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In the case of UK charities, a trustee is a volunteer who undertakes fiduciary responsibilities on behalf of the charity, subject to the provisions of Charity Law, a branch of trust law, and the Charities Act 1993. [15]
The Charity Commission has the power to issue an inquiry into a charity under Section 46 of the 2011 act and, if they are satisfied there has been mismanagement, they are allowed to suspend trustees or officers, appoint additional trustees, vest charity property in the Official Custodian for Charities or order debtors or people holding charity ...
The Trustee Act 2000 (c. 29) is an act of the Parliament of the United Kingdom that regulates the duties of trustees in English trust law.Reform in these areas had been advised as early as 1982, and finally came about through the Trustee Bill 2000, based on the Law Commission's 1999 report "Trustees' Powers and Duties", which was introduced to the House of Lords in January 2000.
Charitable trusts, like other trusts, are administered by trustees, but there is no direct relationship between the trustees and the beneficiaries. [4] This results in two key points: first, the trustees of a charitable trust have greater freedom to act than other trustees, and secondly, beneficiaries cannot take legal action against the trustees.
The Charity Commission monitors how charity trustees perform their duties, and ensures that charities serve the public interest. Pensions and investment trusts are closely regulated to protect people's savings and to ensure that trustees or fund managers are accountable.
The trustee must also keep adequate records of the administration of the trust generally. [66] All trust property must stay separate from the trustee's own personal property and must not be "commingled." [67] A trustee can hold certain securities, usually publicly traded ones, in a "street name" or nominee registration for ease of management. [68]
The lawsuit originally asked to prohibit Donald Trump from serving as “an officer, director or trustee” of any charitable organization for 10 years and his children for one year.
It was formerly an executive agency but following the passing of the Charities and Trustee Investment (Scotland) Act 2005 [8] it was made independent of ministerial control, and answers directly to the Scottish Parliament. It is the equivalent of the Charity Commission for England and Wales and the Charity Commission for Northern Ireland.