Section 29

Trustees may, instead of acting personally, employ and pay an agent, whether an advocate, foreign lawyer, banker, stockbroker, investment adviser, investment manager or other person, to give advice, transact any business or do any act required to be transacted or done in the execution of the trust including the receipt and payment of money.

Trustees may appoint and pay any person to act as their agent or attorney for the purpose of selling, converting, collecting, getting in and executing and perfecting assurances of, or managing or cultivating or otherwise administering, any property subject to the trust in any place inside or outside Brunei Darussalam, or executing or exercising any discretion or trust or power vested in them in relation to any such property, with such ancillary powers and with and subject to such provisions and restrictions as they may think fit, including a power to appoint substitutes.

Trustees shall be allowed and paid all charges and expenses incurred under this section out of the capital or income of the trust property, or partly in one way and partly in the other, as the trustees in their absolute discretion think fit.

Trustees who make reasonable efforts to satisfy themselves that an agent has appropriate knowledge, experience and integrity shall not be chargeable with breach of trust or be responsible for any loss arising out of their having appointed the agent or joined or concurred in that appointment.

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BLUV as at 16th December 2010

Trustees who have made reasonable efforts to keep themselves informed concerning the performance of an agent shall not be liable or responsible for any default or wrongful act of the agent which occurs at a time when the agent appeared to the trustees to be performing honestly and competently.

Subsections (4) and (5) shall apply to agents appointed under the powers conferred by this Order or under any power in the trust instrument.

Power to delegate trusts.