Singapore legislation
Section 41K
Section 41K
Terms of appointment of nominees and custodians
(1)
Subject to subsection (2) and sections 41R, 41S and 41T, the trustees may, under section 41G, 41H or 41I, appoint a person to act as a nominee or custodian on any terms as to remuneration and other matters that they may determine.
(2)
The trustees may not, under section 41G, 41H or 41I, appoint a person to act as a nominee or custodian on any of the terms set out in subsection (3) unless it is reasonably necessary for them to do so.
(3)
The terms for the purposes of subsection (2) are —
a term permitting the nominee or custodian to appoint a substitute;
a term restricting the liability of the nominee or custodian, or a substitute of the nominee or custodian, to the trustees or to any beneficiary; and
a term permitting the nominee or custodian to act in circumstances capable of giving rise to a conflict of interest.