39. Powers and duties of and restrictions on trustees.
(1)A trustee of every public trust shall administer the affairs of the trust and apply the funds and properties thereof for the purposes and objects of the trust in accordance with the terms of the trust, usage of the institution and lawful directions which the Charity Commissioner or tribunal may issue in respect thereof, and exercise the same care as a man of ordinary prudence does when dealing with such affairs, funds or property, as if they were his own.(2)The trustee shall, subject to the provisions of this Act and the instrument of trust, be entitled to exercise all powers incidental to the prudent and beneficial management of the trust, and to do all things necessary for the due performance of the duties imposed on him.(3)No trustee shall borrow moneys for the purpose of or on behalf of the trust of which he is a trustee, except with the previous sanction of the Charity Commissioner and subject to such conditions and limitations as may be imposed by him in the interest or protection of the trust.(4)No trustee shall borrow money for his own use from any property of the public trust of which he is a trustee.
