ALRI (Alberta Law Reform Institute) recently published another report – Report for Discussion #28, A New Trustee Act for Alberta.
The report reviews the Uniform Trustee Act prepared by the Uniform Law Conference of Canada, Alberta’s current Trustee Act, and Alberta law and policy. ALRI’s report then recommends that Alberta implement most of the Uniform Trustee Act provision (with certain modifications, clarifications, and enhancements to reflect Alberta law and policy) while also keeping some of the current Trustee Act provisions in the new legislation.
Here are some of the changes that ALRI proposes to the existing trustee legislation:
- Trustee majority rule as opposed to requiring unanimity,
- The existence of temporary trustees, and
- Two standards of care for trustees – one standard for lay trustees and a more onerous standard for professional trustees.
If you haven’t already done so, download the full report and then complete the survey to give ALRI your feedback. Make sure you offer your suggestions before March 31, 2016.
Information provided by Carol Burgess, ALRI Operations Manager.
