sec.76Power to authorise another person to exercise trustee’s investment powers

sec.76 Power to authorise another person to exercise trustee’s investment powers

A trustee may, by instrument, authorise another person to exercise any of the trustee’s investment powers. The authorisation may be made on the terms the trustee considers appropriate, including terms relating to remuneration. However, the authorisation of the other person does not limit any duty or other requirement applying to the trustee under this part or part 5 in relation to the exercise of the trustee’s investment powers. See also section 77 in relation to the liability of the trustee for the acts done, and the omissions made, by the person in exercising the trustee’s investment powers. This section applies subject to an express contrary intention in the trust instrument. (sec.76-ssec.1) A trustee may, by instrument, authorise another person to exercise any of the trustee’s investment powers. (sec.76-ssec.2) The authorisation may be made on the terms the trustee considers appropriate, including terms relating to remuneration. (sec.76-ssec.3) However, the authorisation of the other person does not limit any duty or other requirement applying to the trustee under this part or part 5 in relation to the exercise of the trustee’s investment powers. See also section 77 in relation to the liability of the trustee for the acts done, and the omissions made, by the person in exercising the trustee’s investment powers. (sec.76-ssec.4) This section applies subject to an express contrary intention in the trust instrument.