BILL 40

An Act to Amend the Trustees Act

Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

1 The Trustees Act, chapter T-15 of the Revised Statutes, 1973, is amended by adding after section 2 the following:

2.1 When acting in accordance with section 2, a trustee may

(a) obtain and rely on the advice of another person in relation to the investment of trust money under that section, and

(b) delegate to another person his or her authority to make investments under that section.

2 Subsection 14(1) of the French version of the Act is amended by striking out "l’education" and substituting "l’éducation".

3 Section 34 of the French version of the Act is amended by striking out "fiduciares" and substituting "fiduciaires".

4 Any act or thing done by a trustee in accordance with section 2 of the Trustees Act, before the commencement of this section, that would be authorized by section 2.1 of the Trustees Act, as enacted by section 1 of this amending Act, shall be deemed to have been validly done as if section 2.1 had been in force at the time it was done.

EXPLANATORY NOTES

Section 1

A new section 2.1 is added to authorize a trustee acting in accordance with section 2 of the Trustees Act to obtain and rely on the advice of another person in relation to the investment of trust money under that section and to delegate to another person the trustee’s authority to make such investments.

Sections 2 and 3

Typographical errors are corrected.

Section 4

Transitional provision.