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Aug 1 2006 - Jul 10 2010Jul 11 2010 onwards

20. General duties of the Trustee and its officers, employees and agents



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(1) A Trustee shall, when exercising its powers and carrying out its duties:
(a) act honestly;
(b) exercise the degree of care and diligence that a reasonable person would exercise in the position of a Trustee;
(c) act in the best interests of the Unitholders and, if there is a conflict between the Unitholders' interests and its own interests, give priority to the Unitholders' interests;
(d) not improperly make use of information acquired through being the Trustee in order to:
(i) gain an advantage for itself or another person; or
(ii) cause detriment to the Unitholders in the Fund; and
(e) carry out or comply with any other duty, not inconsistent with DIFC Law, that is conferred on the Trustee by the Trust Deed.
(2) The Trustee shall ensure that its officers, employees and agents:
(a) do not make improper use of information acquired through being such an officer, employee or agent of the Trustee in order to:
(i) gain an advantage for himself or another person; or
(ii) cause detriment to Unitholders in the Fund;
(b) do not make improper use of their position as such officers, employees or agents to gain, directly or indirectly, an advantage for themselves or for any other person or to cause detriment to the Unitholders in the Fund; and
(c) comply with any other duty or obligation as may be prescribed under this Law, the Collective Investment Law 2010 or any other legislation administered by the DFSA.
(3) Where the Fund Manager is required to obtain the prior consent or approval of the Trustee before it is able to carry out any of its functions under the Collective Investment Law 2010 or rules made for the purposes of that law, the Trustee shall provide such consent or approval to the Fund Manager without any unnecessary delay. If the Trustee decides to withhold such consent or approval, it shall also notify the Fund Manager of that decision and the reasons without any unnecessary delay.