s 14 Terms of agency.
(1) 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. (2) 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. (3) The terms are— (a) a term permitting the agent to appoint a substitute; (b) a term restricting the liability of the agent or his substitute to the trustees or any beneficiary; (c) a term permitting the agent to act in circumstances capable of giving rise to a conflict of interest.