Commentary on Sections Overview Part 9: Trustees Paragraph 71: Establishment of trustees
3160.This paragraph sets out the requirements and duties that a SIP must contain regarding the establishment and duties of the trustees. The paragraph derives from paragraph 68 of Schedule 8.
3161.Sub-paragraph (1) has been reworded to make it clear that the body of trustees should consist of persons resident in the United Kingdom.
3162.Sub-paragraph (3) provides for the introduction of the term “the trust instrument”. Schedule 8 contains no formal introduction of this term, although the term is used extensively in the following paragraphs of this Part.
3163.Sub-paragraphs (5) and (6) incorporate provisions deriving from the Employee Share Schemes Act 2002.