Business Trusts Act 2004 · 2020 Revised Edition · Part 3 · Trustee‑Manager
27C. Exception for expenditure in connection with regulatory action or investigation
Feedback & supportLast amended by an amending law of 2022.
Section 27 of this Act and sections 162, 163 and 172 of the Companies Act 1967 do not apply to anything done by a trustee-manager of a registered business trust —
registered business trust
“registered business trust” means a business trust that is registered by the Authority under section 4(1);
to provide a director of the trustee-manager of a registered business trust with funds by way of any loan to meet expenditure incurred or to be incurred by the director in defending himself or herself —
director
“director” has the meaning given by section 4(1) of the Companies Act 1967;
in an investigation by a regulatory authority; or
against any action proposed to be taken by a regulatory authority,in connection with any alleged negligence, default, breach of duty or breach of trust by the director in relation to the registered business trust; or
to enable any such director to avoid incurring such expenditure.