Section 37: Fiduciary duties

37. Fiduciary duties (1) A trustee shall, in the exercise of his functions, observe the utmost good faith and act— (a) with due diligence; (b) with care and prudence; and (c) to the best of his ability and skill. (2) Subject to this Act, a trustee shall execute and administer the trust, and exercise his functions— (a) in accordance with the terms of the trust; (b) only in the interest of the beneficiaries or in fulfilment of the purpose of the trust. (3) A trustee shall not use or deal with trust property for his own profit or for any purpose not connected with the trust. (4) A trustee shall not— (a) derive, directly or indirectly, any profit from his trusteeship; (b) cause or permit any other person to derive such profit; or (c) on his own account, enter into any transaction with his co-trustees, or relating to the trust property, which may result in any such profit except— (i) with the approval of the Court; (ii) as permitted by this Act; or (iii) as expressly provided by the terms of the trust. T22 – 21 [Issue 5] Trusts Act