54(1)Subject to subsection (2), this section does not apply in respect of a trust created by a trust instrument executed before this section comes into force.

54(2)The trustees of a trust described in subsection (1) may elect in writing that this section applies unless doing so is contrary to the trust instrument.

54(3)If there are more than two trustees, the trustees may perform their duties and exercise their powers by a majority of the trustees holding office.

54(4)A trustee who disagrees with a decision or act of the majority of trustees may deliver a written statement of disagreement to the other trustees but, unless the decision or act is unlawful, shall join with the majority in doing anything necessary to carry out that decision or act if it cannot be carried out otherwise.

54(5)A trustee who delivers a written statement as required by subsection (4) is not liable for a loss or breach of trust arising from the decision or act even if the trustee joins with the majority in accordance with that subsection.

54(6)If a trustee abstains from participating in a decision or act of the trustees because there is a conflict or potential conflict between the trustee’s personal interest and the powers and duties of the office of trustee, or for another good reason, the trustee is deemed not to be holding office for the purpose of determining whether a decision made or act done by the other trustees is made or done