s 8 Trustee‑manager to operate registered business trust and power to appoint agents
8.—(1) The trustee‑manager of a registered business trust must —(a) manage and operate the registered business trust in accordance with the provisions of this Act and the trust deed of the registered business trust; and (b) perform the functions conferred on it by the trust deed and the provisions of this Act. (2) Subject to the trust deed of a registered business trust, the trustee‑manager of the registered business trust has power to appoint an agent to carry out or perform any matter that the trustee‑manager is authorised to carry out or perform in connection with the management and operation of the registered business trust. (3) An agent mentioned in subsection (2) may also, with the consent of the trustee‑manager of the registered business trust, appoint an agent (called in this section a sub‑agent) to carry out or perform any matter that the agent has been appointed by the trustee‑manager to carry out or perform and, to avoid doubt, the sub‑agent is deemed to be an agent appointed by the trustee‑manager to carry out or perform that matter for the purposes of that subsection. (4) Where an agent or a sub‑agent appointed under subsection (2) or (3) (as the case may be) is liable to indemnify the trustee‑manager of the registered business trust against any loss or damage suffered by the trustee‑manager as a result of the acts of the agent or sub‑agent, any amount recovered under the indemnity forms part of the trust property of the registered business trust. (5) Any trustee‑manager of a registered business trust which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.