Section 37

A trustee shall be chargeable only for money and securities actually received by him notwithstanding his signing any receipt for the sake of conformity, and shall be answerable and accountable only for his own acts, receipts, neglects or defaults and not for those of any other trustee nor for any banker, broker or other person with whom any trust money or securities may be deposited nor for any other loss, unless such loss happens through his own individual act or omission.

A trustee may reimburse himself or pay or discharge out of the trust property all his proper charges and expenses incurred in or about the execution of the trusts or powers.

Subsection (2) applies to a trustee who has acted in good faith after making reasonable inquiries as to the validity and propriety of the creation of the trust notwithstanding that it may subsequently have been set aside or found to have been invalid or ineffective.

If the trust instrument so provides, a trustee may upon resignation, retirement, removal or otherwise ceasing to be trustee of a trust require from any continuing or new trustee

(in the event of the trustee’s resignation, retirement or removal), from the settlor (in the event of the trust’s revocation) or from any beneficiary (in the event of a final distribution to such beneficiary) a release and indemnity holding harmless the outgoing trustee, and the servants and agents of the outgoing trustee and (if it is a body corporate) its directors and officers from

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and against any and all claims, demands, actions, proceedings, damages, costs, charges and expenses whatsoever for, or arising out of, or in relation to, any act or omission of the outgoing trustee or of any such directors, officers, servants or agents in respect of the administration of the trust by the outgoing trustee.

The release and indemnity under subsection (4) do not extend to any liabilities for breach of trust or in respect of which the outgoing trustee would otherwise not have been entitled to an indemnity out of the trust property had the outgoing trustee remained a trustee;

and the indemnity given by any continuing or new trustees shall be limited to the trust property in their possession or under their control from time to time.

A trustee who has acted in good faith after making reasonable inquiries as to the validity and propriety of the creation of a trust shall have a first and paramount charge over the trust property of an amount equal to the entire costs including its own fees and expenses and those of any agent, attorney or any other person properly incurred by the trustee or any such person in defending the trust with the sanction of the Court in any proceedings in which its validity is in issue, and not merely such costs as might be allowed by the Court in the absence of this subsection.

A trustee which is a trust corporation or company authorised to undertake trust business shall be entitled to remuneration in accordance with its published terms for trust business in force from time to time and, in the absence of published terms, in accordance with such terms as may from time to time be agreed between the trustee and the Settlor or, if the

Settlor is unfit, unable or unwilling to act, the person or persons by whom the power of appointing new trustees is exercisable.

A trustee, whether acting as a person engaged in a profession or business or in a personal capacity, shall be entitled to all normal professional or other fees for business done, services rendered or time spent by such trustee personally or by such trustee’s firm or company in the administration of these trusts, including acts which a trustee not engaged in any profession or business could have done personally.

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A trustee shall be entitled to retain any commission which may be received personally or by such trustee’s firm in respect of any transaction carried out on behalf of this

Trust for which such trustee or trustee’s firm is, in the normal course of business, allowed commission, notwithstanding that the receipt of such commission was procured by an exercise by such trustee or the trustees of powers over the Trust Fund.