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The Trustee Amendment Act

This is an unofficial version.
If you need an official copy, contact Statutory Publications.

S.M. 1995, c. 14

The Trustee Amendment Act

(Assented to November 3, 1995)

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:

C.C.S.M. c. T160 amended

1           The Trustee Act is amended by this Act.

2           Section 79 of the French version is amended

(a) by striking out "et d'apporter";

(b) by striking out "le jugement et le soin" and substituting "le jugement et la diligence"; and

(c) by striking out "aurait exercé et apporté" and substituting "aurait exercés".

3           The following is added after section 79:

Use of non-financial criteria

79.1        Subject to any express provision in the instrument creating the trust, a trustee who uses a non-financial criterion to formulate an investment policy or to make an investment decision does not thereby commit a breach of trust if, in relation to the investment policy or investment decision, the trustee exercises the judgment and care that a person of prudence, discretion and intelligence would exercise in administering the property of others.

Coming into force

4           This Act comes into force on the day it receives royal assent.