Section 38: Duty relating to trust property

38. Duty relating to trust property (1) Subject to this Act and to the terms of the trust, a trustee shall preserve and enhance, so far as is reasonable, the value of the trust property. (2) A trustee shall take all such steps as may be reasonably required with due regard to the nature and amount or value of the property, for the possession of all outstanding trust property and for the preservation of the trust property and the assertion or protection of the title to it. (3) (a) A trustee shall keep— (i) up-to-date and accurate accounts and records of his trusteeship; and (ii) a register of the names, in alphabetical order, and the last known address of each beneficiary and settlor of the trust, including a non-resident foreign trust administered by him. (b) The records to be kept under paragraph (a) (i) shall include proper books, registers, accounts, records such as receipts, invoices and vouchers and documents such as contracts and agreements representing a full and true record of all transactions and other acts engaged in by the trust and shall be kept for a period of not less than 5 years after the completion of the transactions to which they relate. (4) A trustee shall keep trust property separate from his own property and separately identifiable from any other property of which he is the trustee. [S. 38 amended by s. 28 of Act 27 of 2012 w.e.f. 22 December 2012.]