context

Mike

from the first reference only

http://books.google.com/books?id=s19VsCQPOt0C&pg=PA138&lpg=P...

http://www.google.com/search?q=trustee delegate&hl=en&client...


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Note added at 8 mins (2011-08-12 18:06:23 GMT)
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http://www.bancaextranjera.com.ar/finanzasinversionesdiccion...


DELEGADO FIDUCIARIO

Es el funcionario autorizado para actuar, como lo indica la ley, con respecto al inversionista para hacer cumplir las normas y leyes que guíen el fideicomiso.

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Note added at 11 mins (2011-08-12 18:09:21 GMT)
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http://webcache.googleusercontent.com/search?q=cache:hfMZtIG...


Custodian trustee

Those trustees who run the charity can be thought of as managing trustees - these should not be confused with Custodian or Holding trustees. A charitable company is recognised as having a distinct legal personality and can thus hold property and enter into contract in its own name. This is not the case with charitable trusts and unincorporated associations where individual trustees have to undertake these roles and transactions.

A custodian trustee is a corporate body which holds investments and land on behalf of charity under the powers of the Public Trustee Act 1906, section 14. Typically this will be the Public trustee, Official Custodian for Charities or some other corporate body such as a bank, insurance company or local authority. They are entitled to charge fees and whilst a charity has a general power to appoint a custodian, the governing document must have an explicit power permitting payment.

Custodian trustees are limited to holding legal title to property, receiving income form assets and remitting income to the charity. They must act on the instructions of the charity trustees and if such instruction result in a breach of trust it is the charity trustees who are liable (unlike it the case of holding trustees – see below). However if a custodian trustee acts outside the terms of the agreement with the charity they will be liable for any breach of trust. Beyond the activities above the custodian has no power to act in the management of the charity. Termination of a custodian trustee must be by an order of the Court or the Charity Commission under section 4(1)(a) of the 1906 Act.

of course I could well be wrong, basing my answer on a dictionary entry for your term (first site quoted):)

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Note added at 39 mins (2011-08-12 18:36:58 GMT)
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looks like I found a duff initial reference, sorry!

my take!

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Note added at 3 hrs (2011-08-12 21:12:50 GMT)
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All of the other answers IMHO are too literal, as a trustee is by definition an "agent" etc., enough to state that he/she has been appointed for the purposes of the contract.