Trustee Ordinance

(1)
The trustee of a trust
may—
(a)
insure any property that is subject to the trust against loss or damage due to any event; and
(b)
pay the premiums out of the trust funds.
(2)
If a property is held on a bare trust, the power to insure the property is subject to any direction given by the sole beneficiary or (if more than one beneficiary) each of the beneficiaries
that—
(a)
the property is not to be insured; or
(b)
the property is not to be insured except on the conditions specified in the direction.
(3)
For the purpose of subsection (2), a property is held on a bare trust if it is held on trust
for—
(a)
the sole beneficiary under the trust who is absolutely entitled to the property subject to the trust
and—
(i)
is an individual of full age and capacity; or
(ii)
is a body corporate whose constitution does not prohibit it from exercising the power under this section; or
(b)
all the beneficiaries under the trust who (taken together) are absolutely entitled to the property subject to the trust and each of whom is
either—
(i)
an individual of full age and capacity; or
(ii)
a body corporate whose constitution does not prohibit it from exercising the power under this section.
(4)
If a direction under subsection (2) is given, the power to insure, so far as it is subject to the direction, ceases to be a delegable function for the purpose of
section 41B
(power to appoint agents).