Section 7

Before exercising any powers of investment, trustees may but shall not be bound to obtain and consider proper advice on the question of suitability to the trust of any proposed investment.

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BLUV as at 16th December 2010

Trustees retaining any investment may but shall not be bound to obtain and consider, at such intervals as they consider appropriate having regard to the nature of the investment and other circumstances, proper advice on the suitability of continuing to retain the investment or disposing of it.

For the purposes of this section, proper advice is the written advice of any investment adviser named in the trust instrument or duly appointed pursuant to its terms, or of any person including a settlor, enforcer or protector who is reasonably believed by the trustees to be qualified to give the advice as a result of that person’s ability in and practical experience of matters relevant to investment decisions, and notwithstanding that it may be given in the course of that person’s employment as an officer or servant of a company or other institution.

Notwithstanding the provisions of section 6, trustees shall not be liable for any loss which may result from their having made, changed, retained or disposed of any investment pursuant to proper advice.

The powers and immunities conferred by this section are in addition to those conferred by the trust instrument and by law including this Order.

Power to retain investments which have ceased to be authorised.