Section 246: Powers of trustees.

The trustees appointed under this part of this Act shall have all the powers conferred upon trustees by the Trustees Investment Act and any other enforceable law for the time being in force, and without prejudice to the provisions of those laws:(a) the trustees may, at their discretion and upon request in writing of a majority of bond holders present and voting at a special meeting duly convened for that purpose, institute proceedings to obtain the repayment of a bond at anytime after such bond shall have become repayable under its terms of issue;
(b) the trustees may act on the advice or opinion of any solicitor, valuer, surveyor, broker, auctioneer, accountant or other expert whether obtained by a body to which this part applies or by the trustees or otherwise;
(c) save as herein otherwise expressly provided the trustees shall, as regards all trusts, powers, authorities and discretion vested in them, have absolute discretion as to the exercise; and provided they have acted honestly and reasonably shall be in no wise responsible for any loss or damage which may result from the exercise or none exercise thereof;
(d) the trustees shall not be responsible for acting upon any resolution purporting to have been passed at any meeting of the bond holders in respect whereof minutes have been made and signed, provided that the meeting was convened in accordance with the provisions of the trust deed;
(e) without prejudice to the right of indemnity conferred upon the trustees by law, the trustees and attorneys, agents or other persons appointed by the trustees under this section shall be indemnified by a body against all liabilities and expenses reasonably incurred by them in the execution of the powers of the trustees under this part of this Act;
(f) the Minister, Commissioner, Chairman or the appropriate officer of a body may in writing give the trustees such general or specific direction not inconsistent with the provisions of this part of this Act, on any matter relating to the trust and the trustees shall give effect to every such direction and shall not be liable on account of anything done or purported to be done by them in good faith in connection thereof;
(g) whenever in the interest of bond holders the trustees deem it expedient, the trustees may delegate by a power of attorney to any other person or body corporate with the consent of the Minister, Commissioner or Chairman or any appropriate officer, all or any of the powers vested in them under this part of this Act upon such terms and conditions as the trustees may deem fit and the trustee shall be responsible for all the acts and defaults of any person; company to which such powers are so delegated; and
(h) the trustees may in the discharge of their function under this part of this Act employ such agents and upon such conditions as they may think reasonable and appropriate, subject to the approval of the Minister, Commissioner or Chairman or the appropriate officer appointed in his place by a body to which this part applies.