Labuan Offshores Trusts Act 1996 · s 36A

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36A.
Delegation of powers in relation to property management functions
(1) This section shall apply to every trust unless otherwise expressly excluded by the terms of the trust.
(2) A trustee may not delegate his property management functions to any person as his agent except by an agreement which is in writing or evidenced in writing and unless—
(a)  the trustee has provided that person with a statement that gives guidance in writing as to how the functions should

46                                    Laws of Malaysia                               ACT 554
be exercised (hereinafter referred to as ―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; and
(ii)
if the policy statement is revised or replaced, the revised or replacement policy statement.
(3) The trustees shall 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) For the purposes of this section, the property 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)  the management of property which is subject to the trust and the disposal of, or the creation or disposal of an interest in, such property.

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s 36ADelegation of powers in relation to property management functions

(1)

This section shall apply to every trust unless otherwise expressly excluded by the terms of the trust.

(2)

A trustee may not delegate his property management functions to any person as his agent except by an agreement which is in writing or evidenced in writing and unless—

(a)

the trustee has provided that person with a statement that gives guidance in writing as to how the functions should

46 Laws of Malaysia ACT 554

be exercised (hereinafter referred to as ―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; and

(ii)

if the policy statement is revised or replaced, the revised or replacement policy statement.

(3)

The trustees shall 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)

For the purposes of this section, the property 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)

the management of property which is subject to the trust and the disposal of, or the creation or disposal of an interest in, such property.