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







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