Trustee Act 2000

rdf:langString Trustee Act 2000

rdf:langString c 29

rdf:langString England and Wales

rdf:langString An Act to make fresh provision with respect to investment by trustees and persons having the investment powers of trustees, and by local authorities, and for purposes connected therewith.

rdf:langString Parliament of the United Kingdom

rdf:langString Trustee Act 2000

rdf:langString Current

rdf:langString The Trustee Act 2000 (c 29) is an Act of the Parliament of the United Kingdom that regulates the duties of trustees in English trust law. Reform in these areas had been advised as early as 1982, and finally came about through the Trustee Bill 2000, based on the Law Commission's 1999 report "Trustees' Powers and Duties", which was introduced to the House of Lords in January 2000. The bill received the Royal Assent on 23 November 2000 and came into force on 1 February 2001 through the Trustee Act 2000 (Commencement) Order 2001, a Statutory Instrument, with the Act having effect over England and Wales. The Act covers five areas of trust law: the duty of care imposed upon trustees, trustees' power of investment, the power to appoint nominees and agents, the power to acquire land, and the power to receive remuneration for work done as a trustee. It sets a new duty of care, both objective and standard, massively extends the trustees' power of investment and limits the trustees' liability for the actions of agents, also providing for their remuneration for work done in the course of the trust.