Custodian trustee definition

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Charity land acquisition and disposal—checklist

Charity land acquisition and disposal—checklist Before and during the acquisition and disposal of land, trustees have a number of matters they should consider. Before acquisition • consider the purpose of the acquisition, eg is it functional, investment or for purposes • whether the trustees are agreed that the acquisition is necessary to further the aims of the charity and it is the interests of the charity to do so • ensure there is power in the governing instrument to acquire the land, and if not, on what basis can they legally justify the purchase • determine if the transaction needs to be financed and, if so, how • decide if the property is to be acquired in the names of the trustees or, perhaps, vested in the Official Custodian • consider the VAT status—where the seller/landlord has opted to tax or made a real estate election or the property id under three years old, an acquisition may not make sense unless: ◦ the supply will be zero-rated because the property...

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Trust disputes—appointment and removal of trustees

In general the trust instrument will provide for the appointment of replacement trustees (see Practice Note: Trustees—appointment of trustees) but this is not always the case. In some circumstances the court may have to intervene.Appointment by the courtWhere it is found to be inexpedient, difficult or impracticable to appoint trustees without the assistance of the court, an application may be made to appoint a trustee in substitution for or in addition to an existing one.The statutory power to appoint new trustees is very widely drawn and effectively enables the court to remove or discharge a trustee by appointing someone in their place. A court will not normally discharge a trustee unless another is being appointed in their place.The court will only look to the preservation of the estate and the best interests of the beneficiaries when reaching a decision.See Practice Note: Trust disputes—trustees' removal under section 41 of the Trustee Act 1925.Appointment by the Court of ProtectionLack of capacity does not terminate a trusteeship and does not prevent property continuing...

Charities and third party delegation

Although many charities will wish to organise and deal with their own investments, such will be beyond the capabilities of others either because of lack of available skills or lack of time or staff. In those circumstances, it will make sense to consider the use of agents or nominees and/or custodians.AgentsSection 11 of the Trustee Act 2000 (TrA 2000) sets out, at least so far as unincorporated charities are concerned, those powers that the trustees have, over and above those contained in their governing document, to delegate certain functions to agents.'Delegate' in the context of TrA 2000, s 11 has been defined by the Charity Commission:The use of the term 'delegate' in this context means someone who is discharging a prescribed function on behalf of the trustees as a whole.  In this case the delegate is the agent who is appointed to carry out a specific function. The agent should not be appointed or retained without a specific purpose to undertake. Providing that the power to delegate those functions (and review...