14BLaw and equity preserved

14B Law and equity preserved (1) Any rule or principle of law or equity that imposes a duty on a trustee exercising a power of investment continues to apply except to the extent that it is inconsistent with this or any other Act or with the trust instrument. (2) A duty mentioned in subsection (1) includes the following: (a) a duty to exercise the powers of a trustee in the best interests of all present and future beneficiaries of the trust; (b) a duty to invest trust funds in investments that are not speculative or hazardous;

(c) a duty to act impartially towards beneficiaries and different classes of beneficiaries; (d) a duty to take advice. (3) If a provision in a trust instrument purports to exempt, indemnify or limit the liability of a trustee in relation to a breach of trust, any rule or principle of law or equity that relates to the provision continues to apply. (4) If a trustee is under a duty to take advice, the reasonable costs of obtaining the advice are payable out of trust funds.