Part 1Trusts

Chapter 1Appointment, assumption, resignation, removal and discharge of trustees

Resignation and removal

I15Resignation of trustee

1

Except in so far as the trust deed, expressly or by implication, provides otherwise (or, in a case where there is no trust deed, the context requires or implies otherwise), a trustee has power to resign office.

2

But where subsection (3) applies and the trustee has accepted office or, after intimation of their appointment, has acted in a way which indicates that they have accepted office, the trustee may do so only after—

a

an additional trustee is assumed or appointed, or

b

a judicial factor is appointed to administer the trust.

3

This subsection applies where—

a

the trustee is a sole trustee, or

b

the trustee is, in the trustee’s opinion, the only remaining trustee who is both capable and traceable.

4

Any resignation given in breach of subsection (2) is of no effect.

5

Any resignation given under this section—

a

must be intimated to—

i

all of the other trustees who are traceable, and

ii

any judicial factor appointed to administer the trust, and

b

is effective from the date on which such intimation is given.

6

This section applies—

a

irrespective of when the trust was created, but

b

only as respects a resignation given after the section comes into force.