Termination of appointments-trust laws, Financial Accounting

TERMINATION OF APPOINTMENTS

A trustee may cease to hold office in the following ways:

(a) Disclaimer: At any time before acceptance of the trusts.

(b) Retirement : Either –

1.    Under the trust instrument; or
2.    With the consent of all beneficiaries, being sui juris, or
3.    With the consent of the court; or
4.    By deed under S.40, provided that –

  • There remain a trust corporation or at least two trustees; and
  • He obtains consent by deed of his co-trustees and of any person with power to appoint new trustees.

 

(c) Release and replacement: This may take place under S.37.

(d) Removal: The trustee may be removed by the court under its inherent power to protect beneficiaries, even though he may have committed no breach of trust.

(e) Discharge: The trustee is automatically discharged on completion of the trust.

(f) Death of trustees

Posted Date: 12/13/2012 6:23:57 AM | Location : United States







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