Skip to main content

Clause 120—(Various Powers Of Trustees)

Volume 155: debated on Wednesday 14 June 1922

The text on this page has been created from Hansard archive content, it may contain typographical errors.

(7) Trustees may, in their absolute discretion, from time to time cause the accounts of the trust property to be audited by an independent accountant, and shall for that purpose produce such vouchers, and give such information to him as he shall require; and the costs of such audit (including the fee of the auditor) shall be paid out of the capital or income of the trust property, or partly in one way and partly in the other, as the trustees shall in their absolute discretion think fit, but in default of any direction (in any special case) by the trustees to the contrary costs attributable to capital shall be borne by capital and those attributable to income by income.

I beg to move, in Sub-section (7), after the word "time" ["to time cause"], to insert the words

"(but not more than once in every three years unless the nature of the trust, or any special dealings with the trust property, make it reasonable)."
This Amendment is merely intended to prevent trustees acting unreasonably.

Amendment agreed to.