Subject to subsection (2) and sections 15(2) and 29 to 32, the trustees may authorise a person to exercise functions as their agent on such terms as to remuneration and other matters as they may determine.
The trustees may not authorise a person to exercise functions as their agent on any of the terms mentioned in subsection (3) unless it is reasonably necessary for them to do so.
The terms are—
a term permitting the agent to appoint a substitute;
a term restricting the liability of the agent or his substitute to the trustees or any beneficiary;
a term permitting the agent to act in circumstances capable of giving rise to a conflict of interest.