Delegation of authority with respect to investment
51(1)If the trustees delegate authority with respect to the investment of trust property, they shall determine the investment objectives for the trust and exercise prudence in
(a)
establishing the terms and limits of the authority delegated, and
(b)
acquainting the agent with the investment objectives.
51(2)Despite subsection 50(3), a trustee is liable for a loss in the value of the trust property caused by an act or omission of an agent to whom authority is delegated under this section if the trustee is in breach of subsection (1) and the loss is a consequence of that breach.
51(3)Investment in a mutual fund, a common trust fund or a similar pooled fund referred to in paragraph 36(2)(a) is not a delegation of authority with respect to the investment of trust property.
Delegation of authority with respect to investment
51(1)If the trustees delegate authority with respect to the investment of trust property, they shall determine the investment objectives for the trust and exercise prudence in
(a)
establishing the terms and limits of the authority delegated, and
(b)
acquainting the agent with the investment objectives.
51(2)Despite subsection 50(3), a trustee is liable for a loss in the value of the trust property caused by an act or omission of an agent to whom authority is delegated under this section if the trustee is in breach of subsection (1) and the loss is a consequence of that breach.
51(3)Investment in a mutual fund, a common trust fund or a similar pooled fund referred to in paragraph 36(2)(a) is not a delegation of authority with respect to the investment of trust property.