Business Trusts Act 2004 · 2020 Revised Edition · Part 3 · Trustee‑Manager
8. Trustee‑manager to operate registered business trust and power to appoint agents
Feedback & supportThe trustee‑manager of a registered business trust must —
trustee‑manager
“trustee‑manager”, in relation to a registered business trust, includes a replacement trustee‑manager and temporary trustee‑manager;
manage and operate the registered business trust in accordance with the provisions of this Act and the trust deed of the registered business trust; and
perform the functions conferred on it by the trust deed and the provisions of this Act.
Subject to the trust deed of a registered business trust, the trustee‑manager of the registered business trust has power to appoint an agent to carry out or perform any matter that the trustee‑manager is authorised to carry out or perform in connection with the management and operation of the registered business trust.
deed
“deed” means any deed which creates a trust or provides for the governance of the affairs of the trust and the conduct of its business and includes any instrument amending or affecting the deed;
An agent mentioned in subsection (2) may also, with the consent of the trustee‑manager of the registered business trust, appoint an agent (called in this section a sub‑agent) to carry out or perform any matter that the agent has been appointed by the trustee‑manager to carry out or perform and, to avoid doubt, the sub‑agent is deemed to be an agent appointed by the trustee‑manager to carry out or perform that matter for the purposes of that subsection.
registered business trust
“registered business trust” means a business trust that is registered by the Authority under section 4(1);
Where an agent or a sub‑agent appointed under subsection (2) or (3) (as the case may be) is liable to indemnify the trustee‑manager of the registered business trust against any loss or damage suffered by the trustee‑manager as a result of the acts of the agent or sub‑agent, any amount recovered under the indemnity forms part of the trust property of the registered business trust.
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) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.