Prospective
5Resignation of trusteeS
(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.
Commencement Information
I1S. 5 not in force at Royal Assent, see s. 88(3)