Section 8Part 1 — Trusts Act
Retirement of trustee without new appointment
←→ Navigate · Click subsection badges to collapse · Press ? for help
Where a trustee is desirous of being discharged from the trust, and after that person’s discharge there will be either a trust corporation or at least two individuals to act as trustees to perform the trust, then, if such trustee as aforesaid, by deed, declares that that person is desirous of being discharged from the trust, and if that person’s co-trustees and such other person, if any, as is empowered to appoint trustees, by deed, consent to the discharge of the trustee, and to the vesting in the co-trustees alone of the trust property, the trustee desirous of being discharged shall be deemed to have retired from the trust, and shall, by the deed, be discharged therefrom under this Act without any new trustee being appointed in that person’s place.
Any assurance or thing requisite for vesting the trust property in the continuing trustees alone shall be executed or done.
Subject to section 113(2), the requirement under subsection (1) for there to be a trust corporation or at least two individuals to act as trustees to perform the trust does not apply if —
only one trustee was originally appointed; or
a contrary intention is expressed in, or evidenced by, the trust instrument.