Business Trusts Act 2004 · 2020 Revised Edition · Part 3 · Trustee‑Manager
9. Use of information and advice
Feedback & supportSubject 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.
trustee‑manager
“trustee‑manager”, in relation to a registered business trust, includes a replacement trustee‑manager and temporary trustee‑manager;
Subsection (1) applies to the trustee‑manager of a registered business trust only if the trustee‑manager —
registered business trust
“registered business trust” means a business trust that is registered by the Authority under section 4(1);
acts in good faith;
makes proper inquiry where the need for inquiry is indicated by the circumstances; and
has no knowledge that such reliance is unwarranted.