Tracing foundation endowment

(1) Without prejudice to the personal liability of a member or a protector, a foundation endowment which has been charged or dealt with in breach of fiduciary duty, or any property into which it has been converted, may be followed and recovered unless– (a) it is no longer identifiable as a foundation’s endowment or as the proceeds of such an endowment; or (b) it is in the hands of a bona fide purchaser for value who had no actual, constructive or implied notice of the breach of fiduciary duty. (2) In a case referred to in sub-section (l)(b), the proceeds of the bona fide sale may be recovered and held as foundation