24
Retirement
of trustee
without a
new
appointment. 15 Geo. 5, c. 19, s. 38.
39
Vesting of
trust property in
new or
continuing trustees. 15 Geo. 5, c. 19, s. 40.
20
40.~(1) Where a trustee is desirous of being dis- charged from the trust, and after his discharge there will be either a trust corporation or at least two in- dividuals to act as trustees to perform the trust, then, if such trustee as aforesaid 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, 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.
(2) Any assurance or thing requisite for vesting the trust property in the continuing trustees alone shall be executed or done.
41.-(1) Where by a deed a new trustee is appoint- ed to perform any trust, then-
(a) if the deed contains a declaration by the ap- pointor 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 or receive any debt or other thing in action so subject, shall vest in the persons who by virtue of the deed become or are the trustees for performing the trust, the deed shall operate, without any conveyance or assignment, to vest in those persons as joint tenants and for the purposes of the trust the estate, interest or right to which the declara- tion relates; and
(b) if the deed is made after the com- mencement of this Ordinance and does not contain such a declaration, the deed shall, subject to any express provision to the contrary therein contained, operate as if it had contained such а declaration by the appointor extending to all the estates, interests and rights with respect to which a declaration could have been made.
(2) Where by a deed a retiring trustee is discharged under the statutory power without a new trustee be- ing appointed, then-
(a) if the deed contains such a declaration as aforesaid by the retiring and continuing trus- tees, and by the other person, if any, em- powered to appoint trustees, the deed shall, without any conveyance or assignment, operate to vest in the continuing trustees alone, as joint tenants, and for the purposes of the trust, the estate, interest or right to which the declaration relates; and
(b) if the deed is made after the com- mencement of this Ordinance and does not contain such a declaration, the deed shall, subject to any express provision to the contrary therein contained, operate as if it had contained such a declaration by such persons as aforesaid extending to all the estates, interests and rights with respect to which a declaration could have been made.
(3) An express vesting declaration, whether made before or after the commencement of this Ordin. ance, shall, notwithstanding that the estate, interest or right to be vested is not expressly referred to, and provided that the other statutory requirements were or are complied with, operate and be deemed always to have operated (but without prejudice to any express provision to the contrary contained in the deed of ap- pointment or discharge) to vest in the persons respec- tively referred to in sub-sections (1) and (2) of this
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