Part V Remuneration
C1C2C332 Remuneration and expenses of agents, nominees and custodians.
1
This section applies if, under a power conferred by Part IV or any other enactment or any provision of subordinate legislation, or by the trust instrument, a person other than a trustee has been—
a
authorised to exercise functions as an agent of the trustees, or
b
appointed to act as a nominee or custodian.
2
The trustees may remunerate the agent, nominee or custodian out of the trust funds for services if—
a
he is engaged on terms entitling him to be remunerated for those services, and
b
the amount does not exceed such remuneration as is reasonable in the circumstances for the provision of those services by him to or on behalf of that trust.
3
The trustees may reimburse the agent, nominee or custodian out of the trust funds for any expenses properly incurred by him in exercising functions as an agent, nominee or custodian.