Trustee Ordinance

(1)
If the statutory duty of care applies to a trustee as provided in
Schedule 3
, the trustee must exercise the care and skill that is reasonable in the circumstances, having regard
to—
(a)
any special knowledge or experience that the trustee has or holds out as having; and
(b)
if the trustee is acting in that capacity in the course of a business or profession, any special knowledge or experience that is reasonably expected of a person acting in the course of that kind of business or profession.
(2)
If the statutory duty of care applies to a trustee when exercising a power or doing an act, that duty has effect in place of any common law rules and equitable principles regarding the duty and standard of care owed by the trustee to the beneficiaries of the trust when exercising the power or doing the act.
(3)
The statutory duty of care does not apply to a trustee if, or in so far as, it appears from the instrument creating the trust or an enactment that the duty is not meant to apply.
(4)
The statutory duty of care does not apply in relation to a trust created before the commencement date
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of this section in so far as provision to the effect that subsection (1) does not apply is made by a deed
executed—
(a)
if the trust was created by a person who is of full capacity, by that person;
(b)
if the trust was created by more than one person, by all the persons who are of full capacity; or
(c)
if none of the persons creating the trust is of full capacity,
by—
(i)
the sole beneficiary under the trust who is absolutely entitled to the property subject to the trust
and—
(A)
is an individual of full age and capacity; or
(B)
is a body corporate whose constitution does not prohibit it from exercising the power under this section; or
(ii)
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—
(A)
an individual of full age and capacity; or
(B)
a body corporate whose constitution does not prohibit it from exercising the power under this section.