Agents – appointment, supervision and trustee liability
50(1)In appointing an agent, the trustees shall
(a)
personally select the agent, and
(b)
be satisfied of the agent’s suitability to exercise the power or perform the duty for which the agent is to be appointed.
50(2)The trustees shall exercise reasonable and prudent supervision over the agent they appoint.
50(3)Subject to subsection (4), a trustee is not liable for a loss in the value of the trust property caused by an act or omission of an agent unless the trustee is in breach of subsection (1) or (2) and the loss is a consequence of that breach.
50(4)A trustee is not liable for a loss in the value of the trust property caused by the conduct of a financial institution or another person with whom trust property is deposited or left for safekeeping unless the trustee fails to
(a)
exercise prudence in the selection of the financial institution or other person, or
(b)
exercise reasonable and prudent supervision over the financial institution or other person.
50(5)The trustees may appoint one of themselves as their agent if the appointment is reasonable and prudent.
50(6)With the approval of the trustees, an agent appointed by the trustees may delegate a power or duty of the agent to another person.
50(7)In delegating a power or duty under subsection (6), the agent shall
(a)
personally select the delegate, and
(b)
be satisfied of the delegate’s suitability to exercise the power or perform the duty delegated.
50(8)An agent shall exercise reasonable and prudent supervision over a person to whom a power or duty is delegated under subsection (6).
Agents – appointment, supervision and trustee liability
50(1)In appointing an agent, the trustees shall
(a)
personally select the agent, and
(b)
be satisfied of the agent’s suitability to exercise the power or perform the duty for which the agent is to be appointed.
50(2)The trustees shall exercise reasonable and prudent supervision over the agent they appoint.
50(3)Subject to subsection (4), a trustee is not liable for a loss in the value of the trust property caused by an act or omission of an agent unless the trustee is in breach of subsection (1) or (2) and the loss is a consequence of that breach.
50(4)A trustee is not liable for a loss in the value of the trust property caused by the conduct of a financial institution or another person with whom trust property is deposited or left for safekeeping unless the trustee fails to
(a)
exercise prudence in the selection of the financial institution or other person, or
(b)
exercise reasonable and prudent supervision over the financial institution or other person.
50(5)The trustees may appoint one of themselves as their agent if the appointment is reasonable and prudent.
50(6)With the approval of the trustees, an agent appointed by the trustees may delegate a power or duty of the agent to another person.
50(7)In delegating a power or duty under subsection (6), the agent shall
(a)
personally select the delegate, and
(b)
be satisfied of the delegate’s suitability to exercise the power or perform the duty delegated.
50(8)An agent shall exercise reasonable and prudent supervision over a person to whom a power or duty is delegated under subsection (6).