Section 3Part 1 — Trusts Act
Limitation on the number of trustees
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Where, at the commencement date, there are more than four trustees of a settlement of land, or more than four trustees holding land on trust for sale, no new trustees shall (except where, as a result of the appointment, the number is reduced to four or less) be capable of being appointed until the number is reduced to less than four, and thereafter the number shall not be increased beyond four.
In the case of settlements and dispositions on trust for sale of land made or coming into operation after the commencement date —
the number of trustees shall not in any case exceed four, and where more than four persons are named as such trustees, the four first named (who are able and willing to act) shall alone be the trustees, and the other persons named shall not be trustees unless appointed on the occurrence of a vacancy; and
the number of trustees shall not be increased beyond four.
Subsections (1) and (2) apply to settlements and dispositions of land, and the restrictions imposed on the number of trustees do not apply —
in the case of land vested in trustees for charitable, ecclesiastical or public purposes; or
where the net proceeds of the sale of the land are held for like purposes.