Cap. 331 ст. 17Termination of a trust.

(1) On the termination of a trust, the trust property shall be distributed by the trustee within a reasonable time in accordance with the terms of the trust to the persons entitled thereto.

(2) Notwithstanding the provisions of subarticle (1), the trustee may require to be provided with reasonable security for liabilities whether existing, future, contingent or otherwise before distributing trust property.

(3) Subject to the provisions of this article and notwith-standing the terms of the trust, where all the beneficiaries are in existence and have been ascertained and none of them is interdicted or a minor, they may require the trustee to terminate the trust and distribute the trust property among them: Provided that this sub-article shall not apply where the terms of the trust provide that the interest of a beneficiary is:

(a) liable to termination; or

(b) subject to a restriction on alienation or dealing; or

(c) subject to diminution or termination in the event of the beneficiary becoming bankrupt, or insolvent, or any of his property becoming liable to seizure for the benefit of his creditors; or

(d) not liable to attachment under a garnishee order issued against the trustee or to termination without the prior consent of the Court, when the interest is expressed to be for the maintenance of the beneficiary or as a pension.

(4) The court may, on the termination of a trust, or at any other time -

(a) require the trustee to distribute trust property; or

(b) direct the trustee not to distribute trust property; or

(c) make such other order as it thinks fit.

(5) In this article "liabilities" includes contingent liabilities.

(6) An application to the court under this article may be made by any of the persons mentioned in article 37(3).

TRUSTEES