Singapore legislation

Clause 9

Use of information and advice

(1)

Subject to subsection (2), the trustee-manager of a registered business trust may, when exercising powers or performing duties as a trustee-manager, rely on reports, statements, financial data and other information prepared or supplied, and on professional or expert advice given, by a professional adviser or an expert in relation to matters which the trustee-manager believes on reasonable grounds to be within the person’s professional or expert competence.

(2)

Subsection (1) shall apply to the trustee-manager of a registered business trust only if the trustee-manager —

(a)

acts in good faith;

(b)

makes proper inquiry where the need for inquiry is indicated by the circumstances; and

(c)

has no knowledge that such reliance is unwarranted.

Read in full context — Business Trusts Bill →