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5. Protectors

(1) A trust instrument may contain provisions by virtue of which the exercise by the trustees of any of their powers shall be subject to the previous consent of the settlor or some other person as protector, and, if so provided in the trust instrument, a trustee shall not be liable for any loss caused by his actions if the aforementioned consent was given and the trustee acted in good faith.
(2) The trust instrument may confer on the settlor or on the protector any power, including without limitation the power to:
(a) determine the law of which jurisdiction shall be the governing law of the trust;
(b) change the forum of administration of the trust;
(c) remove trustees;
(d) appoint new or additional trustees;
(e) exclude any beneficiary as beneficiary of the trust;
(f) add any person or purpose as a beneficiary of the trust, including in addition to any existing beneficiary or purpose of the trust;
(g) give or withhold consent to specified actions of the trustee either conditionally or unconditionally; or
(h) release any of the settlor's or protector's powers.
(3) A person exercising any one or more of the powers set forth in paragraph (2) shall not by virtue only of such exercise be deemed to be a trustee.
(4) A person may charge reasonable remuneration for his services as protector unless otherwise provided by the trust instrument.