Trustee Ordinance

(1)
The trustees may not under
section 41B
authorize a person to exercise any of their asset management functions as their agent except by an agreement made, or evidenced, in writing.
(2)
In addition, the trustees may not under
section 41B
authorize a person to exercise any of their asset management functions as their agent
unless—
(a)
the trustees have provided that person with a statement that gives guidance as to how the functions are to be exercised (
policy statement
); and
(b)
the agreement under which the agent is to act includes a term to the effect that the agent will secure compliance
with—
(i)
the policy statement; or
(ii)
if the policy statement is revised or replaced under
section 41M
(review of agents), the revised or replaced policy statement.
(3)
The trustees must formulate any guidance given in the policy statement with a view to ensuring that the functions will be exercised in the best interest of the trust.
(4)
A policy statement must be made, or evidenced, in writing.
(5)
The asset management functions of trustees are their functions relating
to—
(a)
the investment of assets subject to the trust;
(b)
the acquisition of property which is to be subject to the trust; and
(c)
the management of property which is subject to the trust and the disposal of, or creation or disposal of an interest in, the property.