General duties of Trustees

(1) A trustee shall in the execution of his functions– (a) act with due diligence; (b) observe utmost good faith; (c) act to the best of his skills and abilities; and (d) exercise the standard of care of a reasonable and prudent man of business. (2) A trustee shall carry out and administer the trust in accordance with this Act and, subject thereto, in accordance with the terms of the trust. (3) A trustee shall owe a fiduciary duty to the beneficiaries of the trust, the members of a class for whose benefit the trust was established, or the purpose for which the trust was established. (4) Where a fiduciary duty is owed to a purpose for which a trust was established, that duty may be enforced by the protector of the trust or, in the case of a trust established for a charitable purpose, by the Attorney General. (5) A trustee shall, subject to the terms of the trust and to the provisions of this Act27 (a) ensure that the trust property is held by or vested in him or is otherwise under his control; and (b) preserve and, so far as is reasonable, enhance the value of the trust property. (6) Except with the approval of the Court or in accordance with the terms of the trust or the provisions of this Act, a trustee shall not– (a) derive, directly or indirectly, any profit from his trusteeship; (b) cause or permit any other person directly or indirectly to derive any profit from his trusteeship; or (c) on his own account enter into any transaction with his co-trustees or relating to the trust property which may result in any such profit. (7) The trustee of a trust shall keep accurate accounts and records of his trusteeship. (8) A trustee shall keep trust property separate from his own property and separately identifiable from any other property of which he is a trustee. Duty to apply