| Commentary

60 Agents

| Commentary

60 Agents

Apart from the straightforward implementation of decisions of the trustees, trustees may delegate to agents1:

  1. 60.1

        the choice, acquisition and disposal, at the agent’s discretion, of investments;

  2. 60.2

        fund-raising other than fund-raising which also constitutes primary purpose trading2; and

  3. 60.3

        any other functions which may be prescribed by order of the Secretary of State3.

Trustees may appoint members of their own body, or their nominees or custodians to be their agents4. Unless he is himself qualified as an investment or other adviser, an agent is subject to the same duties and restrictions as the trustees in exercising delegated functions5.

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