sec.23Law and equity preserved

### sec.23 Law and equity preserved A rule or principle of law or equity imposing a duty on a trustee exercising a power of investment continues to apply except so far as it is inconsistent with this or another Act or the instrument creating the trust. Without limiting the rules or principles mentioned in subsection (1) , they include a rule or principle imposing— a duty to exercise the powers of a trustee in the best interests of all present and future beneficiaries of the trust; and a duty to invest trust funds in investments that are not speculative or hazardous; and a duty to act impartially towards beneficiaries and between different classes of beneficiaries; and a duty to obtain advice. A rule or principle of law or equity relating to a provision in an instrument creating a trust that purports to exempt, limit the liability of, or indemnify a trustee in relation to a breach of trust, continues to apply. If a trustee is under a duty to obtain advice, the reasonable cost of obtaining the advice is payable out of trust funds. s 23 sub 1999 No. 69 s 5 (sec.23-ssec.1) A rule or principle of law or equity imposing a duty on a trustee exercising a power of investment continues to apply except so far as it is inconsistent with this or another Act or the instrument creating the trust. (sec.23-ssec.2) Without limiting the rules or principles mentioned in subsection (1) , they include a rule or principle imposing— a duty to exercise the powers of a trustee in the best interests of all present and future beneficiaries of the trust; and a duty to invest trust funds in investments that are not speculative or hazardous; and a duty to act impartially towards beneficiaries and between different classes of beneficiaries; and a duty to obtain advice. (sec.23-ssec.3) A rule or principle of law or equity relating to a provision in an instrument creating a trust that purports to exempt, limit the liability of, or indemnify a trustee in relation to a breach of trust, continues to apply. (sec.23-ssec.4) If a trustee is under a duty to obtain advice, the reasonable cost of obtaining the advice is payable out of trust funds. - (a) a duty to exercise the powers of a trustee in the best interests of all present and future beneficiaries of the trust; and - (b) a duty to invest trust funds in investments that are not speculative or hazardous; and - (c) a duty to act impartially towards beneficiaries and between different classes of beneficiaries; and - (d) a duty to obtain advice.