Trustee Ordinance

(1)
Subject to subsection (2),
section 41F(2)
and
Part 4B
(remuneration and expenses), the trustees may under
section 41B
authorize a person to exercise functions as their agent on the terms as to remuneration and other matters that the trustees may determine.
(2)
The trustees may not under
section 41B
authorize a person to exercise functions as their agent on any of the terms mentioned in subsection (3) unless it is reasonably necessary for them to do so.
(3)
The terms
are—
(a)
a term permitting the agent to sub-delegate the trustees’ powers or functions to a delegate of the agent;
(b)
a term restricting the liability of the agent, or a delegate of the agent, to the trustees or to any beneficiary; and
(c)
a term permitting the agent to act in circumstances capable of giving rise to a conflict of interest.