Cap. 331 ст. 20Resignation and removal of trustees.

(1) Subject to the provisions of subarticle (2), a trustee may resign as trustee by notice in writing to his co-trustee or co-

trustees and in the case of there being no other trustee, to the beneficiaries or, if impracticable, to at least one beneficiary, or if there are none to whom notice can be given, to the settlor or to the trustee’s duly appointed successor and the resignation shall take effect on delivery of the aforesaid notice.

(2) A resignation -

(a) given in order to facilitate a breach of trust; or

(b) which would result in there being no trustee, shall have no effect: Provided that a trustee may resign office notwithstanding the provisions of paragraph (b), if, before the resignation takes effect, application is made to the court for the appointment of a new trustee and a new trustee has been so appointed.

(3) A trustee shall cease to be a trustee immediately upon -

(a) the removal of the trustee by the court; or

(b) the coming into effect of a provision in the terms of a trust under which the trustee is removed from office or otherwise ceases to hold office; or

(c) steps are taken for the winding up of, or declaration of bankruptcy, of the person acting as trustee.

(4) A trustee ceasing to be a trustee shall concur in executing all documents necessary for the vesting of the trust property in or under the control of the new trustee and such obligation of the person ceasing to be a trustee shall be capable of forced execution by the court.