
Order re distribution of trust property
78
Exemption clauses
79
Trustee may be relieved of liability for breach of trust
80
Contribution and indemnity
81
Beneficiaries instigating breach of trust
82
Payment into court
83
Who may apply to court for order
84
Costs paid by party or out of trust property
9
GENERAL
85
Determination of family relationships
86
Entitlement to income arising from contingent interest in trust property
87
Effect of notice on purchaser
88
Protection of purchaser
89
Person not liable if compliant with Act or order
90
Receipt relieves person from further obligation
91
Representation of beneficiary
92
Agent of beneficiary
93
Notice – qualified beneficiary
10
REPEAL AND COMMENCEMENT
94
Repeal of Trustees Act and regulation
95
Commencement
0
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