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.