Malaysia legislation
Section 30
Section 30
(1A)
In addition to subsection (1), unless otherwise provided in the terms of the trust, a trustee shall, in the execution of his duties and the exercise of his powers and discretion, exercise such reasonable care and skill, having regard in particular—
(a)
to any special knowledge or experience that he has or holds himself out as having such special knowledge or experience; and
(b)
if he acts as trustee in the course of a business or profession, to any special knowledge or experience that may reasonably be expected of a person acting in the course of that kind of business or profession.
(2)
Subject to the provisions of this Act, a trustee shall carry out and administer a trust according to the terms of the trust and shall—
(a)
ensure that the trust property is vested in him or is otherwise under his control; and
(b)
in so far as it is reasonable, preserve and enhance the value of the trust property.
(3)
Except as otherwise permitted by this Act or as expressly provided by the terms of the trust, a trustee shall not—
(a)
profit, directly or indirectly, from his trusteeship;
(b)
cause or permit any person, other than a person properly appointed or delegated by the trustee under this Act or by the Court or pursuant to the terms of the trust, to profit, directly or indirectly, from such trusteeship; or
Labuan Trusts 39
(c)
on his own account enter into any transaction with the other trustees, or relating to the trust property, which may result in such profit, without the approval of the Court.
(4)
A trustee shall keep accurate accounts and records of his trusteeship and shall render an account of such trusteeship as required by the terms of the trust or by an order of the Court.
(5)
A settlor or any of the beneficiaries may apply to the Court for an order to require the trustee to render an account of his trusteeship to any of them.
(6)
A trustee shall keep the trust property distinct and separate from his own property and separately identifiable from any other property of which he is a trustee or to which he is beneficially entitled.
(7)
Where a power mentioned in subsection 8B(2) has been reserved or granted by the settlor, a trustee who acts in accordance with the exercise of the power is not acting in breach of trust.
Duty of co-trustees