Part IV Agents, nominees and custodians

Agents

15 Asset management: special restrictions.

1

The trustees may not authorise a person to exercise any of their asset management functions as their agent except by an agreement which is in or evidenced in writing.

2

The trustees may not authorise a person to exercise any of their asset management functions as their agent unless—

a

they have prepared a statement that gives guidance as to how the functions should be exercised (“a policy statement”), and

b

the agreement under which the agent is to act includes a term to the effect that he will secure compliance with—

i

the policy statement, or

ii

if the policy statement is revised or replaced under section 22, the revised or replacement 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 interests of the trust.

4

The policy statement must be in 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

managing property which is subject to the trust and disposing of, or creating or disposing of an interest in, such property.