Page 29 - Nexia SAB&T Trust Guide 2022
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SUMMARY: DUTIES OF TRUSTEES
Fiduciary Duties Statutory Duties Other Common Law
in Terms of Trust Duties
Property Control Act
Always exercise powers Act with Care, Diligence Act within limits of
in good faith, acting and Skill authority
independently and (Sect.9)
objectively
Always avoid a conflict Lodge trust instrument Know and obey terms of
between personal interests with Master of the High the trust instrument
and official fiduciary Court
duties (Sect.4)
Act exclusively in the Provide Master of Properly identify the
best interests of all trust the High Court with beneficiaries of the trust
beneficiaries trustee’s address/
change of address
(Sect.5)
Fulfill duties impartially Provide Master of Make sure required
and in good faith the High Court with number of trustees is in
security/exemption place
from security
(Sect.6)
Do not make a profit Obtain written Act unanimously with
(directly/indirectly) from authorisation to other trustees
trust administration act as trustee
(Sect.6)
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