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The Financial Services Act 1986 (Single Property Schemes) (Exemption) Regulations 1989
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- UK Statutory Instruments
- 1989 No. 28
- Regulation 38
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Trust based schemes: position of trustees and operators
38. The deed constituting a trust based scheme must contain a statement of–
(a)the duties and powers of the operator to manage and deal with the property subject to the scheme;
(b)the powers of the trustee to require that the operator furnish him with information and the duties of the operator to comply with such requirements;
(c)the duties of the trustee relating to the custody of the documents of title to the property subject to the scheme; and
(d)any right of the trustee or operator to be indemnified out of the property subject to the scheme for liabilities reasonably incurred in the course of acting as trustee or operator as the case may be.
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