Delegation by Trustees

(1) A trustee may not delegate the exercise of his functions unless permitted to do so by this Act or by the terms of the trust. (2) Except where the terms of the trust provide to the contrary, a trustee may– (a) delegate the management of trust property to and appoint investment managers whom the trustee reasonably considers to be qualified to manage the investment of the trust property; (b) appoint and employ any lawyer, accountant or other person to act in relation to any of the affairs of the trust or to hold any of the trust property; and (c) authorise any such manager or person to retain or receive any commission or other payment usually payable for services of the description rendered. (3) A trustee is not liable for any loss arising to the trust from a delegation or appointment under sub-section (2) or from the default of any such delegate or appointee provided that the trustee exercised the standard of care of a reasonable and prudent man of business in– (a) the selection of the delegate or appointee; and (b) the supervision of the activities of the delegate or appointee. 33