1338
No. 5 of 1901.
Retirement of trustee.
c. 53 s. 11.] TRUSTEES.
(4) The provisions of this section relative to a trustee who is dead include the case of a person nominated trustee in a will but dying before the testator, and those relative to a continuing trustee include a refusing or retiring trustee, if willing to act in the execution of the provisions of this section.
(5) This section applies only if and as far as a contrary intention is not expressed in the instrument, if any, creating the trust, and shall have effect subject to the terms of that instrument and to any provisions therein contained.
(6) This section applies to trusts created before or after the commencement of this Ordinance.
24.--(1) Where there are more than two trustees, if one of them [56 & 57 Vict. by deed declares that he is desirous of being discharged from the trust, and if his co-trustees, and such other person, if any, as is empowered to appoint trustees, by deed consent to the discharge of the trustee and to the vesting in the co-trustees alone of the trust property, then the trustee desirous of being discharged shall be deemed to have retired from the trust, and shall, by the deed, be discharged therefrom under this Ordinance, without any new trustee being appointed in his place.
in new or continuing trustees. [ib. s. 12.]
(2) Any assurance or thing requisite for vesting the trust property in the continuing trustees alone shall be executed or done.
(3) This section applies only if and as far as a contrary intention is not expressed in the instruments, if any, creating the trust, and shall have effect subject to the terms of that instrument and to any provisions therein contained.
(4) This section applies to trusts created either before or after the commencement of this Ordinance.
Vesting of
25.—(1) Where a deed by which a new trustee is appointed to trust property to perform any trust contains a declaration by the appointor to the effect that any estate or interest in any land subject to the trust or in any chattel so subject, or the right to recover and receive any debt or other thing in action so subject, shall vest in the persons who by virtue of the deed become and are the trustees for performing the trust, that declaration shall, without any conveyance or assignment, operate to vest in those persons, as joint tenants and for the purposes of the trust, that estate, interest, or right.