(1) Subject to the Terms of the Trust and duties under these Regulations, a Trustee will in relation to the Trust Property have:

(2) A Trustee must exercise its powers only in the interest of the Beneficiaries and in furtherance and support of the purposes of the Trust and in accordance with the Terms of the Trust.

(3)

(1) collect the Trust Property and accept or reject additions to the Trust Property from a Settlor or any other Person;

(2) subject to the Terms of the Trust, without the consent of any Beneficiary, appropriate the Trust Property in or towards satisfaction of the interest of a Beneficiary in such manner and in accordance with such valuation as it thinks fit;

(3) acquire or sell property, for cash or on credit, at public or private sale;

(4) exchange, partition, or otherwise change the character of the Trust Property;

(5) deposit Trust money in an account in a regulated financial services institution;

(6) borrow money, with or without security, and mortgage or pledge the Trust Property for a period within or extending beyond the duration of the Trust;

(7) where the Terms of the Trust so permit, exercise a discretion in relation to the manner in which and to whom the Trust Property is distributed;

(8) with respect to an interest in a partnership, limited liability company, business Trust, corporation, or other form of business or enterprise, continue the business or other enterprise and take any action that may be taken by shareholders, members, or Property owners, including merging, dissolving, or otherwise changing the form of business organisation or contributing additional capital;

(9) with respect to stocks or other securities, exercise the rights of an absolute owner, including the right to:

(10) with respect to an interest in immovable property, construct, or make ordinary or extraordinary repairs to, alterations to, or improvements in, buildings or other structures, demolish improvements, raze existing or erect new party walls or buildings, subdivide or develop land, dedicate land to public use or grant public or private easements, and make or vacate plots and adjust boundaries;

(11) enter into a lease for any purpose as lessor or lessee, including a lease or other arrangement for exploration and removal of natural resources, with or without the option to purchase or renew, for a period within or extending beyond the duration of the Trust;

(12) grant an option involving a sale, lease, or other disposition of the Trust Property or acquire an option for the acquisition of property, including an option exercisable beyond the duration of the Trust, and exercise an option so acquired;

(13) insure the property of the Trust against damage or loss and insure the Trustee, the Trustee's agents, and Beneficiaries against liability arising from the administration of the Trust and the insurance proceeds must belong to the Trust;

(14) abandon or decline to administer property of no value or of insufficient value to justify its collection or continued administration;

(15) pay or contest any claim, settle a claim by or against the Trust, and release, in whole or in part, a claim belonging to the Trust;

(16) pay remuneration of the Trustee, Protector or Enforcer and of employees and agents of the Trust, and other expenses incurred in the administration of the Trust;

(17) indemnify outgoing Trustees;

(18) select a mode of payment under any employee benefit or retirement plan, annuity, or life insurance payable to the Trustee, exercise rights thereunder, including exercise of the right to indemnification for expenses and against liabilities, and take appropriate action to collect the proceeds;

(19) make loans out of the Trust Property, including loans to a Beneficiary on terms and conditions the Trustee considers to be fair and reasonable under the circumstances, and the Trustee has a lien on future distributions for repayment of those loans;

(20) pledge the Trust Property to guarantee loans made by others to the Beneficiary;

(21) appoint a Trustee to act in another jurisdiction with respect to the Trust Property located in the other jurisdiction, confer upon the appointed Trustee all of the powers and duties of the appointing Trustee, require that the appointed Trustee furnish security, and remove any Trustee so appointed;

(22) pay an amount distributable to a Beneficiary who is under a legal disability or who the Trustee reasonably believes is incapacitated, by paying it directly to the Beneficiary or applying it for the Beneficiary's benefit, or by:

(23) on distribution of Trust Property or the division or termination of a Trust, make distributions in divided or undivided interests, allocate particular assets in proportionate or disproportionate shares, value the Trust Property for those purposes, and adjust for resulting differences in valuation;

(24) resolve a dispute concerning the interpretation of the Trust or its administration by mediation, arbitration, or other procedure for alternative dispute resolution;

(25) prosecute or defend an action, claim, or judicial proceeding in any jurisdiction to protect the Trust Property and the Trustee in the performance of the Trustee's duties;

(26) sign and deliver contracts and other instruments that are useful to achieve or facilitate the exercise of the Trustee's powers;

(27) on termination of the Trust, exercise the powers appropriate to wind up the administration of the Trust and distribute the Trust Property to the Persons entitled to it; or

(28) consult accountants, lawyers, bankers, investment bankers, and other specialists and professional advisers in relation to the affairs of the Trust, at the expense of the Trust.

(1) Where the Terms of the Trust so authorise, a Trustee may accumulate for a period, part or all of the Income of the Trust.

(2) Subject to Article 48(3), Income of the Trust which is not accumulated under Article 48(1) must be distributed.

(3) Subject to the Terms of the Trust and subject to any prior interests or charges affecting the Trust Property, where a Beneficiary is a Minor and whether or not the Beneficiary's interest:

(4) The receipt by a parent or the lawful guardian of a Beneficiary who is a Minor must be a sufficient discharge of the Trustee's obligations for a payment made under Article 48(3).

(1) A Trustee must not delegate its powers unless permitted to do so by these Regulations or by the Terms of the Trust.

(2) Subject to Article 49(1), a Trustee may delegate duties and powers that a prudent Trustee of comparable skills could properly delegate under the circumstances. The Trustee must exercise reasonable care, skill, and caution in:

(3) In performing a delegated function, an agent owes a duty to the Trust to exercise reasonable care to comply with the terms of the delegation.

(4) A Trustee who complies with Article 49(1) and otherwise acts in good faith is not liable to the Beneficiaries or to the Trust for an action, omission or negligence of the agent to whom the function was delegated.

(5) For the purposes of this Article, an “agent” may include investment managers, accountants, lawyers, bankers, brokers, custodians, investment advisers, nominees, property agents and other professional advisers or Persons to act in relation to any of the affairs of the Trust or to hold any of the Trust Property.

(6) A Trustee may authorise a Person referred to in Article 49(5) to retain any commission or other payment usually payable in relation to any transaction.

(1) Subject to the Terms of the Trust, a Trustee may combine two or more Trusts into a single Trust or divide a Trust into two or more separate Trusts, if the result does not impair rights of any Beneficiaries or adversely affect achievement of the purposes of the Trusts.

(2) Subject to the tTrms of the Trust, where a Trustee divides a Trust into two or more separate Trusts, it must have the power to appoint Trustees for such Trusts.