Acts and Regulations

2015, c.21 - Trustees Act

Section 64
Disposition versions

Full text
Interim compensation of trustees
64(1)Subject to subsection (2), if there is at least one beneficiary who is of full capacity and has a vested beneficial interest in the trust property, a trustee may take payment out of the trust property during the administration of the trust in an amount that is fair and reasonable compensation for services rendered as trustee during the period to which the payment relates.
64(2)Before taking a payment under subsection (1), the trustee shall deliver to the qualified beneficiaries and to the other trustees a notice stating
(a) the amount of the payment to be taken,
(b) a description of the services rendered, and
(c) that if no objection is received within a specified period of not less than 30 days the trustee will take the payment.
64(3)If there is an objection, the trustee may
(a) take payment of a different amount agreed to by the trustees and the qualified beneficiaries,
(b) apply to the court to approve the amount, or
(c) both of the above.
64(4)On application by the trustee in accordance with subsection (3), the court may determine the amount of compensation, if any, that the trustee may be paid under subsection (1).
Interim compensation of trustees
64(1)Subject to subsection (2), if there is at least one beneficiary who is of full capacity and has a vested beneficial interest in the trust property, a trustee may take payment out of the trust property during the administration of the trust in an amount that is fair and reasonable compensation for services rendered as trustee during the period to which the payment relates.
64(2)Before taking a payment under subsection (1), the trustee shall deliver to the qualified beneficiaries and to the other trustees a notice stating
(a) the amount of the payment to be taken,
(b) a description of the services rendered, and
(c) that if no objection is received within a specified period of not less than 30 days the trustee will take the payment.
64(3)If there is an objection, the trustee may
(a) take payment of a different amount agreed to by the trustees and the qualified beneficiaries,
(b) apply to the court to approve the amount, or
(c) both of the above.
64(4)On application by the trustee in accordance with subsection (3), the court may determine the amount of compensation, if any, that the trustee may be paid under subsection (1).