sec.118Audit

sec.118 Audit

A trustee— may have the accounts of the trust property examined or audited by an accountant; and must, for that purpose, give the accountant the documents and information the accountant requires to conduct the examination or audit. The costs of the examination or audit, including the accountant’s fee, are payable out of the capital or income of the trust property, or partly out of the capital and partly out of the income, as the trustee considers appropriate. However, in the absence of any direction by the trustee to the contrary in a special case— costs attributable to capital are payable out of the capital; and costs attributable to income are payable out of the income. Despite subsection (2) , if the trustee or 1 of the trustees is a trustee corporation, the costs of the examination or audit are payable out of the trust property only if— the examination or audit relates to a business forming part of the trust property; or the court approves of the costs being paid out of the capital or income of the trust property. (sec.118-ssec.1) A trustee— may have the accounts of the trust property examined or audited by an accountant; and must, for that purpose, give the accountant the documents and information the accountant requires to conduct the examination or audit. (sec.118-ssec.2) The costs of the examination or audit, including the accountant’s fee, are payable out of the capital or income of the trust property, or partly out of the capital and partly out of the income, as the trustee considers appropriate. (sec.118-ssec.3) However, in the absence of any direction by the trustee to the contrary in a special case— costs attributable to capital are payable out of the capital; and costs attributable to income are payable out of the income. (sec.118-ssec.4) Despite subsection (2) , if the trustee or 1 of the trustees is a trustee corporation, the costs of the examination or audit are payable out of the trust property only if— the examination or audit relates to a business forming part of the trust property; or the court approves of the costs being paid out of the capital or income of the trust property.

• (a) may have the accounts of the trust property examined or audited by an accountant; and
• (b) must, for that purpose, give the accountant the documents and information the accountant requires to conduct the examination or audit.
• (a) costs attributable to capital are payable out of the capital; and
• (b) costs attributable to income are payable out of the income.
• (a) the examination or audit relates to a business forming part of the trust property; or
• (b) the court approves of the costs being paid out of the capital or income of the trust property.