Appointment of trustees-trust laws and accounts, Financial Accounting

APPOINTMENT OF TRUSTEES

Capacity:
Any person with legal capacity to hold property may be a trustee, except an infant. But the court will not appoint, and may remove:Persons under a disability; Persons resident abroad; or Beneficiaries or their spouses or solicitors.

Numbers:
If the trust property includes land, the maximum number is four (in the case of a private trust; (s.36) and the minimum two, or a trust corporation (a sole trustee cannot give a receipt for capital money arising under a trust for sale of land or under a settlement of land; s.15.  If not, there is no maximum or minimum number,

Original trustees
:
These are appointed by the settlor; if he fails to appoint, he or his personal representatives act as trustees.  The settlor has no power to make subsequent appointments unless he reserves the power to do so.
 
New trustees
:

New trustees may be appointed in writing to replace a trustee who: Is dead; Remains continuously out of kenya for more than one year; Desires to be discharged; Refuses to act; Is (legally) unfit to act, e.g. Bankrupt;

Appointment by court:
The court may appoint trustees:

Whenever it is difficult, inexpedient or impracticable to appoint without the court’s assistance, on the application of a trustee or a beneficiary e.g. in substitution for a trustee who is bankrupt, mentally defective or a convicted criminal.

Posted Date: 12/13/2012 6:19:00 AM | Location : United States







Related Discussions:- Appointment of trustees-trust laws and accounts, Assignment Help, Ask Question on Appointment of trustees-trust laws and accounts, Get Answer, Expert's Help, Appointment of trustees-trust laws and accounts Discussions

Write discussion on Appointment of trustees-trust laws and accounts
Your posts are moderated
Related Questions
RIGHTS AND DUTIES OF TRUSTEE The rights and duties of trustee are as follows: Powers of trustee: Sell and transfer any part of the bankrupt's property;Carry on the busines

Jim owns and manages a small business, which provides an office design service, as well as buying and selling office furniture. Jim is a sole trader who manages all aspects of the

DIVIDENDS The dividends that appear in the consolidated statement of change in equity are for the holding company only. This is because the dividends of the subsidiary belong to

compute the arithmetic mean rate of return and standard deviation of rates of return for the two series

A) Suppose you have two stocks (A and B) in your portfolio, worth $400,000 and $600,000 respectively. The annual volatility is 0.30 and 0.35 respectively. The correlation between t

Q. Design a organisational strategy? The objectives to which organisational approach relates depend on the relative power of different stakeholders associated with the company

natasha kingrey to calculate present value of salary differential for completing mba

On May 19, 2010, Kim placed in service a LIGHT VAN that cost $54,850. It is used 80% for business each year. What is the maximum cost recovery deduction available for the van in 20

DUTIES OF TRUSTEES 1) Not to profit from the trust : A trustee may not receive remuneration except: By order of the court, if the trust is very onerous or the services of the

Q. Evaluate Break-Even Production units? R.S. Manufacturing Ltd. Budgets production of 3,00,000 units at cost of Rs.10 each. The Fixed costs are Rs.20, 00,000. The selling pric