836
Retirement
of trustee.
56 & 57 Vict. 53 s. 11.
No. 5. THE ORDINANCES OF HONGKONG: [A.D. 190
the trust property, and any existing trustee may be appointed to remain one of such separate set of trustees; or, if only one trustee was originally appointed, then one separate trustee, may be so appointed for the first-mentioned part; and (c.) it shall not be obligatory to appoint more than one new trustee
where only one trustee was originally appointed, or to fill up the original number of trustees where more than two trustees were originally appointed; but, except where only one trustee was originally appointed, a trustee shall not be discharged under this section from his trust unless there will be at least two trustees to perform the trust; and
(d.) any assurance or thing requisite for vesting the trust property
or any part thereof, jointly in the persons who are the trustees shall be executed or done.
(3.) Every new trustee so appointed, as well before as after all the trust property becomes by law, or by assurance or otherwise, vested in him, shall have the same powers, authorities, and discretions, and may in all respects act, as if he had been originally appointed a trustee by the instrument, if any, creating the trust.
(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 either before or after the commencement of this Ordinance.
"
24.-(1.) Where there are more than two trustees, if one of them 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.
(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 instrument, if any, creating the trust, and shall have effect subject to the terms of that instrument...
836
Retirement
of trustee.
56 & 57 Fict. 53 s. 11.
No. 5. THE ORDINANCES OF HONGKONG: [A.D. 190
the trust property, and any existing trustee may be appointed remain one of such separate set of trustees; or, if only on trustee was originally appointed, then one separate trustee, ma be so appointed for the first-mentioned part; and (c.) it shall not be obligatory to appoint more than one new truste
where only one trustee was originally appointed, or to fill up the original number of trustees where more than two trustees were originally appointed; but, except where only one trustee was originally appointed, a trustee shall not be discharged under this section from his trust unless there will be at least two trustees perform the trust; and
(d.) any assurance or thing requisite for vesting the trust propert
or any part thereof, jointly in the persons who are the trustees shall be executed or done.
(3.) Every new trustee so appointed, as well before as after all the trust property becomes by law, or by assurance or otherwise, vested in him, shall have the same powers, authorities, and discretions, and may in all respects act, as if he had been originally appointed a trustee by the instrument, if any, creating the trust.
(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 in 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 either. before or after the commencement of this Ordinance.
"
24.-(1.) Where there are more than two trustees, if one of them 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 Ordi- nance, 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.
(3.) This section applies only if and as far as a contrary intention not expressed in the instrument, if any, creating the trust, and shall have
No comments yet.
Private notes are available after approval.