Article 49 - Delegation by a Trustee
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:
(A) selecting a competent and qualified agent;
(B) establishing the scope and terms of the delegation, consistent with the purposes and
Terms of the Trust; and
(C) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.
(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.
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.
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.
|Amended (as from 24th December 2017).|