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
OTHER ASPECTS OF THE CONSOLIDATED BALANCE SHEET The consolidated balance sheet may require a special approach under the following situations: 1) Pre-acquisition losses in subs

Q. What is Lifetime Learning Credit? Lifetime Learning Credit - This allows a credit for 20 percent of qualified tuition and fees paid by taxpayer with respect to one or more s

Greek Debt Exchange On the evening of February 20, 2012 private institutional investors, representatives of the IMF, ECB, and European governments agreed to a major "intervention"

AskA of Surat consign goods to B of Jaipur to be sold at or above invoice price. B is entiled to get a commission of 8% on sales at invoice price plus 25% of any surplus price real

Q. What is primary financial purpose? The primary financial purpose of a company is typically stated to be the maximisation of shareholder wealth and Sassone plc has declared p

how should i treat items in the additional information

This assessment item may be completed either individually or in groups of two (2) students.  The group mark on both assessment items will be given to both students.  Please ensure

The following items represent liabilities on a firm's balance sheet: a. An amount of money owed to a supplier based on the terms 2/20, n/40, for which no note was executed. b. An a

Illustration of maximum possible loss method A, B and C have been partners for several years, sharing profits and losses in the ratio 2:2:1. They decided to dissolve the firm o

First Meeting of creditors The Official Receiver must convene this meeting within 60 days of the receiving order, unless the court extends the time, by giving notice to each c