JSB171 Lecture Notes - Lecture 1: New Board, Select Agent, Bmw M54
Document Summary
Powers of trustees: duty to consider whether to exercise power if held in a fiduciary capacity. Breach of duty trustee is in breach of trust". May deposit with a bank: s 49. Duty to strictly conform to and carry out the terms of the trust. = must carry out duties in accordance with terms of trust. But deviation may be permitted in some circumstances : by trust instrument, by statutory right of variation, sanctioned by the court if , exceptional emergency (narrow operation) equity"s inherent jurisdiction; or, expedient in the management of the trust; or. Test is what would be expedient for the trust as a whole: riddle v riddle. Expedient = advantageous, desirable or suitable to the circumstances of the case: in the best interests of the majority of beneficiaries: s94(1) (on application by trustees or beneficiaries) Courts have significant power to vary trusts varying or revoking all or any of the trusts, enlarging the powers of the trustees.
