CTHRepealedLegislation
Private Ancillary Fund Guidelines 2009
liability of Trusteeliability of Trustee
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liability of Trustee
- The governing rules of a *private ancillary fund must prohibit the fund from indemnifying the trustee, or an employee, officer or *agent of the trustee, for a loss or liability attributable to:
• dishonesty of the trustee, employee, officer or agent; or
• gross negligence or recklessness of the trustee, employee, officer or agent; or
• a deliberate act or omission known by the trustee, employee, officer or agent to be a breach of trust.
Note: An administrative penalty under section 426-120 in Schedule 1 to the Taxation Administration Act 1953 cannot be reimbursed from the fund, see subsection 426-120(4).