An independent valuer appointed under a trust deed to determine unit repurchase value is entitled to rely on financial information provided by the trustee's auditor without independently verifying the underlying figures; any failure to critically assess such information may support a negligence claim but does not render the determination invalid. Fiduciary disclosure obligations in the trust context only arise where the conflict rule or no profit rule is engaged, not as a freestanding positive duty. Where a trust deed authorises the issue of additional units with unit holder approval, compliance with that procedure negates any need for separate fiduciary disclosure.
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