Business Trusts Act 2004 · 2020 Revised Edition · Part 3 · Trustee‑Manager
10. Duties of trustee‑manager
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The trustee‑manager of a registered business trust must at all times act honestly and exercise reasonable diligence in the discharge of its duties as a trustee‑manager in accordance with this Act and the trust deed of the registered business trust.
trustee‑manager
“trustee‑manager”, in relation to a registered business trust, includes a replacement trustee‑manager and temporary trustee‑manager;
The trustee‑manager of a registered business trust must —
registered business trust
“registered business trust” means a business trust that is registered by the Authority under section 4(1);
act in the best interests of all the unitholders of the registered business trust as a whole; and
give priority to the interests of all the unitholders of the registered business trust as a whole over its own interests in the event of a conflict between the interests of all the unitholders as a whole and its own interests.
The trustee‑manager of a registered business trust must not make improper use of its position as the trustee-manager or any information acquired by virtue of its position as trustee‑manager to gain, directly or indirectly, an advantage for itself or for any other person to the detriment of the unitholders of the registered business trust.
The trustee‑manager of a registered business trust must hold the trust property of the registered business trust on trust for all the unitholders of the registered business trust as a whole in accordance with the terms of the trust deed.
trust property
“trust property”, in relation to a business trust, means all property and rights of any kind whatsoever which are held on trust for the unitholders of the business trust, in accordance with the terms of the trust deed, including —(a)contributions of money or any other assets to the business trust;(b)property that forms part of the assets of the business trust under the provisions of this Act;(c)property arising in relation to any contract, agreement or arrangement entered into by or on behalf of the trustee in its capacity as trustee of the business trust;(d)property arising in relation to any claims or rights held by or on behalf of the trustee in its capacity as trustee of the business trust;(e)proceeds from money borrowed or raised by the trustee of the business trust for the purposes of the business trust;(f)property acquired, directly or indirectly, with the contributions or money mentioned in paragraph (a), (b), (c), (d) or (e) or with the proceeds thereof; and(g)profits, income and property derived, directly or indirectly, from contributions, money or property mentioned in paragraph (a), (b), (c), (d) or (e);
Any trustee‑manager of a registered business trust which contravenes subsection (1), (2), (3) or (4) —
is liable to all the unitholders of the registered business trust as a whole for any profit or financial gain directly or indirectly made by it or any of its related corporations or for any damage suffered by all the unitholders of the registered business trust as a whole as a result of the contravention; and
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.
The Authority may, by regulations, prescribe requirements on the scope of the duties of the trustee‑manager of a registered business trust.