Delegation-trusts laws and accounts, Financial Accounting

DELEGATION

A trustee cannot deleget unless:

1.    It is necessary or in the ordinary course of administration; or
2.    Authorised by the trust instrument; or
3.    Authorised by statue:  the statutory powers of delegation are:

i. He may employ and pay an agent, e.g. a solicitor, banker ore or stockbroker to do any necessary act without  liability for the agent’s default if he was employed in good faith;

ii. He can, by means of a power of attorney, delegate the exercise of all or part of his trust for up to 12 months. He may not delegate to a sole co-trustee unless it is a trust corporation. The  power of attorney musts be witnessed by at least one person.  Notice of the delegation must be given within 7 days to co-trustees and persons with power to appoint new trustees. The must musts specify the date of commencement, duration, the delegate, reason for delegation, and, if delegation is partial, which part of the trust is delegated. The trustee remains personally liable.

iii. He may appoint a competent and independent surveyor or  valuer to value property mortgaged as security for trust money lent, and is not liable if he  lends more than two-thirds of the valuation and the valuer’s or surveyor’s report advised the loan;

iv.Trustees for sale of land my delegate powers of leasing and management to the person entitled to possession, being of full age, without liability for his acts or defaults.

Posted Date: 12/13/2012 6:45:34 AM | Location : United States







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