Article 13 Obligations of the Trustee

The Trustee is obliged to:

1 Endeavor to complete the transfer of the Trust Property to himself.
2 Exercise his powers and perform his duties in good faith, in accordance with the terms and conditions of the Trust Instrument, and to take all necessary action as the nature of the case, the current practice, or the will of the parties, may require.
3 Invest the Trust Property in a manner that does not conflict with the terms and conditions of the Trust Instrument. The Trustee may delegate the management of the investment of the Trust Property — in whole or in part — to a specialised agency, in which case, management costs shall be deducted from the Trust Property, unless the Trust Instrument stipulates otherwise.
4 Abide by the terms and conditions of the Trust Instrument and perform his obligations honourably and honestly and exert in such performance the care of a careful person.
5 Maintain the necessary records and account-books, and record in them, in a regular and orderly manner, all transactions and works relating to the Trust.
6 Keep the accounts and records of the Trust separate from the accounts and records of any other business he may be undertaking. This, however, is without prejudice to his right to record the profits and expenses resulting from his work as Trustee in his personal consolidated accounts.
7 Notify the Settler, the Protector of the Trust and the Beneficiary, of any matter that has tangible effects on the value of the Trust Property or on investing the Trust Property.
8 Take all necessary measures to have the Trust registered in the 'Register of Trusts ' provided for in Article (33) of this Law and inform the 'Agency' of any changes in the details recorded therein.
9 Perform all other obligations provided for in this Law.