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.