Trusts and Trustees Act (Cap. 331), article 30

30. (1) A trustee commit ting or concur ring in a br each of trust shall without prejudice to any other liability be liable for - (a) the loss of depreciation in value of the trust property resulting from the breach; (b) the profit, if any, which would have accrued to the trust if there had been no such breach. (2) A trustee may not set off a gain from a breach of trust against a loss from t he same or some ot her breach of trust. (3) A trustee shall not be liable for a breach of trust committe d prior to his appointment, if such breach of trust was committed by some other person. It shall, how ever, be the duty of the truste e on becoming aware of it to take all reasonable steps to have such breach remedied. (4) A trustee shall not be liable for breach of trust committed by a co-trustee unless - (a) he becomes aware or ought to have become aware of the commission of such breach or the intention of the co-trustee to commit a breach of trust; and (b) he actively conceals such b reach or such intention or fails within a reasonable time to take proper steps to protect or restore the trust property or prevent such breach. (5) Nothing in the terms of a trust shall relieve, release or exonerate a trustee from liability for breach of trust arising from his own fraud, wilful miscond uct or gross negligence. (6) Where two or more trustees a re liable in res pect of a breach of trust, their liability shall be joint and several. TRUSTS AND TRUSTEES [CAP. 331. 27 (7) A beneficiary may, in respect of a liability to him for a breach of trust already committe d, relieve a trustee of, or ind emnify him against, such liability, but only if the beneficiary - (a) has legal capacity; and (b) has full knowledge of all material facts; and (c) has not been improperly induced by the trustee to give the relief or indemnity. ( 8 ) T h e c ou r t m a y r e l ie v e t he t r us t e e e i t he r wh o l ly o r i n p a r t from liability for a breach of trust where it is satisfied that the trustee has acted honestly and reasonably and ought in fairness to be excused in the circumstances. Trustees acting in respect of more than one trust.