Labuan Offshores Trusts Act 1996 · s 36B

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36B.
Review of agents
(1) This section shall apply to every trust unless otherwise expressly excluded by the terms of the trust.
(2) Where an agent is appointed to exercise any delegable functions of the trustee, it shall be the duty of the trustee—
(a)  to keep under review the arrangements under which the agent acts and the manner in which such arrangements are being put into effect; and
(b)  to exercise any power of intervention that he has, if the circumstances make it appropriate to do so.

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(3) If the agent has been authorized to exercise property management functions, the duty under subsection 36A(2) shall include—
(a)  a duty to consider whether there is any need to revise or replace the policy statement made for the purposes of section 36A;
(b)  if the trustees consider that there is a need to revise or replace the policy statement, a duty to do so; and
(c)  a duty to assess whether the policy statement is being complied with.
(4) In this section, ―power of intervention‖ includes—
(a)  a power to give directions to the agent; and
(b)  a power to revoke the delegation of powers and functions to the agent or appointment of the agent.

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s 36BReview of agents

(1)

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

(2)

Where an agent is appointed to exercise any delegable functions of the trustee, it shall be the duty of the trustee—

(a)

to keep under review the arrangements under which the agent acts and the manner in which such arrangements are being put into effect; and

(b)

to exercise any power of intervention that he has, if the circumstances make it appropriate to do so.

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(3)

If the agent has been authorized to exercise property management functions, the duty under subsection 36A(2) shall include—

(a)

a duty to consider whether there is any need to revise or replace the policy statement made for the purposes of section 36A;

(b)

if the trustees consider that there is a need to revise or replace the policy statement, a duty to do so; and

(c)

a duty to assess whether the policy statement is being complied with.

(4)

In this section, ―power of intervention‖ includes—

(a)

a power to give directions to the agent; and

(b)

a power to revoke the delegation of powers and functions to the agent or appointment of the agent.