375. Non-application of restriction on reliance on professional advisers.

The general restriction on reliance on professional advisers1 does not apply with respect to any reliance placed on the skill or judgment of the appointed person2 in the exercise of any of the functions given to the appointed person, where the trustees or managers3 of a scheme appoint a custodian4 on terms:

  1.  

    (1)     which allow the custodian to use the services of an appointed person; and

  2.  

    (2)     which: (a) in the case of a custodian appointed before the relevant date5, set out in writing; or (b) in the case of a custodian appointed on or after the relevant date,