C1C2C3Part IV Agents, nominees and custodians

Annotations:
Modifications etc. (not altering text)
C1

Pt. 4 applied in part (with modifications) (2.1.2013) by The Charitable Incorporated Organisations (General) Regulations 2012 (S.I. 2012/3012), regs. 1, 33

C2

Pt. 4 applied (with modifications) (in part) by 1956 c. lxvii, s. 5(1B)-(1D) (as substituted (10.3.2015) by The Charities (People's Dispensary for Sick Animals) Order 2015 (S.I. 2015/198), art. 1, Sch. Scheme para. 4)

C3

Pt. 4 applied (with modifications) by 1961 c. xxxviii, s. 9(2)(3)(a)(4) (as substituted (1.9.2017) by The Charities (Shakespeare Birthplace Trust) Order 2017 (S.I. 2017/783), art. 1, Sch. Scheme para. 5)

Agents

15 Asset management: special restrictions.

1

The trustees may not authorise a person to exercise any of their asset management functions as their agent except by an agreement which is in or evidenced in writing.

2

The trustees may not authorise a person to exercise any of their asset management functions as their agent unless—

a

they have prepared a statement that gives guidance as to how the functions should be exercised (“a policy statement”), and

b

the agreement under which the agent is to act includes a term to the effect that he will secure compliance with—

i

the policy statement, or

ii

if the policy statement is revised or replaced under section 22, the revised or replacement policy statement.

3

The trustees must formulate any guidance given in the policy statement with a view to ensuring that the functions will be exercised in the best interests of the trust.

4

The policy statement must be in or evidenced in writing.

5

The asset management functions of trustees are their functions relating to—

a

the investment of assets subject to the trust,

b

the acquisition of property which is to be subject to the trust, and

c

managing property which is subject to the trust and disposing of, or creating or disposing of an interest in, such property.