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







Related Discussions:- Termination of appointments-trust laws, Assignment Help, Ask Question on Termination of appointments-trust laws, Get Answer, Expert's Help, Termination of appointments-trust laws Discussions

Write discussion on Termination of appointments-trust laws
Your posts are moderated
Related Questions
From the end of January to the end of December 2010, the XYZ Company experienced the following changes in its assets and liabilities of interest: the company achieved a saving posi

LANDLORD'S RIGHT OF DISTRESS The Landlord's right to distrain for arrears of rent is not lost on the tenant's bankruptcy, but 1) Distress can only be levied after commencement

Deferred tax A company may enter into transactions in the current financial period that may result in the firm either paying or saving some tax in the future. The tax that may be

What kinds of business ownership exist? Particular form of business ownership has significant implications for accounting purposes and so it's useful to be clear about the main

How Accounting objectives can be achieved There are two main ways by which this can be achieved: All the accounting records are maintained at the head office; or Each

Company A(lessee) will rent inventory for you for 3 years rather than buying it for the regular price of $240,000. Normally these units, which cost us $120,000 to produce, will las

t account for equipment beg, bal 80,000 disposal 22,000 acquisition-41,000 end bal. 99,600 acct. depreciation equip. disposa; 8,500 beg, bal 41,500

1) The detailed information is on the second tab marked "Financials". Enter summarized Balance Sheet and Income Statement information for Cummins into the template on the "Summary

ABC Analysis: ABC that is Always Better Control analysis is an application of the principle of 'Management by Exception' to the field of inventory control. If we seem at the in

How do you create an Excel document with several financial statements, all linked together with specific financial data?