Trustees Act 1967 · 2020 Revised Edition · Part 4A · Agents, Nominees and Custodians
41E. Terms of agency
Feedback & supportSubject to subsection (2) and sections 41F(2), 41R, 41S and 41T, the trustees may authorise a person to exercise functions as their agent on any terms as to remuneration and other matters that they may determine.
The trustees may not authorise a person to exercise functions as their agent on any of the terms set out in subsection (3) unless it is reasonably necessary for them to do so.
The terms for the purposes of subsection (2) are —
a term permitting the agent to appoint a substitute;
a term restricting the liability of the agent or the agent’s substitute to the trustees or any beneficiary; and
a term permitting the agent to act in circumstances capable of giving rise to a conflict of interest.