Full legislation
s.41K
Terms of appointment of nominees and custodians
(1) Subject to subsection (2) and Part 4B (remuneration and expenses), the trustees may under section 41G , 41H or 41I appoint a person to act as a nominee or custodian on the terms as to remuneration and other matters that the trustees may determine. (2) The trustees may not under section 41G , 41H or 41I appoint a person to act as a nominee or custodian 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 nominee or custodian to sub-delegate the trustees’ powers or functions to a delegate of the nominee or custodian; (b) a term restricting the liability of the nominee or custodian, or a delegate of the nominee or custodian, to the trustees or to any beneficiary; and (c) a term permitting the nominee or custodian to act in circumstances capable of giving rise to a conflict of interest.