International Trusts Order, 2000 · As enacted · Part II · Investments
Section 7
Official textFrom Attorney General's Chambers, unchanged
Before exercising any powers of investment, trustees may but shall not be bound to obtain and consider proper advice on the question of suitability to the trust of any proposed investment.
trust
"trust" means an international trust except where the context otherwise requires;
Trustees retaining any investment may but shall not be bound to obtain and consider, at such intervals as they consider appropriate having regard to the nature of the investment and other circumstances, proper advice on the suitability of continuing to retain the investment or disposing of it.
For the purposes of this section, proper advice is the written advice of any investment adviser named in the trust instrument or duly appointed pursuant to its terms, or of any person including a settlor, enforcer or protector who is reasonably believed by the trustees to be qualified to give the advice as a result of that person's ability in and practical experience of matters relevant to investment decisions, and notwithstanding that it may be given in the course of that person's employment as an officer or servant of a company or other institution.
trust instrument
"trust instrument" means the written testamentary or other instrument if any by which, or on the terms of which, the trust is created (including any subsequent instruments affecting the terms or administration of the trust) or where the trust was not created by, or on the terms of, any written instrument refers to any trust instrument evidencing an oral declaration creating the trust. Application and restrictions.
Notwithstanding the provisions of section 6, trustees shall not be liable for any loss which may result from their having made, changed, retained or disposed of any investment pursuant to proper advice.
The powers and immunities conferred by this section are in addition to those conferred by the trust instrument and by law including this Order.
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Terms defined in s 2
person
Defined · s 2"person" includes a natural person, any company or.association or body of persons, corporate or incorporated, including a partnership whether limited, unlimited or an international limited partnership created under the International Partnerships Order, 2000;
protector
Defined · s 2"protector" means any person appointed as such pursuant to the terms of the trust instrument and includes any duly appointed successor to an initial protector; 11rights" include estates and interests;
settlor
Defined · s 2"settlor" includes the testator where trusts are declared by will or codicil;
trust
Defined · s 2"trust" means an international trust except where the context otherwise requires;
trust instrument
Defined · s 2"trust instrument" means the written testamentary or other instrument if any by which, or on the terms of which, the trust is created (including any subsequent instruments affecting the terms or administration of the trust) or where the trust was not created by, or on the terms of, any written instrument refers to any trust instrument evidencing an oral declaration creating the trust. Application and restrictions.
Part III
Part IV
Protections and Indemnities of Trustees
Part VI
Part VII
Powers of the Court
Part VIII
Authorised Purpose Trusts
Part IX
Part X
Additional Provisions
Part XI