76
In forceAgents
Part 3Trustee for STC schemes (STC)
Division 4Management of STC
76 Agents
(1)
STC may employ and pay an agent to transact any business or do any act (including receiving or paying money) that STC is authorised or required to transact or do in the exercise of its functions.
(2)
An agent may be employed by STC to receive or pay money even though the agent, or any subagent employed by the agent, is not a bank, building society or credit union.
(3)
Section 53 (3) of the Trustee Act 1925 applies to agents employed under this section.
Note.
That provision excuses a trustee from liability for the default of an agent employed in good faith.
This Act’s bill:Explanatory memorandumSecond reading speech
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