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.