THE SCHEDULE
Part I: Reserved Powers in the Investment Management Sphere
1. Investment and Management
(a) For so long as the Protector is living and not suffering from Incapacity the Trustees (except under sub-paragraphs (f) and (h) hereof) shall not have any investment or asset management functions responsibilities powers or duties relating to this Settlement but the investment and asset management powers shall be vested solely in the Protector and/or any of his delegates (whose asset management powers shall include power to borrow whether or not on the security of assets within the Trust Fund so that borrowed money may be invested as part of such fund) provided that the Trustees shall hold the assets within the Trust Fund directly or indirectly under their control on the trusts hereby declared in order to be able to account for such assets and shall comply with the written directions as provided below in this paragraph
(b) For the above period the Protector and/or any of his delegates shall have sole power to make all decisions regarding the acquisition retention or disposal of assets within the Trust Fund and the terms of any such acquisition retention or disposal and the exercise of any voting and other rights attached to such assets and he and/or any of his delegates may give written directions to the Trustees to execute such decisions or to cause such decisions to be executed as provided below ("Investment Directions")
(c) For the above period to the intent that the Protector and/or any of his delegates shall have all the powers of investment and application (whether or not speculative) of moneys available to an absolute beneficial owner the investment and asset management powers of the Protector and/or any of his delegates shall extend to applying trust moneys in the acquisition of every kind of asset of whatsoever nature in any part of the world including wasting assets and assets carrying any degree of risk and assets acquired jointly with any person or persons and whether or not income producing (as in the case of assurance policies) or involving liability and to lending trust moneys at interest or at a premium and with or without security provided that in respect of the exercise or non-exercise of the investment or asset management powers of the Protector and/or any of his delegates the Protector shall be subject to no fiduciary or equitable or other obligations (except under (h) below) while any delegate of the Protector shall only be under such obligations and have such rights (e.g. as to remuneration) as are agreed by him with the Protector provided that any delegation for the above period by the Protector shall always be revocable by the Protector
(d) For the above period the Trustees shall comply with any written Investment Directions but shall not be under any duty whatsoever to solicit any Investment Directions or keep the Trust Fund under review with a view to seeing whether any Investment Directions might be desirable
(e) For the above period the Trustees shall comply with any written direction from the Protector to grant or cause to be granted for the above period a limited power of attorney to anyProtector and/or to any of his delegates enabling the Protector and/or any of his delegates (acting jointly or severally) to give Investment Directions to any person who may have title possession or control of any property comprising the whole or any part of the Trust Fund whether or not such property or parts thereof are owned possessed or controlled directly by the Trustees or by any company owned or controlled directly or indirectly by the Trustees who shall also comply with any written direction of the Protector to revoke any limited power of attorney granted to any delegate of the Protector’s
(f) Except where they have actual knowledge of actual fraud the Trustees shall have no duty to consider at any time whether any power of attorney granted pursuant to this paragraph 1 should be revoked
(g) The Trustees may refuse to comply with any Investment Direction which will or might impose any personal liability on the Trustees or on any other grounds which the Trustees may determine having regard to their own interests and without regard to those of the Beneficiaries and notwithstanding any other provision in this Settlement to the contrary the Trustees shall not be liable for any loss caused by any delay failure or refusal to comply with any Investment Direction