APPOINTMENT AND REMOVAL OF TRUSTEES DOC
| Title | APPOINTMENT AND REMOVAL OF TRUSTEES |
|---|---|
| Author | Alsa Nf 2016 |
| Pages | 8 |
| File Size | 64.5 KB |
| File Type | DOC |
| Total Downloads | 102 |
| Total Views | 197 |
Summary
LAW 556 : TUTORIAL QUESTIONS MARCH 2016 APPOINTMENT AND REMOVAL OF TRUSTEES 1) “A trust will not fail for want of a trustee”. Explain the maxim, and its exception. "A trust will not fail for want of a trustee" - Just because there is an absence of trustees, this does not mean that the trus...
Description
LAW 556 : TUTORIAL QUESTIONS MARCH 2016 APPOINTMENT AND REMOVAL OF TRUSTEES 1) "A trust will not fail for want of a trustee". Explain the maxim, and its excepton. "A trust will not fail for want of a trustee" - Just because there is an absence of trustees, this does not mean that the trust should fail and cannot exist. - The courts will not allow a trust to fail merely because there are no existnn trustees. - Here the court will invoke Sec. 45 and appoint a new trustee. - However, there is an excepton to this maxim. - As per Buckley J in Re Lysanht: If it is of the essence of a trust that the trustees selected by the setlor and no-one else shall act as the trustees of it and those trustees cannot or will not undertake the ofce, the trust must fail. - Therefore, if the setlor has insisted that the trust should only be mananed by those that he has appointed and no one else, and under some circumstance, such trustees are unable to do so or has chosen to not do so, the trust must then fail. 2) What powers do the following have in appointng a new trustee? a) The setlor The frst appointment of a trustee is usually done by the setlor, testator or the person whom such power was niven to under the trust instrument. - Sec. 39(1): The number of trustees should not exceed four. Any other persons named shall not be trustees unless a vacancy arises. - Sec. 39(2): However, the limit does not apply to trusts for charitable, relinious or public purposes. b) The existng trustees - Sec. 40(1)(b): If there is no such person nominated or no such person able or willinn to act, as in - Re Sheppard's ST: The persons nominated were a husband and wife who were livinn apart at the tme and were unable to anree on who should be appointed - Cradock v Witham: The person nominated could not be found - Statutory power to make the appointment is niven to - The survivinn or contnuinn trustees, or - The personal representatves of the last survivinn or contnuinn trustee - Sec. 40(4) & (5): Such personal representatves include executors or administrators of the last survivinn or contnuinn trustee, as well as executors intendinn to renounce. Page 1 of 8 NORLIZA ABDUL HAMID / FUU...
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