Section 322: Operation and management of trust property according to memorandum of incorporation

1) The trustee shall, subject to the terms and restrictions set forth in the memorandum of incorporation, operation and management the trust property.

2) Except as otherwise provided for in the memorandum of incorporation, the trustee shall, in operating and managing the property pursuant to sub-section (1), not sell, mortgage, or otherwise transfer title to the immovable property or any part thereof without prior permission of the concerned Registrar.

3) In asking for prior permission of the Registrar pursuant to sub-section (2), the reason for the sale, mortgage of, or transfer of title to, such property, and the reasons and grounds that it may result in more benefit to the beneficiary shall be set out.