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







Related Discussions:- Delegation-trusts laws and accounts, Assignment Help, Ask Question on Delegation-trusts laws and accounts, Get Answer, Expert's Help, Delegation-trusts laws and accounts Discussions

Write discussion on Delegation-trusts laws and accounts
Your posts are moderated
Related Questions
The economy of Cotai contains 2000 $1 bills. (a) If people hold all money as currency, what is the quantity of money? (b) If people hold all money as demand deposits and bank

Q. Required return on equity? Required return on equity Where D 1 = Next year's dividend g = Dividend growth rate P o = Market price of share r = Percentag

define law including contract and bankruptcy

A company is necessary by law to offer an issue of new equity finance on a pro-rata basis to its existing shareholders. This makes sure that the existing pattern of ownership and c

A 15-year, 14% semiannual coupon bond with a par value of $1,000 may be known as in 4 years at a call price of $1,075. The bond sells for $1,050. (Suppose that the bond has just be

Amortized Payment You purchase a house that costs $800,000 with an 8%, 30-year mortgage. You make a 20% down payment to avoid PMI insurance. (i) What is your monthly paymen

As an expense and an asset This approach tries to resolve the differences between the two methods by ensuring that we show an asset that may materialize or crystallize and at t

Closing Entries: Expenses Below is a list of accounts with corresponding ending balances. Account: Account Balance a.Insurance Expense: $1,300 b.Cash: 750 c.Accounts Receivable: 4,

You will gain welfare from consuming bread and chocolate. Your welfare is described numerically by W = 4B + 2C, where B denotes the quantity of bread you choose to consume, and C d

Five years ago Ramon Millan quit his job as an associate at a large law firm and opened a burger joint in Malibu. His innovative use of aged blue cheeses and specialty sauces resul