53Employment of agents

53 Employment of agents (1) A trustee may, instead of acting personally, employ and pay an agent, whether a bank, lawyer, stockbroker or any other person, to transact any business or do any act required to be transacted or done in the execution of the trust or in the administration of the estate. (2) The trustee shall be entitled to be allowed and paid all charges and expenses so incurred. (3) The trustee shall not be responsible for the default of any such agent if employed honestly. (4) This section extends, in the case of a bank but not in any other case, to the receipt and payment of money. (5) Nothing in this section shall authorise a trustee to employ an agent in any case where a person acting with prudence would not employ the agent to transact the business or do the act, if the business or act was required to be transacted or done in such person’s own affairs.