Appointment of trustees-trust laws and accounts, Financial Accounting


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.

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

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