C1C2C3Part IV Agents, nominees and custodians
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)
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.
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