Singapore legislation

Section 41F

of Trustees Act 1967

Section 41F

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 writing 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)

the trustees have provided that person with a statement that gives guidance as to how the functions should be exercised (called in this Act a 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, 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 writing or evidenced in writing.

(5)

For the purposes of this section, 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 the creation or disposal of an interest in, such property.

Read in full context — Trustees Act 1967 →