sec.77Liability of trustee for acts and omissions of person authorised to exercise trustee’s investment powers

sec.77 Liability of trustee for acts and omissions of person authorised to exercise trustee’s investment powers

This section applies if a trustee authorises another person under section 76 to exercise any of the trustee’s investment powers. The trustee is liable for the acts done, and the omissions made, by the other person in exercising the trustee’s investment powers as if the acts and omissions were the trustee’s own acts and omissions. This section applies subject to an express contrary intention in the trust instrument. (sec.77-ssec.1) This section applies if a trustee authorises another person under section 76 to exercise any of the trustee’s investment powers. (sec.77-ssec.2) The trustee is liable for the acts done, and the omissions made, by the other person in exercising the trustee’s investment powers as if the acts and omissions were the trustee’s own acts and omissions. (sec.77-ssec.3) This section applies subject to an express contrary intention in the trust instrument.