Status: Approved by the council 17 February 2004
That, having considered all matters raised in the report, the Council directs that independent trustees of Family and Charitable Trusts that are lessees of council-owned property have their liability limited to the net assets of the Trust available and in their hands to meet such liability – such limitation of liability being conditional on and subject to:
a) A formal and unsolicited request being received from the independent trustee for a limitation of liability and it being ascertained, quite clearly, that the trustee’s role with the Trust is that of an independent trustee;
b) The independent trustee not being a beneficiary of the trust, save from any reasonable fees payable to that trustee for professional or other services they render to the Trust;
c) The Trust having one or more trustees who are not independent trustees and can be held accountable for any failure of the Trust to observe or perform its obligations under the lease;
d) The independent trustee not being in neglect or breach of trust in their role as a trustee of the Trust.