Full legislation
s.40
Retirement of trustee without a new appointment
Where a trustee is desirous of being discharged from the trust, and after his
discharge there will be either a trust corporation or at least 2 individuals 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.