Trustee Ordinance

(1)
This section applies in relation to a trust
if—
(a)
no person is nominated for the purpose of appointing new trustees by the instrument creating the trust or an enactment; and
(b)
either—
(i)
the sole beneficiary under the trust is absolutely entitled to the property subject to the trust
and—
(A)
is an individual of full age and capacity; or
(B)
is a body corporate whose constitution does not prohibit it from exercising the power under this section; or
(ii)
all the beneficiaries under the trust (taken together) are absolutely entitled to the property subject to the trust and each of whom is
either—
(A)
an individual of full age and capacity; or
(B)
a body corporate whose constitution does not prohibit it from exercising the power under this section.
(2)
The sole beneficiary or all the beneficiaries may give either or both of the following
directions—
(a)
a written direction to a trustee directing the trustee to retire from the trust;
(b)
a written direction to a sole trustee or all the trustees for the time being or, if there is none, to the personal representative of the last person who was a trustee, directing the sole trustee, trustees or the personal representative to appoint by writing a person specified in the direction as a trustee.
(3)
A trustee to whom a direction under subsection
(2
)(
a)
has been given must make a deed declaring the trustee’s retirement
if—
(a)
reasonable arrangements have been made for the protection of any rights of the trustee in connection with the trust;
(b)
after the trustee has retired, there will be either a trust corporation or at least 2 persons to act as trustees of the trust; and
(c)
either—
(i)
another person is to be appointed as a new trustee on the trustee’s retirement (whether in compliance with a direction given under subsection
(2
)(
b)
or otherwise); or
(ii)
the continuing trustees by deed consent to the retirement.
(4)
When the deed declaring the trustee’s retirement is
made—
(a)
the retirement takes effect and the trustee is discharged from the trust; and
(b)
the trustee and the continuing trustees (together with any new trustee) must (subject to any arrangement for the protection of the rights of the retiring trustee) do anything necessary to vest the property subject to the trust
in—
(i)
the continuing trustees; or
(ii)
the continuing trustees and new trustees.
(5)
This section has effect subject to the restrictions imposed by
section 36
on the number of trustees.